Daily Brief TMT/Internet: Shibaura Electronics, StarHub Ltd, Topcon Corp, Nota, AppLovin , R Systems International, Advanced Energy Industries, Verve Group, Cirrus Logic, Clear Secure and more

• Minebea Mitsumi (6479 JP) has bid ¥6,200/share for Shibaura Electronics (6957 JP). The tender ends 28 August. YAGEO has over bid now to ¥6,635/share.  
• YAGEO’s regulatory clearance decision may not arrive before 1 September, after the Minebea tender closes. Minebea now says they will neither bump nor extend. 
• Minebea is hoping people will throw in the towel and tender because if their tender ends and Yageo’s fails, it might a long way down. There are possibilities but… scary.

For our next Corporate Webinar, engageIR by Smartkarma is glad to welcome StarHub Ltd (STH SP)’s CEO, Mr. Nikhil Eapen.

In the upcoming webinar, Nikhil will share a short company presentation after which he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Wednesday, 17 September 2025, 17:00 SGT.

About StarHub

StarHub is a leading homegrown Singapore company that delivers world-class communications,
entertainment, and digital services. With their extensive fibre and wireless infrastructure and
global partnerships, they bring to people, homes and enterprises quality mobile and fixed
services, a broad suite of premium content, and a diverse range of communication solutions. They develop and deliver solutions incorporating artificial intelligence, cybersecurity, data analytics, Internet of Things, and robotics for corporate and government clients.

StarHub is committed to conducting their business sustainably and responsibly. StarHub is named among TIME’s World’s Most Sustainable Companies 2025 and ranked as the world’s most
sustainable wireless telecommunication provider on the Corporate Knights Global 100 (2025).
StarHub also ranks 187 on the FORTUNE Southeast Asia 500 in 2025. Listed on the Singapore
Exchange mainboard, StarHub is a component stock of the SGX iEdge Singapore Low Carbon
Index, iEdge-OCBC Singapore Low Carbon Select 50 Capped Index; as well as the FTSE4Good
Index series.

For more information on StarHub, please visit https://ir.starhub.com/

• The Deal: KKR and JIC are taking Topcon (7732 JP) private via a ¥3,300/share tender offer (~100% premium), with CEO Eto and ValueAct reinvesting.
• Likely Outcome: The offer is highly likely to succeed, with minimal regulatory risk and low probability of a price bump.
• Investor Action: Shareholders should tender into the offer to lock in value, as risk‑reward does not justify holding out.

• Nota is getting ready to complete its IPO on KOSDAQ in September. Nota specializes in lightweight and optimized artificial intelligence (AI) technology.
• The IPO price range is from 7,600 won to 9,100 won. At this price range, the company’s expected market cap is from 163 billion won to 196 billion won. 
• Nota provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

• AppLovin has reported strong financial results for the second quarter of 2025, showing robust growth in both revenue and EBITDA.
• The company generated approximately $1.26 billion in revenue, marking a 77% increase year-over-year, and achieved an impressive adjusted EBITDA of $1.02 billion, representing an 81% margin.
• The primary driver of this growth was the company’s core gaming advertising business, although there was also notable performance within the e-commerce sector.

• R Systems International (RSYS IN)  has signed a definitive agreement to acquire 100% equity of Novigo Solutions Pvt. Ltd., a specialist in low‑code/no‑code automation, intelligent automation, and product engineering. 
• The transaction creates a combined platform with approximately INR 2,061.9 crore in revenue and approximately INR 381.9 crore in adjusted EBITDA. 
• CY26 a year transformation, turnaround and high growth if deal concludes timely

• Advanced Energy Industries’ latest earnings results offer a comprehensive snapshot of the company’s performance and strategy as of the second quarter of 2025.
• The company reported a notable revenue increase of 21% year-over-year, driven largely by a strong demand for its data center power solutions.
• This marked the third consecutive quarter of year-over-year growth, suggesting a positive trajectory in business performance.

Verve Group’s Q225 results show year-on-year growth slowing to 10% (-4% organic), from 32% (16% organic) in Q125, affected by technical challenges over the integration and unification onto a single supply-side platform (SSP), now resolved. FY25 revenue guidance is revised down 9% at the mid-point, affecting the anticipated EBITDA margin, which is also affected by adverse fx moves. The platform unification was a major exercise in enabling the business to scale more efficiently and effort is now being focused on driving sales, including expansion into new geographic markets. The group’s ID-less, AI-driven advertising solutions have established a leading position in the important US mobile market and the medium- to longer-term prospects remain attractive.

• Cirrus Logic reported robust financial results for the first quarter of fiscal year 2026, reflecting a strong demand for its products, particularly in the smartphone sector.
• The company achieved revenue of $407.3 million, surpassing the higher end of their guidance.
• This performance was primarily driven by strong demand for smartphones featuring Cirrus Logic’s silicon, marking a 9% increase in sales year-over-year.

• Clear Secure, primarily recognized for its identity verification platform, has delivered a robust second quarter for fiscal 2025 with notable expansion across various segments of its business operations.
• With a strategic focus on travel, enterprise applications, and new innovative solutions, the company has demonstrated significant advancements and future growth potential despite a challenging macroeconomic environment.
• The following investment thesis and summary of results encapsulate both the strengths and potential challenges faced by Clear Secure.