In today’s briefing:
- NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
- AMD Ups The Ante With A Flurry Of Smaller Acquisitions
- HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding
- Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight
- Zegona Communications: M&A Optionality and Strategic Re-Rating
- MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!
- Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now
- Apple WWDC25: Nothing Announcements, and Nothing on AI.
- Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan’s Next Driver; Memory 1Q25
- Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future
NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
- Holding companies have been the best performing asset class in the Korean stock market in the past month.
- In this insight, we provide updated NAV valuations of the top five, largest “pure” holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
- The NAVs of these five holdcos are about 18% higher than their current prices on average.
AMD Ups The Ante With A Flurry Of Smaller Acquisitions
- AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
- AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
- Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who’s next?
HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding
- Six months and counting; yet China Mobile (941 HK) continues to (slowly, but surely) chip away at various pre-conditions.
- In its monthly update, HKBN Ltd (1310 HK) said Mobile has proposed commitments to Hong Kong’s Communication Authority, and that the commitments are sufficient to effectively address the CA’s concerns.
- The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared’s proposal.
Circle Internet Group (CRCL US): Rounded US & Global Index Inclusion & Upweight
- Circle Internet Group (CRCL US) is forecasted to be added to both US TMI and R1000 at the September 2025 review.
- Circle Internet Group (CRCL US) is forecasted to be added to Global Standard at the November 2025 review and to Global All-World at the December 2025 review.
- A significant upweight is anticipated at the March 2026 review in R1000 and Global All-World following the lock-up expiry.
Zegona Communications: M&A Optionality and Strategic Re-Rating
- Zegona Communications (ZEG LN) owns 100% of Vodafone Spain and is a pure-play turnaround and M&A optionality vehicle in a consolidating European telecom market.
- Telefónica and MasOrange are reportedly considering a bid, with potential upside of 25–83% depending on deal terms and valuation multiples.
- Even without a sale, fibre JV monetization and cost-cutting support a standalone re-rating over the next 12–18 months.
MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!
- MongoDB, Inc., a leading document-oriented database platform provider, has reported its financial results for the first quarter of fiscal year 2026.
- This quarter, MongoDB announced revenues of $549 million, marking a 22% year-over-year increase that surpassed expectations.
- The revenue growth was significantly driven by Atlas, its cloud-based database service, which saw a 26% rise and accounted for 72% of the total revenue.
Xtalpi US$860m IPO Lockup Expiry – Last of the Lockup Release with Nearly All Shares in CCASS Now
- XtalPi Holdings (2228 HK) was listed in Hong Kong on 13th Jun 2024 after raising US$126m. Its one-year lockup will expire soon.
- QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
Apple WWDC25: Nothing Announcements, and Nothing on AI.
- How many times can Apple management say “delightful” when they have nothing to say? WWDC25 highlighted a bunch of small software tweaks, mostly “new designs” and nothing on AI.
- The air pocket continues: very low growth in hardware categories, potentially large negative consequence of the Epic lawsuit, no AI roadmap.
- Consensus expects revenue growth for FY26 and that’s very questionable. The stock trades at 28x FY25 EPS, 26x FY26 with the only driver being share buybacks. Avoid!
Taiwan Tech Weekly: 2026 Chip Forecasts Remain Robust; Robots as Taiwan’s Next Driver; Memory 1Q25
- Global Chip Sales Tick Higher in April, 2026 Growth Forecast Robust — WSTS Forecast Signals Sustained Semiconductor Growth Through 2026 Despite Macroeconomic Uncertainty
- National Taiwan University Semiconductor Forum Highlights — Edge AI and Robotics The Next Major Demand Catalyst… AI Still in Its Early Phase
- Semiconductor Memory Q125 Review — Tariff & Tech Transition Impacts, HBM Outlook
Rubrik 1QFY26 Update: Huge Opportunity In Identity Resilience Will Drive Growth In The Future
- Rubrik reported a solid 1QFY26. There were plenty of positives, including revenue upside, competitive wins and increased FY26 revenue guidance.
- I maintain a bullish view on the data security company and a pioneer in cyber resilience. Management sees a huge opportunity in securing identity.
- Rubrik added 135 customers with subscription ARR ˃$100K to total 2,381, +28% y/y, and the subscription net retention rate remains ˃120%.
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