In today’s briefing:
- Key Findings on When to Enter Long-Short in the SKT Foreign Room Trade
- Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX
- The Beat Ideas: Indegene Ltd- The Quiet Tech Player Powering Big Pharma
- Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27
- MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)
- Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!
- Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel’s TSMC Dependency
- Urban Company IPO Trading – Highest Demand so Far This Year
- Poletowin Pitcrew Holdings: 1H FY01/26 flash update and revision of full-year earnings forecasts
- Torex Semiconductor (6616 Jp) – September 12, 2025
Key Findings on When to Enter Long-Short in the SKT Foreign Room Trade
- SKT’s foreign stake drop sparked early divergence vs KT—long SKT/short KT paying off, though KT’s hacking risk muddies how much is pure event-driven.
- This isn’t an add/delete, just a weight bump—flows lag until announcement. Aug ’20 SKT doubling factor is the cleanest comp for today’s setup.
- SKT vs KT spread widened post-screening; SKT outperformed 12%. Weight bumps lag vs ins/outs, so expect similar flow—timing long-short entry matters to avoid bleeding carry.
Avepoint Placement: Improving Fundamentals; Secondary Selldown onto SGX
- AvePoint (AVPT US) is looking to raise around US$207m to enable it to undertake a secondary listing on SGX.
- This deal represents 9.5 days of ADV and ~6% of shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
The Beat Ideas: Indegene Ltd- The Quiet Tech Player Powering Big Pharma
- Indegene is shifting from transactional work to large-scale, transformative “Tectonic” deals, securing over US$1 million from two paid pilots in Q1 FY26.
- This pivot moves the company up the value chain, creating a durable competitive moat and positioning it as a strategic partner, not just a vendor.
- Indegene’s strong balance sheet and focused M&A strategy will likely accelerate this high-value growth, cementing its role as a key player in pharma’s digital future.
Rubrik 2Q’FY26 Wrap: Subscription NRR, Cash Flow Metrics Remain Robust. Growth Is Slowing Into FY27
- While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
- +35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.
- Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.
MediaTek: Satellite Connectivity the Next Strategic Battleground for Mobile SoCs (Structural Long)
- Starlink’s Direct-to-Phone Semiconductor Integration Push Signals a Major Shift Coming for Telecom
- Direct-To-Satellite Connectivity Could Become Critical for a Market-Competitive Smartphone SoC Design
- Leadership in Satellite Connectivity Will Soon Mean Leadership in Smartphone SoCs
Paramount Skydance’s Bold $70 Billion Gamble: Ellison-Backed Bid For Warner Bros. Discovery!
- Paramount Skydance is preparing to launch one of the most ambitious takeover attempts in Hollywood’s history: a majority cash bid to acquire Warner Bros. Discovery, backed by the vast fortune of Larry Ellison.
- Fresh off the August 2025 completion of their own merger, Paramount and Skydance are positioning themselves for another transformative leap.
- Warner Bros. Discovery, with an enterprise value of roughly $71 billion and a library that includes DC Comics, Harry Potter, HBO, and CNN, represents a target more than twice the size of Paramount’s own $19 billion market capitalization.
Taiwan Tech Weekly: Starlink Engaging Chipmakers in Direct-To-Phone Push; Intel’s TSMC Dependency
- Starlink Engaged with Chipmakers to Bring Satellite Connectivity Direct to Smartphones — Mediatek Well Placed to Benefit
- Intel CFO @ Citi’s 2025 Global TMT Conference: “We Will Use TSMC Forever”
- TSMC’s COUPE Signals Silicon Photonics Go-Time — Early Winners in Taiwan’s Listed Supply Chain
Urban Company IPO Trading – Highest Demand so Far This Year
- Urban Company (UC) raised around US$220m in its heavily subscribed India IPO.
- UCL is a tech-enabled platform offering home and beauty services delivered by trained professionals at customer’s location.
- We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.
Poletowin Pitcrew Holdings: 1H FY01/26 flash update and revision of full-year earnings forecasts
- FY01/26 revenue reached 91.3% of forecast, with losses at all profit levels due to Media Contents withdrawal.
- Revised FY01/26 forecast predicts JPY49.7bn revenue, JPY1.1bn operating profit, and JPY316mn net income.
- Domestic Solutions revenue rose 5.0% YoY; Overseas Solutions increased 8.0% YoY; Media Contents declined 31.9% YoY.
Torex Semiconductor (6616 Jp) – September 12, 2025
- As can be seen from the exhibit below, as of May 31, 2025, TOREX had 1 unmet criterion out of the criteria required to maintain listing on the TSE prime market.
- Market capitalization of tradable shares of JPY 8.12bn was below the requirement of JPY 10.0bn or more. The number of tradable shares subtracts: 1) the number of shares held by major shareholders who individually own 10% or more of the number of listed shares (however the number of shares held by investment trusts or pension trusts are included), 2) the number of shares held by officers, etc., 3) the number of treasury shares, and 4) the number of shares held by common banks, insurance companies and business corporations in Japan.
- The tradable shares ratio is the number of tradable shares ÷ the number of listed shares. Tradable market capitalization is the tradable shares ratio × market capitalization.
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