In today’s briefing:
- SKT Foreign Room Play Heating up — Entry Could Come Sooner than Expected with Today’s Fine Out
- [Quiddity Index] Sep25 HS Internet & IT Index Review; Capping Methodology Changes, Flows 20% Higher
- Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once
- PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25
- Tencent/Netease: Netease and Bilibili Got One Each in August
- Palantir Technologies Inc: Rotation Signals Momentum Shift
- Amazon.com Inc – Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?
- Take-Two Interactive Software: Innovative Content & Technology Integration As A Pivotal Growth Lever!
- Nvidia’s $Billion China Gamble: Downgraded Chips, Government Cuts, & Geopolitics!
- Nota IPO Valuation Analysis
SKT Foreign Room Play Heating up — Entry Could Come Sooner than Expected with Today’s Fine Out
- SKT foreign room rising ahead of PIPC sanction decision today; fine confirmation could trigger ESG fund exits.
- Large ESG money still in SKT; post-sanction exits could push foreign room past 25% sooner than expected — a key factor for trading setup.
- Nov review momentum could hit early; post-fine, a foreign room surge toward 25% signals our entry, with the pullback setting up the SKT Nov inclusion trade.
[Quiddity Index] Sep25 HS Internet & IT Index Review; Capping Methodology Changes, Flows 20% Higher
- On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Internet and IT Index for the September 2025 rebalance.
- There are 3 ADDs and 3 DELs. We predicted 2/3 ADDs and 3/3 DELs correctly. But Funding and FAF Re-weight/Capping flows are bigger than the ADD/DEL flows.
- Then on Monday 25 August, the index provider announced a capping methodology change. Not much changes, but flows increase from US$850mm to US$1bn+. Tables and spreadsheets amended.
Montage Technology A/H Listing – Fast Growth but Doesn’t Need the Cash, Delisted Once
- Montage Technology (688008 CH) (MT), a provider of memory interface chips and interconnect chips, aims to raise around US$1bn in its H-share listing.
- MT’s product portfolio, mainly comprises memory interface chips and interconnect chips, addresses interconnect bottlenecks while enhancing data rate/bandwidth, reliability, and power efficiency, as per the company.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
PC Partner: 1H25 Results Show Progress, To Delist from HK by End of FY25
- PC Partner reported 1H25 results, which showed strong revenue growth and flat net margins.
- The company is confident it can delist from HK before the end of the year, as it only needs 50% of shareholders to approve the transaction. SGX only listing remaining.
- The company is now part of the Nvidia Partnership Network, which could accelerate growth in FY26.
Tencent/Netease: Netease and Bilibili Got One Each in August
- China announced game approval for the August batch. The number of games approved remained at a higher level than 2023.
- The number of game approval in August marked the record high level since the resumption post tightening.
- Of the companies that we are monitoring, Netease and Bilibili got approval for one game each.
Palantir Technologies Inc: Rotation Signals Momentum Shift
- Palantir ownership among global funds hit a record 11.3% in July 2025, nearly doubling in six months, led by growth strategies.
- Despite a 500% rally and rising index weights, most fund positions remain modest; only three exceed 2%.
- Now the fourth most held AI/software peer, Palantir risks becoming a Tesla-style underweight challenge for active managers.
Amazon.com Inc – Amazon Just Entered The Used-Car Market—Is Carvana In Trouble?
- Amazon has officially stepped into the online used-car market through a high-profile partnership with Hertz, potentially disrupting an industry already in flux.
- After quietly testing car listings through its Amazon Autos vertical for over a year, Amazon is now allowing customers in select U.S. states to browse Hertz’s used vehicle inventory and complete much of the transaction through its platform — a move designed to provide a more convenient and digital car-buying experience.
- Delivery or pick-up logistics are handled by Hertz, while Amazon facilitates discovery, payments, and logistics support.
Take-Two Interactive Software: Innovative Content & Technology Integration As A Pivotal Growth Lever!
- Take-Two Interactive Software reported strong financial results for the first quarter of fiscal year 2026, ending June 30, 2025.
- The company reported net bookings of $1.42 billion, significantly surpassing its guidance range of $1.25 to $1.3 billion, indicating robust demand across its portfolio.
- Take-Two’s core franchises, particularly NBA 2K and the Grand Theft Auto series, continue to perform exceptionally, which has supported an upward revision of the company’s net bookings outlook for fiscal year 2026 to a range of $6.05 to $6.15 billion.
Nvidia’s $Billion China Gamble: Downgraded Chips, Government Cuts, & Geopolitics!
- As geopolitical tensions intensify, Nvidia is walking a tightrope between U.S. export controls and China’s increasingly assertive push for self-reliance in critical technologies.
- The chipmaker’s position as the dominant provider of AI semiconductors has forced it into delicate strategic maneuvers, especially in China, where demand remains strong but political scrutiny is mounting.
- To preserve a foothold in this crucial market, Nvidia has introduced weakened chip designs to comply with U.S. restrictions, explored revenue-sharing deals with local partners, and restructured its supply chain to insulate operations from further shocks.
Nota IPO Valuation Analysis
- Our base case valuation of Nota suggests target price of 11,948 won per share, which represents 31% higher than the high end of the IPO price range (9,100 won).
- Nota’s technology enables efficient operation of high-performance AI models. It has been able to develop one of the first commercially available generative AI-based intelligent video surveillance solution in Korea.
- We estimate Nota to generate revenue of 13.8 billion won (up 65% YoY) in 2025 and 21.7 billion won (up 57% YoY) in 2026.
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