Daily Brief TMT/Internet: Tekscend Photomask, Mediatek Inc, Microsoft Corp, Netbay Public Company Limited, Airtel Africa PLC, MSCI World Index, BitGo, Money Forward , Pateo Connect Technology and more

• Tekscend Photomask (429A JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 16 October.
• At the top end of the IPO range at JPY 3000/share, Tekscend Photomask (429A JP) will be valued at JPY 298bn (US$2bn).
• The stock should be added to the TOPIX INDEX at the close on 27 November while inclusion in global indices should take place in February and June.

• GB10 Brings Nvidia AI Performance From Data Center to the Desktop
• GB10 PCs Will Be “True” AI PCs, Their Capabilities Will Be More Evident
• From Niche to Market Driver; Maintain Structural Long for Mediatek, Asustek, Acer

• Microsoft’s cloud strength and AI leadership, particularly with Copilot, position it for growth, though its current valuation likely reflects these expectations, necessitating new market drivers.
• The company faces increasing pressure on efficiency metrics like gross margin and free cash flow due to significant, long-term AI infrastructure investments.
• We suggest a tactical approach to capitalize on anticipated stable price movements, leveraging current market conditions and implied volatility.

Key points (machine generated)

• Netbay is a Thai SaaS company automating data transmission and form completion for businesses and government organizations.
• The company has achieved a 13% CAGR in revenue and EBITDA over the past three years and is trading at 14x its 2024 normalized P/FCF.
• Netbay’s e-Customs software facilitates B2G and B2B transactions, focusing on tax services for clients in 2024.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Airtel Africa is strategically positioned to capitalize on the significant growth potential of data and mobile money services, driven by favorable demographics and increasing digitalization across its 14 African markets.
• Strong operational performance, particularly in key markets like Nigeria, has led to a robust recovery in revenue and profitability, underscored by successful tariff adjustments and expanding data consumption.
• Key risks remain centered on currency volatility in major operational hubs, rising finance costs due to higher interest rates on local currency debt, and intense competitive pressures from other major pan-African operators.

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• 3 global futures and options topics we covered included global equities, Brent, and Gold.  We review the topics discussed and look forward to another interesting month of volatility trades.
• NK remains moderately interesting for NK vs MSCI World vol with the leadership change coming up, though deep downside swings would not be expected.
• Were bullish on AI stocks, and highlighted a few favorites with some tactical options trades to monetize existing equity longs or put on new hedged volatility positions.

• BitGo is a pioneering digital asset infrastructure provider, offering institutional-grade custody, security, and financial services. Its core strength lies in its multi-signature wallet technology and regulatory-first approach, positioning it as a trusted partner for institutions navigating the complexities of the digital asset market.
• The company is poised for significant growth, driven by the increasing institutional adoption of cryptocurrencies and a favorable regulatory shift. Having confidentially filed for an IPO, BitGo aims to capitalize on this momentum to expand its global footprint and service offerings.
• Key risks include intense competition from both crypto-native firms and traditional financial institutions entering the space, the inherent volatility of the cryptocurrency market, and an ongoing lawsuit with Galaxy Digital which, despite a favorable appeal, still presents legal and reputational uncertainty.

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• Shares up 18% since Q2; short-term correction likely as valuation nears fair value (~6x EV/Revenue); ValueAct holds 5.6% stake.
• Q3 sales forecast +24% YoY to ¥12.1bn; adjusted EBITDA margin rising to 7% amid strong ARR growth from mid-sized corporates.
• Money Forward sharpened focus on core business, divesting non-core assets and forming a ¥3bn JV with SMFG to expand digital banking services.

• Pateo Connect is a prominent provider of smart cockpit solutions in China’s rapidly growing New Energy Vehicle (NEV) market, demonstrating robust revenue growth driven by the adoption of high-end products.
• The company faces substantial profitability hurdles, characterized by persistent net losses and gross margins that are the lowest among its peers, signaling a challenging competitive position.
• The investment profile is high-risk, marked by a concentrated customer base, increased financial leverage, and a premium valuation for its upcoming IPO that appears stretched relative to its growth and margin outlook.

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Key points (machine generated)

• ZenmuTech, founded in March 2014, is expected to achieve increased revenue and profit for the fiscal year ending December 2025, marking its third consecutive profitable period.
• The company specializes in cybersecurity solutions, utilizing its proprietary ‘ZENMU-AONT’ technology to reduce risks from cyberattacks and device loss.
• ZenmuTech also provides a software development kit for technology integration and collaborates with AIST on secret computation solutions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.