In today’s briefing:
- Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices
- SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too
- Ascentech (3565 JP): Orix (8591 JP)’s JPY1,680 Tender Offer
- [Japan M&A] NTT Docomo Buys Out Carta Holdings (3688) Minorities – Done Deal
- Carta Holdings (3688 JP): NTT DoCoMo’s JPY2,100 Preconditional Tender Offer Is a Done Deal
- Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?
- Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength
- Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?
- Readcloud Ltd – Delivering profitable growth
- Samsara Inc Is Attempting To Revolutionize Efficiency with Cutting-Edge AI & Predictive Analytics Innovations; What Lies Ahead In 2025?
Telcoware & Shinsung Tongsang Tender Offers: Minority Shareholders Demand Higher Tender Offer Prices
- Telcoware (078000 KS) and Shinsung Tongsang (005390 KS) are two recent tender offers in Korea where the minority shareholders are demanding higher tender offer prices.
- The actual subscription rate of the Telcoware tender offer was only 10.44%, far below the 25.24% targeted by the CEO Keum Han-Tae.
- The Shinsung Tongsang owner family may acquire an additional 7–10% stake via this tender offer, though it remains unclear if they can secure full 95% ownership at this stage.
SET50 Index Rebalance: Four Changes in Two Weeks; DELTA Capping Too
- In line with forecasts, there will be 4 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at the close on 30 June.
- Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
- Positioning appears to be a lot smaller in the adds compared to the deletes. There could be buying in the deletes on a drop in the stock price.
Ascentech (3565 JP): Orix (8591 JP)’s JPY1,680 Tender Offer
- Ascentech KK (3565 JP) has recommended a tender offer from Orix Corp (8591 JP) at JPY1,680, a 14.6% premium to the last close price.
- Despite the lack of an auction, the offer is reasonable compared to historical trading ranges and aligns with the midpoint of the IFA DCF valuation range.
- Minimum tendering is set at a 66.67% ownership ratio, with irrevocables representing a 27.81% ownership ratio. Management’s significant stakes aid in deal completion.
[Japan M&A] NTT Docomo Buys Out Carta Holdings (3688) Minorities – Done Deal
- On 16 June 2025, NTT (Nippon Telegraph & Telephone) (9432 JP) sub NTT Docomo and Dentsu Inc (4324 JP) announced Docomo would buy out minorities in Dentsu sub Carta Holdings.
- It’s an OK price, not a great price. But while they are not calculated by advisors, at least the Target Board talks about the value of synergies to minorities.
- The price is light, but the combined irrevocables and large individual shareholders not brought over the wall get this over the line.
Carta Holdings (3688 JP): NTT DoCoMo’s JPY2,100 Preconditional Tender Offer Is a Done Deal
- Carta Holdings, Inc. (3688 JP) has recommended a preconditional tender offer from NTT (Nippon Telegraph & Telephone) (9432 JP) at JPY2,100, a 37.2% premium to the last close price.
- The offer is preconditional on several regulatory approvals, expected to commence in late August, and aligns with the midpoint of the IFA DCF valuation range.
- Due to irrevocables from the controlling shareholder and key management, the required minority tendering rate is 11.2%. This low rate points to a done deal.
Ciena Corporation Reveals Pluggable Optics Power—Is 800G the Next Big Telecom Breakthrough?
- Ciena Corporation’s financial results for the fiscal second quarter of 2025 reflect robust performance and strategic positioning within the dynamic networking and telecommunications industry.
- The company reported revenue of $1.13 billion, marking alignment with the high end of their guidance, an indicator of successful strategy execution and market demand.
- This strong revenue performance is underscored by substantial growth in cloud provider revenue, which represented 38% of total revenue and grew by 85% year-over-year to over $400 million in the quarter.
Intel Is Shrinking (Headcount), Declining (Market Share), but Weakness Can Be a Strength
- Intel layoffs now extending to production in US, Israel. Intel’s revenue/employee is half that of AMD, TSMC. An AMD or TSMC employee generates 2x more revenue than an Intel employee.
- Intel shareloss in PC, Server continues. Over the past 4 years Intel lost 6 percentage points PC market share (down to 76%), 13 percentage points in server (down to 73%).
- Intel is now without an AI / GPU roadmap. It looks bad but the twist is it helps Intel requalify with Nvidia DGX, replacing AMD. Weakness breeds strength.
Keysight Technologies Taps into 6G & Open RAN—Is This the Future of Wireless Dominance?
- Keysight Technologies reported its fiscal second quarter 2025 earnings, highlighting several key aspects that investors may find noteworthy.
- The company delivered a robust performance, with revenues at $1.3 billion and earnings per share of $1.70, both exceeding the high-end of guidance.
- This performance marks continued revenue growth, driven by strong demand in the Communications Solutions Group (CSG) and a return to growth in the Electronics Industrial Solutions Group (EISG).
Readcloud Ltd – Delivering profitable growth
- ReadCloud Limited (ASX:RCL) services the education sector through the provision of digital learning content, proprietary interactive technology, and support for students and educators.
- The company has released its H1 FY25 interim result (September year-end), illustrating a continuation of strong momentum in the core schools-focussed businesses.
- Group sales and fee revenue grew 13% to $9.2m, underlying EBITDA strengthened 73% to $1.8m, with strong cash conversion delivering operating cash flow of $1.9m for the half, leaving the company with $3.5m cash and no debt at period end.
Samsara Inc Is Attempting To Revolutionize Efficiency with Cutting-Edge AI & Predictive Analytics Innovations; What Lies Ahead In 2025?
- Samsara Inc. reported its financial results for the first quarter of fiscal year 2026, showing notable performance in various aspects of its business.
- The company achieved a strong start to the fiscal year, surpassing $1.5 billion in Annual Recurring Revenue (ARR), reaching $1.54 billion by the end of the quarter.
- This represented a 31% year-over-year growth, adjusting for constant currency.
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