In today’s briefing:
- Tencent (700 HK): Volatility Plays and Skew Top Trades
- UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.
- Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom
- UiPath: A Tale Of Cloud Transition & SaaS Growth With An Astounding 98% Retention!
- MIXI Inc. (2121 JP) – A Potentially Game-Changing Deal
- C3.ai’s 460% Surge in Deals Signals a Breakout Moment—Is This the Best AI Stock to Buy Today?
- (Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon
- ANGI Spin-off Deep Dive
Tencent (700 HK): Volatility Plays and Skew Top Trades
- Over the past five trading days, Tencent (700 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights and volatility context are provided.
- With short-term implied volatility below its median, long volatility strategies dominate, with a balanced mix of bullish and bearish positions.
- Open interest spread across monthly and quarterly expiries, with some notable strategies taking advantage of longer expiration dates, and a steep negatively sloped skew $475.
UMC – Global Foundries Merger? TSMC 2nm and A16 On-Track. More Doubts over US CHIPS Act Subsidies.
- Reports of merger between UMC and GlobalFoundries. Beyond the threat of US import tariffs for UMC, it would create a larger firm to counter SMIC’s expansion. Easier said than done
- TSMC second 2nm Fab in KaoHsiung “inaugurated”, 2nm production unchanged mid of 2025. A16 process and equipment qualification underway for risk production in 2027.
- Biden era CHIPS Act subsidies (US$52bn) could be cancelled or the program is completed and the assigned staff leaving?
Taiwan Tech Weekly: TSMC Goes ‘Taiwan Speed’ in Arizona; Phison Predicts Edge AI Flash Memory Boom
- TSMC Accelerates U.S. Expansion — New Arizona Fab to Be Built at ‘Taiwan Speed’
- Phison CEO Sees Decade-Long Boom for NAND Flash as AI Shifts to the Edge
- Delta Taiwan Vs. Thailand Monitor: Delta Thailand Crash Closes Gap, But Still Relatively Expensive
UiPath: A Tale Of Cloud Transition & SaaS Growth With An Astounding 98% Retention!
- UiPath reported its fourth-quarter and full-year fiscal 2025 financial performance, marking several high and low points that are critical for investors to examine as they consider their future involvement with the company.
- On the positive side, UiPath achieved a quarterly revenue of $424 million, with only a slight impact from foreign exchange fluctuations.
- For the full fiscal year, revenue increased to $1.43 billion, reflecting a 9% improvement year-over-year.
MIXI Inc. (2121 JP) – A Potentially Game-Changing Deal
- MIXI has announced an all-cash deal worth ¥35.2bn for PointsBet Holdings (PBH), an Australian sports and racing online betting company operating in Australia and Canada.
- The deal is due to close in mid-June 2025. We view this transaction as aligned with MIXI’s strategies of business diversification and overseas expansion, leveraging the expertise gained from TIPSTAR in Japan’s keirin and auto-race betting businesses to enter the Australian market, thereby accelerating the growth of both TIPSTAR and PointsBet.
- MIXI is demonstrating a positive and active allocation of its capital, with a high intent to accelerate the development of its Sports business and make it a key earnings pillar.
C3.ai’s 460% Surge in Deals Signals a Breakout Moment—Is This the Best AI Stock to Buy Today?
- C3.ai has exhibited a solid performance in the third fiscal quarter of 2025, ending January 31, 2025, with both positive developments and certain challenges.
- The company reported total revenue of $98.8 million, representing a 26% increase year-over-year.
- Subscription revenue, constituting the majority of its revenue, grew by 22% to $85.7 million.
(Mostly) Asia M&A, Mar 2025 Wrap: ENN Energy, Gold Road, Spartan, Aeon Delight, Sinarmas, Topcon
- For the month of March 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$14bn.
- The average premium for the new transactions announced (or first discussed) in March was ~53%, with a year-to-date average also of 55%.
- The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .
ANGI Spin-off Deep Dive
Angi Inc. (“Angi”) is set to be spun off from IAC Inc. (IAC owns 85% of the company) on March 31, 2025 following a multi-year turnaround that restored profitability and improved cash flow.
The first day of regular way trading will be April 1, 2025.
Angi operates the largest digital marketplace for home services in the U.S., connecting homeowners with contractors across Angi’s Ads and Leads platform (formerly HomeAdvisor/Angie’s List) and Services (pre-priced jobs fulfilled via Angi’s network), with an international segment spanning Europe and Canada.
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