In today’s briefing:
- S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes
- Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More
- Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term
- TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.
- TaskUs Privatization Faces Opposition Amid Potential for Improved Offer and Valuation Discrepancies
S&P/ASX Index Rebalance (Sep 2025): New Methodology & The Many Changes
- There is 1 change for the S&P/ASX50 Index, 3 changes for the S&P/ASX100 Index, 9 changes for the S&P/ASX200 (AS51 INDEX) and 17 adds/ 12 deletes for the S&P/ASX300 Index.
- Some of the index changes will also have same way flows from trackers of other global and sector indices on the same day.
- The adds have outperformed the deletes across all indices and performance has been especially strong for the S&P/ASX100 Index and S&P/ASX300 Index changes.
Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More
- Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.
- Highlights: Major stocks, including Tencent (700 HK), Xiaomi (1810 HK), and Meituan (3690 HK), trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.
- Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.
Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term
- California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.
- I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.
- I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.
TSMC (2330.TT; TSM.US): TSMC Has Raised Wafer Prices; Rapidus Provides 2nm Milestone.
- Taiwan Semiconductor (TSMC) – ADR (TSM US) has raised wafer prices, with 2nm wafers expected to cost at least 50% more—exceeding USD 30,000 per wafer.
- Rapidus plans to begin 2nm engineering production in 1Q26 and target mass production by 2027, likely one node behind TSMC.
- Taiwan Semiconductor (TSMC) – ADR (TSM US) is expected to be ready for iPhone 17 production.
TaskUs Privatization Faces Opposition Amid Potential for Improved Offer and Valuation Discrepancies
- TaskUs is being privatized by Blackstone and founders at $16.50/share, opposed by activists and ISS, expecting improved offer.
- TaskUs projects $75-$120 million free cash flow in 2025, potentially funding the buyout with minimal additional investment.
- TaskUs specializes in premium BPO services, showing strong growth in Trust & Safety and AI Services segments, less vulnerable to automation.
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