TMT/Internet Archives | Smartkarma

• Omnivision Intgrated Circuit (603501 CH, OVIC), a semiconductor company, aims to raise around US$1bn in its H-share listing.
• OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost & Sullivan
• We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.

• It is reported that Life Insurance industry is evaluating a shift away from traditional front-loaded commissions toward a deferred commission structure.
• Moreover, IRDAI has intensified oversight of distribution expenses and management costs in the general and health insurance segments and looks to lower the EoM cap for the insurers.
• These changes if considered, could pose meaningful near-term growth and margin headwinds for PB Fintech or Policybazaar (POLICYBZ IN), which is already under pressure from the GST rate cuts.

• Dolby Laboratories reported its fourth quarter and full fiscal year 2025 results, revealing a 6% increase in annual revenue, reaching $1.35 billion, which aligns with the company’s previously communicated guidance.
• Operating margins also expanded by 1.8 percentage points.
• Revenue for the fourth quarter came in at $307 million, surpassing the midpoint of guidance, with non-GAAP earnings per share (EPS) at $0.99.

• Millicom International Cellular S.A. has entered a new phase of strategic expansion following its $380 million acquisition of Telefónica Ecuador, coming on the heels of the recently completed Telefónica Uruguay transaction.
• These moves mark the clearest signal yet that TIGO is actively consolidating high-quality telecom assets across Latin America, prioritizing markets with stable macroeconomic frameworks, dollarized or investment-grade characteristics, and strong demand for digital services.
• The Ecuador deal expands TIGO’s footprint to 11 countries and adds a meaningful revenue and EBITDA base while reinforcing its position as the leading pure-play telecom operator in the region.

• Zoom’s third-quarter financial performance for the fiscal year 2026 showcased several notable achievements and challenges.
• On the positive side, Zoom saw an increase in total revenue, growing by 4.4% year over year to $1.23 billion, surpassing its guidance expectations.
• The company continues to benefit from its Enterprise segment, which grew 6.1%, representing 60% of its total revenue, up one percentage point from the previous year.

• December spreads were technically noisy but structurally neutral: median unchanged, dispersion high, with year-end flows interrupting—but not invalidating—ongoing convergence across Europe’s dual-class universe.
• Marginal voting premia continue to erode where control is entrenched: Henkel, Grifols and Roche show further compression as governance risk fades and incremental voting rights lose economic relevance.
• Nordic anomalies remain unresolved: Handelsbanken’s >70% premium and SSAB’s anchored discount continue to reflect flow and structural frictions rather than voting economics, offering the clearest dispersion opportunities into 2026.

• Micron numbers will be amazing, but will they be enough to justify the parabolic price actions? Likely, yes. 
• Intel hiring a Trump proxy a further sign its aligning itself with the Govt’s designs for onshore chip production. 
• Estee lauder is surging but what about Shiseido and Kose? 

• In the past two years, E Mart Inc (139480 KS) has announced two tender offers of its affiliates including Shinsegae E&C (September 2024) and Shinsegae Food (031440 KS) (December 2025).
• We believe the next target of a tender offer by E-Mart could be Shinsegae Information & Communication Co (035510 KS) in 2026/2027. 
• We provide three main reasons why E-Mart may try to conduct a tender offer of Shinsegae I&C in 2026/2027.

Key points (machine generated)

• FISCO Ltd. reports a profit decrease expectation for NCD (Ticker: 4783) for the fiscal year ending March 2026 due to prior reactions and one-time costs.
• NCD, established in 1967, specializes in IT-related system development, support services, and unmanned bicycle parking solutions.
• The company maintains a stable revenue structure with over 80% of sales from stock and is a leading provider in the self-managed bicycle parking sector in Japan.

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• Who wins the AI race is like asking ”who won the Internet?” Amazon, Google, Meta, Microsoft? Wait, maybe it’s ASML and TSMC? Do you see how dumb this question is? 
• If you trade stocks, you enjoy the “Google is back” moment. Or maybe that was last week’s trade. The market wants profits and margins. Revenue growth is no longer enough.
• So, who wins the AI race? I will eventually buy,  hopefully early 2026: AMD, Google, LAM, Meta, Microsoft, Micron, Nvidia, TSMC. These are the category winners IMO

• Broadcom just had its worst stock day in nearly a year—and the culprit was something investors were previously cheering: AI.
• On the surface, the company had a strong quarter.
• Revenue hit a record $18 billion, AI chip sales surged, and its infrastructure software business delivered steady growth.

• Applied Materials recently concluded their fiscal year of 2025 with encouraging results, achieving record highs in revenue, gross margin dollars, operating profit, and earnings per share, despite facing significant headwinds.
• The company reported a 4% year-over-year growth in revenue to $28.4 billion.
• Notably, the Semiconductor Systems and Applied Global Services (AGS) divisions posted record revenues, even amidst tightened trade restrictions that notably impacted their market presence in China.

• Intel Corp. is reportedly nearing a $1.6 billion acquisition of artificial intelligence startup SambaNova Systems Inc., marking a potential inflection point in its strategic roadmap to reclaim dominance in the AI and semiconductor space.
• This potential deal—first reported by Bloomberg—could materialize as early as next month, and would give Intel a foothold in custom AI chip architecture at a steep discount compared to SambaNova’s last valuation of $5 billion in 2021.
• The move comes on the heels of a transformative year for Intel, highlighted by the U.S. government taking a 10% stake, major equity infusions from NVIDIA and SoftBank, and a public commitment from CEO Lip-Bu Tan to rebuild Intel’s AI, foundry, and inference capabilities.

• The $2.25bn convertible issuance underscores strong bond-market confidence in AI infrastructure, but equity markets are increasingly focused on leverage, dilution, and refinancing risk.
• With repeated debt raises and high fixed obligations relative to revenue, CoreWeave’s growth model is becoming more dependent on capital-market access than operating leverage.
• As credit conditions tighten across data-centre and infrastructure lending, the divergence between bondholder confidence and equity caution highlights a narrowing margin for error.

• GlobalFoundries Inc. recently reported its third-quarter financial results for fiscal 2025, showcasing a mixed performance across diverse segments and underscoring specific strategic directions aimed at driving long-term growth.
• The company’s revenue for the quarter stood at $1.688 billion, marking a slight 3% decrease year-over-year, though it aligned with the high end of the anticipated guidance.
• Gross margins saw expansion both sequentially and year-over-year, landing at approximately 26% due to shifts toward higher-margin product mixes and increased revenue from non-wafer technology services.

• Adobe’s dominant position in creative software, underpinned by a wide economic moat, is being reinforced by the strategic integration of Artificial Intelligence (AI) across its product suite, driving consistent double-digit revenue growth.
• The company’s successful transition to a subscription-based model with its Creative, Document, and Experience Clouds provides a highly predictable, recurring revenue stream, fostering financial stability and enabling continuous innovation.
• While facing emerging competition from more accessible alternatives and navigating the monetization of its AI features, Adobe’s entrenched ecosystem, high switching costs, and strong brand loyalty present formidable barriers to entry for competitors.

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• Salesforce is the market leader in the Customer Relationship Management (CRM) software space, benefiting from a wide economic moat driven by high customer switching costs and a strong network effect from its extensive AppExchange ecosystem.
• The company is demonstrating a successful pivot towards profitable growth, with significant non-GAAP operating margin expansion and robust free cash flow generation. The recent initiation of a dividend underscores this focus on shareholder returns.
• Future growth is anticipated to be driven by the integration of Artificial Intelligence through its ‘Agentforce’ and ‘Einstein’ platforms, the expansion of its Data Cloud offerings, and strategic, bolt-on acquisitions. However, the company faces intense competition and risks associated with integrating new acquisitions and macroeconomic headwinds impacting IT spending.

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• Baidu’s financial performance for the third quarter of 2025 highlights both strengths and challenges.
• The company reported total revenues of RMB 31.2 billion, which represents a 7% decline year-over-year.
• Baidu Core, a significant segment, showed revenue at RMB 24.7 billion, aligning with this downward trend.

• Smaregi is a high-growth, pure-play provider of cloud-based Point-of-Sale (POS) systems in Japan, capitalizing on the structural shift from legacy hardware to SaaS solutions among small and medium-sized businesses (SMBs).
• The company exhibits a robust financial profile, characterized by impressive revenue and earnings growth, expanding margins, and a rapidly growing base of high-margin Annual Recurring Revenue (ARR), which recently surpassed JPY 10 billion.
• While the company’s strategic focus on the underserved mid-sized retail and restaurant market presents a significant runway for growth, it faces intense competition and trades at a premium valuation, reflecting high investor expectations.

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• Strategic Pivot to Web3 and Metaverse: Gumi is aggressively shifting its focus from a reliance on hit-driven mobile games to becoming a comprehensive Web3 enterprise, underscored by strategic partnerships with Square Enix and SBI Holdings, and significant investments in cryptocurrencies like XRP and Bitcoin.
• Financial Volatility and Restructuring: The company has experienced significant financial turbulence, with a substantial net loss in FY24 driven by underperforming titles, leading to the discontinuation of flagship games, workforce reductions, and a halt in the development of high-risk original titles.
• Leveraging Existing IP for Future Growth: Despite sunsetting major titles, Gumi plans to leverage its well-known ‘Brave Frontier’ IP for a new Web3 game, ‘Brave Frontier Versus’, in partnership with the Sui Foundation, aiming to blend its established brand with new blockchain-based gaming experiences.

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• Dominant Market Leader Facing Macro Headwinds: Turkcell is the leading integrated telecommunications and technology provider in Turkey, commanding a significant market share. However, its performance is intrinsically linked to the volatile Turkish economy, facing challenges from hyperinflation and currency depreciation.
• Strategic Pivot to Digital Services Driving Growth: The company is successfully transitioning from a traditional telecom operator to a digital services provider. Its portfolio of digital offerings, including fintech (Paycell), streaming (TV+), and messaging (BiP), represents a key growth driver and diversifies revenue streams away from core telecom services.
• Strong Financial Performance and Shareholder Returns: Despite the challenging environment, Turkcell has demonstrated a robust growth track record in revenue and profitability. The company maintains a commitment to shareholder returns, evidenced by a consistent and growing dividend.

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• Market Leader Facing Macro Headwinds: Turkcell is the leading mobile operator in Turkey with a strong market share of approximately 41% and a growing fiber and digital services portfolio. However, its financial performance is significantly impacted by Turkey’s hyperinflationary environment and currency volatility, which creates substantial uncertainty.
• Strategic Focus on Digital and Fiber Expansion: The company is strategically pivoting from a traditional telecom operator to a digital services provider, focusing on high-growth areas like FinTech (Paycell), streaming (TV+), cloud services, and data centers. Continued investment in its fiber network, which passes over 6.2 million homes, is key to capturing high-value broadband customers and supporting its digital ecosystem.
• Valuation Attractive but Governance and Capex Risks Remain: The stock appears attractively valued, reflected in a high Smartkarma value score and low valuation multiples. However, significant upcoming capital expenditures for the 5G rollout and concerns regarding the influence of its largest shareholder, the Turkey Wealth Fund (TWF), on capital allocation decisions pose notable risks for investors.

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• Dominant Integrated Operator with Strong Growth: Turk Telekom is Turkey’s largest integrated telecommunications operator, benefiting from a vast fiber network and a leading position in fixed-line services. The company has demonstrated exceptional revenue growth, driven by inflationary pricing and rising data demand, although net income growth has been more modest.
• State Ownership and Strategic Importance: With the Turkey Wealth Fund (TWF) as the majority shareholder (61.68%), the company is of high strategic importance to the nation’s digitalization and 5G rollout. This provides a degree of stability but also introduces potential government influence on strategy and dividend policy.
• Challenging Macro and Dividend Outlook: The company operates in a high-inflation, volatile macroeconomic environment in Turkey, which poses significant risks. Reflecting a focus on deleveraging and funding future investments like the 5G rollout, the company has suspended dividend payments, a key consideration for income-focused investors.

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• In this insight, we provide a list of 70 prominent companies in the USA and Europe that could complete their IPOs in 2026.
• Many companies that have been preparing their IPOs in 2024/2025 have postponed their IPO launches until next year for better timing.
• Some of the most prominent potential IPOs in the US/Europe that could get completed in 2026 include SpaceX, Stripe, OpenAI, Discord, Anthropic, Ripple, and Revolut.

• There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in December but there are a lot of float and capping changes.
• Estimated one-way turnover is 7.5% resulting in a round-trip trade of US$5.5bn. There are 3 stocks with over half a yard to trade.
• The largest flows will be in NVIDIA, Micron Technology, Applied Materials, Lam Research, Intel Corp, Texas Instruments and TSMC (Taiwan Semiconductor Manufacturing) – ADR. 

• The MV US Semiconductor 25 index represents the performance of the biggest US-listed companies in the semiconductor industry.
• There will be no index changes for the December 2025 rebal event.
• We expect a one-way flow of US$2.9bn and a turnover of ~7.5% for December 2025.

• TSMC: +23% Premium; Has Broken Down from Historically High Level
• ChipMOS: -3.0% Discount; Good Level to Go Long the ADR Spread
• CHT: -1.1% Discount; Good Level to Go Long the ADR Spread

• Shift4 Payments reported solid third-quarter 2025 financial results, showcasing notable growth in several key performance indicators, though there are areas that require caution.
• The company posted gross revenue less network fees of $589 million, marking a 61% increase year-over-year.
• Adjusted EBITDA came in at $292 million, up by 56% from the previous year, with the organic growth excluding recent mergers and acquisitions at 18%.

• Amdocs reported its financial performance for the fourth quarter and full fiscal year of 2025, signaling key trends within the company and its strategic direction.
• On a pro forma constant currency basis—accounting for the phaseout of certain low-margin noncore business activities—Amdocs achieved revenue growth of 3.1% for the fiscal year.
• In the fourth quarter, revenue reached $1.15 billion, showing a 2.8% increase compared to the previous year in pro forma constant currency terms.

• Vodafone Group Plc’s recent earnings call highlighted both positive and negative aspects of its performance, offering insights into the company’s strategic direction and current financial standing.
• On the positive side, Vodafone has reported progress in its operational transformation and financial performance.
• The company has reshaped its operations, completing significant mergers and acquisitions, such as the merger of Vodafone and Three in the UK and the acquisition of Telekom Romania’s assets.

• Nebius Group’s third-quarter 2025 financial performance demonstrated significant revenue growth and demand strength, albeit accompanied by some constraints and strategic challenges.
• Arkady Volozh, the Founder and CEO, highlighted robust demand, particularly from high-profile customers such as Meta and Microsoft.
• The company reported a major deal with Meta valued at approximately $3 billion over five years and a previous deal with Microsoft ranging from $17.4 billion to $19.4 billion.

• Oracle rarely surprises Wall Street.
• This time, it did.
• After reporting another quarter of strong cloud growth, Oracle’s stock fell sharply by more than 10% in a single session, a rarity for a low-beta company.

• Pinterest is doubling down on performance advertising with a strategic move that could reshape its ad tech stack.
• On December 11, 2025, the visual discovery platform announced its intent to acquire tvScientific, a connected TV (CTV) performance advertising platform, with the deal expected to close in the first half of 2026.
• While financial terms were undisclosed, the strategic implications are significant.

• Goldman Sachs will take Raksul private via a ~¥100bn MBO, restoring meaningful governance influence to the founder—one of the most explicitly founder-aligned take-privates in Japan’s tech sector.
• Public markets consistently undervalued Raksul’s multi-vertical SME platform; going private enables longer-horizon investment, selective M&A, and disciplined scaling across printing, logistics, marketing tech, and adjacent digital services.
• Deal completion probability is high (90–95%): a fair premium, full founder support, and limited interloper risk leave minority shareholders best served by tendering into the offer.

• Marc Benioff on Gemini 3: I’ve used ChatGPT every day for 3 years. Just spent 2 hours on Gemini 3. I’m not going back. The leap is insane
• Anthropic on expansion of Google Cloud TPU:  The expansion is worth tens of billions of dollars and is expected to bring well over a gigawatt of capacity online in 2026.
• DeepMind is Alphabet’s dark horse. AlphaFold is one of the most significant AI-related accomplishments ever. What will they turn their attention to next? Let’s see…

• The big story heading into 2026 is simple.
• Microsoft looks like the early favorite to be the market’s biggest AI winner.
• Every new budget cycle pushes more workloads, more data, and more everyday work into Azure and Copilot.

• TeraWulf’s third-quarter 2025 earnings call reflects both noteworthy achievements and areas of concern, contributing to a balanced investment thesis.
• This period has been pivotal, with the company signing a landmark 360-megawatt IT load agreement at its Lake Mariner campus, in collaboration with Fluidstack and backed by Google.
• This 10-year contract is anticipated to generate substantial annual revenue and operating income, underscoring the strategic shift towards high-performance computing (HPC) and establishing TeraWulf as a leader in this transition.

• The Fed cut rates this week—likely the last cut for an extended period—and moved into a wait-and-see stance / monitoring mode, to assess economic conditions ahead.
• Both the S&P 500 INDEX (SPX INDEX) and the Nasdaq-100 Stock Index (NDX INDEX) have suffered very high volatility this week, after the Fed decision, after several flat days.
• This insight will try to forecast what is the next probable direction for the two main US indices in the next few weeks.

• SoundHound, a pioneer in the field of voice and conversational AI, presented its third-quarter results for 2025.
• The company highlighted robust revenue growth, expanded technological reach, and strategic acquisitions, underscoring a period of precise execution amid booming enterprise AI adoption.
• In terms of financial performance, SoundHound reported a sizable 68% increase in revenue year-over-year, reaching $42 million for the quarter.

• Monday.com reported robust financial results for the third quarter of fiscal year 2025, reflecting both strengths and challenges in its business strategy and execution.
• The company’s revenue rose by 26% year-over-year to $317 million, demonstrating solid growth, particularly driven by expansion in their large customer base.
• The company successfully added more large customers, with significant growth in accounts of $50,000, $100,000, and $500,000 in annual recurring revenue (ARR).

• Amazon’s bold move to expand same-day perishable grocery delivery to over 2,300 U.S. cities is now intersecting with an equally bold policy shift from the Federal Reserve.
• With the central bank announcing a rate cut for the first time in two years, Amazon finds itself in a macro environment that could supercharge its delivery ambitions—or complicate them.
• The Fed’s monetary easing lowers borrowing costs, boosts consumer liquidity, and alters capital allocation across sectors.

• Oracle: results were decent. Management released a huge Remaining Performance Obligation number aka future AI Infra revenue. That spooked the market. 
• Broadcom: a very good quarter, AI semi revenue guidance back on track. But Broadcom will reach its 2027 revenue target ($60-90bn) with 5 customers, not 3.
• Results and outlook (for both) were ok to good; market reaction very negative.  1) the AI narrative is dead  2) the correction is especially steep for expensive stocks  

• In 1H FY04/26, the company reported revenue of JPY30.8bn, operating profit of JPY3.5bn, and net income of JPY2.3bn.
• Business support services for MVNOs saw revenue grow 13.2% YoY to JPY5.9bn, with operating profit rising 45.3% YoY.
• Revenue from the affiliate business increased 20.5% YoY to JPY12.1bn, but operating profit declined 33.8% YoY.

• Raksul Inc (4384 JP) is a business roll-up business. They do printing, and advertising, and marketing, and supply. They want to be all things to all SMEs. 
• They are pretty good at it. Revenues and EBIT have been growing at 20-30% a year for years, and are scheduled to grow 19% and 26% for several years ahead.
• The bid is up 40% from last, but that gets them to a 30-month high. The register is very open. Lots of active institutional shareholders who have to agree. Maybe.

• Raksul Inc (4384 JP) has recommended a Goldman Sachs Group (GS US)-sponsored MBO at JPY1,710, a 39.5% premium to the last close.
• While the process is lacking (no auction), the offer is reasonable compared to peer multiples, analyst price targets and historical trading ranges. 
• The offer aligns with the midpoint of the target IFA DCF valuation range. Barring an emergence of an activist, this should get done. 

• In this insight, we discuss the price performance actions of 32 stocks that have been rebalanced in KOSPI200 in 2025.
• Among the 16 additions to the KOSPI200 index in 2025, the average share price performances are up on average 19.5% (3 months performance prior to the announcement dates).
• Among the 16 deletions to the KOSPI200 index in 2025, the average share price performances are down on average 13.5% (3 months performance prior to the announcement dates).

• Rising memory prices are significantly increasing Switch 2 hardware costs, threatening margin compression below expectations and undermining management’s prior guidance on maintaining stable profitability levels.
• Even with potential price hikes, higher ASPs may dampen unit demand, reducing operating leverage and forcing consensus earnings cuts across FY3/27–28 as hardware profitability deteriorates.
• Valuation remains stretched relative to historical norms, leaving limited downside protection if earnings reset lower and increasing vulnerability to sentiment reversals amid uncertain cost trajectories.

• Recent developments materially improve the setup: H200 clarity reduces a major sector overhang and removes uncertainty around chip supply, clearing the way for continued AI-infrastructure expansion in China.
• 3Q25: VNET’s strong result, 2026 outlook, advantaged power resources, and shareholder priorities (no equity dilution and defined leverage limits) reduce downside bottoms-up risk while increasing confidence on execution
• None of this is reflected in today’s valuation. With 25–30% EBITDA CAGR and improved visibility on demand and execution, VNET is positioned for a material 2026 re-rating, implying 60-100% upside.

• Flagright is an AI-native, no-code Anti-Money Laundering (AML) compliance and fraud prevention platform targeting fintechs, banks, and other financial institutions.
• The company’s key differentiator is its use of generative AI and AI agents to automate compliance workflows, significantly reducing false positives and operational costs for its clients.
• Having raised a total of $7.6 million in funding, Flagright is in a growth phase, expanding its product suite and global presence, particularly in North America and Europe.

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• In today’s Convertibles Brief publication we comment on developments of the following high yield issuers: Lenovo
• The iTraxx Main was broadly flat at 53 bps, while the iTraxx X-Over narrowed 1 bps to 255 bps. The US CDX HY widened 3 bps to 323 bps. European bourses were mostly flat to 0.7% lower, except for the DAX (+0.5%), FTSE MIB (+0.3%) and IBEX 35 (+0.1%). In the US, the S&P 500 fell 0.1%, while the Nasdaq gained 0.1%.
• In Asia this morning, the Nikkei is down 0.3%, while the Hang Seng is 0.4% lower. US equity futures are mostly trading higher. WTI and Brent are USD 58.4/bbl and USD 62.0/bbl, respectively.

• The U.S. Navy just signed a $448 million contract with Palantir Technologies to overhaul how it maintains and repairs nuclear submarines.
• This partnership centers on “Ship OS,” a new AI-driven logistics platform built by Palantir.
• It aims to digitize and streamline the Navy’s sprawling and often outdated maintenance and supply chain processes.

• DataDirect Networks (DDN) is a dominant, privately-held leader in high-performance computing (HPC) and artificial intelligence (AI) data storage solutions, uniquely positioned to capitalize on the explosive growth of data-intensive workloads.
• Strategic partnerships, particularly a deep-rooted collaboration with NVIDIA, and a strong presence in the supercomputing sector, provide a significant competitive advantage and a clear runway for growth in the burgeoning enterprise AI market.
• Recent substantial investment from Blackstone, valuing the company at $5 billion, underscores strong investor confidence in DDN’s strategy and its potential for significant revenue acceleration, with the company reportedly on a trajectory to surpass $1 billion in bookings.

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• CLEAR, a pioneer in secure identity solutions, showcased a mix of advantageous and challenging aspects in its latest quarterly results.
• The company reported a year-over-year revenue increase of 15.5%, reaching $229.2 million, and a 14.3% rise in total bookings to $260.1 million.
• The growth figures surpassed previous guidance, indicating strong financial performance.

• Strategy (MSTR US)‘s market cap has for near-on five years, traded at a premium to its bitcoin holdings. 
• The backbone of Strategy’s levered strategy is issue new shares or debt, acquire more bitcoins, which in turn, boost the share price. Rinse and repeat. Until the music stops.
• That market cap is now at its widest discount in five years. And chairman Michael Saylor scandalously mooted the company may sell some bitcoins IF the discount persists.

• Pres Trump authorized sales of H200 to China, with unknown conditions attached.  Not clear who the US will agree to sell to, who in China will be “allowed” to buy
• More clear: H20 was not appealing – too under-powered. H200 is above the threshold at 2x the performance of Huawei Ascend 910C. So, Nvidia could find buyers in China.
• H200 could represent 23% upside to Nvidia 2026 revenues (max). But the stock price moved up 1.7% on Monday, down -0.3% yesterday. The market is concerned by bigger issues.

• JD Industrials (7618 HK) raised around US$383m, after pricing in its Hong Kong IPO at the mid-point.
• JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
• We looked at the company’s past performance in our earlier notes. In this note, we talk about the trading dynamics.

• Seagate Technology (STX US), Alnylam Pharmaceuticals (ALNY US) and Western Digital (WDC US) are the top forecasted additions with the highest price surge.
• Trade Desk (TTD US), On Semiconductor (ON US) and Lululemon Athletica (LULU US) are the forecasted deletions with the largest price drop.
• Ferrovial (FER US) can be a surprise addition depending on the treatment of its foreign listing.

• E Credible is a dominant player in the niche market of corporate credit certification in South Korea, providing essential credit risk information on SMEs to large corporate clients for supply chain management.
• The company is poised to benefit from the growing trend of ESG (Environmental, Social, and Governance) integration in supply chains, having proactively developed ESG evaluation services for SMEs, which presents a significant long-term growth driver.
• Despite a challenging recent growth track record and sensitivity to economic cycles, the company maintains a strong financial position with a high net cash balance, a low-capex model, and a commitment to high dividend payouts, offering an attractive yield.

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• Dominant Digital Ecosystem in Russia: VK Co Ltd stands as a leading internet company in Russia, boasting a vast and engaged user base across its social media (VKontakte, Odnoklassniki), email (Mail.ru), and online gaming (VK Play) platforms. This extensive ecosystem provides significant network effects and a rich dataset for targeted advertising, its primary revenue source.
• Strategic Repositioning and State Alignment: The company has undergone a significant transformation, including a name change from Mail.ru Group, a redomiciliation from the British Virgin Islands to Russia, and a delisting from the London Stock Exchange. This strategic shift aligns the company more closely with the Russian government’s objectives for the digital economy, potentially leading to preferential treatment and a more predictable regulatory environment within its core market.
• Geopolitical Headwinds and Governance Concerns: VK’s operations are intrinsically linked to the Russian political and economic landscape. The company and its executives have been subject to international sanctions, which have impacted its access to international capital markets and partnerships. The increasing influence of state-affiliated entities in its ownership structure raises corporate governance concerns for minority investors.

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• TeamViewer is a global leader in remote connectivity solutions, demonstrating consistent revenue growth and high profitability. The company is strategically shifting its focus towards the higher-value enterprise segment to drive future growth.
• The recent acquisition of 1E is expected to enhance TeamViewer’s product portfolio by adding Digital Employee Experience (DEX) capabilities, creating significant cross-selling opportunities and accelerating growth in the corporate customer base.
• Despite a dominant market position, the company faces significant risks from intense competition in a commoditized market, potential cybersecurity threats, and macroeconomic headwinds that could impact its large base of small and medium-sized business (SMB) customers.

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• We are reiterating our Buy rating, $30 price target and projections for a.k.a. Brands after visiting Princess Polly stores in Boston, Long Island and Miami.
• We believe, as we enter the heart of the Holiday party season, Princess Polly is fully prepared and looking very clean, with great offerings, a deepening focus on accessories, and winning key fashion driven items, from dresses, jackets and lounge wear (for the after party).
• Further, there has been material progress in terms of normalizing product flows post the tariff-driven shocks we noticed in our Fall tours.

• According to numerous local media, SK Hynix is considering on listing its treasury shares (2.4% of outstanding shares representing 17.4 million shares) as ADRs.
• SK Hynix could cancel its treasury shares or list them as ADRs. The bigger bang for the buck will likely be to list them as ADRs. 
• By listing its shares as ADRs, the valuation gap between SK Hynix and other listed peers (such as MU and TSMC) could be reduced. 

• Today after the close, Broadmedia Corp (4347 JP) announced that UK-based Japan activist AVI and one of its funds would launch a tender offer for just over 10% of shares.
• The Tender Offer comes at a 29.5% premium, and it would take the activist to ~40% – close to board-spilling influence.
• This creates an interesting setup. One wonders whether this is meant to spill the Board post-tender, and whether the Company will seek alternate solutions.

• They’re maxing out M15X ahead of schedule, facing a fab gap until ’27, and now need more capex than their KRW 28tn cash pile comfortably covers.
• SK doesn’t want an Hynix ADR; they’re focused on tapping the KRW 150tn Growth Fund to fill the capex gap while avoiding dilution and protecting their already-fragile control stack.
• ADR noise spiked because Hynix’s near-term capex needs exceed Growth Fund capacity, pushing them toward a 2.4% treasury dump—but I still don’t see SK pulling the ADR trigger.

• Meesho (1546271D IN) raised around US$606m in its India IPO.
• Meesho is an e-commerce marketplace, offering a wide assortment of products ranging from low cost unbranded products, regional and national brands at affordable prices to consumers.
• We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.

• Tencent is a dominant force in China’s internet landscape, built upon the vast user ecosystems of its social platforms, WeChat and QQ, which serve as powerful distribution channels for its other businesses.
• The company’s primary revenue drivers are Value-Added Services (VAS), encompassing the world’s largest online gaming business and various digital content subscriptions, alongside a rapidly growing FinTech and Business Services segment.
• While facing significant domestic competition and a dynamic regulatory environment, Tencent is pursuing future growth through international expansion, particularly in gaming, and substantial investments in enterprise-facing technologies like cloud computing and AI.

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• Swiggy (SWIGGY IN)  and Eternal (ETERNAL IN)  are in heavy investment cycles, with quick commerce driving capital needs and dictating near-term unit economics across India’s hyper competitive hyperlocal ecosystem.
• Swiggy shows clearer visibility to margin recovery by June 2026, while Eternal offers faster growth but higher dependence on marketing, inventory execution, and store expansion.
• Meituan (3690 HK) appears optically cheap but faces delayed profitability amid intense competition and overseas losses, making its lower-growth profile less attractive versus Indian peers.

• AppLovin is a leading mobile technology company operating a comprehensive platform for app developers to market, monetize, and analyze their applications. Its integrated business model, combining a powerful ad-tech software platform with a portfolio of first-party mobile games, creates a significant data advantage.
• The company is experiencing hyper-growth, driven by its advanced AI-powered advertising engine, AXON. Financial performance has been exceptional, with substantial year-over-year increases in revenue and a dramatic improvement in profitability and free cash flow generation.
• Future growth is expected to be fueled by the expansion of its ad platform into non-gaming verticals like e-commerce and Connected TV (CTV), and the global rollout of its self-service ad manager. However, the company faces key risks including intense competition, reliance on the volatile advertising market, and evolving data privacy regulations.

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• Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
• Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.
• Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.

• Miroku Jyoho Service (MJS) is a dominant player in Japan’s financial and accounting software market, holding a substantial ~25% market share among tax and CPA firms, which provides a stable foundation for growth.
• The company is strategically shifting from a one-time license model to a cloud-based subscription model, aiming to increase recurring revenue and customer lifetime value. This transition is crucial for long-term growth but is currently pressuring profitability margins.
• Fueled by government-led digitalization initiatives, such as the mandatory Qualified Invoice System, MJS is well-positioned to capitalize on the accelerated adoption of ERP and cloud accounting solutions by its core SME customer base.

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• NVIDIA Corporation reported robust financial performance for the third quarter of fiscal 2026, reflecting its leadership in the AI and accelerated computing markets.
• The company achieved record revenue of $57 billion, marking a 62% year-over-year increase and a sequential revenue growth of 22%.
• NVIDIA’s data center segment contributed significantly to this performance, recording $51.2 billion in revenue, up 66% from the previous year.

• In this insight, we provide a list of 50 prominent companies in Asia that could complete their IPOs in Asia in 2026 (excluding Korea).
• This report is meant to serve as a comprehensive, REFERENCE GUIDE to help clients get a broad view of the major IPOs that could get completed next year in Asia.
• Some of the most prominent potential IPOs in Asia next year include Reliance Jio, Kunlunxin,  Shein, Flipkart, and Canva. 

• Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
• Japan Eyewear Holdings (5889 JP), FIT EASY (212A JP), and Tekscend Photomask (429A JP) were included in the TOPIX index at the end of November 2025.
• Bengo4.Com Inc (6027 JP) recently announced a Section Transfer to the Prime market which means there will be a TOPIX inclusion at the end of January 2026.

• Business Breakdowns is a series diving deep into a single business
• Doximity is a B2B media business for medical professionals
• Community engine, social network, and tools make life easier for medical professionals

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• Note is a Japanese content platform capitalizing on the burgeoning creator economy, demonstrating a remarkable turnaround from significant losses to profitability, driven by accelerating revenue growth.
• The company exhibits classic platform characteristics with extremely high gross margins and a scalable business model, but faces intense competition in the crowded digital content space.
• Valuation appears stretched, with high multiples on current earnings, indicating that the market has priced in substantial future growth and successful monetization expansion.

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• Back on October 24th we forecastedSamsung Electronics (005930 KS)‘s pullback. Samsung pulled back 1 week after, ended in the support BUY zone we predicted and rallied higher from there.
• Now, fast-forward to December 8th, Samsung Electronics (005930 KS) is getting very close to the previous top at 112,400. Our model says the stock is overbought. 
• Double top? Not necessarily, but in the short-term the stock is about to pullback again. Our analysis tries to identify when the pullback can happen and where to enter LONG.

• Akamai Technologies, Inc. reported strong financial performance for the third quarter of 2025, demonstrating positive growth across several key areas.
• The company recorded total revenue of $1.055 billion, marking a 5% increase year-over-year as reported, and a 4% increase in constant currency.
• This growth was driven largely by their Cloud Infrastructure Services (CIS) which saw a 39% rise in revenue year-over-year, indicating robust demand and solidifying Akamai’s position in the cloud services sector.

• Meta Platforms, Inc. recently reported robust third-quarter results, marked by significant growth and notable strategic advancements in artificial intelligence (AI) and augmented reality (AR).
• The company saw strong user engagement across its family of apps, with more than 3.5 billion active users daily and Instagram surpassing 3 billion monthly active users.
• Mark Zuckerberg pointed to the growing traction of Threads, boasting 150 million daily active users, as an indicator of strategic success.

• Verizon Communications Inc.’s third-quarter 2025 earnings report highlights several key aspects of its current business trajectory.
• The company has undergone leadership changes, with Dan Schulman stepping in as the new CEO, bringing extensive experience from the technology and telecommunications sectors.
• Verizon appears to be at a pivotal moment, aiming to capitalize on its robust network infrastructure while acknowledging that previous strategies have not fully leveraged its potential for customer growth and shareholder value.

• BCE Inc.’s recent earnings call reveals both the challenges and opportunities the company is encountering as it navigates the telecommunications landscape in Canada and beyond.
• The strategic initiatives and financial results reflect BCE’s adherence to a robust plan for growth and operational efficiency, yet also showcase areas where further focus is necessary.
• On the positive side, BCE’s strategic alignment around its core assets in fiber, wireless, media, and enterprise are clearly paying dividends.

• BTQ Technologies: Securing Crypto’s Future Against the Quantum Threat. The report argues that quantum computing poses an imminent and existential threat to Bitcoin and all digital assets secured with ECDSA.
• Quantum computers—particularly when capable of running Shor’s algorithm—will be able to reverse Bitcoin’s public keys into private keys in hours or minutes, making billions of dollars of crypto vulnerable to theft.
• The threat is accelerated by real-world developments from IBM, Google, IonQ, and government-level investment into quantum hardware.

• Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
• In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.

• TSMC: +26.1% Premium; Remains at Level Rarely Maintained for More Than a Week; Good Level to Short the Spread
• UMC: +2.5% Premium; Historically Rare Level is a Short Opportunity
• ASE: +2.9% Premium; Wait Better Short Opportunity at Higher Levels

• A tactical snapshot of the Asian and US indices and stocks we cover.
• Many Asian and US stocks are getting overbought. Wednesday’s Fed meeting is a potential volatility trigger, consider hedging or short exposure.
• China Mobile (941 HK), Toyota Motor (7203 JP) , Amazon (AMZN US) are the only stocks a bit oversold, possibly worth considering for LONG trades, at the moment.

• Based on 2025 revenue forecast of RMB24.1bn and the IPO price range, P/S is about 1.28-1.56x, higher than ZKH but lower than Ww Grainger. This is a reasonable valuation range.
• The median IPO price range (HK$14.1/share) is a more likely/relatively safe outcome.This not only acknowledges JD Industrials’ leading position/growth story, but also partly reflects the market’s perception of its challenges.
• The IPO pricing is the result of seeking a balance between the “premium of industry leaders” and “its shortcomings”.However, future valuation depends on whether JD Industrials can solve fundamental issues.

• freee (44778 JP — US$1.1 billion) is a Japanese developer of cloud accounting software.
• It was founded by a former Google executive called Daisuke (“Dice”) Sasaki, who had also run a start-up.
• Sasaki was shocked at how inefficient accounting processes were at his previous firm and other small- and medium-sized enterprises.

• Suzhou Novosense Microelectron (688052 CH), an analog chips producer, raised around US$285m in its H-share listing.
• According to Frost & Sullivan, in terms of revenue from analog chips in 2024, SNM ranked fifth among Chinese analog chip companies in the Chinese analog chip market
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Money Forward is a leading Japanese fintech company capitalizing on the nation’s push for digitalization through its dual-engine model: a popular personal financial management (PFM) app for individuals and a comprehensive suite of cloud-based SaaS solutions for businesses.
• The company is demonstrating a strategic shift towards profitability, evidenced by improving EBITDA margins and a focus on core business operations, including strategic divestitures and a joint venture with Sumitomo Mitsui Financial Group (SMFG).
• While revenue growth remains robust, driven by a strong position in the expanding Japanese SaaS market, the company faces challenges related to achieving consistent net profitability, high valuation multiples, and intense competition.

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• Freee K.K. is a dominant player in Japan’s burgeoning cloud-based software market for small and medium-sized enterprises (SMEs), offering integrated accounting and HR solutions.
• The company has recently achieved a significant turnaround to profitability after years of prioritizing growth, demonstrating the viability of its subscription-based business model.
• Strong secular tailwinds, including a government-led push for digitalization and the introduction of a new e-invoicing system, provide a long runway for sustained growth in a largely underpenetrated market.

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• Dominant Market Leader with Strong Content Slate: MD Pictures is Indonesia’s largest film production house, consistently delivering box office hits like ‘KKN di Desa Penari’, the highest-grossing Indonesian film of all time. The company has demonstrated a strong track record of producing commercially successful films, particularly in the horror genre, and has maintained a leading market share of local film viewership.
• Strategic Pivot to Digital and OTT Platforms: Recognizing the immense growth in the digital space, FILM has aggressively expanded its revenue streams beyond theatrical releases. The company has secured multi-year licensing contracts with major local and international OTT platforms, including Disney+Hotstar, Netflix, and WeTV, with digital distribution now accounting for a significant portion of revenue.
• Favorable Industry Tailwinds vs. Intensifying Competition: The Indonesian film market is poised for substantial growth, driven by a rising middle class, increasing disposable income, and a growing preference for local content. However, the industry is becoming more competitive, with a few major players dominating distribution channels and the threat of market oversaturation as more films are produced annually.

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• Shenzhen H&T Intelligent is a major manufacturer of intelligent controllers for home appliances and power tools, strategically expanding into high-growth areas like automotive electronics and the Internet of Things (IoT).
• The company exhibits a strong long-term revenue growth trajectory, with a 10-year CAGR of 27.27%; however, recent performance shows significant margin compression and a concerning 3-year decline in net income and EPS.
• Valuation appears stretched, with a P/E ratio of 46.3x, which seems elevated given the recent deterioration in profitability and negative free cash flow, suggesting a high-risk, high-growth investment profile.

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