TMT/Internet Archives | Page 2 of 121 | Smartkarma

• Fresh intel hit at lunch. Official rollout is penciled for the 11th or 12th, sourced straight from a key gov’t operator and pushed to Hankyung.
• The package basically boils down to two levers: juiced tax perks for retail in Kosdaq venture funds and a structural bump-up in pension-fund allocation.
• Street sees this as constructive: tax tweaks to pull retail, pension weight-ups to juice flows, and focus on 300bn+ Kosdaq names that beat Q3 consensus 10%+.

• Deregulation of communication technologies is leading to intermodal competition and a reordering of assets in the industry.
• Telecom sector is lagging behind big tech stocks, but AI-driven growth in data usage presents a unique opportunity for growth.
• AT&T’s decision to divest its content business was necessary to focus on its core business of connectivity and meet customer demands for a high-quality product.

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• Emeren Group’s largest shareholder, Shah Capital, plans to take the company private at $2.00/share, with a 13% spread.
• Shah Capital owns 36% of SOL, requiring $65m for the buyout, with no financing concerns reported.
• A competing bid from EEW Renewables was declined due to concerns about financing and track record credibility.

1Spatial has announced that it has won a new contract to deliver data transformation and integration (DT&I) solutions for the National Underground Asset Register (NUAR). The contract value of £4.2m over an initial two years with £1.5m licence revenue has improved economics versus the company’s previous engagement (signed in September 21) and 1Spatial is promoted to prime contractor for the DT&I element, whereas previously it was subcontractor to Atkins. We are not changing our estimates, but believe that this deal provides further evidence that 1Spatial now well embedded as a key supplier supporting the digitisation of the UK’s infrastructure.

Key points (machine generated)

• Netyear Group has revised its fiscal year 2026 profit forecast upward, targeting a margin over 10%.
• The company launched a ‘Generative AI Full Commitment Declaration’ to enhance digital marketing through generative AI technology.
• For the interim period, Netyear reported a 10.3% increase in sales to 1,656 million yen and an operating profit of 80 million yen.

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• Truecaller holds a dominant market position in caller ID and spam blocking, particularly in emerging markets, driven by a powerful network effect from its massive user base.
• The company exhibits a robust financial profile with strong revenue growth, high EBITDA margins, and consistent free cash flow generation, supporting shareholder returns through dividends and buybacks.
• Key risks include increasing competition from OS-level solutions by Google and Apple, and significant regulatory uncertainty, especially concerning data privacy laws like India’s Digital Personal Data Protection (DPDP) Act.

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• Indoritel Makmur Internasional (DNET) is a strategic investment holding company providing unique exposure to Indonesia’s burgeoning consumer and digital economy through its significant stakes in market-leading enterprises.
• The company’s core holdings include PT Indomarco Prismatama (Indomaret), the nation’s largest convenience store network, and PT Mega Akses Persada (FiberStar), a key player in the fiber optic infrastructure sector.
• While top-line growth is robust, driven by the expansion of its portfolio companies, profitability and free cash flow remain volatile due to intense competition in the retail sector and high capital expenditure requirements for fiber network expansion.

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Key points (machine generated)

• CRI Middleware aims for a target operating profit of 2 billion yen by September 2030.
• The company specializes in software licensing and development, focusing on gaming and enterprise sectors.
• Expected revenue growth and profit increase in the coming years.

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Key points (machine generated)

• Mr. Takanori Sakata, Director and CFO of iCubed Systems Inc., presented at a briefing on December 5, 2025.
• The session was moderated by Hiroe Takai from FISCO Ltd. and included participation from investor DAIBOUCHOU.
• The document stresses the importance of reading disclaimers regarding the material’s use and the briefing’s formal nature.

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• Three main reasons why SK Inc is our high conviction in 2026 include mandatory cancellation of treasury shares, deep discount to NAV, and the end of divorce for Chairman Chey. 
• SK Inc has 17.98 million shares in treasury, representing 24.8% of outstanding shares. Among the stocks included in KOSPI200, this is one of the highest percentage of treasury shares.
• Our NAV valuation analysis suggests NAV of 28 trillion won or NAV per share of 386,469 won. This represents a 46% upside to its current price.

• Sustained pressure from the JPX initiative targeting firms trading below P/B is forcing enhanced capital returns (buybacks and dividends), creating opportunity across both indices.
• BoJ’s shift to a positive rate environment is fundamentally restoring Net Interest Income and profitability to the Financials sector, positioning the TOPIX, in particular, for outperformance.
• AI/Tech Sector Dominance: The Nikkei 225 is driven by high-tech firms. This concentration, led by high-priced high weighted stocks like Advantest and Softbank Group, provides high-beta AI exposure

• Meesho (1546271D IN)‘s INR 52.4 bn IPO is currently open for subscription. It consists of fresh issue worth INR 42.5 bn and OFS component worth INR 11.7 bn 
• The company is India’s largest E-Com platforms in terms of placed orders and user base, and make its mark in the value segment, offering mostly unbranded and regional branded products. 
• While KPIs signal growth and operational efficiencies, Meesho is still a loss maker. It has high litigation risk and seeing rapid increase in impairments and write offs with receivables

• Meesho (1546271D IN) is looking to raise around US$607m in its upcoming 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.
• In our earlier notes, we have looked at the company’s past performance earlier. In this note, we talk about the implied valuations in the price range.

• NVIDIA & Synopsys announced a new strategic partnership on Dec 1, mostly covering topics they were already strategically partnering on, with one exception, Cloud-Ready Solutions
• The partnership sees NVIDIA purchase $2 billion worth of Synopsys stock in a private placement. Other, recent, similar strategic partnerships e.g. Siemens & GM, involved no such investment
• They plan to start enabling cloud access for GPU-accelerated engineering solutions. Could this be where that $2 billion finds a home? Is this a new Neocloud in disguise? Let’s see

• Delhivery (DELHIVER IN) faces immediate volume erosion as Meesho (1546271D IN) migrates 65% of orders to Valmo, destabilizing a key client relationship historically contributing ~16% of total revenue.
• Valmo’s rise structurally shrinks the addressable 3PL market, creating a permanent headwind that compresses pricing power and intensifies competition for remaining open volumes.
• Anchor client insourcing caps Delhivery’s growth trajectory, rendering the Ecom Express acquisition insufficient to offset the structural decay in organic B2C volume velocity.

• On November 13, Geechs Inc. (hereafter, “the Company”) announced its Q2 FY2026/3 (Jul-Sep) earnings results.
• Net sales rose 2.5% YoY to JPY 6,518 mn, EBITDA rose 86% YoY to JPY 278 mn, and operating profit rose 124.9% YoY to JPY 253 mn.
• In addition to steady expansion of the core Japan IT Human Resources Matching Business (hereafter, “Japan IT HRM Biz”), faster-than-expected profitability in the IT Human Resources Matching Business, Overseas (hereafter, “Overseas IT HRM Biz”) and stronger-than-planned growth in the Seed Tech business contributed to results. 

• In this insight, we highlight why Meesho (1546271D IN) is a data science workhorse masquerading as an E-Commerce Platform
• We discuss about the various advancements made by the company towards AL/ML models which are difficult to replicate.
• Finally, we discuss our view on future prospects and valuation of the company.

• We upgrade Telecom Argentina to Overweight as the TMA acquisition strengthens its market position, supports operating momentum, and benefits from reduced political risk and improving macro stability.
• Regulatory uncertainty remains meaningful, and we think clearer visibility on the Telefónica approval process and integration timeline will be critical for value realization and credit performance.
• • We see more value in the TEOAR 2031s given their lower duration, attractive relative spreads versus the EM B Index and peers, and supportive operating trends despite weak liquidity.

• In-line 2QFY26 revenue and EBIT beat on cost controls, but gross margin pressure from IPDs. 
• 2QFY26 revenue of $75.1 million was essentially on target and cost controls drove a better-than-expected bottom line with EBIT of ($42 million) [Street = ($52 million)]. 
• However, non-GAAP gross margin was 54.5%, up 280 bps but more than 300 bps below Street expectations.

• As forecast, there will be 3 constituent changes for the iShares China Large-Cap (FXI US) at the close of trading on 19 December.
• Two of the inclusions will also have inflows from the FGlobal Index at the same time, while the third is an HSCEI INDEX add at the close tomorrow.
• The HA premiums for CATL (3750 HK) and Jiangsu Hengrui Pharmaceuticals (1276 HK) dropped prior to lock-up expiry and there could be a short-term premium expansion closer to index/ETF inclusion.

• Bitcoin has seen a historic price decline since October.  The fear gauge is higher than at any time in its history, and technical indicators show further downside is likely.
• The bitcoin ecosystem is highly leveraged and has seen miners and related single-stock ETFs fall dramatically.  Bitcoin volatility remains below historical levels, suggesting further selling is likely.
• Bitcoin price is highly dependent on monetary conditions, which indicate that easing will end by 1Q 2027. Gold is supported by continuing higher inflation expectations and, hence, the price divergence.

• JD Industrials (7618 HK) is now looking to raise up to US$421m, in its Hong Kong IPO.
• 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 valuations.

• Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
• Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
• In this note, we will talk about the deal dynamics and possible placement.

• In this insight, we review the major tender offers of Korean companies in 2025. Some of the major M&A tender offers in 2025 include HMM, Kolon Mobility Group, and VIOL.
• The tender offers have mostly been profitable for the investors in these targeted companies (especially those shareholders who owned these shares prior to the tender offer announcement).
• What is also impressive is that even after the 1st day of trading (post tender offer announcement), there have been extra alpha for the following week.

• JD Industrials (7618 HK) is a leading industrial supply chain technology and service provider in China. It has launched an HKEx IPO to raise up to US$420 million.
• I previously discussed the IPO in Jingdong Industrials (JDI) IPO: The Investment Case. 
• In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive.

• Marvell Technology (MRVL US) became eligible at the last minute for S&P500 inclusion in the December 2025 review, following positive Q3 earnings.
• Marvell Technology (MRVL US) experienced a significant turnaround in profitability in the last year, but its latest earnings are driven by non-operational activity.
• The company’s market cap and other eligibility metrics are estimated to place it among the top addition candidates for S&P500 with a higher chance of inclusion in 2026.

• Unisound AI Technology, a Beijing-based AI solution provider focusing on the sales of conversational AI products and solutions, completed an initial public offering at HK$205/share in June.
• The company raised HK$251M in its Hong Kong IPO, including additional net proceeds from the over-allotment shares issued upon the full exercise of the over-allotment option.
• The stock peaked at HK$879.00 in September and fell ~41% over the next two months. The company’s early IPO lockup will expire on December 29, 2025.

• The recent quarter’s performance by NVIDIA Corporation reflects strong financial outcomes and strategic initiatives in the AI and computing domains.
• Garnering revenue of $57 billion, a 62% year-over-year increase, NVIDIA continues to benefit from burgeoning demand in the accelerated computing and AI sectors, setting a new record with a $10 billion sequential revenue growth.
• Such figures underscore the company’s position within the rapidly evolving AI infrastructure landscape.

• Shopify’s third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced by some challenges and considerations that investors should weigh.
• On the positive side, Shopify reported a significant 32% growth in gross merchandise volume (GMV) and revenue, with a notable 38% increase in Merchant Solutions revenue.
• This was largely driven by the rising adoption of Shopify Payments, which has reached a penetration rate of 65%.

• The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 403bn (US$12.8bn).
• We forecast 8 changes a side at the December rebalance with an estimated one-way turnover of 30.6% resulting in a round-trip trade of US$7.9bn.
• The forecast adds have outperformed the forecast deletes over the last couple of weeks and we expect the adds to continue outperforming the deletes over the next few days.

• The December rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.
• The net round-trip trade across all stocks across the five indices is estimated at HK$50bn (US$6.4bn). There is size to trade in a lot of stocks.
• Xiaomi (1810 HK) is the biggest buy due to HSIII Index inclusion and capping, while Alibaba (9988 HK) is the biggest capping sell.

• PC Partner (1263 HK) announced it was completing its delisting from HK and moving to Singapore
• The move to Singapore was a “life or death” situation for the company, as staying in HK precluded it from having access to Nvidia’s latest chips
• 2026 will be a crucial year to determine PC Partner’s future outlook

• It was reported that Hong Ra-Hee plans to give all of her 1,808,577 shares in Samsung C&T (1.06% stake) to her son Lee Jae-Yong on 2 January 2026. 
• After this stake transfer, Lee Jae-Yong’s stake in Samsung C&T will rise to 20.82% and Hong Ra-Hee will no longer have any stake in Samsung C&T. 
• Higher ownership of Samsung C&T by Lee Jae-Yong will likely place a bigger focus on Samsung C&T, especially on its importance as a quasi-holding company of the entire Samsung Group. 

• Dominant Market Leader: As Indonesia’s largest state-owned telecommunications provider, Telkom holds a commanding market share in both mobile (through its subsidiary Telkomsel) and fixed broadband services, providing a strong foundation for stable revenue generation.
• Strategic Asset Monetization: The company is pursuing a value-unlocking strategy by spinning off its fiber assets. This move, coupled with plans to bring in a strategic partner, aims to improve capital efficiency and potentially lead to a significant re-rating of the company’s valuation.
• Attractive Shareholder Returns: Telkom consistently delivers strong returns to shareholders, evidenced by a high dividend yield and a formal commitment to dividend payouts. The company’s strong cash flow generation supports this policy.

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• Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
• We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
• IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).

• ReadCloud Limited (ASX:RCL) services the education and training sectors through the provision of digital learning content, proprietary interactive technology and support for students and educators.
• The company released its FY25 full-year result (30 September year-end) but many of the data points had been pre-released so there were no real surprises.
• The core strategic Australian schools-facing businesses in eBooks and VET-in-Schools (collectively 85% of FY25 group sales revenue) delivered strong results, with VET-in-Schools the standout growing revenue at 26% to $5.7m and continuing to deliver gross margins exceeding 90%.

• Fair Isaac Corporation (FICO) presented an earnings report for the fourth quarter of 2025 that highlights both the strengths and challenges facing the company.
• Revenues for the quarter reached $516 million, a 14% increase compared to the previous year, and for the full fiscal year, revenues totaled $1.991 billion, up 16% year-over-year.
• In their software segment, revenues were $204 million, with a mixed outlook.

• Public ad-tech equities are trading at historically low multiples, especially in Canada, despite consistent positive revenue growth and a pivot toward margin expansion.
• Regulatory disruption and cookie deprecation are accelerating the shift to first-party data, contextual targeting, and AI-driven personalization.
• Emerging channels like Connected TV and Retail Media are expanding monetization potential, creating asymmetric upside for nimble, vertically focused platforms.

• Apple (AAPL US) may outsource iPad CPU production to Intel in 2027.
• U.S. semiconductor reshoring faces fundamental structural barriers, and Trump is trying to blame this by pushing TSMC to move advanced manufacturing technology to the U.S. 
• The key variable remains Intel’s 18A execution. However, Intel’s current CEO, Lip-Bu Tan, has not demonstrated an aggressive stance so far.

• The December rebalance of the KraneShares CSI China Internet ETF (KWEB US) will take place at the close of trading on 12 December.
• Alibaba Pictures, East Buy Holding, Ping An Healthcare and Technology, XD Inc. and CaoCao (2643 HK) will be added, while iQIYI Inc (IQ US) will be deleted.
• Short interest has increased in most adds recently and there could be some short covering following the announcement of the index inclusion.

• Samsung is positioned as a global hub for the AI Supercycle, driven by a pivot to memory technology, and evidenced by a KRW 450T ($310 billion) local investment plan.
• The Device Solutions division’s Q3 2025 rebound (sales +19% sequentially) and an estimated 43.4% Fwd 2-Yr EPS CAGR support potential upside for the stock
• The company has demonstrated a commitment to enhancing shareholder value by completing its 10T share repurchase program ahead of schedule and maintaining a consistent annual dividend payout through 2026.

• Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise 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 looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Meesho Ltd (1546271D IN) is looking to raise around US$607m in its upcoming 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.
• In this note, we talk about the company’s historical performance.

• NVIDIA Corp (NVDA US) started correcting at the end of October 2025. At the same time, in early November, SoftBank Group announced it was unloading all its NVDA stake. 
• SoftBank founder Masayoshi Son, speaking at an investment forum in Tokyo Monday,  revealed he was reluctant to sell SoftBank’s Nvidia stake, but needed to raise cash for new AI investments.
• Both companies are very oversold according to our models, NVDA has reached a point where is a good BUY, we present here a new analytics tool, to support this theory.

• Clearwater Analytics delivered robust financial results for the third quarter of 2025, marking significant progress for the company.
• The revenue for the quarter reached $205.1 million, reflecting an impressive year-over-year growth rate of 77%.
• The annualized recurring revenue (ARR) also increased by the same percentage, reaching $807.5 million.

• In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in October and November 2025.
• We provide a list of 26 companies in the Korean stock market that have announced share buyback programs in October and November 2025.
• There were three companies with more than 300 billion won in market cap that announced share buybacks in the past two months with at least 1% of outstanding shares.

• Meesho IPO will comprise a fresh issue of INR42.5B, and an OFS of 105.5M shares. The price band of the IPO has been fixed between INR105 and INR111 per share.
• Meesho’s IPO will open for subscription on Wednesday, December 3 and close on Friday, December 5. The IPO is scheduled to list on the stock exchanges on Wednesday, December 10.
• Meesho intends to utilize IPO proceeds for investment for cloud infrastructure, paying salaries of technology team, marketing and brand building initiative, and acquisition. The IPO is suitable for risk-seeking investors.

• Strong Growth in High-Margin Segments: Celestica is experiencing robust growth in its Connectivity & Cloud Solutions (CCS) segment, particularly driven by the demand for AI and data center infrastructure. This strategic shift towards higher-growth, higher-margin markets is a key driver of its improving financial performance.
• Solid Financial Performance and Outlook: The company has demonstrated strong financial results, with significant year-over-year revenue and earnings per share growth. Management has raised its full-year 2025 guidance and provided a positive outlook for 2026, indicating confidence in sustained momentum.
• Strategic Position in Key Technology Trends: Celestica is well-positioned to capitalize on major technology trends, including the expansion of data center networking, the adoption of 800G switch technology, and the overall growth in hyperscale capital expenditures. Its expertise in complex electronics manufacturing makes it a critical partner for leading technology companies.

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• AViC (hereinafter referred to as the Company) is a comprehensive digital marketing company that provides integrated services across both Paid (internet advertising) and Non-Paid (SEO/AI consulting, reputation management, etc.) domains.
• Its strength lies in the complementary integration of Paid services, which enhance short- term customer acquisition efficiency, and Non-Paid services, which build organic search traffic over the medium to long term.
• In recent years, through M&A deals with companies like FACT Co., Ltd. and Realation Inc., it has expanded its services into purchase-linked areas (e.g., e-commerce sales promotion support, live commerce). 

• There are 4 constituent changes for the SSE50 Index (SSE50 INDEX) that will be implemented at the close on 12 December.
• Dawning Information Industry C (603019 CH) is a surprise add given the upcoming merger with Hygon Information Technology C (688041 CH). 
• The SSE50 Index adds have underperformed the deletes over the last couple of months and there could be outperformance from here as positioning builds ahead of the implementation of the changes.

• Profitable Arbitrage: Generates positive FCF by monetizing logistics spreads (Valmo) and ad-tech, effectively acting as a profitable toll booth for unorganized retail rather than a traditional commission-based marketplace.
• The Moat: Monopolizes “India 2” (<INR 300 AOV) via low-cost logistics infrastructure, creating a defensive barrier against Amazon and Flipkart’s higher-cost premium models.
• Downside Risk: Supply-side flywheel is fragile; high return rates driving seller churn could pose significant threats to long-term sustainability.

• TSMC: +27.1% Premium; Increased to More Historically Extreme Level; Deeper in Short Range
• UMC: +2.3% Premium; Good Level to Open a Short of The Spread
• ASE: +2.3% Premium; Wait Better Long Opportunity Near Parity or Below

• Multiple industry checks now indicate that Apple is preparing to source its entry-level M-series processors from Intel’s 18A node with EMIB-T packaging as early as 2027.
• The revenue impact will be modest, but the signalling value is enormous: Apple does not hand out advanced-node access unless the foundry roadmap is de-risked.
• This development aligns directly with the structural shifts we’ve been highlighting; Intel’s packaging-first wedge, foundry credibility, and TSMC’s overcapacity creating space for second-sourcing.

• Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
• WRK has delivered a record cash receipts quarter ($4.0m), +74% on the previous corresponding period (pcp) and +30% on Q4 FY25, aided by milestone payments and some overdue receipts from Q4 FY25 ($0.4m).
• Total costs increased 24% on Q4 FY25 as WRK prepares for client onboarding and continues product development.

• JD Industrials’ business model integrates the advantageous resources of JD Group and follows “self-operated heavy asset” route.The operation model is to rely on JD Logistics network to achieve efficient performance.
• The platform’s openness of JD Industrials is relatively limited. The entry and listing thresholds for merchants are higher than that of peers, which limits the rapid expansion of product richness.
• P/S is more appropriate because net profit fluctuates greatly and is more suitable for growth-oriented supply chain companies.JD Industrials’ valuation could be higher than ZKH but lower than Ww Grainger.   

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, busy season remains on in full swing going into the year end.
• On the placements front, there were a few large deals across the region.

• Kyivstar Group (KYIV US) launched Starlink Direct to Cell on November 24, making Ukraine the first European country with commercial satellite connectivity to mobile phones.
• Satellite connectivity provides Kyivstar a differentiated capability that should be positive for customer churn management given the ‘insurance value’ of having satellite backup connectivity for Ukrainians.
• Kyivstar’s Starlink partnership is a net positive for the shares. We reiterate our Structural Long rating and US$19.8 target price. KYIV shares are trading at just 5.1x 2025E EV/EBITDA.

• Friday post-close, parent Canon Inc (7751 JP) announced a buyout of subsidiary Canon Electronics (7739 JP). The ¥3,650/share offer is supported and recommended (to shareholders) by Target Co management. 
• This is the least surprising of parent-subsidiary buyout situations, but it took some time. I expect there are some funds already long a basket of these, including this one.
• This is not a very fair procedure. The result is therefore, unfair. And no synergies to boot. But it is a 30+% premium to last, and Canon already owns 55%.

• HSI recovered from last week’s sharp drop, helped by stronger breadth and steady but slower activity ahead of the U.S. holiday.
• Implied vols were broadly lower against the back drop of quiet market action.
• Materials sector names, with high implied percentiles and recent vol declines, may offer useful starting points for short vol candidates.

• Hexing Electrical is a prominent China-based manufacturer of smart meters and power distribution solutions, capitalizing on the global trend of grid modernization and smart city development.
• The company has demonstrated a robust financial track record, characterized by strong revenue and net income growth, expanding margins, and significant operating and free cash flow generation over the past three years.
• Positioned to benefit from sustained global demand for Advanced Metering Infrastructure (AMI) and renewable energy integration, Hexing’s growth is propelled by government mandates for energy efficiency and investments in smart grid infrastructure worldwide.

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• Open Text Corporation has reported its financial results for the first quarter of fiscal 2026, demonstrating resilience and growth amidst a strategic shift.
• The company’s total revenues reached $1.3 billion, a year-overyear increase of 1.5%, surpassing expectations due to strong demand in its Cloud and License segments.
• Specifically, the Cloud segment, which generated $485 million in revenue, experienced a 6% growth year-overyear, primarily driven by the Content product category.

• Shenzhen Sinovatio Technology is a specialized provider of network security and data analytics solutions, primarily serving government and enterprise clients in China.
• The company has demonstrated a strong financial turnaround, with significant growth in revenue, net income, and cash flow in 2023 and 2024 following a substantial loss in 2022. However, its long-term growth record remains inconsistent.
• Valuation appears elevated with high P/E and EV/EBITDA multiples, suggesting the market has priced in high expectations for future growth, which is subject to risks from intense competition and technological shifts.

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• Four growth drivers ramping simultaneously: PCIe5 targeting 40% market share, NAND makers increased outsourcing of controller design, automotive segment approaching 10% of revenue, and datacenter products approaching 5-10% of revenue.
• Near-Term catalysts compelling as memory supply tightness drives controller outsourcing and gross margins approach 49-50%.
• 19x 2026E PER represents good value if company hits targets. While stock carries market pullback risk, we nevertheless maintain our Structural Long rating due to multi-year growth in view.

• Tejas Networks is poised for significant growth, driven by a substantial contract from BSNL to supply 4G/5G Radio Access Network (RAN) equipment for 100,000 sites, which has led to a more than threefold increase in annual revenue.
• The company is a key beneficiary of the Indian government’s ‘Make in India’ and Production-Linked Incentive (PLI) schemes, which promote domestic manufacturing of telecom equipment and aim to reduce reliance on imports.
• Despite the massive revenue ramp-up, the company faces significant risks related to customer concentration, negative operating and free cash flows, and high working capital requirements, leading to increased short-term borrowings.

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• Market eyed 25% top rate, but 30% is still punchy; <100 people hit it, lower than before, giving big shareholders incentive to rotate back into dividends.
• The new regime hits only companies with 25% payout last year and +10% YoY dividend: lower than the original draft, and the 10% bump is a solid positive.
• Companies >5tn KRW with ≥25% payout last year must boost dividends +10% YoY to get the tax cut; Samsung could add ~1tn KRW, potentially easing its pref discount.

• After taking short positions against Palantir & NVIDIA, Michael Burry has closed his hedge fund and taken to substack to continue his assault on the AI bubble
• While he makes some valid points, these are mainly things everybody already knows and in the end he’s missing the forest for the trees
• There are key structural issues surrounding the AI Infrastructure build out (grid, foundry, memory capacity to mention a few). These will drive course corrections, all by themselves.

• We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
• Top-Picks in China are Haier Smart Home (6690 HK) , Midea Group (300 HK) and Yadea Group Holdings (1585 HK).
• Our top picks in Japan are Suzuki Motor (7269 JP) and ROHM Co Ltd (6963 JP) and in India-Auto it is Mahindra & Mahindra (MM IN) &Ashok Leyland (AL IN)

• Canon Electronics (7739 JP) has recommended a tender offer from Canon Inc (7751 JP) at JPY3,650, a 32.4% premium to the last close price.
• The offer is attractive as it is above book value (P/B of 1.21x), above the midpoint of the IFA DCF valuation range and represents an all-time high. 
• An attractive offer facilitates meeting the required tendering rate. The offer closes on 19 January 2026 and is a done deal. 

• China announced game approval for the November batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to above the pre-tightening level.
• Of the companies that we are monitoring, while market leader Tencent and Netease didn’t obtained approval, Kingsoft and Bilibili obtained approval for one game each.

• Unity Technologies reported strong results for the third quarter of 2025, surpassing both its own guidance and market expectations.
• The company demonstrated robust growth in its key segments, particularly in Grow, driven by the high performance of its Vector AI, and its Create segment also saw significant year-over-year growth.
• Positively, Unity’s Grow segment, which includes its Vector AI, experienced an 11% quarter-over-quarter increase.

• Didi’s China business showed solid Y/Y growth, but International worsened dramatically
• Spending on Sales & Marketing (including incentives) was up CNY 1.7 bn Y/Y, or +55%
• Should it seek an IPO soon, Didi will have to show a path to profits for International segment

• Bentley Systems’ third-quarter results for 2025 reflect a company aligning its strategic initiatives with the growing demand for digital infrastructure solutions, yet facing certain challenges in its operating environment.
• The company demonstrated steady progress across multiple fronts, showing resilience and adaptability amid evolving market conditions.
• On the positive side, Bentley Systems reported solid performance metrics with a 10.5% year-over-year ARR growth, or 11% excluding China, indicating robust demand for its digital solutions.

• Nippo produced record earnings in FY25 1H, with OP of ¥946mil (+12.8% YoY) on sales of ¥22,186mil (+0.3% YoY).
• While 1H sales remained flat YoY due to a decline in sales of the Electronics segment (-3.3% YoY), OP hit a semi-annual record, thanks to (1) solid growth of in-house products such as semiconductor wafer grinding carriers and (2) cost reductions in overseas factories.
• FY25 is the final year of Nippo’s medium-term plan [MTP].

• Qualcomm Incorporated’s results for the fourth quarter of fiscal 2025 illustrate both the strategic advancements and challenges within its diverse business portfolio.
• The company reported revenues of $11.3 billion and a non-GAAP earnings per share (EPS) of $3, surpassing their guidance expectations.
• A sequential increase in QCT revenues, amounting to $9.8 billion, was primarily driven by strong customer demand for Snapdragon-powered Android handsets, substantial growth in automotive solutions, and robust performance in IoT sectors like industrial applications, Wi-Fi 7, and 5G.

• Back in mid-August, Bengo4.Com Inc (6027 JP) (“Bengoshi.com”) announced that it had applied to transfer to TSE Prime. 3+mos later, today it announced it will move on 4 Dec 2025.
• That sets up a TOPIX inclusion for end-January 2026 and then a likely upweight at end-April 2026.
• There is no accompanying offering, and the float is likely small. But the inclusion displaces the current active base. And there’s at least one large holder selling recently.

• FSC confirms December rollout; beyond procedural cleanup, this structural shift in flows brings small-to-mid shops and offshore retail, creating new order patterns in the local market.
• Omnibus accounts aggregate orders under one broker, blurring classic smart-money signals, slowing local retail follow-ons, and creating wider price-action gaps in the order book.
• MSCI volatility trades also require attention; the omnibus rollout will likely intensify flows as new accounts follow major institutions, impacting the Korea sleeve short-term.

• Nvidia’s warranty liabilities have ballooned from $1.29B in Q4 FY25 to $2.7B in Q3 FY26, with actual warranty spending surging 14× YoY.
• The jump comes as Blackwell-generation racks grow hotter, denser and more complex (up to 2 million individual parts), driving higher expected incident rates.
• Rising warranty reserves paired with rising finished-goods inventory suggest the same underlying tension that systems are getting harder to operate and harder to absorb downstream.

• Mphasis Ltd (MPHL IN) is a global information technology (IT) services and consulting company that specializes in providing cloud and cognitive services to help enterprises undergo digital transformation. 
• It is majority-owned by the Blackstone Group, one of the world’s largest private equity firms.
• Key forensic takeaways include hints of aggressive revenue booking via unbilled receivables, risk of goodwill impairment, etc.

• Deutsche Börse’s proposed €8.80/share acquisition of Allfunds, supported by exclusivity and strong industrial logic, transforms Allfunds into a strategically synergistic IFS asset, unlocking meaningful cost efficiencies and platform consolidation benefits.
• The market-implied 60% deal probability, attractive 8.5% headline spread, and dividend-adjusted 11.5–12.2% return create a compelling merger-arbitrage setup, with limited interloper risk and manageable regulatory scrutiny.
• For investors, hedging €4.30 in DB1 stock per Allfunds share (≈1 DB1 short per 52–53 ALLFG long) enables clean exposure to the spread, while long-term value remains strongest in DB1.

• Allfunds Group is a leading B2B WealthTech platform with a resilient business model, characterized by high recurring revenues and a strong network effect. Its extensive network of fund houses and distributors creates a significant competitive advantage.
• The company is well-positioned to capitalize on secular growth trends in the wealth management industry, including the increasing demand for open architecture solutions and the ongoing digitalization of wealth management services.
• Despite a challenging macroeconomic environment, Allfunds has demonstrated robust financial performance with consistent revenue growth and strong profitability. However, potential risks include margin pressure from competition and sensitivity to market fluctuations impacting assets under administration.

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• Vobile Group is a global leader in SaaS solutions for digital content asset protection and monetization, poised for growth driven by the proliferation of online video and the increasing need for intellectual property protection.
• The company is strategically focused on leveraging Artificial Intelligence (AI) to enhance its service offerings and is expanding its footprint in the rapidly growing Chinese market, which now accounts for a significant portion of its revenue.
• Recent financial performance indicates strong top-line growth and improving profitability, with a notable surge in net profit and expanding gross margins, though the company currently does not pay a dividend.

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• Advantest is a dominant force in the Automated Test Equipment (ATE) market, holding a significant global market share in a duopolistic industry structure with its primary competitor, Teradyne.
• The company is a key beneficiary of secular growth trends in the semiconductor industry, particularly the proliferation of Artificial Intelligence (AI), high-performance computing (HPC), and complex system-on-a-chip (SoC) designs, which drive demand for more sophisticated testing solutions.
• While exhibiting a robust growth trajectory and strong profitability, the stock trades at a premium valuation. Investors should also be aware of potential near-term stock price pressure due to index capping rules and the inherent cyclicality of the semiconductor industry.

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• Paytm is a leading digital payments and financial services company in India, evolving from a mobile wallet to a comprehensive ecosystem encompassing payments, commerce, and high-margin financial products like lending and insurance.
• The company is navigating an intensely competitive landscape, dominated by PhonePe and Google Pay in the UPI segment, and a dynamic regulatory environment overseen by the Reserve Bank of India.
• After a history of significant losses, recent quarterly results indicate a strategic shift towards profitability, driven by growth in financial services distribution and cost optimization, marking a potential inflection point for the company’s financial trajectory.

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• Robinhood’s acquisition of WonderFi Technologies at C$0.36/share faces CIRO approval, expected to close in H1 2026.
• The spread widened to 36% after the closing date was delayed due to a longer CIRO review.
• Robinhood’s controversial compliance history includes US$300m in fines, aligning with industry standards for crypto exchanges.

• On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for 2.54 shares of Naver Financial. 
• Dunamu’s equity value is 15.1 trillion won, and Naver Financial’s is 4.9 trillion won.
• Overall, we have a positive view of this merger and it is likely to positively impact Naver’s share price as well. 

• Q2 results confirmed a clear earnings inflection, driven by strong enterprise SSD demand, improving ASPs, and recovering smartphone NAND volumes.
• Q3 guidance signals record revenue and further margin expansion supported by tight NAND supply and AI-linked storage demand.
• Despite near-term pressure from Bain’s selldown, long-term fundamentals remain intact; valuation discounts justify a ¥12,500 target and accumulate-on-weakness stance.

• Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.
• Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.
• Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

• Suzhou Novosense Microelectron (688052 CH), an analog chips producer, aims to raise around US$500m 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.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• AI PCs turning the PC refresh into a gradual, extended up-cycle
• Memory inflation is one of the major margin risks for PC makers in 2026
• Dell’s server business indicates AI factory build-outs becoming a multi-year investment cycle. Remain long Dell, Asustek, Acer.

• JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
• 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 have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.

• Dynatrace recently reported its fiscal second quarter of 2026 results, showcasing a robust performance that exceeded its guidance across various metrics.
• The company reported a 16% growth in Annual Recurring Revenue (ARR), a 17% growth in subscription revenue, and a pretax free cash flow representing 32% of revenue on a trailing 12-month basis.
• Such strong results underline the company’s successful strategy execution, driven by growing demand in end-to-end observability and multi-cloud tool consolidation.

• Japan’s Rapidus Moves Ahead With 1.4nm Plans… TSMC Impact? — Latest and Past Analysis
• PC Monitor: Latest Dell/HP Results Support PC Up-Cycle Into 2026E 
• TechChain Insights: Factory Visit with One of Taiwan’s Critical Battery Suppliers  

• Qualcomm’s $2.48/share offer for Alphawave is fully recommended and cleared by regulators, with completion expected mid-December. FX-linked cash value limits remaining upside; no sweetener or bump indicated.
• Alphawave shares now trade above implied value, reflecting full deal certainty. Arbitrage returns attractive only for early entrants; current negative spread makes new positions unattractive.
• Founders aligned via exchangeable securities; structure supports completion. Qualcomm gains SerDes IP and custom silicon capabilities for AI data center growth, diversifying away from mobile reliance.

• Artificial Intelligent Interconnection Technology (AII HK)  (AIIT) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by CITIC and CCB International.
• Artificial Intelligent Interconnection Technology (AIIT) is a provider of AI technology, products, and spatial intelligence solutions in China, with a particular strength in high-precision AI-based urban traffic management.
• Its solutions combine hardware, software, and scenario-derived datasets to deliver full-stack AI systems that improve traffic efficiency, safety, and the management of public spaces.