TMT/Internet Archives | Page 5 of 121 | Smartkarma

• In the past several days, one of the biggest news splash in the global financial markets has been Michael Burry taking huge bearish positions on Palantir and NVIDIA.
• Prices of Palantir and Nvidia are down 6.3% and 3.6%, respectively from 31 October to 6 November. Nikkei and KOSPI are down 2.9% and 2%, respectively in the same period.
• The risks surrounding CIRCULAR DEALMAKING involving OpenAI have become even more significant.  Amid these uncertainties, Michael Burry is taking action with his uber bearish positions on Nvidia and Palantir. 

• Kospi’s rally has extended seven months and now shows signs of fatigue, trading with speculative assets and now sharply diverging.
• Implied volatility is elevated, with short-term measures above the 90th percentile on multiple lookbacks.
• We recommend an option trade and hedge given the current setup.

• Northsand (446A JP) aims to raise around US$121m in its Japan IPO.
• Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• Improving policy visibility on chips and geopolitics restores confidence in China’s AI infrastructure outlook.
• Explosive AI-token growth is driving sustained hyperscaler build cycles and stronger IDC order pipelines.
• GDS’s balanced China and DayOne portfolio supports double digit EBITDA CAGR; catalysts include new orders, C-REIT and DayOne IPO, implying 60-100% re-rating potential.

• CoStar’s revenue grew 20% year over year, with strong growth in residential segments such as Apartments.com and Homes.com
• Elevated sales and marketing expenses account for 50% of revenue, raising questions about sustainable growth and margin levels
• Management is optimistic about gaining momentum and investing in two-sided marketplace platform for future success, but concerns remain about long-term profitability and valuation metrics.

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• Since the last rebalancing of our portfolio on 5th September, it has returned 13.5% vs 9.5% from MSCI-Asia-ex-Japan. Since inception (15th May), our portfolio has appreciated 20.1% vs MXASJ’s 18.6%.
• Six stocks, SK Hynix, TSMC, Samsung Electronics, Alibaba, China Hongqiao, Tencent, contributed almost the entire return of our portfolio. Overweight on Korea drove more than half the portfolio’s return.
• We turn more selective on Chinese discretionary consumption and step into the Korean defense sector. We exclude Anta Sports and Mediatek and include Hyundai Rotem and Hon Hai Precision.

• Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
• There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• oRo is a specialized provider of cloud-based ERP and digital marketing solutions, well-positioned to capitalize on Japan’s accelerated digital transformation.
• The company operates through two core segments: a high-growth, high-margin Cloud Solutions business centered on its proprietary ‘ZAC’ ERP for knowledge-based industries, and a Marketing Communication business offering digital strategy services.
• Sustained double-digit revenue and net income growth, coupled with a strong balance sheet, is balanced by intense competition in the IT services sector and recent performance headwinds in the marketing segment.

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• Revenue reached JPY656.8bn (+27.0% YoY), with IT Infrastructure Distribution segment revenue at JPY649.7bn (+27.1% YoY).
• Operating profit was JPY22.4bn (+65.9% YoY), with IT Infrastructure Distribution segment profit at JPY21.8bn (+65.9% YoY).
• Industrial Machinery segment revenue increased 12.8% YoY to JPY7.1bn, with operating profit at JPY585mn (+68.1% YoY).

• 4Q25 Guidance: Revenue NT$22–23bn (declined 4.9% QQ); Entering traditional low season. Gross Margin: 35–38%; Operating Margin: 14.5–17.5%.
• AI-Integrated products currently ~20% of SoC revenue and growing. Image SoC / New Camera Trends: New AI Vlog cameras seeing positive demand. 
• Key 2026 factors: FX, gold price, raw materials (KGD, substrate) supply.

• Pony.ai has finalized the Hong Kong public offering price at HK$139 per share and it expects to raise HK$6.71 billion (US$860 million) from its planned secondary listing in Hong Kong. 
• Our base case valuation of Pony.Ai is HK$178.2 per share over the next 6-12 months, which represents 28% higher than the Hong Kong public offering price. 
• Given the solid upside, we have a Positive View of Pony.ai. Despite our Positive view, there have been increasing concerns about the overstretched valuations of major AI/tech related companies globally.

• Pony AI (PONY US) raised around US$860m and WeRide (WRD US) raised around US$310m in their HK Secondary offering.
• We have looked at the deal dynamics in our previous note.
• In this note, we talk about the trading dynamics for the two deals.

• In Q126, Microsoft recorded $4.1 billion in net losses from investments in OpenAI, up from $688 million in the year ago quarter.
• The newly updated partnership between Microsoft and OpenAI has many clauses contingent on when (not if) AGI gets declared. Since AGI has no actual definition, an expert panel will decide. 
• Sam Altman dreams of an OpenAI IPO so that detractors can be lured into shorting the stock and getting burned in the process. Revenue growth is a touchy subject, apparently

• Groww is India’s largest stockbroker with 13mn active users. It is progressing towards a full-stack investment platform, expecting to cross-sell multiple financial products to over 18mn users on its platform.
• It is aggressively expanding into lending (MTF, LAS) and has recently acquired ‘Fisdom’ to offer premiumised wealth solutions (AIF, insurance, tax-filing). It also owns Groww AMC, offering debt/equity/Fixed income products.
• At 33 times FY25 earnings, IPO is priced reasonably considering its deep penetration in the market (customers from 98% Pincodes) and strong ARPU and profitability supported by decent retention metrics.

• All Winner Technology (300458 CH) could replace StarPower Semiconductor (603290 CH) in the CES China Semiconductor Chips Index at the close of trading on 12 December.
• Cambricon Technologies Lt (688256 CH)‘s index weight is currently higher than 10% and the stock will be capped to limit its index weight.   
• The forecast add has outperformed the forecast delete over the last year and recent market volatility (and valuations) has narrowed the gap.

• Info -Tech is led by Mr. Ricky Lim, Founder and Chairman, who started the company in 2007 with Mr. Babu Dilip, Co -founder and Chief Executive Officer.
• The business remains founder -led, with senior management comprising long -serving functional heads across product, technology, and sales.
• Ownership is concentrated among the founder and key management, aligning incentives with long – term growth and profitability.

• Zebra Technologies reported its third-quarter 2025 results, surpassing its initial outlook.
• The company posted $1.3 billion in sales, representing a year-on-year increase of 5%.
• Adjusted EBITDA margin improved slightly by 20 basis points to 21.6%, and non-GAAP diluted EPS rose by 11% to $3.88.

• Good 3Q25, good 4Q guidance, optimism that the Server CPU market is growing faster, new GPU MI400 (2H26) will re-accelerate growth. Plus some price increase or higher ASP. Not controversial.
• More controversial is Consensus expecting OP margin to jump from 24% (2025) to 31% (2027). There will be leverage as Data Center AI revenues grow – but it looks optimistic.
• Valuations are elevated (41x 2026 EPS) for good reasons 1) Server share gains 2) rapid AI growth 3) higher ASP. After a vertical rally, the share price needs some room.

• Teradyne Inc. reported robust financial results for the third quarter of 2025, with a notable revenue growth of 18% and a significant increase in non-GAAP EPS by 49%.
• This performance was primarily driven by heightened demand for semiconductor tests related to AI applications.
• The UltraFLEXplus platform, which is tailored for high-performance processors and networking devices, has seen increased use due to the complexities of AI devices, indicating the strategic advantage of Teradyne’s focused R&D investments.

• Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  
• Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.
• I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.

• Last week, “Murakami Group” (a group of investors who jointly file large shareholder filings) announced a 5+% stake in DeNA (2432 JP). The stock popped. Then they filed again.
• This was not surprising. It has long been known as a “value” name (and has the requisite short balance to prove it). The question is how much value IS there
• The question is how much value IS there. And to whom? It’s an interesting question which deserves a look, so we take a look.  

• With the review period complete, we forecast 2 changes for the SSE STAR50 (STAR50 INDEX) and 7 changes for the STAR100 Index in December.
• We estimate turnover of 4.3% for the SSE STAR50 (STAR50 INDEX) and 6.7% for the STAR100 Index. The estimated round-trip trade is CNY 17.9bn (US$2.5bn).
• The forecast adds to the SSE STAR50 (STAR50 INDEX) have outperformed the forecast deletes with most of the outperformance coming in August. Been a volatile trade since then.

• Change in local limit is a positive for SK Hynix (000660 KS) 
• Those in the local markets had to play SK Square (402340 KS) before
• The risk is that over 1/3 of KOSPI 200 is now reliant on 2 names

• Groww (1573648D IN) is looking to raise around US$747m in its India IPO.Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
• With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
• In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and implied valuations in the price range.

• Cycle Execution: Switch 2 launch momentum is strong, with disciplined guidance and improving margins, suggesting Nintendo’s hardware transition is proceeding smoothly and could drive further upward revisions. 
• Earnings Quality: Conservative assumptions, resilient legacy software, and early signs of operating leverage provide visibility into sustainable mid-cycle profitability beyond initial launch dynamics. 
• Valuation & Positioning: Despite a 60% rally and premium multiples, Nintendo remains the purest global gaming IP play, justifying elevated valuation through enduring creative and structural advantages.

• TSMC Sets Sights on 3-10% Price Rises for Advanced Nodes
• MediaTek’s Leap Into the 2nm Era — Leading Edge Node Signals Market Leadership Ambitions
• Mediatek 3Q25: Good News (ASIC Revenue) But Weak Margins Getting Weaker. Stock Not Attractive. 

• Sify Technologies is a comprehensive ICT service and solution provider in India, strategically positioned to capitalize on the country’s digital transformation, with core services in data centers, network, and digital services.
• The company is in a high-growth phase, marked by significant capital expenditures in expanding its data center capacity to meet the burgeoning demand driven by cloud adoption and the advent of AI, leading to near-term pressure on profitability.
• While revenue has been growing, the company faces challenges with net losses and high debt levels, making the successful and timely monetization of its new assets critical for its long-term financial health and shareholder returns.

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• Bel Fuse’s Class A and B shares have a 25% price spread; historical trends suggest eventual price convergence.
• Lennar’s divestiture of MRP stake offers a 6.38% premium; government shutdown delays SEC approval, affecting exchange timeline.
• LakeShore Biopharma’s privatization offer faces widened spread due to Nasdaq delisting; liquidity issues persist despite 18% upside potential.

• Meesho (1546271D IN) is looking to raise about US$484m in its upcoming India IPO. The deal will be run by Axis, Citi, Kotak, JPM and MS.
• ML is an e-commerce marketplace which offers a wide assortment of products ranging from low cost unbranded products, regional brands and national brands at affordable prices to consumers.
• The platform connects four key stakeholders: consumers, sellers, logistics partners, and content creators. It monetizes its platform through services provided to sellers such as order fulfilment, advertising, and data insights.

• GDS is a leading developer and operator of high-performance data centers in China, strategically positioned to capitalize on the country’s rapid digitalization, cloud adoption, and the burgeoning demand for AI infrastructure.
• The company exhibits a strong growth trajectory, evidenced by consistent year-over-year revenue increases. However, this growth is capital-intensive, leading to persistent net losses and negative free cash flow due to heavy investment in data center construction and expansion.
• Key strategic priorities include expanding its data center footprint in key economic hubs in China and Southeast Asia, managing a high-debt load through innovative financing like C-REITs, and solidifying its relationships with major hyperscale and cloud service provider clients.

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• Switch 2 production signals confidence: Supplier orders for up to 25 mn units imply upside to Nintendo’s conservative guidance and likely operating profit revisions over FY3/26.  
• Quarterly Earnings Sensitivity: Every 1 mn hardware units adds ¥11 bn to OP and 1 mn software units ¥3 bn, making Q2 results a key sentiment catalyst.
• Sector positioning remains strong: With major global peers acquired, Nintendo stands as the premier pure-play gaming franchise; valuation premium sustained by scarcity and structural growth exposure.

• Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.
• Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.
• 2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.

• Weak 3Q reported, weak 4Q guidance (Operating Margin) due to wafer price, some TSMC tightness (5-3nm), Opex increase. This should continue into 2026. Consensus too high. That should be negative.
• But Management provides a very upbeat ASIC guidance: $1bn revenue in ’26, several bn in ‘27 , OP margin accretive at some point. Short-term pain, long-term gain.
• MTK posits itself as the next ASIC disruptor, has several codesigns with Nvidia. But that’s material in ’27. The stock is down -8% YTD. Underperformance continues at least in 1H26.

• Northsand (446A JP) aims to raise around US$121m in its Japan IPO.
• Northsand is a consulting firm that provides both IT and business consulting services. Established in 2015, it helps organizations improve efficiency, modernize operations, and achieve sustainable growth.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Confluent, a company specializing in data streaming solutions, reported solid quarterly results, surpassing all guided metrics.
• The company’s subscription revenue saw a 19% increase year-over-year, reaching $286 million, while Confluent Cloud revenue increased by 24% to $161 million.
• This highlights the firm’s strong growth trajectory in cloud services, which now represent 56% of its subscription revenue.

• Amkor Technology’s third-quarter 2025 financial results showcased strong performance and strategic advancements, yet they also highlighted some areas of pressure and challenges.
• The company reported a revenue of $1.99 billion, marking a 31% sequential increase and a 7% year-over-year growth, exceeding expectations.
• Earnings per share (EPS) for the quarter stood at $0.51, also above the guidance provided.

• PayPal’s third-quarter 2025 financial performance and strategic direction reveal a nuanced picture with both notable achievements and ongoing challenges.
• The company has demonstrated impressive progress in strengthening its foundational operations and focusing on profitable growth.
• Revenue has accelerated recently, stemming from strategies centered on expanding branded experiences, buy now, pay later (BNPL) services, and increased Venmo monetization.

• Seagate Technology recently reported its fiscal first-quarter 2026 results, showcasing a strong start to the year marked by notable financial performance and strategic advancements.
• Positively, Seagate reported a year-over-year revenue growth of 21%, reaching $2.63 billion.
• Non-GAAP gross margin reached a new record for the company at 40.1%, with operating margins climbing to 29%.

• SUTL Enterprise Limited (“SUTL”) is a Singapore based developer, operator, and consultant of integrated marinas and remain as the only marina focused business listed on the SGX.
• Under its proprietary ONE°15 Marina brand, the Group operates its flagship club at Sentosa Cove, manages third-party marinas across Asia, and runs a luxury yacht charter fleet of over 50 vessels.
• Its core revenue streams comprise marina club operations (berthing, hospitality, and F&B services), consultancy and management fees for marina developments, and luxury yacht charters.

• Corning Inc. reported a robust third quarter for 2025, demonstrating strong financial performance and strategic advancements across its business segments.
• However, there are both positive factors and challenges that potential investors might want to consider when evaluating their investment in Corning.
• Positively, Corning posted a year-over-year sales growth of 14% to $4.27 billion and an impressive 24% increase in earnings per share (EPS) to $0.67, with the operating margin expanding by 130 basis points to 19.6%.

• With the review period complete, there could be 7 changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) in December.
• There may not be any intra-review changes following the Hyundai Heavy Industries/ Hyundai Mipo merger due to timing and also due to Samsung Biologics‘ spinoff being added to the index.
• The forecast adds have outperformed the forecast deletes and the KOSPI2 INDEX over the last few months and in the short-term too.

• QFIN shares are down ~19% MTD on regulatory concerns in China’s consumer finance sector, though the proposed credit-risk sharing rules may only modestly impact near-term RoE (1–3ppt).
• While speculation over a lower NFRA loan yield cap persists, QFIN’s current yield profile suggests limited sensitivity; any tangible financial impact will depend on actual regulation rollout.
• QFIN’s 0.9x P/B reflects overly bearish loss expectations. Even under a bear case with a 5ppt RoE reduction, the stock offers 56% upside, implying a fair value of $34.

• Nearly every comment on Japanese equities is focused on the half of the market that trades below book, but last week, Advantest, which trades at 18x book, exploded 30%.
• Searches for “AI Bubble” on google are up 90%, but Advantest’s share price exploded because it became clear that investors were underestimating demand for AI related hardware.
• Fear and Hype on both sides proved overdone. When I searched for the truth, I found only 1 red flag, 2 green, and 7 yellow.  

• 3Q25 revenue up 13% YoY, AWS up 20%, Operating Profit would have increased by 25% YoY but 2 one-time charges (FTC and headcount) bring OP flat YoY.
• 2025 Capex revised up from $100bn to 125bn. If Data Center capacity doubles to 2027, that means $205bn Capex in 2027. AWS revenues will double to ~$270bn? Probably yes.
• Next 2 years revenue growth and margins expansion are an AWS story. Valuations are average at 31x forward EPS. Buy more.

• Revenue up 18% YoY. Cloud revenue up 26%. Commercial remaining obligation up 51%. Commercial bookings up 112%. AI capacity up 80% this year, will roughly double over next two years. 
• For a company with $300+bn revenue, that’s impressive. Slight irritant: $4bn loss on OpenAI in a quarter, 13% of net income gone. Is that the price of top line growth?
• The stock is trading at 29x forward EPS, Cloud & AI revenues are accelerating, but profits incl OpenAI loss are probably very thin. The cash cow will come years later. 

• 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, there were a flurry of deal launches across Hong Kong and India.
• On the placements front, while the week was rather quiet, we did have a look at the upcoming lockup release.

• Pine Labs (0568874D IN) is looking to list on the exchanges by selling 176.5m shares via a primary and secondary offering to raise US$439m at a valuation of US$2.86bn.
• The price band has been set at INR 210-221/share and could price at the top end of the range. The IPO raise and valuation are sharply lower than earlier reports.
• Inclusion at regular rebalances will commence in May but flow will be small given the low float and the Smallcap indices that it is added to.

• Nippo Ltd. is a specialized trading company with significant manufacturing capabilities, focusing on high-value-added products in the Mobility, Electronics, and Medical & Precision Devices sectors.
• The company is poised to benefit from growing demand in high-growth areas, particularly components for electric vehicles, generative AI servers, and medical equipment, which are key pillars of its medium-term strategy.
• A revised shareholder return policy, increasing the dividend payout ratio to 50%, coupled with a strong growth track record in dividends and market capitalization, signals a commitment to enhancing shareholder value.

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• Mininglamp Technology (1912140D HK) raised around US$131m in its Hong Kong IPO.
• Mininglamp Technology (formerly known as Leading Smart Holdings), is a data intelligence software provider in China, specializing in transforming enterprises’ marketing and operational decision-making.
• We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.

• We attended Micro Mechanics (Holdings) (MMH SP) AGM in Singapore on 30 October.
• Management also released 1Q26 results which show muted growth. China remains the most important market.
• MMH has no debt, consistently high margins, high ROE’s and a 22-year track record of paying dividends to investors.

• InterDigital’s second quarter of 2025 showcased significant financial and operational achievements, highlighted by the conclusion of a pivotal arbitration with Samsung.
• This 8-year licensing agreement, running through 2030, marks a substantial development for InterDigital, as the deal is valued at over $1 billion.
• This contract represents an annual payment increase of 67% compared to the previous agreement with Samsung, reflecting the strength and increasing valuation of InterDigital’s intellectual property portfolio.

• AT&T’s third-quarter 2025 results reveal a solid performance overall, with a balance of positive strides and areas to monitor.
• The company has shown growth in key areas like mobility and consumer wireline, underpinned by strategic enhancements in their service offerings, although challenges remain in the competitive landscape.
• Positively, AT&T reported over 400,000 postpaid phone net additions, indicating effective customer retention and acquisition strategies.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: Pony AI (PONY US), Seres Group (9927 HK) and WeRide (WRD US) H Share listings.
• Event-Driven developments: ANE Cayman Inc (9956 HK), Brainpad Inc (3655 JP), Sumitomo Densetsu (1949 JP), Sumitomo Riko Company (5191 JP), Mayne Pharma (MYX AU), AUB Group Limited (AUB AU).

• Globalstar Inc. reported a modest revenue growth of 6% year-over-year for the first quarter of 2025, reaching $60 million.
• This increase was mainly attributed to the higher service revenue driven by wholesale capacity services and growth in the commercial IoT segment.
• Despite the revenue increase, the adjusted EBITDA rose only slightly by 3% to $30.4 million compared to the prior year.

• Qualcomm recently reported its fiscal third-quarter 2025 results, delivering revenues of $10.4 billion and a non-GAAP EPS of $2.77, which were near the high end of guidance.
• The company’s chipset business, QCT, recorded revenues of $9 billion, reflecting ongoing growth across automotive, IoT, and handset segments.
• Notably, automotive and IoT revenues increased by 21% and 24% year-over-year, respectively, driven by Qualcomm’s strategy to diversify and expand its product offerings beyond mobile handsets.

• Qorvo Inc. showcased a robust performance in the first quarter of fiscal 2026, underscored by growth across its three main operating segments: Advanced Cellular Group (ACG), High Performance Analog (HPA), and Connectivity & Sensors Group (CSG).
• The quarter’s revenue totaled $819 million, with a notable non-GAAP gross margin of 44% and diluted earnings per share of $0.92, both exceeding guidance expectations.
• Among the highlights, Qorvo’s ACG segment continued to capitalize on its cellular product offerings, securing major content inclusion in devices for a leading customer.

• Explosive revenue growth driven by Japan’s accelerating digital transformation and AI adoption, positioning JDSC as a key player in a burgeoning market.
• Recent pivot to profitability in FY2025 after a period of heavy investment highlights scaling potential, though earnings have been volatile.
• A unique business model leveraging partnerships with industry leaders and academic ties with the University of Tokyo to co-develop and deploy AI solutions, creating a potential competitive advantage.

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• F5, Inc.’s financial results for the fourth quarter and fiscal year 2025 reflect both successes and challenges.
• The company surpassed $3 billion in revenue and $1 billion in operating profit for the first time, with a year-on-year revenue growth of 10% and an earnings per share growth of 18%.
• This growth was driven by several factors, including data center reinvestment, hybrid cloud adoption, and growing demand for enterprise AI infrastructure, alongside a product refresh cycle and the maturation of F5’s software model.

• Celestica reported strong financial results for the third quarter of 2025, driven by impressive performance in its Connectivity and Cloud Solutions (CCS) segment.
• The company’s revenue reached $3.19 billion, marking a 28% increase from the previous year, and surpassing the high end of their guidance.
• The growth was largely fueled by the Communications end market within the CCS segment, where revenue surged by 82%, predominantly due to increased demand in data center networking, including ramping 800G switch programs.

• Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.
• A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.
• This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

• 4Q25 Guidance: Revenue is NT$142.1 – 150.1 bn (+0 – 6% QoQ, +3 – 9% YoY); Gross margin is 46% ± 1.5ppt; Opex ratio is 31% ± 2ppt.
• Cloud ASIC TAM: Raised from US$40bn → ≥ US$50bn by 2028; MediaTek targeting ≥ 10–15% share; Gross Margin: 4Q dip from mix; 2026 to benefit from repricing + high-value allocation
• MediaTek continues to execute on a dual-engine AI strategy. Despite near-term margin pressure from mix and FX, the company is building a foundation for sustainable profit growth.

• Global Testing Corp (GTC) is an established Outsourced Semiconductor Assembly and Test (OSAT) provider, specializing in testing services for logic and mixed-signal semiconductors. Headquartered in Taiwan, the company is strategically positioned within the global semiconductor hub.
• The company is poised to benefit from positive long-term industry trends, including the proliferation of AI, IoT, 5G, and automotive electronics, which are driving demand for more complex and rigorous semiconductor testing. The OSAT market is projected to grow at a CAGR of 5-9% over the next several years.
• Despite a challenging recent period marked by declining net income and margins, the company maintains a strong balance sheet with minimal debt. However, its revenue and profit trajectory in the near term will be highly dependent on the cyclical nature of the semiconductor industry and its ability to secure its position with key customers.

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• Zacks Small-Cap Research Note for Golden Matrix Group (GMGI)

• 1H FY03/26 results: Sales JPY83.8bn (-6.7% YoY), Operating profit JPY2.3bn (-41.6% YoY), Net income JPY2.0bn (-22.1% YoY).
• Sales in automotive applications fell 9.5% YoY to JPY64.2bn, with segment profit down 59.9% YoY.
• Full-year forecast for FY03/26: Sales JPY186.0bn (+1.6% YoY), Operating profit JPY6.0bn (-24.2% YoY), Net income JPY4.9bn (-4.5% YoY).

• Revenue increased to JPY7.5bn (+10.9% YoY), driven by strong investment demand and growth in key business segments.
• Operating profit rose to JPY1.3bn (+22.8% YoY), with improved margins due to software business growth and reduced outsourcing costs.
• Order backlog in Q1 FY06/26 was JPY5.5bn (+15.7% YoY), despite varying revenue and profit growth across business segments.

• Revenue reached JPY20.4bn (+7.9% YoY), operating profit JPY1.4bn (+34.6% YoY), net income JPY775mn (-23.3% YoY).
• Information processing services revenue rose 9.0% YoY to JPY8.2bn, with gross profit up 15.1% YoY.
• System development services revenue increased 6.3% YoY to JPY11.1bn, gross profit rose 16.7% YoY to JPY2.6bn.

• JNTC is a technology leader in specialized glass processing, transitioning from a volatile mobile component supplier to a high-growth solutions provider for next-generation industries, including foldable displays, automotive, and AI semiconductor packaging.
• The company’s strategic pivot to Ultra-Thin Glass (UTG) for foldables and Through Glass Via (TGV) substrates for AI chips offers a significant runway for growth, with revenue expected to double in the coming years. This expansion into high-margin sectors is a key catalyst for re-rating.
• Despite the promising outlook, investors must consider the high degree of operational and financial risk, evidenced by historically volatile revenue and profitability, significant customer concentration, and weak gross margins in its legacy businesses.

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Key points (machine generated)

• Logizard Co., Ltd. reported a 10.1% increase in net sales to ¥2,177 million and a 17.8% rise in operating profit to ¥408 million for FY6/25, driven by cloud services.
• The company focuses on inventory management systems for retail and logistics, offering subscription-based solutions like Logizard ZERO and Logizard OCE.
• For FY6/26, Logizard expects a 12.1% increase in net sales but a decline in operating profit due to investments, aiming for significant growth by FY6/28.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• iHeartMedia possesses an unparalleled reach in the U.S. audio market through its extensive portfolio of over 850 broadcast radio stations, complemented by a rapidly growing digital audio segment that includes the iHeartRadio app and a leading podcast network.
• The company is burdened by a highly leveraged balance sheet, with approximately $5.2 billion in total debt, posing significant financial risk and constraining its flexibility, especially with substantial debt maturities looming.
• Management’s strategic focus is on offsetting the secular decline in traditional radio advertising by accelerating growth in the Digital Audio Group, particularly in podcasting, and implementing significant cost-saving measures, including the use of AI, to improve profitability.

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• Yesterday after the close, Sumitomo Corp (8053 JP) announced it would buy out minorities in Scsk Corp (9719 JP) at ¥5,700/share.   
• As a “parent takes out subsidiary” deal, this was not unexpected at some point in time. The register looks like there may be a number of people who expected that.
• This gets done pretty easily. It is not a bad price. 

• Samsung Electronics (005930 KS) is looking to raise around US$1.2bn from a secondary placement.
• This represents 0.9 days of the stock’s three month ADV, and  0.3% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Today after the close, Fujitsu Ltd (6702 JP), with 110,000 employees, announced a buyout of a small “labour-intensive” AI/ML sysdev business with 200+ data scientists.
• Brainpad Inc (3655 JP) is being bought out from its co-founders and others at a near-100% premium. Not an all-time high, but not a low price.
• Somewhat heavily shorted, this will trade tight, but I expect nobody will come over the top. 

• Brainpad Inc (3655 JP) has recommended a tender offer from Fujitsu Ltd (6702 JP) at JPY2,706, a 100.0% premium to the undisturbed price.
• The offer is attractive compared to historical trading ranges and is above the midpoint of the target IFA DCF valuation range. 
• The huge takeover premium resulted from an auction. The tender offer runs from 31 October to 15 December (30 business days). This is a done deal.  

• It was announced today that Samsung’s Lee family members are selling about 1.8 trillion won worth of Samsung Electronics (005930 KS) through an after-hours block trade. 
• The purpose of the block trade is for the Lee family members to pay for inheritance taxes and repay stock-backed loans.
• The block trade selling level is between 102,200 won and 104,100 won, representing a discount of 0% to 1.8% compared to the closing price of the day.

• Advantest saw a 34% upside after earnings, aligning with previous buy recommendations and its inclusion in the Value Seeker Japan basket for long-term growth.
• A small inclusion into TPXC30 occurs today at the close, with Advantest’s fundamental outlook remaining in line with our recent insights.
• Murata seeing some flows as well today in at the close, and moves to the TPX 70 Large.

• Good 3Q25: revenue 4% above Consensus, Operating Income 7% above. But a huge US$18bn tax reversal leads to a big GAAP miss. A 10% NON-GAAP beat.
• 2025 Capex revised up to high end of range, from $66-72 bn to $70-72 billion. 2026 Capex dollar growth will be notably larger than 2025, that means over 100bn.
• Stock down -9% after hours, an over-reaction to a one-off non-cash tax write off. Valuations: slightly high as 2026 growth is forecast to be low due to OP margin decline.

• First 3 hyperscalers to report (GOOG, META, MSFT). GOOG and META increase 2025 Capex. GOOG and META mention “significant increase” or “larger increase” in 2026.
• MSFT is in 1Q26, ending June-27. In FY25 Capex increased by 58% YoY. FY 26 capex will increase more than in FY25.
• Altogether it looks like a ~50% Capex increase in 2026.

• Navan Inc. (NAVN) priced its IPO at the midpoint of the range, $25.00 per share, raising approximately $922 million in gross proceeds.
• The stock opened below issue price at $22.00 and failed to find support during its debut session, trading as low as $19.74 before closing near its intraday lows.
• Despite strong top-line growth and margin improvement, investor skepticism centered around long-term scalability and sector defensibility.

• Booz Allen Hamilton provided detailed insights into their second quarter fiscal year 2026 performance and presented a mixed financial outlook characterized by a stark bifurcation in their market segments.
• The company faces significant challenges and opportunities, presenting both potential advantages and drawbacks for investors.
• On the positive side, Booz Allen’s national security portfolio, encompassing defense and intelligence sectors, shows encouraging signs.

• In response to the Nikkei report, Scsk Corp (9719 JP) has recommended a tender offer from Sumitomo Corp (8053 JP) at JPY5,700, a 31.5% premium to the last close.
• The offer is attractive compared to precedent transactions, is above the midpoint of the IFA DCF valuation range and represents an all-time high. 
• An attractive offer facilitates deal completion. The tender runs from 30 October to 12 December, with payment commencing from 19 December.

• Today, the Nikkei reported that Sumitomo Corp (8053 JP) plans to privatise Scsk Corp (9719 JP) through a tender offer. Both shares were placed on a trading halt.
• The Nikkei states that the total acquisition cost would be around JPY800 billion, based on an arbitrary assumption that the offer will be around 20% above the undisturbed price.
• The privatisation is strategically sensible. The rumoured offer price of JPY5,109.60 is attractive compared to peer multiples and would represent an all-time high. 

• A massive rally in Chroma Ate Inc (2360 TT) should see the stock added to a global index in November and then to another country ETF in December.
• With one exception, Chroma Ate Inc (2360 TT) has outperformed its peers over the last 6 months. With large buying to come, that could continue in the short-term.
• There is positioning in Chroma Ate Inc (2360 TT) and its peers. With continued momentum in the stock, the path of least resistance is higher.

• Groww (1573648D IN) is looking to list on the exchanges by selling 663.23m shares via a primary and secondary offering to raise US$752m at a valuation of US$7bn.
• The price band has been set at INR 95-100/share, and the issue is likely to price at the top end of the range.
• The stock will not get Fast Entry to global indices. Inclusion at regular rebalances will commence in June 2026 but flow will be small given the low float.

• Pony.ai is getting ready to complete its IPO in Hong Kong in the coming weeks. Pony.ai is one of the leading autonomous driving companies in China. 
• Pony.ai plans to sell 41.96 million Class A shares under its global offering in Hong Kong, including 4.2 million shares for Hong Kong retail investors.
• The maximum offer price of the Hong Kong IPO is HK$180 (US$23) per share, which could value the company at more than US$10 billion.

• Nvidia CEO said he has a $500bn AI order book. If over the next 7 quarters, it means growth will remain at ~60% YoY till Apr-27. No slowdown. That’s possible.
• If it’s over the next 5 quarters (which is what he actually said), it’s enormous growth reaching ~200% YoY in 2H26. I doubt that the supply chain can do that.
• Consensus is the lowest with most room for upside: Memory stocks. Consensus too low by ~20%: Nvidia. Just a it too low: TSMC.

Key points (machine generated)

• Fiserv is a leading global technology provider in financial services, serving over 1,000 institutions and excelling in multiple sectors.
• The company has achieved nearly 40 years of double-digit adjusted EPS growth and is well-positioned for continued expansion.
• Investor focus on Clover’s GPV growth has overshadowed other business strengths, causing market reactions that reflect a disconnect in perception.

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• SK Hynix reported Q325 revenues of ₩34.45 trillion, up +10% QoQ and up 39% YoY representing an all time quarterly revenue record
• Now given the customers demand and the company’s capacity for next year not only HBM but DRAM and NAND capacity has essentially been sold out.
• DRAM margin could rise closer to HBM but the company does not plan to immediately adjust the capacity mix based on what can be a short-lived change in profitability

• SK Hynix is exceptionally well-positioned to capitalize on the artificial intelligence supercycle, driven by its market-leading position in High Bandwidth Memory (HBM), a critical component for AI accelerators.
• The company is experiencing a period of record financial performance, with surging revenue and profitability fueled by insatiable HBM demand and a broader recovery in the DRAM and NAND markets.
• While facing intensified competition from rivals Samsung and Micron, SK Hynix is aggressively investing in next-generation technologies (HBM4, AI-NAND) and expanding production capacity to solidify its competitive advantages and meet future demand.

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• Mobileye’s earnings call for the third quarter of 2025 presents a nuanced picture of the company’s current state and future prospects.
• The company reported $504 million in revenue, showing a 4% year-over-year increase driven by an 8% growth in EyeQ volumes, despite only a modest 1% growth in overall vehicle production among its top customers.
• Operating cash flow for the quarter was robust at $167 million and has reached nearly $500 million year-to-date, reflecting a notable 150% year-over-year increase.

• TSMC: +23.4% Premium; Near Levels to Open Fresh ADR Spread Short
• ASE: +0.3% Premium; Good Level to Long the ADR Spread
• ChipMOS: -7.5% Discount; Local Shares Rally Makes ADR Deeply Discounted

• Chey Tae‑won’s Korea–Japan integration push is fresh tape—unpriced and unconsumed—unlike the exhausted dividend tax story, making it the real policy‑momentum trade to watch.
• Korea’s export model is fading, but a $6T Korea–Japan bloc plus CPTPP buzz offers a fresh policy‑momentum catalyst, with AI/data angles luring incremental global flows.
• Korea–Japan cooperation isn’t a real bloc yet, but it trades like a policy theme—Chey’s 3PRO push makes it a headline‑driven short‑term play ripe for desks.

• Pony AI (PONY US)  plans to raise around US$825m in its secondary listing in Hong Kong.
• We have looked at the deal dynamics in our previous note.
• In this note, we talk about the deal structure and updates since then.

• With a third of the review period yet to go, we forecast 2 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) in December.
• Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
• The forecast adds have moved higher and outperformed the index while the forecast deletes have drifted lower over the last 6 months.

• Windows 10’s End-of-Life Becomes Apple’s Windfall as Second Fastest Growing Computer Brand
• Eyes on Yageo Results Coming October 30 After 35% 1-Week Surge
• China Tightens Rare Earth Grip: TSMC Says It’s Prepared with Inventory

• Robinhood’s acquisition of WonderFi Technologies at C$0.36/share has a current spread of 14%, with closing expected soon.
• Ambase is litigating against developers over a $150m Equity Put Right, with court opposition due by 11/18/25.
• Plymouth Industrial REIT announced a $22/share acquisition by Makakora Management, with a 30-day go-shop period included.

• Qualcomm is a great, very profitable firm, with a critical vulnerability: 75% of revenues come from Mobile market. Auto has been growing nicely but that’s 10% of revenue.
• Qualcomm has been looking for a large market to diversify into and has been working for 10 years on Server CPU. Not successful so far. 
• Qualcomm has 2 AI chips which are in non-mainstream Clouds. Now 2 new chips announced for 2026-27: AI200 AI250. That’s good but what we have yesterday is a PR announcement.

• Intel Corporation presented a mixed financial and strategic outlook following its third-quarter performance.
• A notable outcome is the fourth consecutive quarter of results surpassing revenue guidance, reaching $13.7 billion, up 6% sequentially, with a non-GAAP gross margin of 40%, higher than expected by four percentage points.
• This performance is attributed to robust demand and effective cost management, though tempered by capacity constraints, particularly on Intel 10 and Intel 7 processes.

• Groww (1573648D IN) is looking to raise up to US$736m in its upcoming India IPO.
• Groww, officially called Billionbrains Garage Ventures,is a direct-to-customer digital investment platform providing financial products and services, where customers can invest/ trade in stocks, derivatives, bonds, mutual funds and other products.
• In this note, we talk about the company’s historical performance.

• Via Transportation (VIA US) went public on 12 September 2025 on the NYSE and has a current market cap of more than $4bn.
• Inclusion in US indices is expected in December 2025, as the security meets eligibility criteria ahead of the lock-up expiry.
• Inclusion in Global indices is expected in 2026 with a potential delay due to free float and float cap constraints.