TMT/Internet Archives | Page 6 of 121 | Smartkarma

• In June, Nidec Corp (6594 JP) announced they would delay the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).
• In September they launched a special committee. Shares fell 22%. Last Thursday, the company cancelled its interim dividend. Today, the JPX designated Nidec as Security on Special Alert.
• This is a VERY BIG DEAL. Nikkei225 deletes Nidec 5-Nov-2025, replaced by Ibiden Co Ltd (4062 JP) (PAF 1.0x). Designation also triggers TOPIX deletion for Nidec, likely on 30 October. 

• 3Q beat on margins, is it price hikes or inventory? Growth comes from PC, not Data Center. 18A high enough yields driving a margins recovery is for 2027.
• Unspecified ASIC and AI “new” strategy but the details in the conf call point strongly to x86 as the core.
• The stock is very expensive, ie the market bets on a swift and sharp recovery. Lots of room for disappointment.

Key points (machine generated)

• Tencent has 1.4 billion users on Weixin/WeChat, establishing it as a leading digital platform.
• The company is positioned to enhance monetization through AI integration across its services.
• Despite its strengths, Tencent’s core business is undervalued, trading at 14 times the consensus 2026 earnings per share.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Dassault Systèmes reported its financial performance for the third quarter of 2025, revealing nuanced outcomes with both positive and negative aspects.
• The overarching theme of the report was the company’s focus on driving top-line growth and margin expansion, enabled by the 3DEXPERIENCE platform.
• This platform is pivotal in the company’s transition towards subscription-based and recurring revenue models, which are currently experiencing a notable 16% growth in subscriptions this quarter.

• Mininglamp Technology (1912140D HK) is looking to raise 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 through large model driven analytics.
• In this note, we will talk about the company’s past performances and valuations.

• Cig Shanghai (603083 CH) , telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
• CIG was founded in 2005, and is a provider of critical infrastructure components for the development of AI.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

During this episode of SSOI podcast, I spoke with Colin King of Circle City Capital. Colin runs Value Don’t Lie where he shares his highest conviction ideas. In this episode, Colin and I discuss NCR Atleos Corporation (NATL), Aumovio SE (AMVO), and Solstice (SOLS).

Key points (machine generated)

• ASML is the only company producing EUV lithography machines for advanced chip fabrication under 7 nanometers.
• The EUV technology involves a complex process using molten tin droplets and lasers to create plasma for radiation.
• ASML has a 100% market share in EUV systems and over 90% in leading-edge DUV tools, after 30 years of development.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.
• He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.
• By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.

• Portrait Research offers qualitative attributes to help identify businesses
• Portrait customizes research report generation to assist with framing conversations
• Portrait provides intelligent thesis monitoring by assessing thousands of data points each day for valuable insights

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• Amazon’s long-term AI ambitions are being tested as its $8 billion bet on Anthropic faces a potential turning point.
• Recent reports reveal that Anthropic, the AI startup behind the Claude language model and currently enjoying a $5 billion annualized revenue run rate, is in talks with Alphabet’s Google for a cloud-computing deal potentially worth tens of billions of dollars.
• This shift, if finalized, could grant Anthropic access to Google’s advanced AI chips, a key competitive asset as workloads grow increasingly complex.

• Pegasystems’ third-quarter financial results from 2025 highlight both strengths and challenges for the company.
• The reported results underline Pegasystems’ ability to execute its cloud strategy and leverage artificial intelligence innovations, which have been key growth drivers.
• The company’s focus on AI-driven process automation and orchestration platforms remains a cornerstone of its strategy, which is increasingly appealing to financial services and other regulated industries due to its approach of ensuring predictable workflows.

• Robot Payment is a high-growth fintech company capitalizing on Japan’s digital transformation, specializing in B2B payment automation and subscription management.
• The company exhibits a robust and stable business model, with approximately 98% of its revenue being recurring, driven by its suite of SaaS-based solutions.
• Financial performance is strong, marked by consistent double-digit revenue growth, expanding margins, and a significant turn to positive profitability and operating cash flow in recent years.

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• Kinatico Ltd (ASX:KYP) is a ‘Know Your People” regtech company providing workforce compliance monitoring and management technology and services.
• KYP announced at its 24 October AGM that its Q1 FY26 revenue had increased 14% on the previous corresponding period (pcp) to a record $9.1m, with Subscription-as-a-Service (SaaS) revenue for the quarter increasing 58% on the previous corresponding period (pcp) to $4.8m or 53% of total revenue.
• EBITDA for the quarter increased 21% to $1.4m.

• Reddit has surged in prominence over the past year, benefiting from two fast-growing monetization channels: AI licensing and advertising.
• With daily active users (DAUs) up 21% year-over-year and advertising revenue soaring 84% to $465 million in Q2 2025, Reddit is experiencing its most profitable quarters ever.
• Strategic licensing agreements with OpenAI and Google have brought highmargin revenues to the company, capitalizing on Reddit’s vast trove of authentic, human-generated content.

• Badger Meter reported a robust third quarter in 2025, displaying continued growth and a solid financial footing.
• The company achieved a 13% year-over-year increase in total sales, reaching $236 million.
• This growth was mainly driven by the utility water product line, which saw a 14% increase, driven by higher ultrasonic meter volumes, BEACON Software sales, and water quality product sales.

• Privatization by Vista Equity Partners: In a significant strategic shift, EngageSmart was acquired by Vista Equity Partners for approximately $4.0 billion and taken private on January 26, 2024. This transaction fundamentally alters the investment landscape, as the company’s stock is no longer publicly traded. The partnership with a top-tier software investor like Vista is expected to accelerate growth and innovation.
• Strong Position in Vertical SaaS: EngageSmart is a leading provider of vertically-tailored customer engagement software and integrated payment solutions. The company operates through two main segments, SMB Solutions and Enterprise Solutions, serving specific verticals like Health & Wellness, Government, Utilities, and Financial Services. This focused approach allows for deep industry integration and high customer retention.
• Consistent Financial Outperformance: The company has demonstrated a robust track record of revenue growth and expanding profitability. For the third quarter of 2023, EngageSmart reported a 24% year-over-year increase in revenue to $97.7 million. This financial strength is driven by strong demand for its SaaS solutions, high digital adoption rates, and successful customer acquisition and expansion within its niche markets.

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• Strategic Repositioning Towards Observability: SolarWinds is actively transitioning its business model to focus on subscription-based, integrated observability platforms. This strategic shift is aimed at capturing a larger share of the growing market for hybrid IT and cloud management, moving beyond its traditional on-premise monitoring tools.
• Financial Recovery and Margin Improvement: The company has demonstrated a significant financial turnaround, swinging from a substantial net loss in 2022 to profitability in 2024. This recovery is underpinned by steady revenue growth, improving margins, and robust cash flow generation, indicating operational stabilization post-restructuring efforts.
• Overhang from SUNBURST Cyberattack: Despite operational improvements, SolarWinds continues to navigate the long-term reputational and legal ramifications of the 2020 SUNBURST cyberattack. A recent settlement with the SEC resolves a key uncertainty, but the event underscores the persistent risks associated with cybersecurity in the software supply chain and potential impact on customer trust.

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• Intrusion is a cybersecurity firm with a long history, specializing in network security solutions for government and commercial clients. Its core offerings, including the flagship ‘Shield’ platform, leverage a proprietary threat intelligence database to provide real-time threat detection and prevention.
• The company is showing signs of a turnaround with five consecutive quarters of sequential revenue growth, driven by strategic partnerships and contracts, particularly with the U.S. Department of Defense. However, Intrusion remains unprofitable, and its ability to achieve sustained growth and profitability is a key concern.
• Future growth is significantly tied to the successful rollout and market adoption of its Shield platform on Microsoft’s Azure marketplace, expected in late Q4 2025. This, along with expansion into critical infrastructure sectors, presents significant opportunities but also execution risks in a highly competitive cybersecurity landscape.

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• Seagate is strategically positioned to capitalize on the exponential growth in data driven by AI and cloud computing, leveraging its leadership in high-capacity storage solutions.
• The company’s technological lead in Heat-Assisted Magnetic Recording (HAMR) provides a significant competitive advantage, enabling higher storage densities and lower total cost of ownership for hyperscale customers, with a roadmap extending to 50TB+ drives.
• After a cyclical downturn, Seagate has demonstrated a strong financial recovery with record gross margins and a significant increase in free cash flow, enabling renewed shareholder returns through dividends and share buybacks.

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• Largest Publicly Traded Bitcoin Miner by Scale: Marathon is one of the largest and most prominent Bitcoin mining companies in North America, distinguished by its significant operational scale and substantial holdings of Bitcoin, making it the second-largest public corporate holder of the asset.
• Strategic Pivot to Diversify Revenue: The company is actively diversifying its revenue streams beyond Bitcoin mining by expanding into Artificial Intelligence (AI) and High-Performance Computing (HPC). This includes a significant investment in French technology company Exaion, with the goal of generating 50% of revenue from non-mining activities within the next two years.
• High-Risk, High-Reward Profile: While Marathon demonstrates strong growth potential through operational expansion and strategic diversification, it operates in a highly volatile market. The company’s financial performance is intrinsically linked to the price of Bitcoin, and it faces significant risks from regulatory uncertainty, shareholder dilution, and intense competition.

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• Riot Platforms is a leading, vertically integrated Bitcoin mining company in the United States, with large-scale operations primarily in Texas.
• The company’s financial performance is intrinsically linked to the highly volatile price of Bitcoin, resulting in significant fluctuations in revenue and profitability.
• A key strategic focus is on securing low-cost power and leveraging its infrastructure to potentially expand into high-performance computing (HPC) and AI data center hosting.

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• I tally 42 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• Two new deal was discussed on Smartkarma this week: Larvotto Resources (LRV AU) and Minmetals Land (230 HK).
• Key updates/news took place on: Apiam Animal Health (AHX AU), Lynch Group Holdings (LGL AU), Joy City Property (207 HK), Shibaura Electronics (6957 JP), and Mandarin Oriental International (MAND SP).

• GA Technologies is a high-growth PropTech leader in Japan, driving the digital transformation of the traditionally analog real estate industry through its comprehensive online platform, RENOSY.
• The company has demonstrated an exceptional revenue growth trajectory, underpinned by its core RENOSY marketplace and the expansion of its B2B SaaS offerings through its subsidiary, ITANDI. Recent M&A activity signals a strategic push into data-driven services and international markets, including the US.
• While profitability is improving, margins remain thin, and the business is exposed to the cyclical nature of the real estate market and rising competition. Future success hinges on scaling its platform, achieving operating leverage, and successfully integrating acquisitions.

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• Amesite has strategically pivoted from a broad e-learning platform to a specialized AI-driven solutions provider for the healthcare sector, with its flagship product, NurseMagic™, at the forefront. This application is designed to significantly reduce the time healthcare professionals spend on documentation.
• The company is in its early growth stage, characterized by recent revenue increases driven by the adoption of NurseMagic™. However, Amesite is not yet profitable and has a history of operating losses, relying on capital raises to fund its operations.
• The successful scaling of NurseMagic™ and the ability to achieve profitability are the key determinants of Amesite‘s future success. The company’s performance is closely tied to its ability to penetrate the healthcare market and compete with both established and emerging players in the AI-powered healthcare solutions space.

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• Intel announced Q325 revenues of $13.7 billion, above the high end of the guided range, up 6% QoQ and up 2.8% YoY
• Intel forecasted current quarter revenues of $13.3 billion at the midpoint, down $1 billion YoY and down $400 million QoQ
• 18A yields are not where we need them to be, by the end 2026 they probably will be, and they should be “industry acceptable” by 2027 

• Intel Corp (INTC US) 3Q25 slightly exceeded consensus estimates in both revenue and EPS.  
• CEO Lip-Bu Tan emphasized the growing importance of AI, while CFO David Zinsner highlighted the accelerated funding from the U.S. government and strategic investments from NVIDIA and SoftBank
• Intel’s foundry business still relies primarily on internal orders and continues to seek external customers.

• Samsung Electronics (005930 KS) has been in a furious rally for 8 weeks recently, trashing completely our previous forecast (we said the stock had limited upside, short-term forecast).
• Stock is up 95% since its Feb 2025 low, we have been Samsung Electronics bulls at least since January 2025, but surely we did not expect this monster rally.
• The stock inevitably will pullback, and a 1.7 Trillion KRW block deal sale by the owners is in motion. We identify short-term support zones to buy during the incoming pullback.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 17th October 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
• Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
• The high cash balances in these two companies are starting to produce stronger earnings growth GATC Cyber Recruit OMG Physical Digital

• Shift4 Payments recently reported its financial results for the second quarter of 2025, reflecting both positive developments and some potential challenges.
• The company’s strategic initiatives, international expansion, and recent acquisitions underscore its growth trajectory while simultaneously posing integration and execution risks.
• In terms of financial performance, Shift4 Payments achieved 25% year-over-year growth in payment volumes, surpassing $50 billion for the first time.

VEON’s Kazakh subsidiary, Beeline Kazakhstan, has agreed to acquire 100% of OLX Kazakhstan (OLX KZ) from OLX Group for a total consideration of $75m. OLX KZ is a leading online classifieds business in Kazakhstan, with c 10 million monthly active users and 3.6m listings as of June 2025. This acquisition is in keeping with VEON’s other recent adjacent acquisitions, which have focused on diversifying the group into adjacent digital services including platforms, digital ecosystems and other asset-light businesses. At its Q225 results, VEON reported that its digital revenues had grown to represent 16.5% of total group revenues (up from 11% at end-Q224), a 57% increase year-on-year, and this reflected a combination of strong organic growth (particularly from JazzCash) and acquisitions.

• Third straight week in which HSI recorded a weekly absolute price change greater than 3%.
• Breadth improved sharply, though single stock option volumes remained subdued. Strong North American market son Friday point to higher open for stocks on Monday. 
• A heavy slate of earnings reporters awaits in the week ahead.

• Munters is a global leader in energy-efficient climate solutions, strategically positioned to benefit from secular megatrends such as digitalization (data center growth), electrification (battery manufacturing), and the need for sustainable food production.
• The company is experiencing robust growth, particularly in its Data Center Technologies (DCT) segment, driven by the explosive demand for data processing and AI. This segment now represents a significant and high-margin portion of the business.
• While the company shows strong top-line growth and margin expansion, its valuation is elevated, reflecting high market expectations. Key risks include cyclicality in end-markets like battery manufacturing, customer concentration, and the successful integration of acquisitions.

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• In 1H FY03/26, operating revenue was JPY42.1bn (+2.2% YoY), with a net income of JPY6.5bn (+6.9% YoY).
• Mobile service revenue increased to JPY22.6bn (+3.3% YoY), with total contracts rising to 692,300 (+1.4% YoY).
• Operating revenue progress was 49.5% of the FY03/26 forecast, with operating profit at 51.4% of the target.

• The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
• In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2025 index rebal event.
• We expect at least six index changes for the TDIV index. On top of that, there will be capping flows too.

• China announced game approval for the October batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• Of the companies that we are monitoring, none got approval.

• LAM beats largely Sept-25 (15% above), Dec-25 guidance slightly above (4%), long-term drivers are concrete: $100bn in Data Center = 8bn in semi equipment, $40bn of NAND equipment to upgrade.
• LAM is gaining share (depo / etch growing faster than litho), is ahead in the new stuff (Moly ALD, dry resist EUV). YTD Net Income is up 44%. Very impressive.
• Among Semi Equipment stocks, LRCX is the best performer YTD: up 88%. LRCX is trading at +2.5 standard deviations: 30x forward EPS versus average 17x. Time to sell.

• Pony AI is a leading autonomous vehicle (AV) technology company with a strategic dual focus on the US and Chinese markets, developing Level 4 autonomous driving systems for robotaxis and commercial trucking.
• The company is in a high-growth, pre-profitability phase, marked by surging revenues from its expanding robotaxi services and technology licensing, but also significant cash burn due to heavy R&D and operational investments.
• Key catalysts include the mass production of its cost-efficient 7th-generation hardware, strategic partnerships with major automotive OEMs like Toyota and Stellantis, and a planned secondary listing in Hong Kong to fund future expansion.

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• Synspective is a Japanese space-tech company specializing in the development and operation of a constellation of Synthetic Aperture Radar (SAR) satellites, known as StriX. The company provides SAR data and value-added analytical solutions to government and commercial clients for applications such as disaster monitoring, infrastructure management, and urban planning.
• The company is in a high-growth phase, aiming to expand its satellite constellation to 30 satellites by the latter half of the 2020s to enable near real-time global observation. This expansion is capital-intensive, reflected in the company’s current unprofitability and negative cash flows.
• The satellite-based Earth observation market is experiencing robust growth, driven by increasing demand for geospatial data and advancements in satellite technology. Synspective is well-positioned to capture a share of this expanding market, particularly in the Asia-Pacific region, but faces intense competition from established and emerging players.

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• DreamArts is a high-growth Japanese SaaS provider capitalizing on the domestic digital transformation trend with its flagship no-code platform, ‘SmartDB®’, which targets non-IT personnel in large enterprises.
• The company has demonstrated a strong financial track record, with significant revenue growth, margin expansion, and robust cash flow generation over the past three years.
• Management has set an ambitious medium-term target to exceed JPY 10 billion in sales by 2028, driven by the continued adoption of ‘SmartDB®’ and a strategic focus on empowering ‘citizen developers’.

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• Millicom is a leading telecommunications operator in nine Latin American markets, demonstrating strong market share and brand recognition under the ‘TIGO’ name. The company is well-positioned to capitalize on the growing demand for data and digital services in the region.
• A strategic shift to focus exclusively on Latin America, coupled with targeted acquisitions and a disciplined approach to cost management, has improved profitability and cash flow generation. The company’s focus is now on deleveraging its balance sheet.
• Key risks include significant exposure to volatile emerging markets, facing political, economic, and currency fluctuation challenges. Intense competition and the high capital expenditure required for network expansion (fiber, 5G) also present considerable hurdles.

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• LRCX reported September 2025 quarter revenues of $5.32 billion, marginally above the guided midpoint, up 3% QoQ and up 27.7% YoY.
• LRCX is forecasting current quarter revenues of $5.2 billion at the midpoint, slightly down sequentially, but up 18% YoY. In other words, the AI boost is coming, just not yet.
• The elephant in the room was once again revenue mix from China which accounted for a whopping 43% of sales, up from 35% in the prior quarter. Oh my!

Freelancer reported essentially flat revenues in Q325 on a lower gross marketplace volume (GMV). Higher take rates in Escrow.com more than compensated for lower volumes, essentially offsetting a small decline in the Freelancer division’s revenue. The company saw good progress in the Loadshift division and has multiple initiatives ongoing to drive growth in the enterprise business. AI-related projects are making an increasing contribution to core marketplace volumes and the company continues to make use of AI tools to improve internal efficiency and platform quality. We maintain our forecasts.

• Insight Enterprises is making bold moves to shore up its position in the fast-evolving cybersecurity and digital transformation space.
• On October 20, 2025, the company announced a definitive agreement—via its Australian subsidiary—to acquire Sekuro, a global cybersecurity and digital resiliency services firm.
• With over 200 professionals and more than 450 certifications across top platforms like Microsoft, AWS, CrowdStrike, Zscaler, and Okta, Sekuro provides 24/7 managed security services, governance, and risk compliance solutions.

• Cig Shanghai (603083 CH), telecommunications equipment company, is looking to raise up to US$594m in its upcoming Hong Kong IPO.
• It is a provider of critical infrastructure components for the development of AI.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Pony AI (PONY US) is a Chinese robotaxi operator and self-driving technology company. It is seeking to raise US$1 billion through a dual primary HKEx listing.     
• It was listed on the Nasdaq on 27 November 2024, raising US$260 million at US$13.00 per ADS. Since listing, the shares are up 48%.
• The investment case centres around Pony’s accelerating revenue growth and progress towards positive unit economics. However, the path to profitability is long-dated and the valuation is full. 

• AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.
• A wide discount to NAV offered a cheap way to invest in Arm and tech, but that’s narrowed after Softbank’s 150% share price rally – and more limited NAV growth.
• So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.

• Pony AI , a leading autonomous mbility technology player based in China, proposes to issue no more than 102 million ordinary shares for a secondary listing on the HKEX.
• From a commercialization standpoint, Pony is transitioning from pilot programs to scaled operations – 2025 could be a pivotal year of mass production for its 7th generation (Gen-7) Robotaxis.
• Pony is also accelerating its global expansion – it recently announced a partnership with Stellantis, to develop Level 4 autonomous vehicles for the European market.

• MediaTek Joins Forces with NVIDIA on the GB10 Superchip — Locally-Run AI Models Are Coming to Your Desktop
• TSMC’s 2nm Price Hike Spurs Interest in Samsung, But Underscores Its Strength
• Latest for Smartphone Demand 3Q25: A Little Bit Better, Just a Little 

• Nota’s IPO price has been confirmed at 9,100 won, which is at the high end of the IPO price range. The demand ratio was 1,058 to 1.
• Our base case valuation of Nota suggests target price of 11,948 won per share, which is 31% higher than the IPO price (9,100 won). 
• Nota Provides technology that enables the efficient operation of high-performance AI models even on resource-constrained edge devices, centered around its proprietary AI model optimization platform, NetsPresso®.

• The demand & inventory correction lasted for 9 quarters (4Q22-4Q24) but we’re already past peak recovery in 4Q25. 2-3Q25 revenue growth was ~15% YoY, declining to 10% in 4Q. 
• 4Q guidance: revenues ok, weak EPS 1) higher tax rate 2) lower production loading. While management says that inventories are at a good level, TXN is cutting down production levels.
• Consensus is ~10% too high for 2026 & 27, Valuations not attractive, above average.

• We made a major mistake in our last newsletter, on CCCS. The big story in insider sales is the exit of private equity owner Advent International, not share sales by directors.
• Those sales exist, but in much smaller number than we reported.
• We remain concerned about the exit of directors, and we stand by our thesis that the stock is over-valued.

• Horizon Robotics (9660 HK) raised around US$800m in its Hong Kong IPO in October 2024. Its first set of lockups expired in April 2025. The next one is due soon.
• Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
• In this note, we will talk about the lockup dynamics and possible placement.

• Singular Health Group Limited (ASX:SHG) is an Australian medtech company focused on improving medical data interoperability.
• Its flagship software, 3DICOMTM, enables the seamless sharing of medical images across incompatible systems – reducing inefficiencies and unnecessary costs.
• The platform is FDA-cleared in the US and SHG recently secured its first major US commercial deal with Provider Network Solutions (PNS), a Managed Service Organisation (MSO) that works with health plans (health insurers), primary care providers and specialists.

• Pony AI (PONY US) plans to raise around US$1bn in its secondary listing in Hong Kong.
• The company won HK listing approval and filed its PHIP on 17th October 2025. It will look to launch its secondary offering soon.
• In this note, we’ll take a look at the deal and talk about the impact of the raising.

• Federal Reserve expected to reduce interest rates amid labor market weakness and inflation concerns
• Fed officials divided on future rate cuts, with market anticipating continued easing cycle and potential changes in personnel influencing decisions

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• TSMC: +22.1% Premium; Continue to View 24% or Higher as Level to Short From
• UMC: +0.4% Premium; Results Coming… Wait for More Extreme Spread Levels
• ASE: +0.4% Premium; Near Good Level to Go Long the ADR Spread

• Serial Acquirer Focused on a Niche Market: Next Generation Technology Group operates as a serial acquirer, focusing on profitable small and medium-sized manufacturing enterprises (SMEs) in Japan facing succession issues. This strategy provides access to a steady stream of acquisition targets at potentially attractive valuations.
• Value Creation Playbook Drives Growth: The company implements a proprietary value creation program, the ‘NGTG Growth Program’ (NGP), across its portfolio companies to improve operational efficiency, enhance profitability, and drive organic growth post-acquisition.
• Experienced Management and Disciplined M&A: The management team has a background in finance and manufacturing, with a stated focus on disciplined M&A, acquiring companies with high profitability and technologies that are difficult to replace.

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• Profitability Over Growth Strategy: Sakura Kcs is demonstrating a clear strategy of prioritizing profitability over revenue growth. The company has successfully increased net income and expanded margins over the past three years by withdrawing from low-margin projects, despite a concurrent decline in overall revenue.
• Alarming Cash Flow Disconnect: A significant red flag is the stark divergence between reported net income and cash flow generation. While net income has grown robustly, operating and free cash flow turned sharply negative in the most recent fiscal year, raising questions about earnings quality and the sustainability of its dividend growth.
• Positioned for Digital Transformation Tailwinds: The company is well-positioned within the growing Japanese IT services market, which is benefiting from a nationwide push for digital transformation (‘Japan DX’). Its focus on financial, public, and industrial sectors aligns with key areas of technology investment, and recent investments in a new AI-capable data center could be a future growth driver.

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• Fibocom Wireless (300638 CH)  raised US$380m in its upcoming Hong Kong IPO.
• It was founded in Nov 1999, and is a leading wireless communication module provider. The firm’s module products include i) data transmission modules, ii) smart modules, and iii) AI modules.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Technology Leader in a Growing Niche Market: Park Systems is the global market leader in the Atomic Force Microscopy (AFM) industry, a critical segment for nanoscale metrology. The company’s growth is propelled by secular tailwinds, including semiconductor miniaturization and increasing R&D in life sciences and materials science.
• Founder-Led with Deep Expertise: The company is led by its founder, Dr. Sang-il Park, a pioneer who was part of the Stanford team that invented the AFM and who commercialized the world’s first AFM. This deep technical expertise forms the foundation of the company’s innovative product development and competitive edge.
• Strong Financial Performance with a Robust Outlook: Park Systems has demonstrated an impressive track record of high-growth, with a 5-year revenue CAGR of 27.5% and a 5-year net income CAGR of 38.2%. The outlook remains positive, supported by strategic acquisitions and expansion into new applications, though valuation appears full, reflecting high expectations.

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• A&D Company Ltd is a well-established Japanese manufacturer of precision measurement and medical equipment, operating in stable, growing industries.
• The company has demonstrated a strong track record of profitability and impressive long-term growth in net income and free cash flow, supporting consistent dividend payments.
• While the company’s valuation appears attractive relative to peers and its own historical performance, future growth may be tempered by slowing revenue forecasts and increasing competition in its key markets.

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• Softbank Group (9984 JP)‘s weight in the Nikkei 225 (NKY INDEX) has broken through 10% and staying there will lead to capping at the March rebalance.
• Nearly half of Softbank Group‘s float is held by passive trackers, and the real float is much lower. Capping will increase the real float by a few percentage points.
• Softbank Group has outperformed the Nikkei 225 (NKY INDEX) significantly over the last 6 months and cumulative excess volume has started to increase sharply. Watch out for pullbacks.

• GitLab shares surged sharply — up roughly 11 % in intra day trading — after market rumors surfaced that Datadog is exploring a potential acquisition offer above $60 per share.
• The news emerged from financial media reports, citing insiders that Datadog is working with bankers to evaluate a bid over $60.
• The spike reflects renewed investor speculation about a takeover possibility, following a prior wave of M&A interest in 2024 when GitLab was reported to have entertained sale discussions.

• Remain long into upcoming earnings release. We maintain our Structural Long rating ahead of VEON’s FY3Q25 results (expected to be released mid-November). Our $78 target price implies 50% upside.
• Kyivstar IPO related and Kyrgyztsan divestiture related one-offs. Reported 3Q25E profit likely includes ~US$250m in non-cash one-offs, comprising ~US$150m related to the Kyivstar listing and ~US$100m from VEON’s Kyrgyzstan divestiture.
• We expect digital growth to remain in the 50% YoY range. Digital revenue growth should continue at a high rate, led by JazzCash in Pakistan and Uklon in Ukraine.

• JST Group (6687 HK) raised around US$270m in its HK IPO.
• It is China’s largest and most popular e-commerce SaaS ERP provider.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Hutchison Telecommunications Hong Kong Holdings (HTHKH) is a major mobile telecommunications operator in the competitive Hong Kong and Macau markets, operating under the ‘3’ brand.
• The company is focused on leveraging its 5G network to drive growth in mobile data services and explore new revenue streams in areas like FinTech, telemedicine, and gaming.
• HTHKH exhibits a strong financial position with a significant net cash balance and a high dividend yield, positioning it as a defensive investment. However, it faces challenges from intense competition and declining revenues in a mature market.

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Key points (machine generated)

• ROBOT PAYMENT, listed on the Tokyo Stock Exchange under ticker 4374, is growing rapidly due to its subscription-based services.
• Approximately 98% of the company’s revenue comes from recurring sources, indicating strong customer retention and expansion.
• In the first half of the fiscal year ending December 2025, ROBOT PAYMENT reported significant revenue growth, maintaining double-digit increases in revenue and profit since its 2021 listing.

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

Key points (machine generated)

• Telesat has fully funded its Lightspeed satellite constellation and secured multiple customer contracts.
• The geopolitical landscape has increased demand for alternative satellite service providers, benefiting Telesat.
• With a 56-year history, Telesat is recognized as a competitively priced and well-positioned satellite operator.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• 1Spatial Holdings 53.0p £60.87m (SPA.L) The global Location Master Data Management software and solutions provider reports Interims to July.
• Revenue increased 9% to £17.7m with a 50% increase in SaaS Term licenses to £0.8m and ARR grew 11.9% to £19.1m.
• The is EBITDA improved to £2.1m from £2m, while the LBT increased to £0.3m from £0.2m. 

Key points (machine generated)

• Weave Communications is a cloud-based SaaS platform aimed at improving operational efficiency for healthcare practices.
• The company has shown significant growth, transitioning from unprofitability to high-teens CAGR while trading at about 2X NTM EV/Sales.
• Despite strong performance and management, the market undervalues WEAV’s potential, especially in non-dental sectors.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• PAR Technology is aggressively transitioning from a legacy hardware provider to a unified commerce cloud platform for enterprise restaurants, a strategy spearheaded by CEO Savneet Singh since 2019. This involves integrating Point-of-Sale (POS), loyalty (Punchh), ordering (MENU), and payment solutions into a single offering.
• The company’s strategic focus on large, multi-location enterprise clients (QSRs, fast-casual chains) provides a stickier customer base and significant cross-selling opportunities, differentiating it from competitors primarily focused on the more fragmented small-to-medium business (SMB) segment.
• Despite strong revenue growth and an expanding software-as-a-service (SaaS) revenue stream, PAR has a history of significant net losses and negative free cash flow. The path to sustained profitability hinges on successfully scaling its platform, achieving operating leverage, and managing integration risks from recent acquisitions.

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• Toshiba Corp (6502 JP) has sold over 5% of shares outstanding in Kioxia Holdings (285A JP) over the last month as the stock has run up.
• The increased market cap and higher float should result in index inclusion and passive buying for Kioxia Holdings (285A JP) in November. Then an upweight in another index in December.
• Toshiba Corp (6502 JP)‘s selling could also lead to Kioxia Holdings (285A JP) meeting JPX’s tradable share ratio and removes an overhang for the stock.

• SemiFive is getting ready to complete its IPO in KOSDAQ in December 2025. The IPO price range is from 21,000 won to 24,000 won per share.
• Total IPO proceeds are estimated to be between 113.4 billion won to 129.6 billion won. The market cap is expected to range from 708 billion won to 809 billion won.
• SemiFive is one of the global leaders in custom AI semiconductor (ASIC) design. 

• 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, India saw a host of listing, while HK is gearing up a busy year end.
• On the placements front, we had a look at some of the IPO lockups. There weren’t any large placements this week.

• Wrkr Ltd (ASX:WRK) offers compliance solutions for Australian superannuation contributions and payroll including member onboarding, super payments, messaging and employee validation.
• We have taken the opportunity to incorporate the recent $15m capital raise into our numbers and fine tune client migration timing, which has resulted in reductions to our FY26 estimates, but an increase to our FY27 revenue forecasts as AustralianSuper (set to migrate between February and June 2026) is larger than our previous user assumptions.
• We also take a more aggressive view on near-term cost growth relative to revenue.

• GoodRx operates a leading digital healthcare platform in the U.S., capitalizing on the opaque and high-cost prescription drug market by offering price transparency and discounts, primarily earning revenue from Pharmacy Benefit Managers (PBMs).
• The company faces a highly competitive and evolving landscape with threats from direct competitors, large new entrants like Amazon, and disruptive models such as Mark Cuban’s Cost Plus Drugs, alongside significant reliance on a concentrated number of PBM partners.
• Future growth hinges on diversifying revenue streams beyond prescription transactions into pharma manufacturer solutions, subscription services (GoodRx Gold), and telehealth (GoodRx Care), while navigating regulatory risks and strengthening direct relationships with pharmacies.

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• Q3 2025 revenues of $33.1 billion, slightly exceeding the upper end of the guided range, up 10.1% QoQ and up 40.8% YoY.
• On track for 35% YoY revenue growth in 2025, with revenue likely to exceed $120 billion
• No QoQ revenue growth this quarter suggests either AI demand growth has stalled or TMSC is maxed out at the leading edge. Methinks it’s the latter..

• OpenAI just signed a deal with Broadcom to deploy ten gigawatts of OpenAI designed AI accelerators targeted to start in H2 2026, and to complete by end of 2029.
• OpenAI’s AMD & Broadcom deals undermine the credibility of the NVIDIA deal. Where exactly is all the money going to come from?
• In partnering with AMD and Broadcom, OpenAI has given huge credibility to AMD as a GPU competitor and Broadcom as a custom accelerator competitor. Two big headaches for NVIDIA. Ouch!

• Near‑term flow looks muted: Shinhan likely drips ~0.3% SO stake into liquid tape, not a block. With ₩2tn daily turnover, market easily absorbs without price shock.
• Top‑holder stake dips 20.14→19.84% post‑sale, but ₩10tn buyback cancels ~1.5ppt float, restoring 20.14%. The 0.3% selldown’s pre‑calculated; no real trading juice, flow impact minimal.
• Inheritance‑tax overhang done, buyback cycle fading. Gov’t pressure plus family’s last selldown point to dividend ramp. Prefs at 23% discount vs 10% target set up clean reversion trade.

• Single stock options showed early signs of stress, with both volumes and implied vols moving higher as Put trading outpaced Calls.
• Breadth was weak across single names, with only 3 of 11 sectors trading higher.
• We provide a table of earnings events for the week ahead.

• In a bold move to extend its footprint in the enterprise IT services space, International Business Machines Corporation (IBM) has announced a definitive agreement to acquire Dallas-based Cognitus, a niche SAP S/4HANA services provider.
• The financial terms of the deal remain undisclosed, but the strategic rationale appears clear.
• With this acquisition, IBM aims to bolster its SAP consulting capabilities, especially in complex and regulated sectors such as aerospace, energy, and manufacturing.