TMT/Internet Archives | Page 9 of 121 | Smartkarma

• Accenture’s most recent earnings discussion reveals significant insights into their fourth quarter and full fiscal year 2025 performance, as well as their strategic outlook for 2026.
• The narrative reflects a blend of robust financial achievements, strategic realignments, and forward-looking initiatives centered around their ongoing investments in AI, digital transformation, and global footprint expansion.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Micron Technology’s recent earnings provided insights into its performance and strategic outlook.
• The company appears to be navigating industry dynamics effectively, particularly within the NAND and DRAM markets.
• The call highlighted several critical areas of development and potential challenges facing Micron.

• BlackBerry’s second-quarter fiscal year 2026 results offer a complex picture of growth and stability as the company navigates its diversified operations in a shifting market environment.
• The company’s overall revenue increased by 3% year-over-year to $129.6 million, with all divisions topping the high end of their guidance areas.
• The company maintained a consistent positive GAAP net income of $13.3 million and achieved a non-GAAP EPS of $0.04, surpassing expectations, despite facing significant tax payments during the quarter.

• Jabil Inc. has reported its fiscal year 2025 results, showcasing solid financial performance against a backdrop of varied market dynamics.
• The company reported approximately $8.3 billion in revenue for the fourth quarter, exceeding earlier forecasts by $800 million.
• This revenue increase was broad-based across its three segments: Regulated Industries, Intelligent Infrastructure, and Connected Living & Digital Commerce.

• TD SYNNEX delivered strong results in the third quarter of its fiscal 2025, showcasing significant growth in several key financial metrics and segments of its business.
• The company’s consolidated gross billings reached $22.7 billion, marking a 12% year-over-year increase, or 10% on a constant currency basis.
• This performance was reinforced by the higher-than-expected non-GAAP diluted earnings per share of $3.58, representing a notable 25% rise from the previous year.

• Micron delivered a blowout Q4, with $11.3B revenue and $3.03 EPS, led by DRAM’s 27% QoQ growth and an HBM3E run-rate nearing $8B.
• Data centre accounted for 56% of FY2025 sales, driven by LPDDR5 shipments for Nvidia’s GB chips and early HBM4 sampling.
• Management sees 2026 as a tight DRAM supply environment by design, with slower node transitions and deliberate capacity discipline supporting pricing.

• Taiwan Semiconductor (TSMC) – ADR (TSM US) 2Q25 growth likely reaches ~39% YoY with upside risk if 4Q25 outperforms.  
• Apple (AAPL US) remains the anchor customer driving N2 ramp in 2026.
• Since 2nm technology will be widely adopted starting in 2026, revenue growth is projected to be around 25% YoY.  

• Info-Tech Systems is a rapidly growing, profitable provider of cloud-based Human Resource Management (HRM) and accounting software, primarily targeting Small and Medium Enterprises (SMEs) in Southeast Asia.
• The company’s growth is underpinned by the strong digitalization trend among SMEs, supported by government initiatives. Its strategy is focused on geographic expansion from its core Singapore market into Malaysia, Hong Kong, and India.
• While the company boasts a high-margin, recurring revenue model and a debt-free balance sheet, it faces risks from high market concentration in Singapore and increasing competition from larger, established players like Zoho and SAP.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• On August 14, 2025, Tokyo Communications Group, Inc. (hereafter, the “Company”) announced its H1 FY2025/12 results.
• For the first six months, net sales rose 14.6% YoY to JPY 3,176 mn, EBITDA improved from a JPY 16 mn loss a year earlier to a JPY 320 mn profit, and operating profit moved from a JPY 211 mn loss to a JPY 140 mn profit.
• The streamlining of unprofitable businesses launched in November 2024 marked a turning point, setting off a sharp rebound in results from Q4 of the previous fiscal year as the earnings of core existing businesses steadily recovered. 

Key points (machine generated)

• Dream Arts reported strong interim performance with double-digit revenue growth and increased profits for the period ending December 2025.
• The company aims to exceed 10 billion yen in sales by December 2028, focusing on SaaS products like the no-code tool ‘SmartDB®.’
• With dual headquarters in Tokyo and Hiroshima, Dream Arts promotes co-creation and digitalization, targeting operational personnel without IT expertise.

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)

• Ymir Link, listed on the Tokyo Stock Exchange, is expected to achieve record revenue and profit growth by December 2025.
• The company specializes in cloud-based messaging solutions, particularly through its ‘Cuenote’ platform for various sectors.
• With over 90% of revenue from SaaS, Ymir Link benefits from proprietary technology and a strong data analysis team, enhancing its market share.

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)

• Logizard, listed on the Tokyo Stock Exchange under ticker 4391, is thriving due to its cloud services for various sectors.
• The company provides inventory management systems like ‘Logizard ZERO’ and ‘Logizard OCE’ aimed at improving efficiency for SMEs.
• With a subscription-based revenue model, cloud services make up 79.2% of sales, projected to grow by 10% for the fiscal year ending June 2025.

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)

• Project Holdings is a trading company listed on the Tokyo Stock Exchange Growth Market, focusing on a project-based society in the digital transformation era.
• The company anticipates a return to profit growth by the fiscal year ending December 2025, supported by its three main business segments.
• Project Holdings is implementing a growth strategy with a performance outlook extending to December 2027.

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

• Shift Inc (3697 JP) runs a software quality assurance testing business. 400% revenue growth in 5 years, but this year to Aug25 is “only” 17.5% according to Q3 results guidance.
• It was a “growth stock” for a long while, and large long-only growth investors flocked to the name. In the past several months many have exited. 
• The stock will be included in the Nikkei 225 Average next Tuesday. The supply/demand dynamics here to there are interesting. Afterwards they may be more interesting.

• Horizon Robotics (9660 HK) raised around US$800m in its Oct’24 IPO and another US$600m via a placement in June’25. It’s back again to raise another US$834m via a top-up placement.
• 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 talk about the deal dynamics and run the deal through our ECM framework.

• OpenAI and NVIDIA announced an audacious alliance under which the latter will invest $100 billion in the former
• That investment will be staged to coincide with each completed gigawatt of compute capacity, up to ten gigawatts in total, which the two companies are planning to jointly install
• Is this NVIDIA cutting out the middleman and setting up their very own private hyperscale enterprise to lease their GPUs directly to OpenAI? Uh oh!

• Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
• TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
• In this note, we talk about the not-so-positive aspects of the deal.

• Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.
• In Tekscend Photomask (429A JP) IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
• The bear case rests on its worrisome revenue growth trends, weakening lead revenue indicators, cash burn, and large post-IPO share overhang. 

• China announced game approval for the September 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.
• Both Tencent and Netease received approval for one game in September. 

• NVIDIA’s has a strong position in the AI industry, but global trade policies introduce short-term uncertainties. Strong revenues and cash position buffer against policy-driven obstacles, particularly concerning its China revenues.
• We highlight NVIDIA’s technological leadership, including its full-stack computing infrastructure and rapid platform transitions. External pressures weigh on projected revenues, including export restrictions and increasing competition from major tech companies.
• We see potentially overpriced implied volatility. This strategy aims to generate premium while managing risks associated with price movements, especially in the context of evolving geopolitical and competitive landscapes.

• FactSet Research Systems delivered strong fourth quarter and full-year fiscal 2025 results, reflecting its continued resilience and capability to navigate shifting market conditions.
• The firm reported a 5.4% revenue growth rate to $2.3 billion for the fiscal year, and highlighted a significant increase in organic Annual Subscription Value (ASV), with the fourth quarter seeing the largest ASV addition in its history at $81.8 million.
• This ASV growth, especially notable at 5.7% sequentially, signals robust demand for FactSet’s offerings, particularly in wealth and asset management sectors, driven by an increasing appetite for data solutions.

• As can be seen from the graph below, the major JPY 12.6bn capex initiative to secure production capacity to enable consolidated net sales to increase by 1.5x (announced in May-2022) peaked in FY24/3 and depreciation peaked in FY25/3.
• With confirmation of the upturn in the silicon cycle, earnings have entered a full-fledged recovery, with Q1 OP posting a high 41% progress ratio relative to the 4-year historical average of 27%. The key takeaway from the graph below is the strong recovery in EBITDA.
• The current high P/E is a common feature at the start of cyclical recoveries, while EV/EBITDA has only just returned to its long-term historical average (see P21). 

• Palantir Technologies has been one of 2025’s biggest winners in the AI equity space, delivering a jaw-dropping rally of nearly 140% year-to-date.
• Following a selloff in mid-August that briefly interrupted its meteoric ascent, the stock has rebounded strongly and remains a key beneficiary of enterprise AI spending and hyperscaler capital expenditure cycles.
• The company’s Q2 results added fuel to the rally, showcasing record-breaking revenue of over $1 billion, a 48% year-overyear increase, and a staggering Rule of 40 score of 94%.

• Tekscend Photomask (429A JP) is a global leader in semiconductor photomasks. It is seeking to raise up to JPY123 billion (US$832 million). Pricing is on 30 September.   
• Tekscend, which was carved out of Toppan Printing (7911 JP) in 2022, is owned by Toppan (with a 50.1% stake) and Integral (5842 JP) (with a 49.9% stake).   
• The bull case rests on its leading market position, attractive market opportunity, stable underlying margins, net cash position, and attractive dividend policy. 

• Pref spread looks stretched near 21–22%, likely a pullback soon. Structural re-rate needs a major Samsung narrative shift.
• A surprise Samsung special dividend could pivot the pref discount; H2 FCF, Q3 prelims, and lighter capex are the key swing factors.
• Expect a short-term pullback; but still stay cautious. Watch the memory upcycle and consider a discount-narrowing trade around late September.

• There are multiple signs of overheating in Baidu trading including accelerating stock and option volumes.  
• Skew has been driven higher by strong demand for up-strike Calls.
• We recommend a hedge that tilts the odds in the holder’s favor while establishing the position at a credit.

• Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
• TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
• In this note, we talk about the positive aspects of the deal.

• Groww (1573648D IN) is looking to raise up to US$803m in its upcoming India IPO. The deal will be run by JPM, Kotak, Axis, Citi and Motilal Oswal.
• Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer (D2C) digital investment platform that provides multiple financial products and services.
• According to the Redseer Report, Groww was India’s largest and fastest growing investment platform by active users on NSE as of June 30, 2025.

• Cycle turning: Q1 FY25 marked the trough; Q2 guidance implies +30% revenue and +46% OP rebound, with Q3 set to extend the recovery.
• Enterprise SSDs anchor profits: ~70–75% of EBITDA tied to AI/cloud workloads, cushioning volatility in PCs and smartphones.
• Even after a ~50% rally since September, Kioxia trades at ~5–6× EV/EBITDA vs. peers at 9–12×; sponsor selldowns and NAND ASP volatility could test the rally.

• AEM is a key solutions provider in the semiconductor back-end testing process, with a strong historical reliance on its main customer, Intel. The company is currently at a pivotal point, aiming to diversify its customer base and capitalize on the growing demand for advanced semiconductor testing, particularly in the AI and HPC sectors.
• Recent financial performance has been mixed, with a significant revenue and net income decline from a 2022 peak, but showing signs of recovery in the first half of 2025. The company’s ability to successfully ramp up production for new customers and manage its reliance on Intel will be critical for future growth.
• Leadership changes, including the recent appointment of a new CEO, introduce both opportunities for strategic shifts and risks related to management stability. Investor confidence will likely hinge on the new leadership’s ability to execute on the diversification strategy and deliver consistent financial results.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Big Tech is throwing hundreds of billions of dollars at the AI boom and neocloud providers, who are building AI data centers, are central players.
• I wrote a Research piece about Nebius two months ago. Since then, its stock has doubled, thanks in part to a $17.4 billion contract with Microsoft.
• I took a close look at the deal, ran some scenarios, and came across IREN, a promising but lesser-known company that’s trying to follow the same playbook

• Seshaasai is the second-largest payments card manufacturer in India (32% market share in FY25) and the largest manufacturer of cheque leaves in India creating a niche cash cow business.
• Growth tailwinds in the core business, driven by premium metal cards and export opportunities, and its RFID and IoT-led offerings position the company for 20-25% growth in the medium term.
• We estimate the IPO has been priced fairly at 18-20 times FY27 earnings and could potentially trade at multiples of 25+.

• Tekscend Photomask is a global leader in the semiconductor photomask market, a critical segment of the semiconductor manufacturing supply chain. The company is poised for growth, driven by the increasing complexity and miniaturization of semiconductors, particularly with the advent of AI, 5G, and IoT technologies.
• The company has a strong market position, well-established relationships with major semiconductor manufacturers, and a clear growth strategy focused on advanced process nodes, including EUV lithography.
• Tekscend is planning an Initial Public Offering (IPO) on the Tokyo Stock Exchange, aiming to raise approximately US$830 million to fund its global expansion and technological advancements.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• MTD screening results with 5 trading days left point to 2 names going out and 2 names coming in: Gemvax and Wonik IPS replace Dongjin Semichem and Jusung Engineering.
• Unlike last April’s tariff-distorted +1.3% rebalance, this time we expect cleaner, more meaningful price action.
• No pre-positioning seen, so I’ll target ETF rebalance day (Oct 10) and maybe take an anticipatory position a day earlier.

• I was way off on timing. After the pre-cons were satisfied on the 9th July, I thought Ping An’s Offer for Oneconnect Financial (6638 HK) could feasibly wrap up around now.
• A draft Scheme Doc was released on the 18th July. The IFA (Gram Capital) said fair & reasonable. 
• The Scheme Document is now out, with a Court Meeting on the 28th October and expected payment around the 28th November. 

• Last week NVIDIA Corp (NVDA US) announced a 5 billion USD investment into Intel Corp (INTC US). 
• If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.
• AEM (AEM SP) has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.

• Kingsoft Cloud Holdings (3896 HK) is looking to raise around US$304m in a primary placement.
• The company will use the proceeds to support its AI business, including infrastructure expansion and enhancement of cloud services.
• In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

• Oneconnect Financial Technology (6638 HK)’s IFA opines that Ping An Insurance (H) (2318 HK)’s HK$2.068 (US$7.976 per ADS) offer is fair and reasonable. The vote is on 28 October. 
• The offer is below net cash, and the FCF burn is modest. Ping An is privatising OneConnect just as its revenue declines end (due to the discontinued cloud business).
• The high minority participation rate and protest votes at the recent AGM are warning signs that the scheme vote is high risk. This setup is best avoided. 

• Victory Giant Technology -A (300476 CH) (VG) aims to raise around US$1bn in its H-share listing.
• VG is one of the global leaders in advanced printed circuit boards (PCB) products for AI and high-performance computing.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Historical Context is Crucial: This report analyzes Xilinx Inc. as a standalone entity prior to its acquisition by Advanced Micro Devices (AMD), which was announced in October 2020 and completed in February 2022. Xilinx ceased trading on the NASDAQ post-acquisition. Therefore, this primer serves as a historical analysis of a foundational semiconductor company.
• Dominant FPGA Market Leader: Xilinx was the inventor of the Field-Programmable Gate Array (FPGA) and the market leader, consistently holding over 50% market share. Its primary competitor was Altera, which was acquired by Intel. The company’s core strength was its highly flexible and adaptive processing platforms that enabled rapid innovation across diverse, high-growth markets like data centers, 5G communications, automotive, and aerospace & defense.
• Strategic Pivot to Platform Company: Under the leadership of CEO Victor Peng, Xilinx successfully transitioned from a chip supplier to a platform-centric company, focusing on high-growth areas like data center acceleration and AI inference. This strategy involved significant R&D investment and acquisitions to bolster its software and IP portfolio, leading to strong revenue growth in its targeted markets prior to the acquisition.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• China Satellite Communications (China Satcom) is a core professional subsidiary of China Aerospace Science and Technology Corporation, holding a national basic telecommunications business license. It is the primary operator of satellite communications in China, with a fleet of geostationary satellites covering China, Southeast Asia, South Asia, the Middle East, Africa, Europe, and the Pacific.
• The company’s revenue streams are primarily derived from satellite resource leasing and value-added services, including broadcasting, telecom, corporate, and government applications. While revenue has seen a slight decline in recent years, the company maintains a strong market position within China.
• The global satellite communication market is projected to experience significant growth, driven by the increasing demand for high-speed internet, particularly in remote areas, and the expansion of applications in the military, aviation, and maritime sectors. This presents both opportunities and challenges for China Satcom as the industry landscape evolves with the rise of LEO constellations and new technologies.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Nvidia and Intel’s surprise alliance may not taper ARM or even TSMC immediately, but it could marginalise AMD far sooner.
• With tighter OEM budgets and “AI PC” branding pressure, AMD risks being boxed out of design wins across the client stack.
• If Nvidia and Intel drive system-level costs-per-token down, AMD’s chips might find it hard to compete despite being performant.

• Leading Polysilicon Producer Facing Severe Cyclical Downturn: Daqo New Energy is a top-5 global producer of high-purity polysilicon, a critical material for the solar PV industry. The company is currently navigating a severe industry downturn characterized by massive overcapacity and plummeting polysilicon prices, which has led to significant revenue declines and negative profitability.
• Low-Cost Position and Strong Balance Sheet Provide Resilience: Despite the challenging market, Daqo maintains a key competitive advantage through its position as one of the world’s lowest-cost producers. This, combined with a strong balance sheet and substantial net cash position, provides a buffer to withstand the current price trough better than higher-cost competitors.
• Valuation Appears Depressed, but High Uncertainty Persists: The company’s stock is trading at a significant discount to its book value and its Shanghai-listed subsidiary, reflecting deep market pessimism. While this presents a potential value opportunity, the timing of a polysilicon price recovery is highly uncertain, and risks related to oversupply, geopolitical tensions, and trade policies remain significant.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• CSI All Share Semiconductors Index represents the largest and most-liquid stocks in the Semiconductor Industry Group from the Shanghai, Shenzhen, and Beijing Exchanges.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
• We expect up to five ADDs and one DEL for the CSI All Share Semiconductors index during this index review event based on the latest available data.

• Changhong Jiahua Holdings (3991 HK) announced a preconditional privatisation offer from Changhong Group, the controlling shareholder, at HK$1.223, a 32.9% premium to the last close price.
• Key conditions include approval by at least 75% independent shareholders (<10% of independent shareholders’ rejection) and the headcount test. The offer is final.
• Two shareholders hold blocking stakes – one has provided an irrevocable, and the other is SOE-linked. The offer is attractive compared to historical trading ranges. Timing is the key risk.     

• The Trump administration’s announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.
• Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.
• While there may be limited short-term P&L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.

• After Changhong Jiahua (3991 HK) (CJ) was suspended pursuant to the Takeovers Code, I expected SOE-backed Sichuan Changhong (600839 CH) (60.13%) to make an Offer. And that is what unfolded. 
• Sichuan Changhong plus provincial bodies, have made a pre-conditional Offer by  way of a Scheme, at HK$1.223/share, a 32.93% premium to last close. The Offer Price is final.
• Pre-Cons include the local SASAC &  Reform Commission Commerce, plus SAFE.  The risk to the deal will be one of timing. The Offer Price is fair.

• MetaOptics is a vertically integrated, early-stage company specializing in metalens technology, a revolutionary approach to optics with the potential to disrupt various industries by replacing traditional bulky lenses with ultra-thin, lightweight, and efficient alternatives.
• The company recently debuted on the Singapore Exchange (SGX) Catalist board, making it the first pure-play metalens company to go public. The IPO proceeds are intended to fund research and development, business expansion, and strategic partnerships.
• While MetaOptics holds a strong global market position, ranking 5th by revenue among metalens companies, it faces significant risks, including a history of losses, reliance on a limited number of suppliers, and the nascent stage of mass production for its metalens prototypes.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Softbank Group (9984 JP) performed a strong 1-week rally 2 weeks ago, then went marginally higher. The stock is OVERBOUGHT according to our models, but the pattern is bullish. 
• We see two possible scenarios: a) the stock stalls and pulls back this week or b) it keeps rallying towards 20850.
• The current pattern had rallies lasting up to 5 weeks in the past, so Softbank Group (9984 JP) could rally 2 more weeks, and get closer to 20850.

• Nvidia and Intel have announced a $5 billion deal to collaborate on designing CPU GPU systems for data centers and chiplets for PCs.
• Jensen Huang surprisingly praised Intel during a press conference, marking a significant shift in Nvidia’s history of enmity towards Intel.
• The collaboration aims to address the scalability limitations of current systems by offering x86 head nodes with NVLink for data centers, filling a market gap for both companies.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• AvePoint is a dominant software provider for data management within the Microsoft ecosystem, capitalizing on the global shift to cloud-based collaboration and increasingly stringent data governance requirements.
• The company has demonstrated a strong growth trajectory, marked by consistent double-digit revenue growth and a significant shift towards a recurring SaaS model, which now constitutes the majority of its revenue.
• After a history of net losses, AvePoint has recently achieved quarterly profitability and is generating robust operating and free cash flow, signaling a pivotal inflection point in its financial performance.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

DUG Technology has received the first purchase order associated with the contract award from Petronas earlier this month, for the first year of the three-year contract. The total net value of the contract is now expected to be $12m higher than originally disclosed, at c $30m. We have updated our forecasts to reflect the higher value, with FY26 EPS upgraded by 3.3% and FY27 by 6.0%.

• 15th September 2025 @HybridanLLP * A corporate client of Hybridan LLP.
• ** Potential means Intention to Float (ITF) or similar announcement has been made.
• ***Arranged by type of listing and date of announcement.

• Ibiden is transitioning from a cyclical electronics supplier to a core AI infrastructure enabler, with Nvidia-linked package substrates at the heart of its growth strategy.
• Management expects AI substrate demand to nearly double in FY25 and is targeting a 150% production increase by 2027, underpinned by the Ono plant ramp from next month.
• Despite ~18–19% EPS/EBITDA CAGR through FY27 and margins comparable to high-premium peers, Ibiden still trades at mid-tier multiples (21× forward P/E, ~6× EV/EBITDA), leaving scope for re-rating.

• Korea’s structural value gap favors low-PBR, improving-ROE small/mid-caps; traders front-run early movers into the Oct 23 MPC, then rotate into these smaller names as the rate cut nears.
• BOK’s key MPC meetings are Oct 23 and Nov 27, with markets pricing in a 25bps cut on Oct 23 to close the policy rate gap with the Fed.
• Locals are screening for low-PBR (<0.8), ROE >8%, mid-small caps (KRW 300B–1T); 28 names fit, primed to ride the early rate-cut rally pre-MPC.

• StubHub Holdings (STUB US) went public on 17 September at an offer price of $23.50. It closed at $18.46 on 19 September, implying a company valuation of $6.8bn.
• StubHub Holdings (STUB US) is expected to be added to US TMI at the December 2025 review.
• The security is expected to be added to other US and Global indices in 2026, following the lock-up expiry that raises free float and public voting rights above minimum thresholds.

• Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich.
• Highlights: Implied volatility has broadly risen across most, but not all, HK stocks. Front-month expiries remain historically cheap amid a steepening curve. Opportunities endure, though fewer than in recent weeks.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• Intel is suddenly at the center of a high-stakes drama.
• Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being “conflicted” due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .
• That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey “amazing” after once demanding his resignation .

• I tally 37 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
• No new deals were discussed on Smartkarma this week. Although ANE Cayman Inc (9956 HK) and Emeco Holdings (EHL AU) appear to be in the crosshairs. 
• Key updates/news took place on SmartPay Holdings (SMP AU), Humm Group (HUM AU), Jinke Smart Services (9666 HK), Shibaura Electronics (6957 JP), Soft99 (4464 JP), and Ci Medical (3540 JP).

• NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share
• Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market 
• Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future

• UiPath’s second-quarter fiscal 2026 financial performance reflects a mix of positive results and challenges.
• The company exceeded the high end of its guidance across key financial metrics, indicating robust execution.
• With an annual recurring revenue (ARR) increase of 11% to $1.723 billion and revenue growth to $362 million, UiPath illustrates strong market demand and operational efficiency.

• Meta Platforms has taken another bold step in its augmented reality (AR) journey with the announcement of its $800 Ray-Ban smart glasses featuring a built-in display, gesture-based control via a Neural Band wristband, and AI integration.
• Unveiled at its September 2025 Connect conference, these glasses aim to transition the market from novelty wearables to daily-use smart devices.
• With over 2 million units of the prior Ray-Ban model sold since 2023, Meta is pushing hard to capitalize on its dominant 60% market share in smart glasses.

• IonQ has emerged as one of the most ambitious players in the quantum computing space, recently doubling down on both compute and networking strategies.
• Its Q2 2025 earnings call showcased a slew of high-profile announcements, including the strategic acquisition of Capella, formation of a Quantum Networking division, and a landmark $1 billion investment from Susquehanna.
• But even more intriguing are IonQ’s acquisition plans: the company has already announced the planned acquisition of Oxford Ionics and is reportedly in talks with Vector Atomic.

• NVIDIA Corp (NVDA US) surprised the market with its announcement of a $5 billion investment in Intel Corp (INTC US).
• The market seems to read this as the beginning of a deeper Intel–NVIDIA partnership in AI chips.
• We also note that Japan’s push to establish its own foundry industry through Rapidus deserves continued attention, as it could reshape the competitive map in the years ahead.

• Broadcom Inc.’s recent financial results reflect significant developments within the technological landscape, with notable growth, strategic advancements, and some areas of slow recovery.
• Positively, Broadcom reported a substantial increase in revenue for its third quarter of fiscal year 2025, achieving a record $16 billion, a 22% rise year-on-year.
• This growth was propelled primarily by the strength of its AI semiconductor business and continuing expansion with VMware.

• Oracle Corporation recently announced its Q1 fiscal year 2026 results, revealing significant accomplishments and some financial challenges that investors should consider.
• The company reported total revenues of $14.9 billion, representing an 11% increase from the previous year, showcasing continued demand for its cloud business and infrastructure services.
• Oracle’s cloud revenue, including both applications and infrastructure, reached $7.2 billion, marking a significant 27% year-over-year growth.

• Adobe Systems Incorporated has reported strong financial results for the third quarter of fiscal year 2025, showcasing continued double-digit growth in both revenue and profitability, driven largely by its strategic emphasis on artificial intelligence (AI).
• The company saw record revenue of $5.99 billion, marking a 10% increase year-over-year, while GAAP earnings per share reached $4.18 and non-GAAP earnings per share was $5.31, reflecting an impressive 14% growth.
• The incorporation of AI into Adobe’s product suite has been a significant focus, as exemplified by the deployment of AI innovations across its flagship Creative Cloud applications like Photoshop, Illustrator, and Premiere Pro.

• The commerce landscape is about to undergo a structural transformation as PayPal and Alphabet’s Google join forces in a multi-pronged AI-driven payments partnership launching in Q4 2025.
• Announced in September, the alliance will embed PayPal’s checkout experience directly into Google’s ecosystem—across Google Cloud, Google Ads, Google Play, and select consumer-facing properties.
• At the same time, the two companies are co-developing AI frameworks to power agent-led transactions, where autonomous digital agents make purchases on a user’s behalf using PayPal data.

• The company offering a mobile internet payment platform announced a new partnership with DISH TV, a significant player in the US telco landscape, and its streaming TV brand, Sling TV.
• DISH and Sling are using Bango’s subscription platform Digital Vending Machine to launch and scale new subscription offerings and bundles for their customers.
• Launching with a popular football streaming service in time for the new season, DISH customers will be able to easily add this service, with the cost charged to their monthly DISH bill. 

• Kokusai Electric (6525 JP) was IPOed too cheap in 2023 after a couple of years in the wilderness and an aborted private sale effort, blocked on antitrust grounds. 
• It nearly tripled, there was an offering announced at ¥5,000+ priced ¥4,500+. Shares fell back to IPO price, then bounced, and we got a July follow-on offering at ¥3,000+.
• I suggested here the back end could be squeezy. It was for a hot minute, then it wasn’t. Now the stock is up 50% in 2 weeks. Watch out!

• CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500 names.
• In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
• Currently, we see 11 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.

• China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.
• Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.
• If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.

• Back on the 23rd June, eftpos terminal provider SmartPay Holdings (SMP AU/NZ) entered into a Scheme Implementation Deed withShift4 Payments (FOUR US).
• Shift4 is offering NZ$1.20, a 90.5% premium to undisturbed. The Offer has the unanimous backing of both boards. Microequities with 13.3% of shares out, is supportive.
• The Scheme Booklet is now out, with a Scheme Meeting on the 14th October, and expected implementation on or before the 4th November. The IE (Calibre) says “fair & reasonable“.

• Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.
• The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. 
• Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.

• The Smartpay Holdings (SPY NZ) IE considers Shift4 Payments (FOUR US)’s NZ$1.20 offer fair and reasonable as it is within the NZ$1.07 to A$1.43 valuation range. 
• Microequities has provided an irrevocable, and the other substantial shareholders should be supportive, as the offer is attractive and no competing proposal has emerged.
• The scheme vote is low risk. At the last close and for the 4 November payment, the gross/annualised spread was 3.4%/31.0%.  

• It was reported in Seoul Economic Daily today that EQT Partners is close to acquiring a controlling stake (31.4%) in Douzone Bizon (012510 KS).
• A 31.4% stake of Douzone is now worth  0.91 trillion won (with no premium or discount). 
• Douzone’s chairman Kim has demanded up to twice the market cap of the company for the management rights premium. 

• The geopolitical tech battle between the U.S. and China has taken a sharp turn—and Nvidia is now squarely in the crosshairs.
• In a significant escalation, China’s State Administration for Market Regulation has launched an antitrust probe against Nvidia, claiming the chipmaker violated monopoly laws during its $7 billion acquisition of Israeli firm Mellanox Technologies.
• The regulator’s preliminary findings come at a delicate moment as U.S. and Chinese officials wrap up high-stakes trade talks in Madrid.

• The race toward quantum advantage is entering its most critical phase, and IBM has quietly positioned itself as the frontrunner in a highly competitive field dominated by tech giants like Google, Microsoft, and Amazon.
• In its Q2 2025 earnings call, IBM confirmed a major milestone: the deployment of IBM Quantum System Two in Japan, the first such system outside the United States.
• This isn’t just a milestone in hardware—it signals IBM’s intent to establish global leadership in quantum computing infrastructure.

• Apple shares are on the rise again, powered by stronger-than-expected demand for the newly launched iPhone 17.
• After stumbling below $230 in the wake of a lukewarm launch event, Apple stock rebounded to $236.57, up 1.1% on the day, outpacing the S&P 500’s 0.5% gain.
• While initial reactions to the iPhone 17 were muted, investors are now reassessing their expectations in light of robust preorder volumes and significantly extended delivery times — both of which suggest consumer enthusiasm is running high, particularly in key markets like the U.S., China, and the U.K. This dynamic mirrors — and in some metrics, surpasses — what was seen during last year’s iPhone 16 cycle.