TMT/Internet

• The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• In this insight, we have presented our updated rankings for Potential ADDs and DELs for the upcoming index rebal event in December 2024.

• 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: K Bank (279570 KS) has launched an IPO to raise up to US$734 million.
• Event-Driven developments: Fuji Soft Inc (9749 JP), Elan Corp (6099 JP), Trancom Co Ltd (9058 JP), Seven & I Holdings (3382 JP), China Traditional Chinese Medicine (570 HK). 

• TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range
• UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan
• ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares

• MKS Instruments demonstrated robust financial management and strategic positioning in its second-quarter results for the fiscal year 2024.
• With a reported revenue of $887 million, the company performed at the high end of its guidance, supported by an earnings per share (EPS) of $1.53—a figure that not only exceeded their projected high but also included the positive impact of reduced interest expenses from recent financial maneuvers.
• 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.

• Yesterday, KKR amended its plans to take over Fuji Soft Inc (9749 JP) by creating a Two-Tender Scheme, effectively lowering the threshold for eventual success through clearly coercive tactics.
• 3D (23.46%) and Farallon (9.22%) had already tendered. Contractual terms make it difficult (not impossible) to withdraw. Assuming it goes through, KKR has 32.68%, quasi-negative control. 
• This revised structure is clearly abusive of minorities and NOT the deal Fuji Soft signed. This should cause Fuji Soft to Change their Opinion. Shareholder (and Bain) Pressure would help.

• Japan System Techniques Co., Ltd. (hereafter, JAST or the Company) is an independent system integrator that celebrated its 50th anniversary in March 2023.
• The Company develops systems for customers across a wide range of industries in a variety of fields, including finance, manufacturing, distribution, services, public services, telecommunications, transportation, and science and technology.
• It also offers four in-house JAST branded services, including the GAKUEN series of strategic university management systems for the education industry as well as the BankNeo integrated information system for financial institutions. 

• Samsung unlikely to follow Intel in spinning off its foundry business, focusing on their own semiconductor production.
• Marvell co-founder Sehat Sutardja passes away, leaving a void in the semiconductor industry mourning the loss of a visionary.
• HTC launches VIVE Focus Vision with advanced XR features for gamers and enterprises, aiming to capture a niche market.

• WEX’s Q2 2024 results present a mixed bag of performance and outlooks reflecting challenges alongside achievements.
• The company registered a record quarterly revenue of $673 million, an 8% year-over-year increase, attributable to growth across all three segments.
• Adjusted net income per diluted share was $3.91, marking an 8% climb from the previous year.

• KKR has rejigged its Fuji Soft Inc (9749 JP) tender offer into a two-stage offer at an unchanged JPY8,800 price. The first stage has no minimum acceptance condition. 
• The first stage is designed to facilitate KKR’s acquisition of 3D and Farallon shares, which have tendered and will not withdraw their tenders without KKR’s consent.
• By securing 3D/Farallon’s shares, KKR has effectively blocked a Bain tender offer. Bain could launch a partial offer but it would be constrained by the tradeable share ratio criteria.   

• DCM Investments is looking to raise US$484m via selling its remaining stake in Kuaishou Technology (1024 HK).
• While the current block deal isn’t entirely well flagged per se, it appears that DCM has since been trimming its stake on the open market.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Hexaware Technologies (HEXW IN)  is looking to raise about US$1.2bn in its upcoming India IPO. The deal will be run by JPM, Kotak, HSBC, IIFL Securities and Citi.
• Hexaware Technologies is a global digital and technology services company delivering innovative solutions that help customers in their digital transformation journey and subsequent operations, as per the company.
• Its offerings encompass five services, namely Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Services.

• It’s an exciting time when your favorite semiconductor CEO comes out of “retirement” to return as a CEO.
• Mine is personally Ford Tamer, who drove Inphi to ship the best DSP in the market against much larger competitors at a much faster pace.
• In my opinion, Inphi was almost a miracle story in semiconductors. It was a literal David versus Goliath, and the man who led the team was Ford.

• Three areas seeing strong innovation growth in online technologies are identity resolution methods, real-time data collection & personalization technologies and solutions to ensure data compliance and governance. 
• Celebrus Technologies (CLBS LN) is a micro-cap stock focused on the above areas and excels in real-time first-party data collection where data compliance and governance are critical.
• Celebrus’ small size and unique expertise in some areas of data privacy and real-time customer engagement makes it a acquisition target for larger MarTech and/or analytics companies.

• In FY03/24, revenue was JPY1.2bn (+7.6% YoY), operating loss was JPY604mn (vs operating loss of JPY557mn in FY03/23), recurring loss was JPY601mn (vs recurring loss of JPY547mn in FY03/23), and net loss attributable to owners of the parent was JPY643mn (vs net loss of JPY550mn in FY03/23). In the Laser Device business, revenue from DFB lasers for semiconductor wafer inspection equipment and micromachining equipment grew, as did revenue from prototypes for mass production using quantum dot lasers.
• In the Visual Information Display business, sales of RETISSA MEOCHECK to medical institutions expanded. On the profit front, the operating loss increased due to inventory write-downs of JPY28mn in the Laser Device business and JPY57mn in the Visual Information Device business.
• For FY03/25, the company forecasts revenue of JPY1.2bn (-0.2% YoY), operating loss of JPY589mn (vs operating loss of JPY604mn in FY03/24), recurring loss of JPY592mn (vs recurring loss of JPY601mn in FY03/24), and net loss attributable to owners of the parent of JPY596mn (vs net loss of JPY643mn in FY03/24). The company anticipates a tenth consecutive year of operating profit in its Laser Device business thanks to growing adoption.

• Rapid growth in tech and demand for personalized medicine drives need for efficient healthcare solutions.
• Samsung faces threat as trifold race loss jeopardizes smartphone market lead.
• ViewSonic’s AI technology displays target education and business markets with innovative solutions. Samsung diversifies global mobile phone production while Chinese MacBook case supplier faces quality issues.

• TSMC’s U.S. Production Strategy Achieves Major Milestone – Begins Production of Apple A16 Chips in Arizona
• Reports of Apple’s Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently
• Samsung Falling Behind TSMC – New Report of Low Yields Continuing to Plague Samsung’s 3nm AI Processors

• Explosive pagers linked to Hezbollah attacks spark controversy for a Taiwanese brand.
• Not just Lebanon – today it was reported that the South Korean military removed Chinese-made CCTV cameras after secret backdoors were detected.
• A counter-intuitive conclusion: Despite recent news, is the trend ultimately positive for Taiwanese tech hardware makers?

• The new transformer model requires significant amount of inference and multilevel reasoning
• The demand for inference compute is skyrocketing, surpassing current silicon architecture capabilities
• OpenAI’s new model showcases the future potential of AI, but also highlights the gap in semiconductor architectures and computing infrastructure

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

• Beijing Fourth Paradigm Technology (6682 HK) was listed in Hong Kong on 28th Sept 2023 after raising US$130m. Its one-year lockup will expire on 27th Sept 2024.
• Beijing Fourth Paradigm is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
• In this note, we will talk about the lock-up dynamics and updates since our last note.

• Delivery workers would like to pay to save their time.
• Retailers would also like to pay for return delivery to raise their service quality.
• However, product buyers have to pay, but would not like to pay the delay fee.

• Gold Apollo denies involvement in Lebanon pager explosions, while Taiwan’s MOEA confirms pager assembly happening in Taiwan.
• Taiwan’s wafer foundry industry set to grow in 3Q 2024; can new orders and cost reductions drive Intel’s recovery?
• E Ink Prism technology revolutionizing automotive and consumer electronics;CATL looking to expand in solar-storage market.

• UL Solutions reported a strong performance in the second quarter of 2024, marking a continuation of growth across all segments and geographies.
• This performance included an 8.4% increase in organic growth, resulting in $730 million in revenue.
• The company benefited significantly from high demand in its Industrial segment and saw positive trends in its Consumer and Software & Advisory segments.

• Reddit’s second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.
• The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.
• 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.

• RaaS Research is initiating coverage of vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) with a DCF derived valuation of $0.82/share, representing potential capital upside of 44% from the current share price.
• SMN delivered its maiden EBITDA profit in FY24 and we expect the company to maintain profitability into FY25 while bringing key new products to market.
• A likely decline in contract manufacturing revenues to make way for higher margin own brand products should have a positive impact on group gross margins going forward, adding to the earnings leverage from expected revenue growth (management have forecast 25% revenue growth in FY25).

discoverIE’s first capital markets day (CMD) in six years was an opportunity for the group to recap how via its buy-and-build strategy it has successfully grown the company from a market cap of £25m in 2009 to £592m today, while transforming the business from an electronics distributor to a pure-play specialist electronics design and manufacture company. Management also outlined how it expects to drive future growth and profitability. New at the CMD was the announcement of an additional target market, security. As the group has matured, it has put in place structures and processes to maximise revenue opportunities and optimise profitability and cash flow, while retaining the group’s essential DNA.

• US DoD & AWS deals are little more than distractions from the main event
• Making Intel Foundry a subsidiary won’t make one whit of a difference but may just be the next step in its eventual spin-off
• The core issue, the GM collapse in Q224, was not addressed in the BM update from the CEO. That’s a problem. 

• Oracle Corporation’s Q1 FY 2025 results demonstrated a robust performance, underscored by significant revenue growth and strategic expansions in their cloud offerings.
• The total revenue for the quarter was $13.3 billion, marking an 8% year-over-year increase.
• Cloud revenue was a standout with SaaS and IaaS generating $5.6 billion, reflecting a 22% increase.

• Samsung Electronics (005930 KS) is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.
• Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.
• Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.

• Adobe’s third-quarter fiscal year 2024 performance highlighted a strong trajectory, with substantial year-over-year revenue growth and positive developments across its major product lines.
• Revenue stood at $5.41 billion, marking an 11% increase from the previous year.
• This growth was fueled by the consistent strength in Creative Cloud, Document Cloud, and Experience Cloud.

• On August 7, 2024, Tokyo Communications Group, Inc. (hereafter, the “Company”) announced its 1H FY2024/12 financial results.
• Net sales fell 7.3% YoY to ¥2,771 mn, EBITDA was in the red with a loss of ¥16 mn (versus a positive EBITDA of ¥132 mn in 1H FY2023/12), and operating loss was at ¥211 mn, coming in worse than the ¥30 mn loss recorded in 1H FY2023/12.
• Ordinary losses increased from ¥56 mn to ¥88 mn, and 1H net loss expanded from¥87 mn to ¥158 mn.

• Alibaba’s Taobao and Tmall apps decide to accept WeChat Pay, the online payment way from Tencent.
• JD announced that it will raise employee salaries up to 20 months within two years.
• Hive Box, the market dominator of parcel locker in China, submitted its IPO proposal.

• Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position.
• With its stock prices plummeting and revenues falling, Intel is struggling to regain its footing in a market dominated by foreign giants like TSMC and Samsung.
• The U.S. government, through multiple initiatives and significant financial commitments, has stepped in to rescue the beleaguered company, seeing it as crucial to both national security and economic competitiveness.

• Microsoft today announced a major Copilot update, called “Wave 2”, introducing a new collaborative interface and enhanced Copilot capabilities across all major Office apps.
• Copilot continues to gain momentum with large corporations, as Microsoft announced today that Vodafone has adopted it for 68,000 employees.
• We remain Structurally Long PC Makers – We continue to believe Microsoft’s Copilot will drive PC upgrades as users recognize the productivity benefits of faster ‘AI PCs’. 

• European EV market divided with luxury segment growing rapidly but mass market stagnating, reflecting consumer preferences.
• Tata announcing construction of two new fabs in India highlights increasing investment in semiconductor manufacturing in the country.
• Samsung Display preparing to supply Apple with foldable displays in 2024 showcases the competition and advancements in tech industry.

• Squarespace, a leading platform in website design and digital services, has attracted attention from private equity firm Permira with a revised buyout bid of $46.50 per share, valuing the deal at $7.2 billion.
• While this offer comes after concerns from proxy advisory firm ISS that the initial sale process undervalued the company, Permira’s renewed interest signals a strong belief in Squarespace’s long-term growth potential.
• Squarespace presents an attractive opportunity given its strong financial performance, with a 19% year-over-year revenue increase and a growing base of over 4.9 million subscriptions.

• Q1 FY04/25: Revenue JPY13.3bn (-5.3% YoY), Operating profit JPY1.5bn (-12.1% YoY), Recurring profit JPY1.5bn (-10.6% YoY), Net income JPY814mn (-5.7% YoY).
• Business support services for MVNOs: Revenue JPY2.5bn (+4.9% YoY), Operating profit JPY325mn (-29.7% YoY).
• 5G Homestyle services: Revenue JPY6.2bn (-18.2% YoY), Operating profit JPY769mn (-23.7% YoY), excluding fiscal year-end change, revenue +5.9% YoY, operating profit +26.0% YoY.

• The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
• In this insight, we take a look at the rankings of potential ADDs and potential DELs for the December 2024 index rebal event.
• At present, we see one ADD and one DEL. If this index change takes place, there could be US$538mn capping flows one-way.

• TSMC: +16.6% Premium; Returning to the 15 – 20% Trading Range?
• UMC: +0.5% Premium; Near the Middle of the Historical Trading Range
• ASE: +5.2% Premium; Participating in Two Investor Conferences in Next Two Weeks

• RaaS has initiated coverage of video software and hardware technology group BirdDog Technology (ASX:BDT) with a base case valuation of $0.27/share, representing 335% potential upside to the current share price.
• A challenging FY24 is now behind the business and the causes of the problems have been addressed and resolved, in our view.
• BDT invested heavily in R&D through the downturn with the investment program set to yield results on a strong revenue uptick from the release of multiple new products across several categories.

• There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
• TSMC – ADR and NVIDIA are the largest sells with buying spread across ASML Holding NV, Qualcomm Inc, Applied Materials and Micron Technology.
• The selling in NVIDIA Corp (NVDA US) will add to the selling from the Technology Select Sector SPDR (XLK US) due to the market consultation.

• Palo Alto Networks’ fiscal fourth quarter 2024 earnings announcement underscores both strides and challenges in the cybersecurity landscape, reflecting a dynamic sector intensively engaged with technological advancements and emerging threats.
• Chairman and CEO Nikesh Arora detailed the company’s response to significant cybersecurity threats, including ransomware and public data extortion, emphasizing a heightened focus on AI and platformization to simplify client security architectures.
• Financially, Palo Alto Networks reported exceeding its quarterly revenue and EPS guidance.

• Ambarella’s Q2 Fiscal Year 2025 earnings revealed a mixed yet promising scenario as the company navigates through a challenging economic environment while seizing growing demands for AI-powered solutions.
• Dr. Fermi Wang, President and CEO, alongside CFO John Young, presented a detailed account of the company’s performance and future outlook which provides a comprehensive understanding of its position and strategies moving forward.
• 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.

• The Descartes Systems Group has reported its quarterly financial results, illustrating a strong performance across several key financial metrics.
• This performance is anchored by a 14% increase in total revenues yearover-year, with a significant component of this growth being organic, estimated at about 9%.
• Furthermore, the company enjoyed a 23% increase in net income compared to the previous year, and adjusted EBITDA climbed by 17%, surpassing the company’s target growth range of 10%-15% annually.

• Teradyne, a leading provider of automated test equipment, exhibited mixed financial results in the second quarter of 2024, grappling with various segment-specific dynamics and macroeconomic factors.
• The company reported a robust performance in its System on Chip (SOC) and Memory segments, primarily boosted by elevated demand from cloud AI applications.
• Additionally, Teradyne noted solid deliveries in the Compute sector, attributed to the dense network requirements of AI data centers.

• UiPath, a leader in AI-powered automation platforms, has exhibited a positive performance in its fiscal second quarter of 2025, as discussed in their recent earnings call.
• The company surpassed the upper end of its financial guidance across key metrics, an indication of effective execution and robust value delivery to customers.
• The report showed significant advancements, with UiPath achieving a 19% increase in Annual Recurring Revenue (ARR), reaching $1.551 billion.

• Samsara’s second quarter fiscal 2025 earnings report reflects a period of substantial growth and profitability, underscoring the company’s strategic positioning and operational efficiency in the Internet of Things (IoT) and connected operations market.
• The company announced annual recurring revenue (ARR) of $1.26 billion, marking a significant year-over-year increase of 36%.
• Additionally, a notable achievement includes a quarterly record for non-GAAP operating margin, which highlights Samsara’s ability to scale profitably.

• Apple’s latest iPhone release received mixed reviews, with some finding it to be a ho-hum upgrade
• The base level iPhone 16 was seen as having more significant improvements compared to previous models
• There is a shift in Apple’s strategy to attract more users to upgrade to the base model iPhone 16, potentially increasing sales volume but leading to a drop in average selling price

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

• Global auto and EV sales in 2024 are heavily impacted by supply chain resilience, as emphasized by Cenex CEO Robert Evans.
• Silicon Saxony in the EU is attracting global players with EUR50 billion investments, positioning itself as a semiconductor hub.
• Chinese game developers are pushing AI boundaries by developing NPCs to virtual societies, while Samsung offers aggressive discounts in the US to compete with Apple’s Korea strategy in 3Q24.

• AMD’s market share in the desktop CPU segment has surged to 30%, driven by strong Ryzen sales and innovative product releases, challenging Intel’s longstanding dominance in this space.
• Intel’s revenue in the data centre segment fell 20% year-over-year, reflecting challenges in product delays and increasing competition from AMD’s EPYC processors, impacting overall growth potential.
• Both companies have ramped up AI-related investments, with AMD committing $1.5 billion and Intel investing $3 billion in AI technology development, aiming to capitalize on the growing market demand.

• Guidewire Software Inc. concluded its fiscal fourth quarter and full year 2024 financials with robust performance, spearheaded by a successful shift towards cloud-based services.
• The transition to a vertical software-as-a service (SaaS) model from an on-premise system appears to capture significant market interest, marked by an annual recurring revenue (ARR) growth of 14% and fully-ramped ARR acceleration of 19%.
• This transition underscores the company’s strategic realignment towards offering more scalable and efficient cloud solutions.

• DocuSign, in its second quarter fiscal year 2025 earnings release, reported a continued trend of moderated but stable growth, enhanced operational efficiency, and progress in strategic initiatives including the rollout of its new Intelligent Agreement Management (IAM) platform.
• With quarterly revenue reported at $736 million, representing a 7% year-over-year increase, the company manifests a steady financial trajectory albeit not at a high-growth pace.
• The consistency in dollar net retention at 99% suggests a strong customer base, although the figure also signals limited expansion within the existing customers.

• 1Q FY2025/3 Earnings Result Summary: Key consolidated figures included net sales of ¥6,298 mn (+11.7% YoY), operating profit of ¥284 mn (+132.9% YoY), ordinary profit of ¥318 mn (+137.0% YoY), and profit attributable to owners of parent (hereafter, net profit) of ¥181 mn (+192.4% YoY).
• The full-year forecast for FY2025/3 remains unchanged from the initial forecast announced on May 13, 2024.
• Higher sales and profits in the DX&SI business and Package business fueled 1Q earnings growth.

• Broadcom Inc. reported a strong fiscal third quarter in 2024, with consolidated net revenue of $13.1 billion, marking a 47% increase compared to the same period last year.
• The operating profit also rose by 44% year-on year.
• This performance can be largely attributed to the growth in AI revenue, accelerated bookings at VMware, and the stabilization of non-AI semiconductor revenue.

• Huawei Technologies Co. Ltd. on Tuesday began taking preorders for the second electric vehicle (EV) co-developed with automaker partner Chery Automobile Co. Ltd., after seemingly overcoming production hurdles that dogged their earlier model.

• The Luxeed R7 is the first electric coupe SUV marketed under Huawei’s Harmony Intelligent Mobility Alliance — originally known as Smart Selection.

• Positioned as a challenger to Tesla Inc.’s Model Y, the new car’s preorder prices range from 268,000 yuan ($37,651) to 348,000 yuan, according to Huawei’s official online store Vmall.

• Late last month, Shinko Electric Industries (6967 JP) announced that the JIC consortium Tender Offer due to be launched by end-August would be delayed. Next update? January 2025.
• Everyone was expecting a delay, but that caused the stock to fall. Then tech/AI fell out of bed, Ibiden crashed, then China export restrictions noise/pushback caused further delay.
• I saw a 9% gross spread yesterday and thought “Geez”, that’s a buy.” A day later, it’s 6%. Still wide, still interesting. And that has set a boundary.

• When Bain came out saying they would bid more, with preparation to launch in November, KKR launched early to see if they could get the jump, discussed here.
• The stock popped when the Bain’s bid was obviously serious, and supported by the Founding Family, but it went to Bain’s “5% higher” plus another 5%. I was bearish.
• But I signalled willingness to change my mind if the stock price dropped. It has dropped. 

• GitLab’s Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with AI capabilities.
• Revenue grew substantially by 31% year-over-year, totaling $183 million, a testament to the adoption of new accounts alongside expansions in existing clientele including notable names like Delaware North and Guild Mortgage.
• 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.

• Hong Kong market is range bound with conglomerates showing strength over the last few weeks.  As the CNY/HKD strengthens the A/H premium should narrow.
• SUNeVision Holdings (1686 HK) reported good results on the back of increased demand driven by the AI sector. 
• Yum China Holdings (9987 HK),Yum China Holdings (YUMC US) reported flat sales and an increase in operating profit in a difficult fast food retail environment in China.

• Hewlett Packard Enterprise Co (HPE) demonstrated a strong financial performance in the third quarter of fiscal 2024, reporting substantial year-over-year revenue growth and a marginal increase in non-GAAP diluted net earnings per share.
• As delineated in their earnings call, the company continues to navigate a dynamic market environment, focusing on growth sectors such as AI, hybrid cloud, and networking.
• Revenue reached $7.7 billion, a 10% increase from the previous year, which is attributed to notable growth in AI systems revenue and other portfolio enhancements.

• Asana’s second quarter fiscal year 2025 earnings presentation highlighted several fundamental aspects of the company’s financial health and strategic direction.
• The overall tone indicated cautious optimism, marked by a cautious stabilization in revenues with indications of accelerating growth in the foreseeable future.
• Financially, Asana reported a revenue increase of 10% year-over-year, surpassing its own projections and signaling subtle strength within certain operational segments.

• Revenue increased by 4.4% YoY to JPY3.4bn, operating profit rose by 40.8% YoY to JPY848mn.
• Revenue from desknet’s NEO Cloud grew 7.5% YoY, while AppSuite Cloud revenue surged 30.6% YoY.
• Total license revenue declined 27.8% YoY, with desknet’s NEO licenses decreasing 22.7% YoY.

• Credo’s Q1 fiscal 2025 results suggest a mixed yet promising growth trajectory.
• The company reported total revenue of $59.7 million, with product revenues significantly marking a 30% increase at $57.3 million in comparison to previous quarters.
• This growth highlights the effectiveness of Credo’s strategy in expanding its product offerings across high-speed connectivity solutions such as active electrical cables (AEC), optical digital signal processing (DSP), and line card physical layer devices (PHYs).

• i-mobile reported FY07/24 revenue of JPY18.7bn (+14.1% YoY) and operating profit of JPY3.5bn (+0.7% YoY).
• Consumer Service business FY07/24 revenue was JPY16.0bn (+20.1% YoY) and segment profit JPY3.4bn (+15.8% YoY).
• FY07/25 projections: revenue JPY23.0bn (+22.8% YoY), operating profit JPY4.5bn (+26.8% YoY), net income JPY3.0bn (+21.9% YoY).

• Zscaler is actively expanding and executing within the rapidly evolving cybersecurity market.
• Recent developments highlight the company’s strong financial performance and strategic positioning as it continues to capitalize on growing demand for advanced security solutions.
• Zscaler posted robust financial results, showcasing a 30% year-over-year growth in revenue, underscoring the increasing market demand and customer adoption of its solutions.