Daily Brief TMT/Internet: Samsung Electronics Pref Shares, Silverlake Axis , Mediatek Inc, Geechs Inc, TDC A/S and more

• Samsung’s preferred shares lagged significantly behind the common shares yesterday, showing the largest daily sigma move we’ve seen in a while.
• Samsung’s delayed value-up announcement, despite regulatory pressure, has fueled speculation about a potential Biologics stake purchase from C&T.
• It’s time to pause the trade on Samsung’s preferred discount narrowing that I highlighted in early August. The main inflection point will be when Samsung makes its value-up announcement.

• Back on the 26 August, Goh Peng Ooi, the executive chair and founder, made a voluntary unconditional general Offer for the 25.9% in Silverlake Axis (SILV SP) not held.
• The Offer Doc is now out for this S$0.36/share cash Offer. The first close is the 7th October.
• There was no IFA opinion in this Doc. This will appear in the Response Doc within a fortnight. It’ll be interesting how the mixed consideration alternative is assessed. Or not.

• Spatial display market focuses on distribution optimization, demographic targeting, and visibility enhancement to boost sales and engagement.
• Panel makers shift to chip packaging as consumer electronics industry slows down, while Taiwan plans its own Starlink due to satellite launch delay.
• Texas offers incentives to attract Taiwan chip giants, Apple Intelligence foresees revenue growth, and MediaTek anticipates an upturn with Dimensity 9400.

• 1Q FY2025/3 results review: On August 9th, 2024, Geechs Inc. (hereafter, the “Company”) announced its 1Q FY2025/3 earnings results.
• Net sales fell 2.0% YoY to ¥5,825 mn, EBITDA rose 7.2% YoY to ¥107 mn, and operating profit rose 175.8% YoY to ¥80 mn.
• The sharp rise in operating profit was attributable to the sale of G2 Studios (previous Game business) at the end of FY2024/3, which prevented 1Q FY2025/3 operating profit from being dragged down by the business as it did in 1Q FY2024/3, when it recorded an operating loss of ¥74 mn. 

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess TDC NET’s ESG as “Adequate”, in line with its Social and Governance scores, while the Environmental score is “Strong”. Controversies are “Immaterial” and Disclosure is “Strong”.