Core Viewpoint - Aspocomp Group Plc has successfully registered 673,682 new shares from its directed share issue, increasing the total number of shares to 7,522,922 [1][2]. Group 1: Share Issuance - A total of 673,682 new shares have been registered with the Finnish Trade Register as of October 31, 2025 [1]. - The new shares will confer equal rights to existing shares from the date of registration [2]. - The new shares are expected to be admitted to trading on Nasdaq Helsinki Ltd's main list starting approximately November 4, 2025 [2]. Group 2: Company Overview - Aspocomp specializes in printed circuit board (PCB) technology design, testing, and logistics services throughout the product lifecycle [2]. - The company serves customers in telecommunications, automotive, industrial electronics, and semiconductor testing sectors, with a significant portion of net sales generated from exports [3]. - Aspocomp is headquartered in Espoo, Finland, with its production facility located in Oulu, a key technology hub in the country [3].

Core Viewpoint - Aspocomp Group Plc has approved a revised strategy for 2026-2030, focusing on strengthening its market position and growth in the Security, Defense, Aerospace, and Semiconductor segments due to increased demand [1] Group 1: Strategy and Goals - The revised strategy aims to achieve over EUR 100 million in long-term revenue, with a focus on expanding the production network through M&A and increasing capacity at the Oulu plant [2][7] - Aspocomp seeks to become one of the top three PCB manufacturers in selected industry segments in Europe, emphasizing sustainable profitability and capacity expansion [5][6] Group 2: Market Demand and Growth - The PCB market in Europe is expected to grow from approximately EUR 2.1 billion in 2024 to EUR 2.9 billion by 2030, with a compound annual growth rate exceeding 5% [4] - Demand in the semiconductor market is anticipated to develop favorably due to significant investments in AI applications and data centers, alongside strong growth in the Security, Defense, and Aerospace segments [8] Group 3: Financial Outlook - Aspocomp estimates that its net sales for 2025 will significantly increase from EUR 27.6 million in 2024, with a turnaround to profitability from an operating loss of EUR 4.0 million [9] - The company aims for an EBIT margin exceeding 10% in the midterm while maintaining a debt-to-equity ratio above 40% [7] Group 4: Operational Developments - The Oulu plant's capacity is fully utilized, and demand has exceeded current capacity, indicating a strong market position [6] - The company plans to invest in expanding the Oulu plant's throughput capacity by up to 50% to improve production quality and machine availability [7]

Group 1 - Nvidia has reached an agreement with South Korea's Ministry of Science and Technology, Samsung Electronics, Hyundai Motor Group, and SK Group to provide over 260,000 AI chips to initiate AI projects in South Korea [1] - South Korea plans to utilize the 260,000 Nvidia Blackwell GPUs to build AI infrastructure, accelerating digital transformation in industries such as automotive, manufacturing, semiconductors, and communications [1] - Nvidia anticipates that by the end of 2026, the total shipment of Blackwell and Rubin GPUs may reach 20 million units, generating a combined sales revenue of $500 billion, compared to the previous generation Hopper architecture, which shipped only 4 million units throughout its lifecycle [1] Group 2 - Megmeet has launched a series of products including PowerShelf, BBUShelf, PowerCapacitorShelf, and 800V/570kW SideRack, compatible with Nvidia's GB200/GB300 and the next-generation Rubin architecture [2] - Shenghong Technology specializes in the research, production, and sales of printed circuit boards, with products certified by renowned clients such as Nvidia, Tesla, AMD, Intel, Continental, Novo Nordisk, and Delta [2]

The Chinese maker of printed circuit boards is seen as having a niche in AI applications https://t.co/blImd3Fzl9 ...

Group 1 - The company reported a revenue of 3.398 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 38.71%, and a net profit attributable to shareholders of 317 million yuan, up 50.81% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.258 billion yuan, a year-on-year growth of 44.34% and a quarter-on-quarter increase of 5.83%, with a net profit of 144 million yuan, reflecting a year-on-year increase of 139.04% and a quarter-on-quarter growth of 53.08% [1] - The company plans to raise up to 1.98 billion yuan to invest in an AI and high-density interconnect circuit board production base, which will significantly enhance its capacity for high-end HDI products and ensure sustainable development [1] Group 2 - The company has advanced R&D and manufacturing capabilities, particularly in HDI products, and focuses on the development of new materials and technologies in PCB, enhancing customer loyalty through proprietary technologies [2] - The company maintains a "buy" rating, with expectations of net profits of 471 million yuan, 764 million yuan, and 1.078 billion yuan for 2025-2027, corresponding to PE ratios of 117.17, 72.24, and 51.17 respectively [3] - The company is well-prepared for future technology directions and product requirements in high-growth areas such as AI servers and GPU acceleration cards, maintaining close cooperation with industry leaders [3]

Group 1 - The PCB market is experiencing significant demand growth driven by the AI development wave, leading to a new round of capacity expansion in the industry [1][3] - Pengding Holdings (002938) reported a revenue of 26.855 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.34%, and a net profit of 2.407 billion yuan, up 21.23% [1] - The company plans to actively promote new capacity construction in Huai'an and Thailand, with capital expenditure reaching 4.972 billion yuan, an increase of nearly 3 billion yuan year-on-year [1] Group 2 - Defu Technology (301511) and Feiliwa (300395) have announced financing and expansion plans, with Defu planning to invest 1 billion yuan in special copper foil production [2] - Shenghong Technology (300476) is expanding its high-end product capacity, including HDI and multilayer boards, to maintain its leading position in the global PCB industry [2] - Dongshan Precision (002384) is enhancing high-end PCB capacity to meet long-term demand in high-speed computing servers and AI applications [2] Group 3 - The PCB industry is seeing a surge in demand for high-layer boards, HDI boards, and IC substrates, with a projected investment of 41.9 billion yuan from leading domestic PCB companies by 2025-2026 [3] - The industry is characterized by a return to an upward cycle, product high-endization, and factory establishment in Southeast Asia, which is expected to drive the demand for PCB equipment upgrades [3] Group 4 - The global PCB market size was 78.34 billion USD in 2023, a decrease of 4.2% year-on-year, but is expected to reach 96.8 billion USD by 2025 [4] - The Chinese PCB market size was 363.257 billion yuan in 2023, down 3.8% from the previous year, but is projected to recover to 433.321 billion yuan by 2025 [4] - Recent quarterly reports from over ten PCB-related listed companies, including Shengyi Electronics and Dazhu CNC, show significant performance increases due to rising market demand [4]

Core Viewpoint - Aspocomp Group Plc has executed a Directed Share Issue and established a new long-term financing arrangement to support growth and enhance its balance sheet [1][2]. Group 1: Directed Share Issue - The Directed Share Issue involves 673,682 shares, accounting for approximately 9.84% of all issued shares prior to the issue and about 8.96% post-issue [4]. - The subscription price for the shares is set at EUR 4.75, reflecting a discount of around 5% from the closing share price of EUR 5.00 on October 30, 2025 [5]. - The gross cash proceeds from the share issue are estimated to be approximately EUR 3.2 million before costs [5]. Group 2: Financing Arrangement - Aspocomp has secured long-term loans totaling EUR 5.5 million as part of a coordinated debt financing package with LähiTapiola and Nordea Bank Finland [2]. - The financing package includes secured senior debt instruments and is intended to complement existing financing agreements [2]. Group 3: Use of Proceeds - The funds raised from the Directed Share Issue will primarily be allocated to expanding the throughput capacity and production quality of the Oulu plant in Finland [9]. Group 4: Rationale for the Directed Share Issue - The Board of Directors assessed various financing options and concluded that the Directed Share Issue is the most favorable alternative for the company and its shareholders, considering the urgency of capital needs and business development [11]. - The Board determined that deviating from shareholders' pre-emptive rights was justified due to significant costs and uncertainties associated with other financing methods [11]. Group 5: Market Position and Growth - The CEO of Aspocomp stated that the company is entering a growth phase with strong market momentum, and the Directed Share Issue is crucial for increasing capacity and improving quality and availability [3].

Core Insights - Aspocomp Group Plc reported significant growth in net sales and a profitable operating result for the period of January-September 2025, driven primarily by strong demand in the semiconductor market and other key segments [1][5][18]. Group Performance Highlights - For July-September 2025, net sales reached EUR 8.8 million, a 39% increase from EUR 6.4 million in the same period last year [6][12]. - The operating result for the third quarter was EUR 0.3 million, an improvement of EUR 1.5 million compared to a loss of EUR 1.2 million in the previous year [6][16]. - Year-to-date net sales for January-September 2025 amounted to EUR 29.3 million, reflecting a 49% increase from EUR 19.7 million in the same period of 2024 [18][62]. Segment Performance - The semiconductor industry segment saw a remarkable 172% increase in net sales year-on-year, reaching EUR 4.1 million [12][18]. - The security, defense, and aerospace segment also performed well, with a 34% increase in net sales to EUR 2.2 million [13][19]. - Conversely, the automotive segment experienced a decline of 23% in net sales, totaling EUR 1.4 million, attributed to weak demand from end customers [13][19]. Orders and Backlog - Orders received in July-September 2025 decreased by 60% year-on-year, totaling EUR 5.7 million, down from EUR 14.1 million [7][23]. - The order book at the end of the review period was EUR 16.6 million, with EUR 10.2 million scheduled for delivery in 2025 and EUR 6.4 million for 2026 [7][22]. Financial Position - The equity ratio improved to 61.2%, up from 56.5% in the previous year, indicating a stronger financial position [7][29]. - Cash flow from operations for January-September 2025 was EUR 3.0 million, a significant improvement from a negative cash flow of EUR 4.4 million in the same period last year [27][68]. Future Outlook - Demand for Aspocomp's products is expected to remain solid in 2025, particularly in the semiconductor market, driven by investments in AI applications and data centers [4][5]. - The company anticipates continued growth in the security, defense, and aerospace segments, while addressing challenges in the automotive sector [4][9].

Financial Data and Key Metrics Changes - TTM Technologies reported net sales of $752.7 million for Q3 2025, a 22% increase year-on-year from $616.5 million in Q3 2024 [16] - The adjusted EBITDA margin was 16.1%, slightly down from 16.3% in the same quarter last year [9][21] - Non-GAAP EPS reached $0.67, compared to $0.55 in Q3 2024 [20][21] - Cash flows from operations were $141.8 million, or 18.8% of sales, bringing year-to-date cash flow to $229 million, or 10.7% of sales [9][21] Business Line Data and Key Metrics Changes - Aerospace and defense sales accounted for 45% of total sales, with a 20% year-on-year growth to $336.8 million [11][16] - Data center computing represented 23% of sales, growing 44% year-on-year, driven by demand for GenAI applications [12][13] - Medical, industrial, and instrumentation sales grew 22% year-on-year, representing 14% of total sales [13] - Automotive sales declined to 11% of total sales, primarily due to inventory adjustments [14] Market Data and Key Metrics Changes - Approximately 80% of total sales were related to aerospace and defense and AI-driven markets [8] - The book-to-bill ratio was 1.15 for Q3 2025, indicating strong order intake relative to shipments [15] - The 90-day backlog was $610.4 million, up from $534.5 million in Q3 2024 [14] Company Strategy and Development Direction - The company aims to move up the value chain into complex modules and subsystems for high-reliability markets [4][5] - TTM is focused on expanding its manufacturing capabilities in Penang and Syracuse, with plans for a second facility in Penang [10][11] - The strategic review is ongoing, with plans to be presented to the board for approval next month [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued demand strength across key markets, particularly in aerospace and defense and AI [9][10] - The company does not expect significant short-term impacts from tariffs due to its diversified supplier base [9] - Future sales growth is anticipated, particularly in the aerospace and defense sector, with a solid program backlog [12] Other Important Information - The company is participating in several upcoming conferences to engage with investors [23] - The effective tax rate for Q3 2025 was 15%, compared to 10.6% in the same quarter last year [19] Q&A Session Summary Question: Visibility in the data center market and capacity to meet demand - Management indicated visibility extends six to nine months and capacity is well balanced between North America and Asia [25][26] Question: Margin headwinds in Penang - The impact on margins was about 195 basis points in Q3, expected to be around 160 basis points in Q4 [27][30] Question: PCB manufacturing capacity share globally - TTM is the number one player in the U.S. and ranks about six or seven globally, with a strong position in the data center segment [35][36] Question: Background of the new CEO and future metrics - The new CEO emphasized growth, maintaining healthy gross margins, and strong cash generation as key metrics for the company [40][44]

Summary of Victory Giant Tech (300476.SZ) Investor Call Company Overview - **Company**: Victory Giant Tech (VGT) - **Industry**: PCB (Printed Circuit Board) manufacturing - **Market Cap**: Rmb284,604 million (approximately US$40,026 million) [4] Key Takeaways from the Investor Call 1. **3Q25 Net Profit Decline**: The company reported a quarter-over-quarter (QoQ) decline in net profit due to a 1-2 week product transition impact, increased staff costs, and rising R&D expenses [1][2] 2. **Capacity Buildup Progress**: - Capacity expansion in Huizhou, Thailand, and Vietnam is on track. - The MSAP factory has ramped up production since June, adding 2,000-3,000 headcount. - Production on the 1-3rd floors of the MSAP factory started in late June, with the 4-5th floors expected to begin in November and the 6th floor by December [2][3] - The Drilling Center is set to start production in November, while the CNC Center will begin construction soon, with production expected in 2026 [2] - The Thailand A1 factory has all equipment installed and will start producing testing boards, with the A2 factory set to begin production in February 2026 [2] - Vietnam Phase 1 factory is expected to start production in mid-2026 [2] 3. **Customer Relationships and Revenue Growth**: - VGT produces quick turn PCBs for its largest customer, which could help reduce the customer's time from quick turn to mass production by 6 months, solidifying VGT's market position [3] - Management is optimistic about revenue and profit growth alongside the ramp-up of new GPU products, with other AI customers expected to contribute significantly in 2026 [3] 4. **Market Demand and Future Outlook**: - PCB is projected to account for 8-10% of AI server/rack BOM, up from 5%, driven by technology and material upgrades. - Current demand is reported to be significantly stronger than three months ago, with optimism for growth over the next 2-3 years [3] Financial Projections - **Target Price**: Rmb407, unchanged, based on a 30x 2026E P/E ratio [1][7] - **Net Profit Forecasts**: - 2025 net profit revised down by 5% to Rmb4,842 million. - 2026 and 2027 net profit estimates remain broadly unchanged at Rmb11,697 million and Rmb19,496 million, respectively [7][8] - **Earnings Summary**: - 2023A: Net Profit Rmb671 million, EPS Rmb0.778 - 2024A: Net Profit Rmb1,154 million, EPS Rmb1.338 - 2025E: Net Profit Rmb4,842 million, EPS Rmb5.613 - 2026E: Net Profit Rmb11,697 million, EPS Rmb13.558 - 2027E: Net Profit Rmb19,496 million, EPS Rmb22.600 [5] Risks and Challenges - Potential risks include: - Less-than-expected share allocation in GenAI-related PCBs due to yield issues. - Pricing and competition pressures in the automotive supply chain. - CSP capex reductions and weak economic conditions affecting demand. - Increasing material costs and geopolitical risks between the US and China [19] Conclusion - Victory Giant Tech is positioned for growth with ongoing capacity expansions and strong customer relationships, particularly in the AI sector. However, the company faces challenges that could impact its financial performance in the coming years. The target price remains optimistic, reflecting confidence in the company's long-term prospects.