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Sunday, November 8, 2026

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@StableBread

Fajasy on X

The Tokyo Stock Exchange (TSE) delisted TOYO Co., Ltd’s $TOYO parent on September 26, partly over “deference” to the former chairman who still controls 59.8% of $TOYO. $TOYO’s governance traces back to Junsei Ryu, its Chairman and CEO until March 2026, who controlled 66.9% of $TOYO’s vote before the June offering, or 59.8% of today’s 42.7M shares by my count. He was also Representative Director, Chairman and CEO of Abalance until he gave up his representative role in March 2026. $TOYO’s 20-F calls Abalance its controlling shareholder and says Abalance’s board or president must approve $TOYO’s significant transactions, including investments above 5% of $TOYO’s total assets. As of June 30, that bar was $26.9M, which the $357M HJT cell plant $TOYO plans in Texas clears more than 13 times over. Abalance’s problems came to a head in 2026: → January 2026: The TSE fined Abalance ¥43.2M and, on January 31, designated its shares a “Security on Special Alert” over group governance and related-party controls. → July 31, 2026: The TSE moved Abalance to “Security Under Supervision.” → August 19, 2026: Abalance’s FY3/2026 results carried a going-concern warning, and its auditor disclaimed an opinion on its annual report. → September 26, 2026: The TSE delisted Abalance. The TSE’s stated reasons for the delisting say Abalance’s improvement plan didn’t address why its officers and employees stopped exercising independent judgment, which the exchange traced to “deference to the former Representative Director, Chairman and CEO and reluctance to challenge him.” That executive is Ryu, who held the title until March. The exchange also cited missing group-wide controls over deals where Abalance companies sold materials to outside processors and then bought the processed goods back. Put simply, some of Abalance’s overseas subsidiaries sold polysilicon to wafer makers and bought it back as wafers, and Abalance had to correct how it accounted for those deals in its FY3/2026 results. Abalance didn’t name those subsidiaries. $TOYO, for its part, buys polysilicon and gets its wafers from a “designated facility in Indonesia,” and neither company has said whether any of $TOYO’s transactions were among those corrected. So buying $TOYO means trusting Ryu, whose 59.8% stake outvotes all other holders combined, and a delisted parent with a going-concern warning to treat outside holders fairly.
@aleabitoreddit

Serenity on X

To my knowledge, $CRDO doesn't have in-house CW DFB laser manufacturing capabilities, so not quite... Dustphotonics integrates external CW lasers so Credo is another potential $MRVL for the need to M&A laser companies. They did another with Hyperlume earlier but that was for microLEDs, not CW. Lot of industry channel checks like Largan cast a lot of doubts over that microLED commercialization for CPO (not every short reach application).

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Post Q3 EVC Update

EVC's Q3 update cites $30 million for a single station, a broadcast-business sale and stronger positioning for 2027.

EVC $832M
Nat Stewart - Stock Picking Newsletter 23 clicks
TNLIF · long

Trainline PLC

Trainline’s buyback and high free-cash-flow yield support a long thesis.

TNLIF $903M
Value Investors Club 1 click

Entravision Q3 Update

Entravision’s Q3 ad-tech revenue reached $177.2 million, up 133% year over year, while total revenue rose 88% to $226.3 million and diluted…

EVC $832M
The Value Road 4 clicks

Axon 3Q26 Business Update

Axon cut full-year guidance after delayed federal Dedrone contracts slowed 3Q revenue growth to 28%, while software and services grew 43%.

AXON $31B
Speedwell Memos 3 clicks

AMD Q3 FY26, Annotated

AMD's Q3 revenue rose 45% to $13.4 billion as data center reached $8.5 billion, 64% of sales, driven by EPYC and Instinct ramps.

AMD $660B
Chipstrat 2 clicks

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