Forwarded from Semiconductor X Signal
[반도체] PCB 밸류체인 개요 공유
■ 요약 번역
PCB 제조 밸류체인과 관련 종목 티커를 정리한 개요를 좋게 평가한다는 글이다.
https://t.co/zS9SkOxPTP https://t.co/kpjog7BaTg
■ 양파 관점 · AI
투자 관련성이 제한적이다.
원문: @glocalinvestor · 게시글 링크
■ 요약 번역
PCB 제조 밸류체인과 관련 종목 티커를 정리한 개요를 좋게 평가한다는 글이다.
https://t.co/zS9SkOxPTP https://t.co/kpjog7BaTg
■ 양파 관점 · AI
투자 관련성이 제한적이다.
원문: @glocalinvestor · 게시글 링크
VC DEALS
Denver-based Crusoe, an AI infrastructure provider, raised a $3.9 billion Series F at a $30.9 billion valuation led by Atreides Management, Mubadala Capital and Valor Equity Partners.
Angle Health, a San Francisco-based provider of AI-driven health benefits for small businesses, raised $600 million at a $2.7 billion valuation led by Vitruvian Partners, which included a $200 million Series C and a $400 million tender offer.
Nex, the San Jose-based maker of the Nex Playground game console, raised more than $150 million in equity and debt, which included a Series E led by Baillie Gifford and BAI Capital and a credit facility from JPMorgan.
Penelope Health, a developer of healthcare intelligence software, received a $100 million funding commitment led by Thoreau, a healthcare infrastructure investment platform.
UK-based payments startup Ryft raised a £20 million Series B led by Gresham House.
Magentic, a London-based provider of AI for large industrial companies, raised an $18 million Series A led by Felicis.
Tusk IC, a Belgium-based designer of chips for satellite antennas, raised €15 million in a round led by Matterwave Ventures, Forward.one and PMV.
Arcos, a Munich-based startup that builds and operates civil security infrastructure, raised a €5.5 million seed round led by High-Tech Gründerfonds.
PE DEALS
Shareholders of London-listed DCC Energy approved a takeover deal from KKR and Energy Capital Partners that values the company at £5.7 billion.
EQT acquired a 32-building portfolio across Southern California from Rexford Industrial Realty.
EXITS
Westinghouse Electric is seeking a valuation of over $50 billion for its US IPO, Bloomberg reported. The company is jointly owned by Brookfield Renewable Partners and Cameco.
London-based AI infrastructure provider Nscale, which is backed by Nvidia, filed for a US IPO and is targeting a $35 billion valuation, the Financial Times reported.
London-based neobank Revolut is exploring a dual listing in London and New York, the Financial Times reported.
The Gunawan family and EQT are considering a sale of Indesso Aroma, an Indonesia-based food and fragrance ingredients manufacturer, at a $1 billion valuation, Bloomberg reported.
OrbiMed-backed Electra Therapeutics, which specializes in immunology drugs, raised $350 million in its US IPO.
Temasek-backed PSA International is considering selling its minority stake in operations at Mumbai-based Jawaharlal Nehru Port, Bloomberg reported.
Prudential Financial agreed to sell its roughly 34% stake of Alexforbes, South Africa’s largest standalone retirement-fund administrator, for about 2.6 billion rand ($185 million) to African Rainbow Capital, the vehicle of billionaire Patrice Motsepe. The deal will be done via a company buyback plus a direct sale.
FUNDRAISING
01 Advisors is raising $395 million for its fourth flagship fund, according to SEC documents.
Denver-based Crusoe, an AI infrastructure provider, raised a $3.9 billion Series F at a $30.9 billion valuation led by Atreides Management, Mubadala Capital and Valor Equity Partners.
Angle Health, a San Francisco-based provider of AI-driven health benefits for small businesses, raised $600 million at a $2.7 billion valuation led by Vitruvian Partners, which included a $200 million Series C and a $400 million tender offer.
Nex, the San Jose-based maker of the Nex Playground game console, raised more than $150 million in equity and debt, which included a Series E led by Baillie Gifford and BAI Capital and a credit facility from JPMorgan.
Penelope Health, a developer of healthcare intelligence software, received a $100 million funding commitment led by Thoreau, a healthcare infrastructure investment platform.
UK-based payments startup Ryft raised a £20 million Series B led by Gresham House.
Magentic, a London-based provider of AI for large industrial companies, raised an $18 million Series A led by Felicis.
Tusk IC, a Belgium-based designer of chips for satellite antennas, raised €15 million in a round led by Matterwave Ventures, Forward.one and PMV.
Arcos, a Munich-based startup that builds and operates civil security infrastructure, raised a €5.5 million seed round led by High-Tech Gründerfonds.
PE DEALS
Shareholders of London-listed DCC Energy approved a takeover deal from KKR and Energy Capital Partners that values the company at £5.7 billion.
EQT acquired a 32-building portfolio across Southern California from Rexford Industrial Realty.
EXITS
Westinghouse Electric is seeking a valuation of over $50 billion for its US IPO, Bloomberg reported. The company is jointly owned by Brookfield Renewable Partners and Cameco.
London-based AI infrastructure provider Nscale, which is backed by Nvidia, filed for a US IPO and is targeting a $35 billion valuation, the Financial Times reported.
London-based neobank Revolut is exploring a dual listing in London and New York, the Financial Times reported.
The Gunawan family and EQT are considering a sale of Indesso Aroma, an Indonesia-based food and fragrance ingredients manufacturer, at a $1 billion valuation, Bloomberg reported.
OrbiMed-backed Electra Therapeutics, which specializes in immunology drugs, raised $350 million in its US IPO.
Temasek-backed PSA International is considering selling its minority stake in operations at Mumbai-based Jawaharlal Nehru Port, Bloomberg reported.
Prudential Financial agreed to sell its roughly 34% stake of Alexforbes, South Africa’s largest standalone retirement-fund administrator, for about 2.6 billion rand ($185 million) to African Rainbow Capital, the vehicle of billionaire Patrice Motsepe. The deal will be done via a company buyback plus a direct sale.
FUNDRAISING
01 Advisors is raising $395 million for its fourth flagship fund, according to SEC documents.
Forwarded from Market News Feed
SOUTH KOREA NEGOTIATING WITH US ON 5-10% STAKE INVESTMENT IN WESTINGHOUSE: YONHAP ...
Forwarded from Market News Feed
SOUTH KOREA PURSUES NUCLEAR POWER PLANT, ALASKA LNG PROJECT FOR US INVESTMENT: MEDIA ...
Forwarded from 인베스트조선 뉴스 채널
'6%도 나오겠네' 발행어음 후발주자 금리 경쟁...역마진은 '걱정' https://www.investchosun.com/site/data/html_dir/2026/09/22/2026092280133.html
Investchosun
'6%도 나오겠네' 발행어음 후발주자 금리 경쟁...역마진은 '걱정'
Forwarded from 여의도스토리 Ver2.0-习近平是个狗东西
[SK증권 미래산업/미드스몰캡] Analyst 허선재/02-3773-8197
▶️티로보틱스 (117730/KQ) / Not Rated
★실적 턴어라운드 + 휴머노이드 사업 시작
[진공로봇·AMR 기반의 산업용 로봇 전문기업]
- 동사의 주가는 26년 1월 고점 31,700원 대비 58% 하락. 주요 하락 요인은 ①북미 EV 배터리 및 디스플레이 투자 둔화에 따른 25년 실적 부진(매출액 -27.8% YoY, 영업손실 119억원)과 1H26 적자 확대 ②로봇 업종 내 휴머노이드 밸류체인 수급 쏠림에 따른 상대적 소외(1H26 기준 진공로봇·AMR 매출 비중 93%)에 기인
- 지금 티로보틱스에 주목할 만한 이유는 ①진공로봇 출하 회복과 ESS향 신규 매출에 따른 3Q26 흑자전환(6분기 만의 영업흑자)이 예상되며 ②정부 다크팩토리 실증사업(KAIROS) 참여를 통해 자체 개발한 산업형 휴머노이드의 상용화가 기대되기 때문
[기존 사업 회복 + 휴머노이드 신사업 가시화]
I. 기존 사업 회복
- ①진공로봇: 1H26(142억원)은 고객사 투자 공백으로 부진했으나, 3Q26부터 중화권 패널업체(BOE·Visionox 등)향 출하가 급증하며 26년 연간 매출은 약 424억원(+25.8% YoY)으로 23~25년 평균 300억원대를 크게 상회할 전망
- ②ESS향 AMR: 23~25년 SK온·포드 합작 배터리 공장(EV)에 AMR 약 600대를 공급한 레퍼런스를 기반으로, 26년 포드 에너지(ESS)로 고객사를 확대. 26년 AMR 매출액은 98억원(+133.3% YoY)으로 성장할 전망
II. 휴머노이드 신사업
- 동사는 과기정통부 지원의 피지컬 AI 다크팩토리 실증 플랫폼 'KAIROS'에서 자체 개발한 산업형 휴머노이드 ‘TR-WORKS’의 현장 테스트를 진행 중이며, 27년부터 공급이 시작될 전망
- 동사의 휴머노이드는 AMR 플랫폼에 진공로봇 기술 기반 상체를 결합한 제품으로, 공정 간 물류 이송·적재에 특화
- KAIROS 실증을 계기로 동사는 전북 AX 사업(1조원) > 새만금 피지컬 AI 클러스터(9조원)로 이어지는 공급 확대가 이뤄질 것으로 기대
[3Q26 흑자전환, 27년 영업이익 71억원 전망]
- 26년 연결 실적은 매출액 621억원(+41.8% YoY)과 영업손실 2억원(적자축소)으로 전망되며, 분기 기준으로는 3Q26 영업이익 17억원으로 6분기 만의 흑자전환이 예상
- 내년부터는 ①포드 에너지향 추가 수주 및 신규 ESS 고객사 확보 ②정부 주도 사업향 휴머노이드 공급 시작 ③에이아이로보틱스의 고객사 확대에 따른 외형 성장 등에 따라, 27년 매출액 983억원(+58.1% YoY)과 영업이익 71억원(흑자전환, OPM 7.2%)을 기록할 전망
▶️보고서 원문: https://buly.kr/jcB4LB
▶️ SK증권 미드스몰캡 텔레그램 채널: https://t.iss.one/sk_smallcap
▶️ SK증권 리서치센터 텔레그램 채널: https://t.iss.one/sksresearch
※당사는 컴플라이언스 등록된 자료에 대해서만 제공 가능하며 본 자료는 컴플라이언스 등록된 자료입니다.
▶️티로보틱스 (117730/KQ) / Not Rated
★실적 턴어라운드 + 휴머노이드 사업 시작
[진공로봇·AMR 기반의 산업용 로봇 전문기업]
- 동사의 주가는 26년 1월 고점 31,700원 대비 58% 하락. 주요 하락 요인은 ①북미 EV 배터리 및 디스플레이 투자 둔화에 따른 25년 실적 부진(매출액 -27.8% YoY, 영업손실 119억원)과 1H26 적자 확대 ②로봇 업종 내 휴머노이드 밸류체인 수급 쏠림에 따른 상대적 소외(1H26 기준 진공로봇·AMR 매출 비중 93%)에 기인
- 지금 티로보틱스에 주목할 만한 이유는 ①진공로봇 출하 회복과 ESS향 신규 매출에 따른 3Q26 흑자전환(6분기 만의 영업흑자)이 예상되며 ②정부 다크팩토리 실증사업(KAIROS) 참여를 통해 자체 개발한 산업형 휴머노이드의 상용화가 기대되기 때문
[기존 사업 회복 + 휴머노이드 신사업 가시화]
I. 기존 사업 회복
- ①진공로봇: 1H26(142억원)은 고객사 투자 공백으로 부진했으나, 3Q26부터 중화권 패널업체(BOE·Visionox 등)향 출하가 급증하며 26년 연간 매출은 약 424억원(+25.8% YoY)으로 23~25년 평균 300억원대를 크게 상회할 전망
- ②ESS향 AMR: 23~25년 SK온·포드 합작 배터리 공장(EV)에 AMR 약 600대를 공급한 레퍼런스를 기반으로, 26년 포드 에너지(ESS)로 고객사를 확대. 26년 AMR 매출액은 98억원(+133.3% YoY)으로 성장할 전망
II. 휴머노이드 신사업
- 동사는 과기정통부 지원의 피지컬 AI 다크팩토리 실증 플랫폼 'KAIROS'에서 자체 개발한 산업형 휴머노이드 ‘TR-WORKS’의 현장 테스트를 진행 중이며, 27년부터 공급이 시작될 전망
- 동사의 휴머노이드는 AMR 플랫폼에 진공로봇 기술 기반 상체를 결합한 제품으로, 공정 간 물류 이송·적재에 특화
- KAIROS 실증을 계기로 동사는 전북 AX 사업(1조원) > 새만금 피지컬 AI 클러스터(9조원)로 이어지는 공급 확대가 이뤄질 것으로 기대
[3Q26 흑자전환, 27년 영업이익 71억원 전망]
- 26년 연결 실적은 매출액 621억원(+41.8% YoY)과 영업손실 2억원(적자축소)으로 전망되며, 분기 기준으로는 3Q26 영업이익 17억원으로 6분기 만의 흑자전환이 예상
- 내년부터는 ①포드 에너지향 추가 수주 및 신규 ESS 고객사 확보 ②정부 주도 사업향 휴머노이드 공급 시작 ③에이아이로보틱스의 고객사 확대에 따른 외형 성장 등에 따라, 27년 매출액 983억원(+58.1% YoY)과 영업이익 71억원(흑자전환, OPM 7.2%)을 기록할 전망
▶️보고서 원문: https://buly.kr/jcB4LB
▶️ SK증권 미드스몰캡 텔레그램 채널: https://t.iss.one/sk_smallcap
▶️ SK증권 리서치센터 텔레그램 채널: https://t.iss.one/sksresearch
※당사는 컴플라이언스 등록된 자료에 대해서만 제공 가능하며 본 자료는 컴플라이언스 등록된 자료입니다.
Forwarded from Market News Feed
MORGAN STANLEY ACCIDENTALLY LEAKS 100+ DEAL PIPELINE
A MORGAN STANLEY EMPLOYEE MISTAKENLY EMAILED AN INTERNAL DOCUMENT DETAILING MORE THAN 100 INVESTMENT-BANKING DEALS BEING PITCHED OR MONITORED ACROSS ASIA AND OTHER REGIONS.
THE LIST REPORTEDLY INCLUDED POTENTIAL IPOS, PRIVATE-EQUITY BACKERS, PENSION FUNDS AND PAUSED PROJECTS.
MORGAN STANLEY SAID IT PROMPTLY ADDRESSED THE INADVERTENT DISCLOSURE AND IS ENGAGING WITH RELEVANT PARTIES. ...
A MORGAN STANLEY EMPLOYEE MISTAKENLY EMAILED AN INTERNAL DOCUMENT DETAILING MORE THAN 100 INVESTMENT-BANKING DEALS BEING PITCHED OR MONITORED ACROSS ASIA AND OTHER REGIONS.
THE LIST REPORTEDLY INCLUDED POTENTIAL IPOS, PRIVATE-EQUITY BACKERS, PENSION FUNDS AND PAUSED PROJECTS.
MORGAN STANLEY SAID IT PROMPTLY ADDRESSED THE INADVERTENT DISCLOSURE AND IS ENGAGING WITH RELEVANT PARTIES. ...
VC DEALS
Mirendil, a startup developing self-improving AI models launched by former Anthropic researchers, is in talks to raise up to $1 billion in a round led by Kleiner Perkins at a $5 billion valuation, Bloomberg reported.
Cyera, the developer of an enterprise AI governance and security platform, raised a $400 million Series G extension from Growth Equity at Goldman Sachs Alternatives.
Heidi, which develops a clinical AI platform for healthcare, secured a $100 million Series C led by Blackbird at a $900 million valuation, and a $240 million growth investment led by General Catalyst’s Customer Value Fund.
Finland-based cloud infrastructure startup Verda received a $189 million round led by Emergence Capital at a valuation of over $1 billion.
HighLife SAS, a Paris-based structural heart disease medtech company, raised a $90 million round co-led by Andera Partners, Sofinnova Partners, Supernova Invest and Mérieux Equity Partners.
Go.AI, a provider of AI infrastructure for regulated industries, raised an $85 million Series A led by Updata Partners.
Firecrawl, a developer of an AI data extraction tool, raised a $75 million Series B led by Smash Capital.
Confido, the developer of an AI operations platform for the consumer packaged goods industry, raised a $55 million Series B led by Insight Partners.
Identity and risk management startup Baselayer secured a $35 million Series A led by M13.
Paris-based Biolevate, a developer of a life sciences AI automation platform, secured a €30 million Series A led by RAISE France and Orange Ventures.
Chamelio, the developer of a platform for in-house legal teams, raised a $26 million Series A led by Entrée Capital.
Teal Health, a startup providing a self-collection device for HPV cervical cancer screening, raised a $22 million Series A led by .406 Ventures.
Sela, the developer of a voice AI tool for mortgage sales, secured $21 million across its seed and Series A led by Costanoa.
Spott, a Belgian operator of an AI-native recruitment platform, raised $21 million in a Series A led by Balderton Capital.
Fintech Atum, which specializes in global payments, emerged from stealth with $13.5 million from investors including Variant, PayPal Ventures and Abstract Ventures.
PE DEALS
Clayton, Dubilier & Rice and Warburg Pincus are in talks to acquire Canaccord Wealth, the UK-based wealth unit of Canaccord Genuity, which could be valued at over £1 billion, Reuters reported.
Hg acquired EnterSoftone in a deal that values the ERP and business software provider at €1 billion.
Melbourne-based IDP Education, which co-administers IELTS language tests, rejected Blackstone‘s A$694.7 million ($493.93 million) takeover bid.
Sixth Street Partners is considering renewing a bid to acquire Nasdaq-listed life insurance company Brighthouse Financial, Bloomberg reported.
Hg formed a strategic venture with Anthropic to deploy Claude agentic AI across its portfolio.
XRG, an infrastructure firm owned by Abu Dhabi National Oil Company, is considering acquiring a stake in the LNG Canada natural gas project, Bloomberg reported.
Verdane partnered with Xpansiv to lead a major capital raise for the New York-based energy transition infrastructure provider.
KKR and Mirastar, the pan-European logistics developer, investor and asset manager, completed the acquisition of a portfolio of eight UK logistics assets from Ares Management.
LDC-backed communications consultancy Headland acquired Shearwater, a Brussels-based strategic political and regulatory advisory firm.
Stonepeak invested in AMPYR Distributed Energy, a London-based operator of an infrastructure platform.
Main Capital Partners acquired Qbees, a German provider of managed IT services and software solutions for the financial sector.
Butterfly Equity agreed to acquire food packaging company Sabert.
Odyssey Investment Partners made a majority investment in Falcon Gases, a packaged gas company, which also acquired Encore Gas & Supply.
EXITS
BlackRock and Capital Group are buying into the IPO of Philippines-based Mynt, which operates payments platform GCash and is expected to raise about 60 billion pesos ($957 million) in the listing, Bloomberg reported.
Primavera Investment Fund-backed Ligent Technologies, which develops AI infrastructure hardware, raised HK$5.7 billion ($727 million) in its Hong Kong IPO.
Olympus Partners-backed infrastructure products company Accelevation is seeking to raise up to $720 million in its US IPO.
Coatue-backed biotech Iambic Therapeutics, which uses AI to develop early-stage cancer treatments, filed for an IPO.
Abu Dhabi Investment Authority is in talks to sell its 50% stake in the Hyatt Regency in Hong Kong, Bloomberg reported.
FUNDRAISING
Sundance Growth closed its second fund on $250 million.
INVESTORS
Andreessen Horowitz launched The Horowitz Andreessen Academy, a full-time post-secondary school in San Francisco.
Goldman Sachs is in talks to acquire credit manager Palmer Square Capital Management, Bloomberg reported.
Mirendil, a startup developing self-improving AI models launched by former Anthropic researchers, is in talks to raise up to $1 billion in a round led by Kleiner Perkins at a $5 billion valuation, Bloomberg reported.
Cyera, the developer of an enterprise AI governance and security platform, raised a $400 million Series G extension from Growth Equity at Goldman Sachs Alternatives.
Heidi, which develops a clinical AI platform for healthcare, secured a $100 million Series C led by Blackbird at a $900 million valuation, and a $240 million growth investment led by General Catalyst’s Customer Value Fund.
Finland-based cloud infrastructure startup Verda received a $189 million round led by Emergence Capital at a valuation of over $1 billion.
HighLife SAS, a Paris-based structural heart disease medtech company, raised a $90 million round co-led by Andera Partners, Sofinnova Partners, Supernova Invest and Mérieux Equity Partners.
Go.AI, a provider of AI infrastructure for regulated industries, raised an $85 million Series A led by Updata Partners.
Firecrawl, a developer of an AI data extraction tool, raised a $75 million Series B led by Smash Capital.
Confido, the developer of an AI operations platform for the consumer packaged goods industry, raised a $55 million Series B led by Insight Partners.
Identity and risk management startup Baselayer secured a $35 million Series A led by M13.
Paris-based Biolevate, a developer of a life sciences AI automation platform, secured a €30 million Series A led by RAISE France and Orange Ventures.
Chamelio, the developer of a platform for in-house legal teams, raised a $26 million Series A led by Entrée Capital.
Teal Health, a startup providing a self-collection device for HPV cervical cancer screening, raised a $22 million Series A led by .406 Ventures.
Sela, the developer of a voice AI tool for mortgage sales, secured $21 million across its seed and Series A led by Costanoa.
Spott, a Belgian operator of an AI-native recruitment platform, raised $21 million in a Series A led by Balderton Capital.
Fintech Atum, which specializes in global payments, emerged from stealth with $13.5 million from investors including Variant, PayPal Ventures and Abstract Ventures.
PE DEALS
Clayton, Dubilier & Rice and Warburg Pincus are in talks to acquire Canaccord Wealth, the UK-based wealth unit of Canaccord Genuity, which could be valued at over £1 billion, Reuters reported.
Hg acquired EnterSoftone in a deal that values the ERP and business software provider at €1 billion.
Melbourne-based IDP Education, which co-administers IELTS language tests, rejected Blackstone‘s A$694.7 million ($493.93 million) takeover bid.
Sixth Street Partners is considering renewing a bid to acquire Nasdaq-listed life insurance company Brighthouse Financial, Bloomberg reported.
Hg formed a strategic venture with Anthropic to deploy Claude agentic AI across its portfolio.
XRG, an infrastructure firm owned by Abu Dhabi National Oil Company, is considering acquiring a stake in the LNG Canada natural gas project, Bloomberg reported.
Verdane partnered with Xpansiv to lead a major capital raise for the New York-based energy transition infrastructure provider.
KKR and Mirastar, the pan-European logistics developer, investor and asset manager, completed the acquisition of a portfolio of eight UK logistics assets from Ares Management.
LDC-backed communications consultancy Headland acquired Shearwater, a Brussels-based strategic political and regulatory advisory firm.
Stonepeak invested in AMPYR Distributed Energy, a London-based operator of an infrastructure platform.
Main Capital Partners acquired Qbees, a German provider of managed IT services and software solutions for the financial sector.
Butterfly Equity agreed to acquire food packaging company Sabert.
Odyssey Investment Partners made a majority investment in Falcon Gases, a packaged gas company, which also acquired Encore Gas & Supply.
EXITS
BlackRock and Capital Group are buying into the IPO of Philippines-based Mynt, which operates payments platform GCash and is expected to raise about 60 billion pesos ($957 million) in the listing, Bloomberg reported.
Primavera Investment Fund-backed Ligent Technologies, which develops AI infrastructure hardware, raised HK$5.7 billion ($727 million) in its Hong Kong IPO.
Olympus Partners-backed infrastructure products company Accelevation is seeking to raise up to $720 million in its US IPO.
Coatue-backed biotech Iambic Therapeutics, which uses AI to develop early-stage cancer treatments, filed for an IPO.
Abu Dhabi Investment Authority is in talks to sell its 50% stake in the Hyatt Regency in Hong Kong, Bloomberg reported.
FUNDRAISING
Sundance Growth closed its second fund on $250 million.
INVESTORS
Andreessen Horowitz launched The Horowitz Andreessen Academy, a full-time post-secondary school in San Francisco.
Goldman Sachs is in talks to acquire credit manager Palmer Square Capital Management, Bloomberg reported.