APAC Roundup

Tekscend, JCU, Bloom Energy, Wasion, Fujibo, Union Tool

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We are posting these updates more frequently as December is expected to be a quiet month for useful fieldwork.

Asia generally weaker, led by Japan weighed down by US Fed and Oracle earnings.

Two Japanese outliers below.

Tekscend Photomask +3.33%

Up in sympathy with Photronics?

Incidentally Tekscend was one of the construction sites we visited in November when we were looking for CTR Holdings projects. They are repurposing an existing facility, and it will be the only photomask factory in Singapore.

I believe the main contractor is Boustead.

JCU Corporation +2.57%

High of 5,500 yen before closing at 5,180 yen.

JCU Corporation was briefly the sixth name in our Japanese DC basket but we have taken profits.

Remarkably, Davy’s post catapulted him to #2 on the new best seller list, behind Michael Burry.

This speaks to the amount of interest in the data center value chain theme. Davy has graciously credited us as inspiration for digging into this space.

This newsletter is now at 168 paid subscribers, with close to a 20% conversion rate. Thank you all for supporting the work! We have been juicing the conversion rate with some experimental engagement with the audience, such as running a reverse dutch auction for certain countries.

Bloom Energy in Singapore

We hope to deliver more of the usual field work in January. A new lead we have picked up on is some Bloom Energy business development in Singapore, perhaps eyeing the 700MW of clean power needed on Jurong Island.

If you’d like to follow us pulling on that thread, lock in the 2025 subscription rate today.

FWIW, when I asked Gemini Deep Research today for its No.1 differentiated DC idea for 2026, Bloom Energy came in at No. 2.

Updates on Wasion, Fujibo and Union Tool below…