Deep Intelligence Across Industries

Company Headquarters: China Founded: 1984 Workforce: ~5,000 Company Working: Dawning Information Industry Co., Ltd. (Sugon for short) is a national enterprise established on the basis of the scientific research and achievements of the National High Technology Research and Development Program. Sugon’s major business lines include research, development, and manufacturing of high-performance computers, generic application servers, and storage products. Sugon also provides services such as software development, system integration, and technical services applied to highperformance computers. Sugon is a leading enterprise in the domestic, high-performance computer field and the largest highperformance computer manufacturer in Asia.

Company Headquarters: Hong Kong Founded: 2003 Workforce: ~10,000 Company Working: Inspur, Inc. engages in software development and the provision of outsourced software services. It operates through the segments of IT peripherals and software, software development, and software services. Inspur, Inc. offers products for servers, storage, artificial intelligence, and high-performance computing applications. Its software offerings include enterprise cloud solutions, public cloud solutions, SAP HANA solutions, InCloud Sphere, Inspur Azure Stack HCI solutions. The company also offers industry solutions for e-governance, smart cities, e-taxation, media cloud, intelligent grain solutions, and public security solutions. Inspur, Inc. also offers services such as software outsourcing, IT hardware, and software design and consulting. The company operates in China and the United States.

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Company Headquarters: Boston, Massachusetts, US Founded: 1985 Workforce: ~ 6110 Company Overview: PTC offers software solutions and services globally, enabling its customers to transform digitally by helping them design, manufacture, operate, and service better products. The company has two operating and reportable segments—Software Products and Professional Services. The company’s IoT products and solutions enable enterprises to increase productivity, improve factory and plant efficiency, reduce operational risk, and achieve better system interoperability. It offers industrial AR solutions which are designed to increase efficiency and technical proficiency of skilled workers in manufacturing and service settings. The company also offers computer-aided design (CAD) and product lifecycle management (PLM) solutions. The company has over 1,150 technology and service partners with over 300,000 developers in its global ecosystem. The company offers solutions for a wide range of industry verticals including aerospace & defense, automotive, electronics, life sciences, manufacturing, oil & gas, and retail & consumer. Its strategic partners include Rockwell Automation, Microsoft Corporation, and ANSYS among others. PTC is a publicly owned company with offices in over 30 countries across the globe. The company’s expertise lies in product development solutions, product lifecycle management, quality management, regulatory compliance, computer-aided design, Internet of Things, application lifecycle management, service lifecycle management, supply chain management, and augmented reality.

Company Headquarters: US Founded: 1984 Workforce: ~5000 Company Working: BENTLEY SYSTEMS, INCORPORATED is a software development company. The company is one of the oldest operating in the 3D Reconstruction Technology Market, with years of experience in the field. It provides designing software and 3D Reconstruction Technology solutions for major infrastructure projects worldwide, including airports, skyscrapers, roadways, bridges, and industrial and power plants. The company provides software that is tailored according to the need of clients. It operates globally and employs more than 5000 employees globally.

Company Headquarters: UK Founded: 1967 Workforce: ~6,500 Company Working: AVEVA Group PLC (AVEVA) is engaged in providing industrial engineering software solutions for the process plant, power, and marine industries. It offers asset performance management, engineering, procure and construct, operate and optimize, and monitor and control solutions. It also offers products for different technologies, including industrial Internet of things (IIoT), cloud, edge, advanced 3D visualization, and artificial intelligence. The asset performance management (APM) software portfolio addresses the challenges faced by industries related to artificial intelligence, industrial big data, cloud, digital twin, and augmented reality. The company's SCADA, HMI, and control solutions are used to segregate raw information into valuable insights that reveal new opportunities. AVEVA Connect is a unified industrial software platform that provides AVEVA E3D, Asset Visualization (NET) AVEVA ERM, AVEVA LFM, AVEVA NET, PRO/II Process Engineering AVEVA ProCon, Dynamic Simulation (DYNSIM), and cloud-based sandbox. The company offers its software solutions to various industries, including oil and gas, power, and utility, marine, paper and pulp, chemical, infrastructure, life sciences, food and beverages, steel fabrication, waste and wastewater, and mining.

Company Headquarters: US Founded: 1981 Workforce: ~5000 Company Working: Aspen Technology is a provider of software services for the manufacturing and process engineering sectors. It serves various industries such as chemical, pharmaceutical, polymer, consumer packaged goods, power, engineering, procurement and construction, transportation, metal & mining, pulp & paper, and waste-water management. The company operates through two segments, subscription & software, and services & other. The company’s asset performance management software falls under subscription & software segment. The asset performance management products offered are Aspen Mtell, Aspen Fidelis Reliability, Aspen ProMV, Aspen Column Analytics, Aspen Root Cause Analytics, Aspen Cloud Connect, and Aspen Edge Connect. Aspen Technology operates in the Americas, Canada, Europe, Asia-Pacific, and the Middle East.

Company Headquarters: US Founded: 1967 Workforce: ~25,000 Company Working: Global Payments Inc. is a payments technology company that delivers software and services. The Company operates through three segments: Merchant Solutions, Issuer Solutions and Business, and Consumer Solutions. The Merchant Solutions segment provides payments technology and software solutions to customers globally. This segment offerings include authorization, settlement and funding services, customer support, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and reporting. The Issuer Solutions segment provides solutions that enable financial institutions and other financial service providers to manage their card portfolios. The Consumer Solutions segment provides general purpose reloadable (GPR) prepaid debit and payroll cards, demand deposit accounts and other financial service solutions to the underbanked and other consumers and businesses in the United States through its Netspend and other brands.

Naspers is a 111-year-old South African company that started as a newspaper publisher and is now a consumer-internet holding and operating group. Its value rests on two things. **Control of Prosus N.V:** Naspers controls Amsterdam-listed Prosus N.V. Prosus holds about 23% of Tencent and runs what management calls "AI-powered lifestyle ecosystems" in Latin America, India and Europe. The main businesses are iFood, Despegar, OLX, Just Eat Takeaway.com (JET) and PayU. **Direct South African businesses:** Naspers directly owns Takealot Group, Media24, and the Property24 and AutoTrader classifieds platforms. FY26 was a step-change year: - Consolidated revenue rose 51% to US$10.8bn. - Group aEBITDA more than doubled to US$1.1bn. - Core HEPS rose 24%. The investment case remains dominated by three factors: - the Tencent stake; - a persistent discount to net asset value (NAV) that management has targeted since 2022 through a Tencent-funded buyback; - a highly contested FY27, in which iFood and JET investment will hold profits back. Naspers is the largest primary-listed company on the JSE by market value. *Sources: Naspers FY26 short-form results (27–29 June 2026); Naspers AGM results SENS (27 August 2026); Google Finance and Yahoo Finance quotes (October 2026).* --- **What the company does.** Naspers is the controlling shareholder of Prosus and the direct owner of a South African portfolio. Its consolidated results are dominated by Prosus. The company's own trading statement says Prosus's results almost completely account for Naspers's results. **Company's own description (paraphrased from the FY26 results announcement).** - Naspers says it has moved from being an investor to being an active operator of AI-driven lifestyle ecosystems across Latin America, India and Europe. - It describes its goal as becoming a leading global technology company. - Its strategy is anchored in "The Prosus Way", which emphasises innovation, entrepreneurship, people, results and impact. - In FY26 the reporting label "Ecommerce" was replaced by "Ecosystem". The new label covers all Prosus operating units outside the Tencent investment. **Business model and revenue model.** Consolidated revenue is almost entirely transaction-based and marketplace-based. Product sales feature only in e-tail. The Tencent holding is equity-accounted. It contributes to earnings and core HE, plus dividends, but not to consolidated revenue. **Value-chain position.** The group sits as a platform or intermediary between consumers and merchants: restaurants, retailers, car dealers, estate agents and travel suppliers. It increasingly adds layers of financial services and logistics. **Customer types and end-markets.** **Consumers:** Prosus cites about 2 billion customers across its ecosystem, including associates. Takealot has 6.2 million active customers. **SMEs and merchants:** More than 5 million restaurant and merchant partners have access to ToqanClaw. **Enterprises:** Corporate meal-benefit clients use iFood Benefícios. **Advertisers:** - End-markets: food delivery, grocery and quick commerce, online classifieds (motors, real estate, jobs), digital payments and credit, online travel, e-tail, and digital news. **Independent characterisation.** Economically, Naspers is a leveraged holding company. Its listed assets are its Prosus stake and its South African subsidiaries. The two main value drivers are: 1. Tencent's earnings and market value, which flow through Prosus as equity-accounted profit, dividends and disposal proceeds. 2. A turnaround-and-scale story in mid-margin consumer internet businesses. FY26 was the first year in which the non-Tencent portfolio produced positive free cash flow of meaningful size: - Free cash flow excluding the Tencent dividend was US$253m in FY26, against an outflow of US$33m in FY25. - On that basis, the operating businesses are self-funding. - They still depend on the Tencent dividend for buybacks and acquisitions. *Sources: Naspers trading statement (19 June 2026); Naspers FY26 short-form results; Prosus/Naspers FY26 media releases (29 June 2026).*

Company Headquarters: Taiwan Founded: 1990 Workforce: ~729 Company Working: Axiomtek Co, Ltd is a Taiwan-based manufacturer of electronic and logic equipment. It manufactures logic boards and modules, systems and platforms, industrial panel PCs, and IoT solutions. Its product line includes industrial and embedded motherboards, Intel Smart Display modules, PICMG Single Board Computers, Systems on Modules, fanless touch panel PCs, transportation computing, medical computing, machine vision, digital signage, data acquisition, medical panel PCs, and others. It operates in various segments such as industrial automation, transportation, medical solutions, retail solutions, power & energy, Internet of Things (IoT), network security, and gaming solutions. Predictive maintenance solutions is a part of industrial automation solutions. These solutions are tailored towards CNC machine operations, robotic arm management, steel plant operations, and others. It offers products and services in North America, Asia-Pacific, and others.

Company Headquarters: Germany Founded: 1969 Workforce: ~4,596 Company Working: Software AG is a German multinational company, engaged in the development of technology solutions for digitalization. The company operates through the following segments: Adabas and Natural (A&N), Digital Business Platform (DBP), and consulting. The company’s DBP segment includes the business process management, big data with the ARIS, Alfabet, Apama, webMethods, and Terracotta product families. The company’s A&N segment includes Adabas database management system, application modernization, and natural application development. The company’s consulting segment focuses on the services and projects related to the company’s own software products. The company offers its services to various industries including BFSI, media & communication, energy & natural resources, government, manufacturing, retail, transportation, and utilities. Geographically, the company has presence in North America, Europe, and Asia-Pacific.

Company Headquarters: Lippstadt, Germany Founded: 1899 Workforce: ~40,300 Company Working: HELLA GmbH & Co. KGaA develops and manufactures lighting and electronic components and systems for the automotive industry. It operates through three business segments which include automotive, aftermarket, and special applications. Under the automotive segment, it develops, produces, and markets lighting and electronic components and systems for vehicle manufacturers and other suppliers. It also offers service parts for lighting, electrical, electronics, and thermal management. In addition, it offers automotive parts and accessories under its aftermarket segment. Special applications segment includes original equipment for special purpose vehicles such as buses, caravans, agricultural and construction machinery, municipal vehicles, and trailers. It operates through 125 locations in 35 countries across the globe. Hella Spa, Enko Automotive GmbH, Behr-Hella Thermocontrol GmbH, and Hella Gutmann Solutions GmbH are some of the subsidiaries of the company.

Company Headquarters: Italy Founded: 1992 Workforce: ~294 Company Working: Eurotech SpA (Eurotech) engages in the research, development, production, and marketing of nano personalized computers (NanoPCs) and high-performance computers. The company’s product portfolio includes embedded modules comprising embedded boards with CPU processor based on the Atom, Core I, Xeon D, and ARM, architectures, PC/104 boards, low power small form factor boards, computer on module express boards, single board computers, CPU and other functionalities VME boards; compact PCI Boards, and computing boards. It also provides panel PCs, industrial monitors, and computers; mobile systems which include computers, displays, and networking; high-performance systems, portable systems such as handhelds, wrist-wearable computers, and environmental monitoring systems, people passenger counters, and IoT gateways. The company operates majorly in Europe, US, and Japan.

Company Headquarters: California, US Founded: 2011 Workforce: ~1,500 Company Working: Global Eagle Entertainment Inc. is a leading provider of media content, technology, and connectivity solutions to the aviation and travel industry. The firm specializes in the provision of in-flight entertainment, connectivity, and in-flight gaming technologies. The company has a customer base of over 150 airlines. The company provides a wide range of in-flight solutions including Wi-Fi, movies, television, music, interactive software, portable IFE, and e-commerce solutions. It offers high-quality solutions to their airline customers that aids them in enhancing their passenger experiences. The firm has also partnered with top airlines in the US to facilitate branding and marketing opportunities to airport executive clubs, engaging the most affluent and influential consumers. The company also has established a presence in North America, South America, Europe, Asia, Oceania, and the Middle East & Africa. In addition, the company recently launched their Airconnect 3.0 in-flight Wi-Fi system for factory installation in the Boeing 737 MAX family of airplanes.

1.1.1 Business Overview Company Headquarters: US Founded: 1967 Workforce: ~5,000 Company Working: Comtech Telecommunications is a provider of communication technologies. It operates under two business segments, namely commercial solutions and government solutions. The commercial solutions segment includes, satellite earth station modems, voice gateways, wave tube amplifiers, and advanced VSAT solutions are provided in the communication technologies umbrella. Its safety and security division provides 9-1-1 systems and emergency services IP networks. Their enterprise technologies umbrella provides IoT location platforms and geo-targeted messaging. The government solutions wing provides command and control technologies such as remote sensing tracking systems, rugged solid-state drives, land mobile products, and quick-deploy satellite systems. The troposcatter technologies include digital troposcatter multiplexers, digital over-the-horizon modems, and frequency converter systems. The radio frequency (RF) power systems include high-power solid-state broadband amplifiers and IED counteraction amplifiers. Comtech Telecommunications is a matured market player and has invested in research and development from the start. Its strategic partnerships with the US army have helped it acquire funding from time to time and become a long-term partner of the US government over the years. Today, the company can grow organically by developing products which suit the needs of the US army and maintaining its contracts.

1.1.1 Business Overview Company Headquarters: US Founded: 1986 Workforce: ~10,000 Company Working: Viasat is a provider of networking and communication solutions. It operates its business under three verticals namely satellite services, commercial networks, and government systems. Under satellite services, Viasat provides Internet, telephony and digital television services. The enterprise VSAT market falls under its satellite services business segment. Under the commercial services segment, the company provides Internet services for businesses such as office broadband, aviation, and Internet, machine-to-machine (M2M) satellite communications, and professional and managed cybersecurity services. The government systems segment provides airborne mobile broadband for government missions, antenna systems, high-capacity satellite systems and terminals, multifunctional information distribution systems (MIDS) tactical data links, and others. Viasat serves in North America, Europe, the Middle East, and Asia-Pacific. Viasat is vying for organic growth in the enterprise VSAT market through its state-of-the-art Viasat -1,2, and 3 satellites for satellite broadband connectivity. The company is also increasing its footprint in the residential broadband and Wi-Fi markets by providing solutions for small and medium-sized businesses and offering public Wi-Fi hotspots. The company also aims to expand the commercial networks segment through in-flight Wi-Fi offerings with the US and Mexican airlines.

1.1.1 Business Overview Company Headquarters: US Founded: 2001 Workforce: ~50 Company working: GigaSat is a wholly owned subsidiary of Ultra Electronics Holdings, a British conglomerate operating in the defense, security, transport and energy industries. GigaSat manufactures satellite solutions for small, medium and large bandwidth requirements, such as GigaSat FA-180, a 1.8m flyaway antenna, which is operated at Ka, Ku, X and C-bands of frequency and multi-band transmissions on both commercial and military satellites, featherweight manpacks such as the MicroVSAT series for emergency military communication operations, and GigaSat FA-370 3.7m antenna for high data-rate military communications. The company also offer drive-aways including 1.0m, 1.5m, 1.8m, 2.0m, and 2.4m antenna-based systems, suitable for C (1.8, 2.0 or 2.4m) X, Ku and Ka-band transmissions which are adequate for satellite television news broadcasts. Besides VSAT, the company also offers special electronics such as CAM series M&C system, enabling control of any product with an RS232/485 interface, FMP series monitoring panels, dual-video displays, dual active monitor speakers, and others. The company operates in the United Kingdom, Continental Europe, Canada, the US, and the rest of the world. GigaSat focuses on an organic growth strategy. This is evident in its contracts as a major supplier of the British Army for military communication technology such as long and medium-range VSAT antennas. For the enterprise VSAT market, it develops mobile broadcast systems which helps it to maintain brand presence in the commercial space as well. This approach of preserving a brand presence across verticals has allowed Gigasat to grow even in a mature industry.

Company Headquarters: Qatar Founded: 1987 Workforce: ~ 10,000 Company Working: Ooredoo QSC provides domestic and international telecommunication services. Its services include landline, mobile, cable television, and Internet connection services. The company, together with its subsidiaries, provides telecommunications services and related products to small companies, start-ups, and enterprises worldwide. It operates through six segments: Ooredoo Qatar, Asiacell, NMTC, Indosat Ooredoo, Ooredoo Oman, and Ooredoo Myanmar. Ooredoo QSC offers cellular, wireless, mobile and fixed telecommunication, multimedia, data communication, broadband, Internet leased lines, intracity and intercity leased lines, MPLS IPVPN, and Internet services. It also provides machine-to-machine, cloud, and mobile applications. The company offers its services primarily in Qatar, Iraq, Kuwait, Indonesia, Oman, and other parts of the Middle East and North Africa.

Company Headquarters: Turkey Founded: 1993 Workforce: ~ 10,000 Company Working: Turkcell is a converged telecommunication and technology services provider. It serves its customers with voice, data, TV and value-added consumer and enterprise services on mobile and fixed networks. The company is engaged in the provision of communication and technology services. It operates through the following segments: Turkcell Turkey, Turkcell International, and other. The Turkcell Turkey segment includes the operations of information and entertainment services in Turkey and Azerbaijan, and of non-group call centers. The Turkcell International segment includes the telecommunications operations in a number of emerging market geographies. All other segment specializes in consumer financing services, information, and entertainment services. The company has a presence in Turkey, Ukraine, and Belarus.

Company Headquarters: Turkey Founded: 1995 Workforce: ~ 10,000 Company Working: Turk Telekom engages in the provision of local, national, international, and mobile telecommunication services, Internet product, and services. It operates through the following segments: fixed-line and mobile. The fixed-line segment services are provided by Turk Telekom, TTNet, Argela, Innova, Sebit, Sober, AssisTT, and Pantel Group. This segment provides value-added services besides voice and data services for its corporate and retail customers through its extensive fixed-line telecommunications network. The mobile segment service is provided by Avea. This segment provides mobile communications services, including prepaid, postpaid, and value-added voice services. The company has a wide service network and product range in the fields of individual and corporate services, Türk Telekom unified its mobile, internet, phone, and TV products and services under the single Türk Telekom brand as of January 2016.

Proximus is Belgium's largest telecommunications operator and the country's principal digital-infrastructure owner. It generates roughly three-quarters of group revenue from a mature but cash-generative Benelux business: fixed broadband, mobile, TV, convergent bundles and enterprise ICT. It goes to market through a deliberate multi-brand architecture (Proximus, Scarlet, Mobile Vikings, Proximus NXT). The company is midway through a multi-year fibre-to-the-home build. At end-June 2026 the fibre footprint reached 2.75 million premises (~42% coverage at end-2025). It has recently rationalised that build through infrastructure partnerships with Telenet/Wyre in Flanders and full ownership of Unifiber in Wallonia. Alongside the domestic franchise, Proximus Global combines BICS (wholesale carrier and roaming), Telesign (digital identity and CPaaS) and Route Mobile (India-listed CPaaS). It is exposed to a structurally declining A2P SMS market and is being restructured under the "Elevate 2030" plan. The equity trades at deeply distressed multiples (~3x EV/EBITDA, ~0.4–0.5x book) after a February 2026 dividend reset. --- ### Company's own description In its 2026 strategy communication, management states that Proximus operates through two distinct segments, Domestic and Global, each with its own strategy (Amplify and Elevate respectively). - The Domestic ambition by 2030 is to be a "locally anchored digital infrastructure champion", supported by trusted brands across generations and industries (CMD press release, 27 Feb 2026). - Global's ambition is to be a worldwide connectivity leader. It aims to help brands orchestrate customer engagement, act as a trust champion for secure digital interactions, and create optionality for future value crystallisation. ### Independent characterisation Proximus is a vertically integrated network owner-operator. It owns its copper and fibre access networks and a mobile radio network (RAN shared with Orange Belgium via the MWingz joint operation). It also owns its core and transport networks. The business has three layers: **Domestic retail (B2C):** subscription-based connectivity and bundles sold under three brands. This is a recurring-revenue utility-like franchise with inflation-indexed annual price adjustments (January 2025 and January 2026 indexations cited in results). **Domestic B2B:** telecom services (fixed voice, data connectivity, mobile, internet) plus IT services and hardware resale via Proximus NXT, Telindus Luxembourg and specialist affiliates. Product (hardware) revenue is low-margin and volatile quarter to quarter. **Domestic wholesale:** MVNO hosting (e.g., Digi used Proximus' 4G network at launch), fibre wholesale through its own network and the Fiberklaar/Unifiber vehicles, and interconnect. Interconnect is a declining, zero-margin pass-through. **Global (Proximus Global):** transaction-based, usage-driven revenue at low gross margins (direct margin ~28–29% of revenue in FY2025). Products span international voice termination, A2P/P2P messaging, mobility/roaming hubs, IoT/eSIM connectivity, CPaaS, digital identity/fraud APIs and network APIs. ### Revenue model mix | Revenue stream | FY2025 EUR M | Share of group underlying revenue | Model | |---|---|---|---| | Domestic Services revenue | 3791 | 60.1% | Subscription/recurring service | | Domestic non-services (terminals, IT hardware, interconnect, other) | 1030 | 16.3% | Product resale / pass-through | | Global – Communications & Data | 1054 | 16.7% | Usage/transactional (CPaaS, A2P, IoT, roaming) | | Global – P2P Voice & Messaging | 494 | 7.8% | Usage/transactional (wholesale carrier) | | Group eliminations | -62 | -1.0% | n/a | | Group underlying revenue | 6307 | 100% | — | Source: Proximus Q4/FY2025 results release, 27 Feb 2026. Domestic non-services is computed as Domestic total 4821 less Domestic Services 3791. ### Customer types and end-markets **Residential (Belgium):** 1.246 million convergent households (end-Jun 2026). Mobile postpaid base of 5.205 million SIMs excluding M2M (end-2025, group), 2.349 million internet lines, 1.581 million TV subscriptions. **Business:** SMEs, large enterprises and public sector in Belgium and Luxembourg; also European institutions and NATO through Proximus NXT. **Wholesale:** MVNOs, alternative operators, fibre JV partners. **Global customers:** mobile network operators (BICS serves 250+ operators per Morningstar's company profile), OTT and enterprise brands (CPaaS/identity), fintechs, and Indian enterprises via Route Mobile.

Samsung Electronics is the world's largest memory semiconductor manufacturer, the largest smartphone vendor by unit volume for fifteen consecutive years, and the largest television vendor by revenue for twenty consecutive years. Structurally it is two companies bolted together: a capital-intensive, deeply cyclical component business (memory, foundry, logic, displays) and a scale-driven finished-goods business (smartphones, TVs, appliances, networks, automotive audio). That duality has historically smoothed revenue but concentrated profit volatility in memory. In 2025–2026 the concentration became extreme in the company's favour: the AI infrastructure build-out drove memory pricing to unprecedented levels, lifting operating profit from KRW 6.6 trillion in FY2023 to an annualised run-rate above KRW 290 trillion by Q2 2026. Samsung is now attempting to convert a cyclical windfall into structural advantage — funding 2nm foundry, HBM4/HBM4E, advanced packaging, HVAC, robotics and healthcare — while defending a mobile franchise squeezed by its own component prices. | Metric | FY2022 | FY2023 | FY2024 | |---|---|---|---| | Total employees | 270278 | 267860 | 262647 | | Korea-based employees | 118824 | 121404 | 125297 | *Note: Korea-based figures for 2022–2023 are derived from the Sustainability Report series and should be treated as indicative; the 2024 figure of 125,297 is directly disclosed. FY2025 headcount not disclosed in sources reviewed.* --- ### The company's own characterisation From the 2025 Business Report: Samsung Electronics comprises a headquarters in Korea and 308 subsidiaries worldwide, organised into the Device eXperience (DX) Division, the Device Solutions (DS) Division, Samsung Display Corporation (SDC) and its subsidiaries, and Harman International Industries, Inc. and its subsidiaries. The company describes its structure as "a two-pronged framework consisting of finished products businesses and component businesses." The DX Division produces and sells TVs, monitors, refrigerators, washing machines, air conditioners, smartphones, computers and network systems. The DS Division manufactures and sells DRAM, NAND flash and mobile application processors, and operates a contract semiconductor manufacturing (foundry) business. SDC manufactures and sells display panels, principally mobile OLED. Harman supplies automotive electronics — digital cockpits, car audio, telematics — and consumer and professional audio. ### Independent characterisation Samsung is best understood as a vertically integrated hardware conglomerate that monetises the same underlying manufacturing competence at three different points in the value chain simultaneously, and that has, in the current cycle, become overwhelmingly a supplier rather than a brand. **Value chain position.** Samsung is simultaneously (a) an upstream component merchant selling DRAM, NAND, image sensors, application processors, foundry wafers and OLED panels to the entire electronics industry including its own direct competitors; (b) a mid-stream integrator assembling those components into branded devices; and (c) a downstream consumer brand with retail, carrier and e-commerce distribution. The 2025 Business Report discloses that the top five customers — listed alphabetically as Alphabet, Apple, Deutsche Telekom, Hong Kong Techtronics and Supreme Electronics — accounted for approximately 15% of total sales. Two of those five (Alphabet, Apple) are direct competitors in the smartphone market and simultaneously among Samsung's largest component customers. This co-opetition is the defining structural feature of the business model. **Revenue model.** Samsung is a product company. Per the 2025 Business Report, products accounted for KRW 314,717.1 billion of FY2025 revenue and services and other revenue (including royalty income) for KRW 18,888.8 billion — a 94.3%/5.7% split. The services line more than doubled year on year, from KRW 7,509.2 billion in FY2024, driven principally by royalty and licensing income and by the expansion of Samsung TV Plus advertising and subscription-based appliance services. There is no meaningful recurring-subscription revenue base at group level; management has flagged D2C and subscription models as a 2026 growth pillar for the Digital Appliances business, but from a very small base. **Sales channel mix (global, FY2025, per Business Report):** special/direct sales 54%; retail 22%; wholesale 15%; other 9%. The heavy weighting to "special/direct" reflects B2B component sales to OEMs and carriers. **Customer types.** (i) Hyperscale cloud and AI infrastructure operators buying HBM, server DRAM and enterprise SSDs — the profit engine in 2025–2026; (ii) fabless semiconductor designers and system companies buying foundry wafers and advanced packaging; (iii) consumer electronics OEMs buying panels, sensors and memory; (iv) telecommunications carriers buying network equipment and distributing handsets; (v) automotive OEMs buying digital cockpits, audio systems and, increasingly, memory and central compute units; (vi) retail consumers buying Galaxy devices, TVs and appliances; (vii) commercial and industrial buyers of HVAC, display signage and medical imaging. **End markets served.** AI data centres, enterprise servers, cloud storage, PCs, smartphones, tablets, wearables, XR, televisions, home appliances, HVAC and building systems, automotive infotainment and ADAS, telecommunications infrastructure, professional audio, medical imaging, and — via recent acquisitions — digital health platforms and collaborative robotics. **Pricing dynamics.** Per the 2025 Business Report, average selling prices in FY2025 versus the prior-year average moved as follows: memory +14%; TVs -5%; smartphones -3%; smartphone OLED panels -6%; digital cockpits broadly flat. That single line explains the year: the component business took price while the finished-goods business gave it back. In 2026 the divergence widened sharply, with memory pricing accelerating further and the MX Business swinging to an operating loss in Q2 2026 under component cost pressure — much of it paid to Samsung's own DS Division and to competitors.

1.1.1 Business Overview Company Headquarters: Israel Founded: 1987 Workforce: 1,012 Company Working: Gilat Satellite Networks is one of the leading providers of products and services for satellite-based broadband communication networks. The company offers a range of broadband satellite solutions that include very small aperture terminals (VSATs) to service providers, system integrators, government and defense organizations, corporations, and enterprises. The company operates its business through three segments, namely fixed networks, mobility solutions, and terrestrial infrastructure projects. Under the fixed networks division, the company offers advanced fixed broadband satellite communication networks, satellite communication systems, and associated professional services, and fully-managed satellite network service solutions. The company’s customers are service providers, satellite operators, mobile network operators, telecommunication companies, and large enterprises, consumers, and government entities worldwide. The mobility division includes on-the-move/on-the-pause satellite communication products and solutions to system integrators, defense, and homeland security organizations. The division also offers a solution named Wavestream which provides its products mainly to the system and defense integrators. Moreover, the company's subsidiaries include Gilat Satellite Networks (Holland) B.V., Gilat Colombia S.A. E.S.P, Gilat to Home Peru S.A, Gilat do Brazil Ltd, Gilat Satellite Networks (Mexico) S.A. de C.V., Wavestream Corporation, Gilat Australia Pty Ltd., Gilat Satellite Networks (Eurasia) Limited Liability Company, Gilat Satellite Networks MDC (Moldova), Raysat Bulgaria EOOD and Gilat Satellite Communication Technology (Beijing) Ltd. It operates in four geographies namely Asia-Pacific, North America, Europe, the Middle East and Africa, and South America. Gilat Satellite Networks primarily follows both organic and inorganic growth approaches in the Enterprise VSAT market. This company focuses on innovating products and services offered to its customers through research and development and technological excellence. The launch of AeroEdge 6000, a highly efficient, high-performance terminal for commercial in-flight connectivity is one such instance that helps to strengthen its product portfolio of fixed network and mobility solution segments. It also emphasizes on strategic partnership and collaboration, which allows the company to increase its geographical presence in the Americas and Europe.

1.1.1 Business Overview Company Headquarters: Singapore Founded: 1974 Workforce: ~25,000 Company Working: Singapore Telecommunications Limited (Singtel) is one of the leading providers of multimedia and information communication technology (ICT) solutions including voice, data, and video services over fixed and wireless platform. The company operates through three business segments namely group consumer, group enterprise and group digital life. The group consumer segment includes next-generation communications, infotainment, and technology services across Asia-Pacific and Africa. The segment also includes mobile network services, pay TV, fixed broadband and voice services. The group enterprise segment includes integrated ICT solutions that include mobile and related accessories, fixed voice and data, managed services, cloud computing, cybersecurity, IT, and professional consulting. The segment offers its services over fixed and mobile networks, data centers. Moreover, the group digital life services segment is focused on three specific areas that cover digital marketing, advanced data analytics and intelligence, and premium over-the-top (OTT) video. The group has businesses across Asia-Pacific, North America, Europe, and the Middle East and Africa. Singtel aims at improving its technical capabilities of subsidiaries such as Optus Group, Bharti Airtel, and AIS. This help the company to strengthen its presence in the Asia-Pacific and European region. For instance, Singtel aims at transforming its Optus Group into a digital organization that offers converged fixed, mobile, and video services. This helps the Optus Group to enhance its service offerings and strengthen its market position in Australia. Additionally, Singtel believes in strategic partnerships to provide innovative solutions to its customers to deliver exciting digital lifestyle products and services. It also focusses on investment in supporting the growth of IoT and 5G initiatives in the next few years.

Company Headquarters: US Founded: 1993 Workforce: 11,870 Company Working: Red Hat is one of the leading providers of open source software solutions. Its product portfolio includes operating system, virtualization, middleware, storage, cloud, and mobile technologies. It provides its software-based offerings in the form of annual or multi-year subscriptions. The company operates across North America, South America, Europe, Asia, and Australia. The company’s division, Red Hat cloud offers software that enables its customers to make and manage different cloud computing environments, including Red Hat Enterprise Linux OpenStack Platform, Red Hat Cloud Infrastructure, OpenShift by Red Hat, Red Hat Cloudforms, and Ansible Tower. The company also engages in providing various services like consulting to help its customers enable infrastructure, application integration, middleware, cloud, mobile and storage solutions. Additionally, its support services provide customers with technical support to assist with the implementation of its services

Company Headquarters: US Founded: 1998 Workforce: 6,189 Company Working: Rackspace provides managed cloud solutions that include public cloud infrastructure to organizations across the world. In 2016, the company was acquired by Apollo Global Management, LLC., a global alternative investment management company. Furthermore, Rackspace also offers wide portfolio of cloud-based enterprise solutions that include application management, business intelligence, database management, e-commerce and digital experiences, email hosting, enterprise resource planning (ERP), and website hosting. It offers products under four categories namely public cloud, private cloud, managed hosting, and email hosting. Under the public cloud category, it offers access to IT resources for its clients by minimizing the cost of hardware and datacentre management. The company provides services on various public cloud platforms including Microsoft Azure Cloud, Google Cloud Platform, OpenStack Public Cloud, Alibaba Cloud, Amazon Web Services (AWS), and Government Public Cloud. The private cloud category offers its clients with enhanced levels of control and security in a dedicated environment. The company operates in the US, the UK, the Netherlands, Switzerland, Hong Kong, Australia, and Mexico.

1.1.1 Business Overview Company Headquarters: US Founded: 1971 Workforce: ~2,200 Company Working: Hughes Network Systems LLC (Hughes Network Systems), is a wholly owned subsidiary of Echo Star Corporation, and engaged in the provision of broadband satellite network services and systems to the consumer and enterprise markets. The company’s offerings include broadband network products and related services, managed services, satellite services, and communications solutions for aerospace, enterprise, and government customers. It also manufactures and installs gateway and terminal equipment for other satellite systems. It also offers telecommunication networks that include satellite ground systems and terminals to mobile system operators and enterprises. Additionally, the company also develops turnkey satellite ground systems for mobile system operators. The segment offers engineering terminals, ground-based beam forming equipment, base station solutions, radio access networks, other subsystems, and broadband products for point-to-multipoint microwave radio network systems. Geographically, the company operates in the Americas and the rest of the world. Hughes Network System LLC focuses on increasing its revenue by enhancing its existing satellites and launching new satellites through partnerships and joint ventures. The company also emphasizes on the development of S-band and other hybrid spectrum resources that allow Hughes Network System to maintain a strong position in the European market with the help of wide mobile satellite service (MSS)/complementary ground component (CGC) network and increase its return on investment (RoI) on S-band spectrum in Europe and other regions.

Company Headquarters: Canada Founded:1993 Workforce: ~1400 Company Working: Sierra Wireless is a provider of cellular wireless solutions to the machine-to-machine (M2M) and connected device markets. The company develops wireless products that include embedded modules and embedded software for original equipment manufacturers (OEMs). The company operates in three reportable segments namely original equipment manufacturer (OEM) solutions, enterprise solutions, and IoT services. The OEM solutions segment provides short-range wireless modules, software, tools, and cellular embedded modules for Internet of Things (IoT) connectivity, including an embedded application framework to support customer applications. The company provides standards-based wireless technologies and support for OEM customers across a broad range of industries, including automotive, energy, mobile computing, enterprise networking, transportation, healthcare, security, industrial monitoring, field services, sales and payment, and smart home. The enterprise solutions segment provides routers and gateways, including management tools and applications that enable cellular connectivity. The company markets its AirLink gateways and routers through channel partners across the world. The IoT services segment offers a secure and scalable cloud platform for deploying and managing IoT subscriptions, global cellular connectivity services, and managed broadband cellular services. The company operates in the Americas, Europe, the Middle East and Africa, and Asia-Pacific.