Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A Reuters <a href="https://www.reuters.com/markets/deals/cybersecurity-firm-trend-micro-explores-sale-sources-say-2024-08-08/" target="_blank" rel="noopener">article</a> overnight says Trend Micro might be up for sale. This caused the ADRs to jump 10% overnight. The remaining co-founders are 65 and 70 this year. </li>
<li>The stock has effectively gone sideways the last few years as Value Act has been activisting. Now one has to exercise one's imagination to think about a possible sale price. </li>
<li>On a DCF basis, a PE fund couldn't reasonably do this. Multiples are too high. That means a strategic buyer would be more likely. But Who? Why? And How much?</li>
</ul>


A Reuters article overnight says Trend Micro might be up for sale. This caused the ADRs to jump 10% overnight. The remaining co-founders are 65 and 70 this year. 
The stock has effectively gone sideways the last few years as Value Act has been activisting. Now one has to exercise one's imagination to think about a possible sale price. 
On a DCF basis, a PE fund couldn't reasonably do this. Multiples are too high. That means a strategic buyer would be more likely. But Who? Why? And How much?


Trend Micro (4704) Up For Sale? Would Be a HUGE Buyout But How Huge? And Who?

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

Thematic (Sector/Industry)

<ul><li>Disclaimer: Podcast does not provide investing advice</li><li>Discussion on AI, data centers, and electrification trends</li><li>Concerns about potential oversupply of data centers and energy optimization in the future</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Disclaimer: Podcast does not provide investing adviceDiscussion on AI, data centers, and electrification trendsConcerns about potential oversupply of data centers and energy optimization in the futureThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

SemiAnalysis' Jeremie Eliahou Ontiveros on the supply/demand dynamics of AI and data centers

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.</li>
</ul>



Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about updates from its most recent filings.


ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a> booked 4Q2024 results below estimates, despite improving ARPUs and headline revenues, as margins were depressed with a greater focus on its B2B business. </li>
<li>There was also continuing aggressive competition in starter packs during the quarter, although this abated somewhat in early December but the company also lost non-productive subscribers as a result.</li>
<li>
<a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a> continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive after sharp correction. </li>
</ul>



Indosat (ISAT IJ) booked 4Q2024 results below estimates, despite improving ARPUs and headline revenues, as margins were depressed with a greater focus on its B2B business. 
There was also continuing aggressive competition in starter packs during the quarter, although this abated somewhat in early December but the company also lost non-productive subscribers as a result.

Indosat continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive after sharp correction. 


Indosat (ISAT IJ) - A More Intelligent Future

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:</li>
<li>As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.</li>
<li>WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to &gt;15% </li>
</ul>


Global semiconductor sales reached a all time record high of $627.6 billion in 2024, an increase of 19.1% YoY, details here:
As anticipated, semi sales eased off in December 2024, reaching $57.0 billion, a decrease of 1.2% MoM but still up 17% YoY.
WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward to &gt;15% 


Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

Trend Micro (4704) Up For Sale? Would Be a HUGE Buyout But How Huge? And Who?

Reuters has an article out saying that Buyout firms are "vying for" Trend Micro. Bain, Advent, EQT, KKR all in the mix. The stock went limit up...

Travis Lundy

SemiAnalysis' Jeremie Eliahou Ontiveros on the supply/demand dynamics of AI and data centers

This podcast discusses the latest trends in the market, focusing on AI, data centers, and electrification while emphasizing the importance of...

Yet Another Value Podcast

CATL A/H Listing - IPO Filing Updates

Contemporary Amperex Technology (CATL), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share...

Sumeet Singh

Indosat (ISAT IJ) - A More Intelligent Future

Indosat continues to build on its AI edge both around its mobile strategies and as a standalone AI-as-a-service business. Valuations are attractive...

Angus Mackintosh

Global Semiconductor Sales Hit Record High Of $627.6 Billion in 2024. Where To Now?

WSTS is forecasting 11.2% growth in 2025. Based on the planned ~40% increase in Mag7 CapEx, we think this is too low and needs to be revised upward...

William Keating

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