Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments: We can now modify DNA inside of a human body (in vivo), thanks to some groundbreaking work announced this week by Intellia Therapeutics (NTLA) which saw the company’s share price surge 55%.  What this means is that we can now send precision therapeutics (based on CRISPR technology) to “seek and destroy” problematic genes.</p>

Headline Developments: We can now modify DNA inside of a human body (in vivo), thanks to some groundbreaking work announced this week by Intellia Therapeutics (NTLA) which saw the company’s share price surge 55%.  What this means is that we can now send precision therapeutics (based on CRISPR technology) to “seek and destroy” problematic genes.

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Event-Driven

<ul>
<li>Elliott Management has emerged as a 2%+ shareholder in SoftBank group and is driving for share buybacks of upto USD15bn; we see this as a game changer for minority shareholders</li>
<li>Recent moves to enhance corporate governance in Japan have taken root, yet we see Softbank group as a laggard on corporate governance which been targeted by an experienced activist</li>
<li>Softbank shares trade at a 54% discount to the estimated NAV; an activist like Elliott on board could meaningfully drive shareholder value creation and a narrowing of the NAV discount</li>
</ul>


Elliott Management has emerged as a 2%+ shareholder in SoftBank group and is driving for share buybacks of upto USD15bn; we see this as a game changer for minority shareholders
Recent moves to enhance corporate governance in Japan have taken root, yet we see Softbank group as a laggard on corporate governance which been targeted by an experienced activist
Softbank shares trade at a 54% discount to the estimated NAV; an activist like Elliott on board could meaningfully drive shareholder value creation and a narrowing of the NAV discount


Softbank (9984 JP): This Time, It’s Different

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Raspberry Pi is expected to raise about £157 million in this IPO. The conditional trading for this IPO is expected to be take place on 11 June.</li>
<li>We estimate Raspberry Pi to generate sales of US$342.1 million (up 28.7% YoY) and operating profit of US$48.5 million (up 29.3% YoY) in 2024.</li>
<li>Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per share (43% higher than the high end of the initial IPO price range). </li>
</ul>


Raspberry Pi is expected to raise about £157 million in this IPO. The conditional trading for this IPO is expected to be take place on 11 June.
We estimate Raspberry Pi to generate sales of US$342.1 million (up 28.7% YoY) and operating profit of US$48.5 million (up 29.3% YoY) in 2024.
Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per share (43% higher than the high end of the initial IPO price range). 


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan</li>
<li>More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel</li>
<li>Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements</li>
</ul>


TSMC's Latest 2024E Industry Guidance Provided at Symposium in Taiwan
More Potential Details on Nvidia &amp; Mediatek's AI PC Chip to Compete with Qualcomm &amp; Intel
Samsung's HBM DRAM Chips Face Challenges in Meeting Nvidia's AI Requirements


Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

<ul>
<li>Established in 2012, Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. </li>
<li>Raspberry Pi is backed by Sony and ARM Holdings. Nearly 72% of the company's sales come from commercial customers embedding its products into various consumer devices and other systems. </li>
<li>The company generated sales of US$265.8 million (up 41.5% YoY) and operating profit of US$37.5 million (up 87% YoY) in 2023. </li>
</ul>


Established in 2012, Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. 
Raspberry Pi is backed by Sony and ARM Holdings. Nearly 72% of the company's sales come from commercial customers embedding its products into various consumer devices and other systems. 
The company generated sales of US$265.8 million (up 41.5% YoY) and operating profit of US$37.5 million (up 87% YoY) in 2023. 


United Kingdom

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

Weekly Innovation Review (WIRE) #38

Headline Developments: We can now modify DNA inside of a human body (in vivo), thanks to some groundbreaking work announced this week

Granite Bay Capital

Softbank (9984 JP): This Time, It’s Different

We believe that Elliott's push for share buybacks and other strategic reforms at SoftBank should be a game changer for minorities, and this should...

Victor Galliano

Raspberry Pi IPO Valuation Analysis

Raspberry Pi is expected to raise about £157 million in this IPO. Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per...

Douglas Kim

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Raspberry Pi IPO Preview

Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. Raspberry Pi is backed by...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Innovation Review (WIRE) #38

Headline Developments: We can now modify DNA inside of a human body (in vivo), thanks to some groundbreaking work announced this week

Granite Bay Capital

Softbank (9984 JP): This Time, It’s Different

We believe that ​Elliott's push for share buybacks and other strategic reforms at SoftBank should be a game changer for minorities, and this should...

Victor Galliano

Raspberry Pi IPO Valuation Analysis

Raspberry Pi is expected to raise about £157 million in this IPO. Our base case valuation of Raspberry Pi is market cap of £772 million or £4 per...

Douglas Kim

Taiwan Tech Weekly: TSMC's Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead

​TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...

Vincent Fernando, CFA

Raspberry Pi IPO Preview

Raspberry Pi is getting ready to complete its IPO in London soon. Raspberry Pi provides small, single-board computers. Raspberry Pi is backed by...

Douglas Kim

We believe that Elliott's push for share buybacks and other strategic reforms at SoftBank should be a game changer for minorities, and this should...

TSMC provides industry guidance for 2024E, more detail on Nvidia and Mediatek developing AI PC chip to rival Qualcomm and Intel, Samsung's HBM...