Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul><li>TSMC and government cyber security measures are discussed at Security Summit, highlighting the importance of protecting sensitive data.</li><li>Experts advise diligence and patience for Taiwan's B5G satellite program as it encounters obstacles, emphasizing the need for strategic planning.</li><li>Japan's diamond semiconductor technology expected to be applied practically by 2025-2030, showing promising advancements in semiconductor industry.</li></ul>

TSMC and government cyber security measures are discussed at Security Summit, highlighting the importance of protecting sensitive data.Experts advise diligence and patience for Taiwan's B5G satellite program as it encounters obstacles, emphasizing the need for strategic planning.Japan's diamond semiconductor technology expected to be applied practically by 2025-2030, showing promising advancements in semiconductor industry.

Tech Supply Chain Tracker (28-Sep-2024): Security Summit covers TSMC, gov cyber sec

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Keysight Technologies In / Equity Bottom-Up

<ul><li>Keysight Technologies Inc.'s fiscal second-quarter earnings were decent and the company reported solid revenue of $1.2 billion, surpassing the high end of its guidance, with earnings per share of $1.41.</li><li>Orders worth $1.2 billion were reported to have aligned with the results of the prior quarter.</li><li>The company cited stability and growth in multiple end markets, despite constrained customer spending.</li></ul>

Keysight Technologies Inc.'s fiscal second-quarter earnings were decent and the company reported solid revenue of $1.2 billion, surpassing the high end of its guidance, with earnings per share of $1.41.Orders worth $1.2 billion were reported to have aligned with the results of the prior quarter.The company cited stability and growth in multiple end markets, despite constrained customer spending.

Keysight Technologies: Investments in Emerging Technologies and Expansion through Acquisitions! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Murakami to tender stake in <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>? Maybe the "double arb": i.e. short on swap, long on cash, will tender the cash, remain short the back end.</li>
<li>
<a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a> rejected (for now) <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a>'s bid based on regulatory concerns.  Hanwha reckons these should not be an issue.</li>
<li>If you can tolerate owning the mobile biz, buy <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> on dips. If not, avoid Rakuten Group and Rakuten Bank short-term; buy Rakuten Bank on larger dips.</li>
</ul>


Murakami to tender stake in JSR Corp (4185 JP)? Maybe the "double arb": i.e. short on swap, long on cash, will tender the cash, remain short the back end.

Austal Ltd (ASB AU) rejected (for now) Hanwha Ocean (042660 KS)'s bid based on regulatory concerns.  Hanwha reckons these should not be an issue.
If you can tolerate owning the mobile biz, buy Rakuten (4755 JP) on dips. If not, avoid Rakuten Group and Rakuten Bank short-term; buy Rakuten Bank on larger dips.


Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keysight-technologies-in" target="_blank" data-smartkarma-citation="entities:1679:1" rel="noopener">Keysight Technologies In (KEYS US)</a> and <a href="https://www.smartkarma.com/entities/spirent-communications-plc" target="_blank" data-smartkarma-citation="entities:22160:1" rel="noopener">Spirent Communications (SPT LN)</a> have agreed a recommended 201.5p/share cash acquisition via Scheme of Arrangement, an increase of 26.5p (15.1%) relative to <a href="https://www.smartkarma.com/entities/viavi-solutions-inc" target="_blank" data-smartkarma-citation="entities:15310:1" rel="noopener">Viavi Solutions (VIAV US)</a>'s Offer.</li>
<li>Spirent, with some scarcity value, should be able to improve its cyclicality as part of Keysight. A counteroffer from Viavi looks unlikely unless Silver Lake significantly increases its stake.</li>
<li>Gross spread is 1.99%. Using Keysight's forecast s about completion, at best, estimated annual return would be 3.51% while at worst, 1.88%. This suggests there may be better opportunities elsewhere.</li>
</ul>



Keysight Technologies In (KEYS US) and Spirent Communications (SPT LN) have agreed a recommended 201.5p/share cash acquisition via Scheme of Arrangement, an increase of 26.5p (15.1%) relative to Viavi Solutions (VIAV US)'s Offer.
Spirent, with some scarcity value, should be able to improve its cyclicality as part of Keysight. A counteroffer from Viavi looks unlikely unless Silver Lake significantly increases its stake.
Gross spread is 1.99%. Using Keysight's forecast s about completion, at best, estimated annual return would be 3.51% while at worst, 1.88%. This suggests there may be better opportunities elsewhere.


Keysight/Spirent: Recommended Competing Offer

<ul><li>Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024.</li><li>The company outperformed predictions, recording revenue of $1.3 billion in addition to earnings per share of $1.63.</li><li>This demonstrates the strength of the Keysight team in overcoming market challenges.</li></ul>

Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024.The company outperformed predictions, recording revenue of $1.3 billion in addition to earnings per share of $1.63.This demonstrates the strength of the Keysight team in overcoming market challenges.

Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers

United States

Keysight Technologies, Inc. offers electronic measurement services using wireless, modular, and software solutions.

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Keysight Technologies In (KEYS US)

Tech Supply Chain Tracker (28-Sep-2024): Security Summit covers TSMC, gov cyber sec

Security Summit covers TSMC and government cyber security, Taiwan's B5G program faces challenges, Japan's diamond semiconductors coming by 2025, UK...

Tech Supply Chain Tracker

Keysight Technologies: Investments in Emerging Technologies and Expansion through Acquisitions! - Major Drivers

Keysight Technologies Inc.'s fiscal second-quarter earnings were decent and the company reported solid revenue of $1.2 billion, surpassing the...

Baptista Research

Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Keysight/Spirent: Recommended Competing Offer

Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...

Jesus Rodriguez Aguilar

Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers

Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024. The company outperformed predictions, recording...

Baptista Research

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Tech Supply Chain Tracker (28-Sep-2024): Security Summit covers TSMC, gov cyber sec

Security Summit covers TSMC and government cyber security, Taiwan's B5G program faces challenges, Japan's diamond semiconductors coming by 2025, UK...

Tech Supply Chain Tracker

Keysight Technologies: Investments in Emerging Technologies and Expansion through Acquisitions! - Major Drivers

Keysight Technologies Inc.'s fiscal second-quarter earnings were decent and the company reported solid revenue of $1.2 billion, surpassing the...

Baptista Research

Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Keysight/Spirent: Recommended Competing Offer

​Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...

Jesus Rodriguez Aguilar

Keysight Technologies: Is The Strength In Aerospace & Defense Market Expected To Continue? - Major Drivers

Keysight Technologies has announced its first quarter earnings for the fiscal year of 2024. The company outperformed predictions, recording...

Baptista Research

Keysight to acquire Spirent for 201.5p/share. Viavi unlikely to counteroffer unless Silver Lake increases stake. Gross spread is 1.99%, estimated...