Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>TSMC's expansion in US poses a challenge to Trump's labor strategy, according to DIGITIMES analyst.</li><li>Tesla leads in AI technology for electric vehicles and robots, pushing the boundaries of innovation.</li><li>European telecoms shift focus to AI as 5G deployment faces delays, while Indian mobile market shows growth potential in 2025.</li></ul>

TSMC's expansion in US poses a challenge to Trump's labor strategy, according to DIGITIMES analyst.Tesla leads in AI technology for electric vehicles and robots, pushing the boundaries of innovation.European telecoms shift focus to AI as 5G deployment faces delays, while Indian mobile market shows growth potential in 2025.

Tech Supply Chain Tracker (06-Mar-2025): TSMC's US expansion challenges Trump's labor tactics -DIGITIMES

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Telefónica is actively pursuing asset sales in Latin America and Europe, aiming to streamline operations and reduce net debt. The company anticipates generating approximately €3.27 billion from these transactions.</li>
<li>Assuming minimal tax liabilities due to potential offsets from existing losses, the net proceeds could be applied directly to debt reduction, representing an 11.4% decrease in net debt (2.5x EBITDA).</li>
<li>Telefónica’s dividend remains well covered, with a dividend yield of 7.2% for 2025e, significantly above the 10-year Spanish bond yield (3.2%).</li>
</ul>


Telefónica is actively pursuing asset sales in Latin America and Europe, aiming to streamline operations and reduce net debt. The company anticipates generating approximately €3.27 billion from these transactions.
Assuming minimal tax liabilities due to potential offsets from existing losses, the net proceeds could be applied directly to debt reduction, representing an 11.4% decrease in net debt (2.5x EBITDA).
Telefónica’s dividend remains well covered, with a dividend yield of 7.2% for 2025e, significantly above the 10-year Spanish bond yield (3.2%).


Asset Sales as a Catalyst for Share Price Recovery

<ul>
<li>The Spanish government extended the anti-takeover shield to December 31, 2026, maintaining oversight of foreign direct investments in critical sectors like energy, defense, and technology to safeguard national interests.</li>
<li>Investor concerns include regulatory uncertainty, lack of clear criteria, and expanded obligations under the 2023 Foreign Investment Law, deterring foreign investments and delaying significant projects.</li>
<li>Balancing security and openness preserves free capital movement benefits, addressing vulnerabilities while avoiding protectionism that could harm competitiveness and strain relationships with foreign partners.</li>
</ul>


The Spanish government extended the anti-takeover shield to December 31, 2026, maintaining oversight of foreign direct investments in critical sectors like energy, defense, and technology to safeguard national interests.
Investor concerns include regulatory uncertainty, lack of clear criteria, and expanded obligations under the 2023 Foreign Investment Law, deterring foreign investments and delaying significant projects.
Balancing security and openness preserves free capital movement benefits, addressing vulnerabilities while avoiding protectionism that could harm competitiveness and strain relationships with foreign partners.


Extension of Spain's 'Anti-Takeover Shield' and Investor Concerns

<ul><li>Luxembourg startup seeks EUR30M to expand global 5G IoT satellite operations, aiming for increased connectivity worldwide.</li><li>South Korea focuses on utilizing nuclear power to boost exports and ensure energy security for the nation's future.</li><li>Next-generation iPhone 17 models will feature LTPO OLED panels from Samsung and LG Display, enhancing display quality for users.</li></ul>

Luxembourg startup seeks EUR30M to expand global 5G IoT satellite operations, aiming for increased connectivity worldwide.South Korea focuses on utilizing nuclear power to boost exports and ensure energy security for the nation's future.Next-generation iPhone 17 models will feature LTPO OLED panels from Samsung and LG Display, enhancing display quality for users.

Tech Supply Chain Tracker (02-Nov-2024): Luxembourg startup needs EUR30M for 5G IoT satellites.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Keisei Electric Railway Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> places out 1% of <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.</li>
<li>
<a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for  both <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU) </a> and <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> are trading wide; both potentially FIRB-related.</li>
</ul>



Keisei Electric Railway Co (9009 JP) places out 1% of Oriental Land (4661 JP), but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.

New World Development (17 HK) popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.
The spreads for  both Alumina Ltd (AWC AU)  and Azure Minerals (AZS AU) are trading wide; both potentially FIRB-related.


Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

Spain

Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America.  The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

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Telefonica SA (TEF SM)

Tech Supply Chain Tracker (06-Mar-2025): TSMC's US expansion challenges Trump's labor tactics -DIGITIMES

TSMC's US expansion challenges Trump's labor strategy, Tesla advances AI in electric vehicles and robots, European telecoms focus on AI and discuss...

Tech Supply Chain Tracker

Extension of Spain's 'Anti-Takeover Shield' and Investor Concerns

Spanish Government extends anti-takeover shield to 2026, overseeing foreign investments in critical sectors to protect national interests.

Jesus Rodriguez Aguilar

Tech Supply Chain Tracker (02-Nov-2024): Luxembourg startup needs EUR30M for 5G IoT satellites.

Luxembourg startup seeks funding for global 5G IoT satellite expansion, South Korea boosts nuclear power for exports, iPhone 17 to feature LTPO...

Tech Supply Chain Tracker

Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

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

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52-week Range

Market Cap (USDm)

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Tech Supply Chain Tracker (06-Mar-2025): TSMC's US expansion challenges Trump's labor tactics -DIGITIMES

TSMC's US expansion challenges Trump's labor strategy, Tesla advances AI in electric vehicles and robots, European telecoms focus on AI and discuss...

Tech Supply Chain Tracker

Asset Sales as a Catalyst for Share Price Recovery

​Telefónica plans to sell assets in Latin America and Europe to reduce debt by €3.27 billion, potentially lowering net debt by 11.4% and...

Jesus Rodriguez Aguilar

Extension of Spain's 'Anti-Takeover Shield' and Investor Concerns

​Spanish Government extends anti-takeover shield to 2026, overseeing foreign investments in critical sectors to protect national interests.

Jesus Rodriguez Aguilar

Tech Supply Chain Tracker (02-Nov-2024): Luxembourg startup needs EUR30M for 5G IoT satellites.

Luxembourg startup seeks funding for global 5G IoT satellite expansion, South Korea boosts nuclear power for exports, iPhone 17 to feature LTPO...

Tech Supply Chain Tracker

Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

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

Telefónica plans to sell assets in Latin America and Europe to reduce debt by €3.27 billion, potentially lowering net debt by 11.4% and...

Spanish Government extends anti-takeover shield to 2026, overseeing foreign investments in critical sectors to protect national interests.