Smartkarma Daily Briefs

Kokusai Electric (6525 JP) is a speciality manufacturer of semiconductor production equipment. KKR & (KKR US) seeks to raise about US$745 million through listing Kokusai.
We previously discussed the IPO in Kokusai Electric IPO: The Bull Case and Kokusai Electric IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Kokusai is fully valued at the IPO reference price of JPY1,890 per share. We would pass on the IPO.

Kokusai Electric Pre-IPO – Thoughts on Valuation

By Sumeet Singh

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.

IDFC First Bank QIP – Well Flagged but Valuations Appear Lofty

By Ethan Aw

IDFC First Bank Limited (IDFCBK IN) is looking to raise up to INR30bn (US$361m) via a Qualified Institutional Placement (QIP).
The deal is a relatively small one to digest at 6.3 days of three month ADV and 4.9% dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.

J&T Global Express IPO: Updates Tilts the Balance Positively

J&T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China, is pre-marketing a HKEx IPO to raise US$500 million, according to press reports.
We previously discussed the IPO in J&T Global Express IPO: The Bull Case and J&T Global Express IPO: The Bear Case.
The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in contract liabilities and declining FCF burn.

Pre-IPO Concord Healthcare Group – Business Challenges Are Greater than Expected

By Xinyao (Criss) Wang

Concord Healthcare Group (CHG HK)’s hospital business is not strong enough to contribute strong performance consistently, leading to unsatisfactory profit margin considering its weak hospital operation and management capability.
The network business could face some legal risks based on our analysis. In the context of anti-corruption campaign in China healthcare, Concord’s business and patients flow could be affected.
Together with potential policy risks such as DRGs/centralized procurement, we tend to be conservative about Concord’s outlook. In terms of valuation, Concord’s valuation should be lower than Inkon Life Technology.

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Oct 05

Daily Brief Credit: China Oil & Gas – Tear Sheet – Lucror Analytics and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

China Oil & Gas – Tear Sheet – Lucror Analytics
Morning Views Asia: Vedanta Resources

China Oil & Gas – Tear Sheet – Lucror Analytics

We view China Oil and Gas (COG) as “Medium Risk” on the LARA scale. This takes into account: [1] regulatory risk, with the company having experienced over three years of delays in cost pass-throughs for tariffs in Qinghai (albeit these have since been resolved); [2] COG’s exposure to oil price volatility in the small upstream oil & gas segment; and [3] the company’s track record of aggressive debt-funded acquisitions, albeit management has said that it is not keen on increasing indebtedness for expansion or acquisitions.

COG’s main asset is its 51% interest in downstream gas provider China City Natural Gas, with the remaining 49% held by Kunlun Energy, a subsidiary of SOE PetroChina. Hence, cash leakage from dividends is significant. We believe the relationship with Kunlun helps secure COG’s gas supply and improves the company’s ability to obtain gas distribution concessions. In addition, PetroChina’s parent, China National Petroleum Corporation, previously provided financing to CCNG at competitive rates.

Our Credit Bias on COG is “Stable”, given the company’s solid revenue growth from natural gas sales and distribution, despite volatilities associated with the upstream oil exploitation and production business. COG has historically maintained a sound liquidity profile and reasonable access to funding. That said, we remain cautious over the financial performance of Shandong Shengli (for which COG is the single largest shareholder at 22%). This is as COG has provided guarantees for Shengli’s banking facilities, which could impact COG’s credit profile.

Controversies are “Immaterial” and the ESG Impact on Credit is “Neutral”.

Morning Views Asia: Vedanta Resources

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

Vedanta Resources

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Oct 05

Daily Brief Event-Driven: JMDC (4483) Partial Offer Update (Updated Pro-Ration Range) and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

JMDC (4483) Partial Offer Update (Updated Pro-Ration Range)
NTT Docomo’s Deal with Monex (8698); The Goal Is Bigger and Better but Not Compelling Yet
Proposals, Sweetened Offers & Synergies
CALB IPO Lock-Up – US$2.6bn Lockup Release but Mostly SOE Owned

JMDC (4483) Partial Offer Update (Updated Pro-Ration Range)

By Travis Lundy

When this was launched, it traded more a fair bit on the first day, but then more volume traded than I expected. This could mean a couple of things.
Re-Reading the original doc leaves nuances. The change in management responsibilities this past summer make some holders less certain. It’s complicated.
There have been several blocks traded, and a large short instantiated. And if one has a more conservative estimate at a higher top-end participation, the back end gets uglier.

NTT Docomo’s Deal with Monex (8698); The Goal Is Bigger and Better but Not Compelling Yet

By Travis Lundy

Today, Monex Group Inc (8698 JP) and NTT (Nippon Telegraph & Telephone) (9432 JP)‘s NTT Docomo announced a Capital and Business Alliance Agreement. It is a complicated deal.
Monex GROUP will create a holdco which owns Monex Inc (the broker) and sell 51% to Docomo. Docomo will consolidate. Monex Group will own 49% as an equity method affiliate.
Monex GROUP will then double its dividend, maybe buy back shares, and expects to grow as Docomo pushes and Monex invests. But what remains is a mixed bag.

Proposals, Sweetened Offers & Synergies

By Jesus Rodriguez Aguilar

The game is on with the sweetened offer from Lithia, valued at 35.4p/share (24.5p divi + stake in Pinewood). Pendragon PLC (PDG LN)‘s shares are trading just below, at 35.2p.
It is now the turn of either Hedin or AutoNation to raise their offers. 32p/share seems a fair value for the standalone business. Synergies could be worth up to 10.54p/share.
Assuming a bidder distributes 60% of synergies to Pendragon shareholders, a potential offer price of 38.3p/share, in cash, 8% above Lithia’s offer, could still be value enhancing.

CALB IPO Lock-Up – US$2.6bn Lockup Release but Mostly SOE Owned

By Sumeet Singh

CALB Group (3931 HK) raised around US$1.2bn in its Hong Kong IPO in Oct 2022. The lockup on its pre-IPO shareholders will expire tomorrow.
CALB undertakes design, R&D, production and sales of EV batteries and Energy Storage Systems (ESS) products in China.
In this note, we will talk about the lock-up dynamics and updates since our last note.

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Oct 05

Daily Brief Equity Bottom-Up: CJ Corp: FTC Could Crack Down on CJ Olive Young With Huge Fines and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

CJ Corp: FTC Could Crack Down on CJ Olive Young With Huge Fines
Rakuten Mobile Could Be Churning Profits Next Year
Korea Small Cap Gem #25: Taeyoung E&C [P/E of 1x and P/B of 0.2x]
APAR Industries- Forensic Analysis
Chinese Interest in Solaris Resources Highlights Value in Junior Copper Equities
Micron. Con Te Partirò
DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! – Major Drivers
AutoZone Inc.: Discover the Profit Engines Driving Growth! – Major Drivers
Hugel Inc (145020 KS): Achieves Record High Revenue in 2Q23; Resubmits Marketing Application in US
Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! – Major Drivers

CJ Corp: FTC Could Crack Down on CJ Olive Young With Huge Fines

By Douglas Kim

CJ Corp’s share price declined sharply by 10.7% to reach 80,200 won on 4 October. CJ Olive Young is the number one health & beauty store chain in Korea.
According to local media, CJ Olive Young is in danger of being fined large amounts of money by the Fair Trade Commission (FTC).
It appears likely that CJ Corp’s share price could fall further close to the five year low end of the trading range (60,000 won) in the next several weeks.

Rakuten Mobile Could Be Churning Profits Next Year

By Oshadhi Kumarasiri

Rakuten Group (4755 JP)‘s shares plummeted 80% in 8 years, reaching ¥500 in June 2023 due to ¥1.3 trillion mobile business losses.
Expecting a positive shift as Rakuten Mobile approaches platinum band access and subscribers poised for exponential growth following the KDDI agreement.
We are expecting Rakuten Mobile to turn profitable next year, while the consensus is projecting an operating loss of around ¥200bn for the business.

Korea Small Cap Gem #25: Taeyoung E&C [P/E of 1x and P/B of 0.2x]

By Douglas Kim

Taeyoung Engineering & Construction (009410 KS) is the 25th company in our Korea Small Cap Gems series.
Taeyoung E&C is a mid-sized construction company in Korea with a market cap of 146 billion won. Its shares are trading at P/E of 1x and P/B of 0.2x.
At the end of 1H 2023, the company had 6.1 trillion won in order backlog, representing a backlog/sales ratio is 2.3x.

APAR Industries- Forensic Analysis

By Nitin Mangal

Apar Industries (APR IN) is the global leader in aluminum and alloy conductor manufacturing. The company is also India’s largest and world’s third largest transformer oil manufacturers.
After two silent years during covid, the company’s operations have taken off and there is growth reported in each of its three business segments.
The balance sheet has also shown improvement and looks stable. But, our principle concerns remain on the operating cash flow side, which looks to be misstated.

Chinese Interest in Solaris Resources Highlights Value in Junior Copper Equities

By Nicolas Van Broekhoven

Solaris Resources (SLS CN) yesterday announced it engaged Chinese investment bank CICC to help it with unsolicited M&A approaches.
Solaris, Filo, Entree Resources, and Los Andes Copper are just four of the junior copper miners screening extremely well on M&A criteria.
Most copper supply/demand models forecast a large supply shortage of copper in the coming decade. Junior copper miners with large deposits will become increasingly valuable.

Micron. Con Te Partirò

By William Keating

Despite beating guidance, Micron’s latest earnings report confirms a still-toxic memory market environment
ASPs for both DRAM and NAND have now declined sequentially for the past eight quarters
Their HBM3E solution is an unfortunate case of too much, too late.

DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! – Major Drivers

DocuSign, Inc. delivered an all-around beat in the previous quarter, continuing to build momentum in its business by progressing on key projects and enhancing its product offering.
With a non-GAAP operating margin of 25%, Q2 total sales of $688 million was up 11% from the same quarter last year.
DocuSign shipped and announced several new, highly developed features for its Web Forms offering during the quarter.

AutoZone Inc.: Discover the Profit Engines Driving Growth! – Major Drivers

AutoZone delivered an all-around beat in the most recent quarterly result.
The company achieved a total sales growth of 7.4% for the fiscal year, accompanied by a 12.9% increase in earnings per share.
Additionally, the company has introduced new reporting metrics to provide enhanced visibility, including same-store sales results for domestic, international, and total company operations.

Hugel Inc (145020 KS): Achieves Record High Revenue in 2Q23; Resubmits Marketing Application in US

By Tina Banerjee

Hugel Inc (145020 KS) reported 28% YoY growth in both revenue and operating profit to KRW81.6B and KRW28B in 2Q23, respectively, driven by solid performance of botulinum toxins and fillers.
Hugel has resubmitted marketing application for botulinum toxin in the U.S. for the third time, with approval expected in 1Q24. The U.S. is the world’s single largest botulinum toxin market.
The company is seeing North America, Australia, New Zealand, and China as future growth engines to achieve its long-term target revenue of KRW1 trillion and operating profit margin of 45%.

Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! – Major Drivers

Cirrus Logic, Inc. delivered an all-around beat in the most recent quarterly result.
With the help of its products, shipments, and smartphones, Cirrus Logic achieved revenue of $317 million, which was near the high end of its forecast for the quarter.
Beyond the laptop market, Cirrus Logic also continues to invest in additional products and client relationships that, in the long run, may increase both its revenue and market variety.

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Oct 05

Daily Brief Macro: Navigating Rocky & Volatile October After a Crushing September in US Equities and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Navigating Rocky & Volatile October After a Crushing September in US Equities
Taiwan: New Political Forces in the Presidential Poll
5 Things We Watch – Manufacturing, Natural Gas, JOLTS, BoJ & China
China Watch – Foreign Direct Investment & Capital Controls
Changing Dynamics of the Soybean Crush
Oil Watch: OUCH!

Navigating Rocky & Volatile October After a Crushing September in US Equities

By Srinidhi Raghavendra

September Effect refers to a month when equity returns gets crushed. The September Effect is followed by the sharpest month of volatility in October.
Does the September effect prevail in the current millennium? Since start of 2000, September indeed is the worst month for S&P 500 stocks with average returns of -1.8%.
History points to a positive upward bias during last 3 months. Q4 outlook this time is beset with head winds. Danger lurks in many places.

Taiwan: New Political Forces in the Presidential Poll

By Manu Bhaskaran

While the DPP’s Lai remains the frontrunner, voters are showing signs of discontent with the ruling DPP due to difficult economic conditions and domestic policy.
The strong showing of the TPP suggests that the electorate is receptive to its emphasis on bread-and-butter issues and its third-way approach to relationships with China.
Beijing will adopt a “wait and see” approach to avoid spooking Taiwanese voters. It may also recalibrate its strategy to account for the new political dynamics in Taiwan.

5 Things We Watch – Manufacturing, Natural Gas, JOLTS, BoJ & China

By Andreas Steno

Happy Wednesday, and welcome back to our 5 Things We Watch, where we as always run through 5 interesting topics in global macro relevant for the current and near-term market actions.
We’ll as usual be short and concise, covering what has already happened this week, as well as what will happen next.
This week we are watching out for the following 5 topics within global macro: Manufacturing, Natural Gas, JOLTS, BoJ, China

China Watch – Foreign Direct Investment & Capital Controls

By Andreas Steno

Welcome back to another piece on the ongoing turmoil in China, which seems to have slipped headlines over the last weeks as USDCNY has stabilized around the 7.30 level, which seems to be the line in the sand for now.
Xi and PBoC currently stand in a big dilemma, as a weaker exchange rate incentivizes domestic capital flights from CNY to USD amidst a domestic consumption crisis and real estate hovering at recessionary levels.
To cope with capital flights, PBoC controls imports and exports of various commodities on the domestic market, forcing domestic banks and other players to keep their trading activity in CNY by strengthening the Yuan.

Changing Dynamics of the Soybean Crush

By Pranay Yadav

Soybeans are crushed into soy oil and soymeal. The crush represents the Gross Processing Margin of Soybean.
The crush has been increasingly affected by the price of soy oil compared to soymeal. Ample meal supply suppresses its prices.
Meanwhile, soy oil prices are buoyed by supply concerns in the US as it is increasingly used to produce biodiesel.

Oil Watch: OUCH!

By Andreas Steno

It is no secret that we turned energy bullish early in the summer with pretty accurate timing and made a nice run based on being ahead of the crowd on the call.
We have kept various energy proxies alive in our portfolio and were stopped out of our Refiners spread earlier today due to a material sell-off on the back of the weekly EIA report.
The EIA report is usually not a >1-2 sigma market mover, but oh boy it moved markets today and we find very good reasons why when assessing the data.

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Oct 05

Daily Brief Utilities: China Oil And Gas and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

China Oil & Gas – Tear Sheet – Lucror Analytics

China Oil & Gas – Tear Sheet – Lucror Analytics

Controversies are “Immaterial” and the ESG Impact on Credit is “Neutral”.

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Oct 05

Daily Brief Industrials: Doosan Robotics, Taeyoung Engineering & Construction, Apar Industries, J&T Global Express, Amaero International Ltd, Qantm Intellectual Property and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Doosan Robotics IPO Trading – Strong Insti Subscription Rates but Still Feels like a Punt
Korea Small Cap Gem #25: Taeyoung E&C [P/E of 1x and P/B of 0.2x]
APAR Industries- Forensic Analysis
J&T Global Express IPO: Updates Tilts the Balance Positively
Amaero International Ltd – Transformative Decision to Dedicate First Atomiser to C-103
QANTM Intellectual Property Ltd – FY23 Peer Metrics Underscore QIP’s Relative Value

Doosan Robotics IPO Trading – Strong Insti Subscription Rates but Still Feels like a Punt

By Ethan Aw

Doosan Robotics (454910 KS) raised around US$318m in its Korea IPO, after pricing its IPO at the top end of the range at KRW26,000/share.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In this note, we will talk about the demand for the deal and other trading dynamics.

Korea Small Cap Gem #25: Taeyoung E&C [P/E of 1x and P/B of 0.2x]

By Douglas Kim

Taeyoung Engineering & Construction (009410 KS) is the 25th company in our Korea Small Cap Gems series.
Taeyoung E&C is a mid-sized construction company in Korea with a market cap of 146 billion won. Its shares are trading at P/E of 1x and P/B of 0.2x.
At the end of 1H 2023, the company had 6.1 trillion won in order backlog, representing a backlog/sales ratio is 2.3x.

APAR Industries- Forensic Analysis

By Nitin Mangal

Apar Industries (APR IN) is the global leader in aluminum and alloy conductor manufacturing. The company is also India’s largest and world’s third largest transformer oil manufacturers.
After two silent years during covid, the company’s operations have taken off and there is growth reported in each of its three business segments.
The balance sheet has also shown improvement and looks stable. But, our principle concerns remain on the operating cash flow side, which looks to be misstated.

J&T Global Express IPO: Updates Tilts the Balance Positively

By Research as a Service (RaaS)

J&T Global Express (1936374D CH), a leading express delivery business in Southeast Asia and China, is pre-marketing a HKEx IPO to raise US$500 million, according to press reports.
We previously discussed the IPO in J&T Global Express IPO: The Bull Case and J&T Global Express IPO: The Bear Case.
The PHIP filing favours the bull case due to a return to organic growth across the main geographies, maiden profitability, stabilization in contract liabilities and declining FCF burn.

Amaero International Ltd – Transformative Decision to Dedicate First Atomiser to C-103

Amaero International Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace, and other industrial sectors.
The company is developing a 1,000+-tonne a year critical metals alloy powder manufacturing facility in Tennessee, USA, and announced last week that its first EIGA gas atomiser would be dedicated to the refractory alloy powder, C103 (niobium 89%,-hafnium 10%,-titanium 1%), for hypersonic and space applications.
The decision to focus initially on C103 is in response to US industry demand for refractory alloy powders and driven by the talent and expertise that Amaero has brought together in its senior executive team.

QANTM Intellectual Property Ltd – FY23 Peer Metrics Underscore QIP’s Relative Value

By Research as a Service (RaaS)

QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys, and Sortify.tm.
It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market with ~16.5% market share (FY23) in its key patents segment (67% of revenue) and a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
We have reviewed recent results from the listed Australian and UK companies that we consider to be peers and have found that QIP mostly outperformed the group in terms of EBITDA margin expansion in FY23.

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Oct 05

Daily Brief TMT/Internet: Kokusai Electric , Micron Technology, DocuSign , Guidewire Software, Smartsheet Inc, Ambarella Inc, Zscaler , Amkor Technology, Cirrus Logic and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Kokusai Electric IPO: Valuation Insights
Kokusai Electric Pre-IPO – Thoughts on Valuation
Micron. Con Te Partirò
DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! – Major Drivers
Guidewire Software Inc.: Can The Hakuba Cloud Offering Become A Growth Catalyst? – Major Drivers
Smartsheet Inc.: The Silent Growth Machine With Over 13.4 Million Active Users! – Major Drivers
Ambarella Inc.: Sequential Business Expansion & Major Growth Drivers
Zscaler Inc.: Unveiling the Blueprint of Their Growth Strategy! – Major Drivers
Amkor Technology Inc.: The Unseen Forces Propelling Demand! – Major Drivers
Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! – Major Drivers

Kokusai Electric IPO: Valuation Insights

Kokusai Electric (6525 JP) is a speciality manufacturer of semiconductor production equipment. KKR & (KKR US) seeks to raise about US$745 million through listing Kokusai.
We previously discussed the IPO in Kokusai Electric IPO: The Bull Case and Kokusai Electric IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Kokusai is fully valued at the IPO reference price of JPY1,890 per share. We would pass on the IPO.

Kokusai Electric Pre-IPO – Thoughts on Valuation

By Sumeet Singh

KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
In our previous notes we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.

Micron. Con Te Partirò

By William Keating

Despite beating guidance, Micron’s latest earnings report confirms a still-toxic memory market environment
ASPs for both DRAM and NAND have now declined sequentially for the past eight quarters
Their HBM3E solution is an unfortunate case of too much, too late.

DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! – Major Drivers

DocuSign, Inc. delivered an all-around beat in the previous quarter, continuing to build momentum in its business by progressing on key projects and enhancing its product offering.
With a non-GAAP operating margin of 25%, Q2 total sales of $688 million was up 11% from the same quarter last year.
DocuSign shipped and announced several new, highly developed features for its Web Forms offering during the quarter.

Guidewire Software Inc.: Can The Hakuba Cloud Offering Become A Growth Catalyst? – Major Drivers

Guidewire Software delivered a solid result and managed an all-around beat in the last quarter.
The management closed 17 cloud deals in the quarter, bringing the total for the year to 37.
In terms of adoption, Guidewire achieved 13 go-lives on the Guidewire Cloud Platform during the quarter, reinforcing its positive trajectory.

Smartsheet Inc.: The Silent Growth Machine With Over 13.4 Million Active Users! – Major Drivers

Smartsheet Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
Revenue for the quarter was more than expected and increased by 26% year over year to $235.6 million, while billings increased by 18% year over year to $243.1 million.
At the end of the quarter, they had more than 13.4 million active Smartsheet users and an annual recurring revenue of $933 million.

Ambarella Inc.: Sequential Business Expansion & Major Growth Drivers

Ambarella, Inc. delivered a positive result and managed an all-around beat last quarter.
Ambarella’s blended ASP was over $12 and is on track to increase by nearly 20% from the previous quarter.
Ambarella started porting META’s LLaMA 2 to the CV3-AD-High in the most recent quarter, and their team anticipates making chatbot demos accessible later this year.

Zscaler Inc.: Unveiling the Blueprint of Their Growth Strategy! – Major Drivers

Zscaler managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in Q4, achieving significant growth with a 43% increase in revenue and 38% growth in billings, reflecting balanced expansion across various verticals, customer segments, and geographic regions.
The full-year results were equally impressive, with revenue reaching 48%, totalling $1.6 billion, and billings rising by 37% to over $2 billion.
Notably, several records were set, including the addition of the highest number of $1 million ARR customers, record new pipeline generation, and a record operating profit margin.

Amkor Technology Inc.: The Unseen Forces Propelling Demand! – Major Drivers

Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.
Amkor met its estimates for the second quarter with revenue of $1.46 billion and EPS of $0.26.
Due to decreased end-market demand, particularly in the Android supply chain, inventory consumption is taking longer than expected.

Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! – Major Drivers

Cirrus Logic, Inc. delivered an all-around beat in the most recent quarterly result.
With the help of its products, shipments, and smartphones, Cirrus Logic achieved revenue of $317 million, which was near the high end of its forecast for the quarter.
Beyond the laptop market, Cirrus Logic also continues to invest in additional products and client relationships that, in the long run, may increase both its revenue and market variety.

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Oct 05

Daily Brief Energy/Materials: Solaris Resources , Vedanta Resources, HighPeak Energy Inc, State Gas Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Chinese Interest in Solaris Resources Highlights Value in Junior Copper Equities
Morning Views Asia: Vedanta Resources
HighPeak Energy, Inc. – Refocused on Development
State Gas – First Gas Milestone Is Around the Corner

Chinese Interest in Solaris Resources Highlights Value in Junior Copper Equities

By Nicolas Van Broekhoven

Solaris Resources (SLS CN) yesterday announced it engaged Chinese investment bank CICC to help it with unsolicited M&A approaches.
Solaris, Filo, Entree Resources, and Los Andes Copper are just four of the junior copper miners screening extremely well on M&A criteria.
Most copper supply/demand models forecast a large supply shortage of copper in the coming decade. Junior copper miners with large deposits will become increasingly valuable.

Morning Views Asia: Vedanta Resources