In today’s briefing:
- HKBN (1310 HK): China Mobile Agrees to Acquire TPG’s Stake
- Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good Short Levels
- Samsung SDI: Rights Offering Capital Raise Amount Lowered by 14% to 1.7 Trillion Won
- HKBN (1310 HK): TPG Cashes In Early
- Nvidia Is Getting Hit by Tariffs—But Here’s How It Plans to Fight Back!
- CLEAR Secure: The Biometric Technology Advancements & Critical Growth Enablers!
- WEX Doubles Down on Marketing Muscle To Try & Capture The Payments & Benefits Sectors – But Will It Work?
- Concentrix Corporation: Expanding Client Base & Capitalizing On Consolidation Opportunities…
- Intel’s High-Stakes Reboot: Can the TSMC Tie-Up and Lip-Bu Tan’s Strategy Save the Chip Giant?
- Lions Gate Entertainment Strikes Gold with New TV Hits & Bold Digital Expansion!
HKBN (1310 HK): China Mobile Agrees to Acquire TPG’s Stake
- China Mobile (941 HK) has entered a share purchase agreement to acquire TPG’s HKBN Ltd (1310 HK) shares and vendor loan note conversion shares by 28 November.
- On completion, TPG will be released from its irrevocable, which has a competing offer clause. China Mobile’s agreement signals its expectation that I Squared will launch a competing proposal.
- The agreement will not change I Squared’s approach as it would not negatively impact regulatory approvals (a key risk) or prevent it from meeting a 50% minimum tendering condition.
Taiwan Dual-Listings Monitor: TSMC Spread Near Short Level; ASE & ChipMOS Spreads Good Short Levels
- TSMC: +18.9% Premium; Soon at a Good Level to Short the Spread
- ASE: +6.5% Premium; Good Level to Short the Spread Given Trading Range Breakdown
- ChipMOS: +6.6% Premium; 2% And Higher Good Level to Short the Spread
Samsung SDI: Rights Offering Capital Raise Amount Lowered by 14% to 1.7 Trillion Won
- Samsung SDI (006400 KS) has lowered the rights offering capital raise amount by 14% to 1.7 trillion won, mainly due to the recent carnage in the global equity markets.
- The expected rights offering price has been lowered to 146,200 won, which is 14.9% lower than current price.
- We remain negative on Samsung SDI’s rights offering capital raise mainly due to shares dilution risk. We also remain concerned that the weak demand for EVs globally could last longer.
HKBN (1310 HK): TPG Cashes In Early
- Back in December, China Mobile (941 HK) made a pre-conditional HK$5.23/share voluntary Offer for HKBN (1310 HK). The wild card is whether I Squared launches a counter-proposal.
- This transaction has no shortage of intriguing developments. Last month, MBK mysteriously converted its VLNs. Now TPG has entered into an SPA with Mobile to sell its 15.46% stake.
- IF I Squared were to make a counter-proposal, I doubt it would secure the necessary regulatory approvals. Evidently TPG is not waiting around to find out.
Nvidia Is Getting Hit by Tariffs—But Here’s How It Plans to Fight Back!
- The semiconductor sector has been rattled by a wave of tariff escalations, with Nvidia at the center of attention.
- President Donald Trump’s recent imposition of steep new tariffs—34% on imports from China and 32% on Taiwan—sent shockwaves across the global technology industry.
- While semiconductors were initially exempted from the levies, the ambiguity in policy messaging and the potential for future inclusion have raised investor concerns.
CLEAR Secure: The Biometric Technology Advancements & Critical Growth Enablers!
- CLEAR, known for its identity verification platform, reported its fiscal fourth quarter and full-year 2024 results demonstrating both opportunities and challenges.
- The company continues to expand its footprint in the travel sector, with a notable presence in 73% of U.S. airports through 166 lanes nationwide.
- The rollout of the NextGen Identity technology, including innovative systems such as EnVe’s (enrollment and verification Pods), has been a focal point—improving member throughput and enhancing the customer experience significantly.
WEX Doubles Down on Marketing Muscle To Try & Capture The Payments & Benefits Sectors – But Will It Work?
- WEX Inc. reported its fourth-quarter and full-year 2024 financial results, reflecting a complex mix of positive and negative developments.
- The company’s full-year revenue reached a record high of $2.6 billion, a modest 3% increase compared to the previous year, despite headwinds from fluctuating fuel prices and foreign exchange rates.
- Excluding these factors, revenue growth was more robust at 6%.
Concentrix Corporation: Expanding Client Base & Capitalizing On Consolidation Opportunities…
- Concentrix Corporation presented a mixed overview of its performance for the first quarter of fiscal 2025, achieving revenue growth and profitability ahead of guidance, yet facing strategic and operational challenges.
- On the positive side, Concentrix reported a solid demand environment, with a particular emphasis on the growing adoption of their GenAI solutions across its client base, claiming one of the largest scales in global deployments of such technology.
- The company emphasized its strategic focus on integrating AI solutions and expanding its business portfolio to deliver value across a broader client base.
Intel’s High-Stakes Reboot: Can the TSMC Tie-Up and Lip-Bu Tan’s Strategy Save the Chip Giant?
- Intel is navigating one of the most pivotal moments in its corporate history as new CEO Lip-Bu Tan begins implementing a series of structural reforms aimed at reversing the chipmaker’s prolonged decline.
- In recent weeks, a series of bold announcements and market-moving headlines have brought Intel’s turnaround efforts back into the spotlight.
- The most notable development is a tentative joint venture with Taiwan Semiconductor Manufacturing Company (TSMC), where TSMC is expected to take a 20% stake in Intel’s loss-making manufacturing business in exchange for sharing advanced foundry techniques.
Lions Gate Entertainment Strikes Gold with New TV Hits & Bold Digital Expansion!
- Lionsgate secured a solid performance in the third quarter of fiscal 2025, demonstrating resilience in a challenging operating environment.
- The Motion Picture segment was particularly strong, highlighted by the successful conversion of three mid-budget films into profitable ventures.
- This performance underscores Lionsgate’s ability to effectively manage mid-range budget productions, capitalizing on steady box office showings, robust business models, and efficient execution.
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