In today’s briefing:
- Growatt Technology Pre-IPO – Thoughts on Valuation
- Lear Corporation: New Sustainability Solutions Addition & Other Developments
- Bio-Techne Corp: Advanced Cell Diagnostics RNAscope System Developments & Other Drivers
- Qorvo Inc: Major Drivers
- Roku Inc: Expansion Of Free Streaming In Mexico & Other Drivers
- Unity Software: Native Game Engine Support For Windows & Other Drivers
- Match Group: Major Drivers
Growatt Technology Pre-IPO – Thoughts on Valuation
- Growatt Technology (1833969D CH) is looking to raise about US$500m in its upcoming Hong Kong IPO.
- Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
- In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we will look at assumptions and share our thoughts on valuation.
Lear Corporation: New Sustainability Solutions Addition & Other Developments
- Lear Corporation saw a significantly improved set of results in the last quarter and it managed to surpass Wall Street expectations on all fronts.
- The improved results reflect higher production volumes as well as its strong new business backlog.
- Core operating earnings and sales increased and in both e-Systems and seating, operating margins improved as compared to the previous year.
Bio-Techne Corp: Advanced Cell Diagnostics RNAscope System Developments & Other Drivers
- Bio-Techne has been going through a tough 2022 and witnessed a slow summer especially in the European markets as well as Covid-related shutdowns in China.
- The company did manage to achieve some organic revenue growth but failed to meet Wall Street expectations in terms of revenues as well as earnings.
- The company recently announced the release of the automated codetection assays for the company’s Advanced Cell Diagnostics RNAscope system for in-situ hybridization.
Qorvo Inc: Major Drivers
- Qorvo delivered an excellent result with its quarterly revenue as well as EPS above the market expectations.
- Revenue in high-performance analog was broad-based, with the strength primarily in high-power applications and defense.
- In Advanced cellular, Qorvo enjoyed quite a big customer ramp in the quarter.
Roku Inc: Expansion Of Free Streaming In Mexico & Other Drivers
- This is our first report on streaming major, Roku.
- The company had a strong first quarter of 2022 with Platform revenue up 39% yearly, driven by increased content distribution and advertising revenue.
- As one of the industry’s top platforms for streaming TV, the company anticipates long-term growth in active users and platform revenue.
Unity Software: Native Game Engine Support For Windows & Other Drivers
- Unity Software delivered a mixed set of results as its revenues failed to meet market expectations but its net loss was narrower than expected.
- The company continued with a robust customer pull in its newer Artistry and Digital Twins segments.
- We provide the stock of Unity with a ‘Buy’ rating and a revision in the target price.
Match Group: Major Drivers
- Match Group is currently operating in a challenging macro-economic environment and its stock price has been tumbling over the past few months.
- Excluding the forex impact, Match Group delivered double-digit growth given the fact that Tinder has been performing quite well.
- We provide the stock of Match Groups with a ‘Hold’ rating and a revision in the target price.
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