In today’s briefing:
- Asian Dividend Gems: Eagle Nice International Holdings
- Promoter Family Feud and Fund Diversion : A Rare Saga of Governance Issue at Ganesh Benzoplast
- Intel. Just Check Back In Again In 2026
- Tech Supply Chain Tracker (26-Apr-2024): Corporations must adapt to smarter AI.
- MediaTek (2454.TT): 1Q24 Results Beat; 2Q24F Revenue Outlook Shows a Flat to Downward Scenario.
- Alphabet 1Q’24 Update
- TikTok Shop Faces Regulatory Hurdles in Bid to Become No. 1 in Vietnam, Expert Says
- Fanuc (6954 JP): Guidance Points Down, but the Market Sees Recovery
- Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue
- Southern Energy Corp. – Managing the Balance Sheet in the Context of Low US Gas Prices
Asian Dividend Gems: Eagle Nice International Holdings
- Eagle Nice International Holdings’ dividend yield averaged 9.2% from FY 2019 to FY 2023. Its annual dividend payout averaged 72.2% in the same period.
- Eagle Nice (Intl) Hldgs is mainly engaged in the design and manufacture of sportswear for adults and children on an OEM basis. Yue Yuen Industrial Holdings is the largest shareholder.
- Eagle Nice Holdings also has attractive valuations and consistent growth in sales and profits.
Promoter Family Feud and Fund Diversion : A Rare Saga of Governance Issue at Ganesh Benzoplast
- GBL was touted as a turnaround story as few investors have shown faith by infusing the funds for further expansion
- In a rare instance, one of the promoter member fraudlently took the loan of 45 crores in the name of the company
- What lies ahead is the case possible fund diversion and promoter family feud
Intel. Just Check Back In Again In 2026
- Q124 revenue was $12.7 billion, down 17.5% QoQ but up 9% YoY.
- Q224 revenue forecast of just $13 billion & vague promise of full year YoY growth disappoints
- Capacity constraints on wafer level assembly limited Meteor Lake shipments. So much for a maniacal focus on execution.
Tech Supply Chain Tracker (26-Apr-2024): Corporations must adapt to smarter AI.
- Corporations need to adapt to smarter AI as 6G, the next evolution in mobile communication, is coming soon, bringing faster speeds and advanced technology.
- Taiwan’s AI startups showcase cutting-edge B2B solutions at 2024 AI Expo, while Microsoft’s third-quarter revenue reaches a record high with the help of AI technology.
- Despite record high SiPh shipments, LMOC had a net loss in 1Q24. Taiwan’s biggest curved interactive MiniLED display, ‘Wishing Tree,’ steals the show at Touch Taiwan 2024.
MediaTek (2454.TT): 1Q24 Results Beat; 2Q24F Revenue Outlook Shows a Flat to Downward Scenario.
- In 2Q24F, customer demand has slowed down in the traditional low season, as inventory levels normalize.
- In summary, sales in USD are expected to grow in the mid-teens YoY in 2024F. Smartphone growth will be the strongest driver of this growth.
- MediaTek is a leader in the Wi-Fi 7 market and aims to gain significant market share with its diverse product portfolio this year.
Alphabet 1Q’24 Update
- Despite following Big Tech closely for the last 5 years, this sentence from today’s call still somewhat surprised me!
- The scale and the height of success of Google truly boggles my mind.
- Over the last year or so, Google has had its fair share of skeptics, including yours truly.
TikTok Shop Faces Regulatory Hurdles in Bid to Become No. 1 in Vietnam, Expert Says
Regulatory risks could derail TikTok’s drive to become Vietnam’s No. 1 online marketplace, an industry expert said.
The ByteDance-owned short-video app launched TikTok Shop in Vietnam in April 2022 as part of its broader ambition to control 35% of Southeast Asia’s e-commerce market.
Since then, it has surpassed Alibaba-backed Lazada to become Vietnam’s second-largest online marketplace by gross merchandise volume — TikTok’s vendors sold about $1.3 billion worth of goods in the past six months, according to local media which cited data from local analytics firm Metric. Now, only Singapore-based Shopee stands between TikTok and the top spot.
Fanuc (6954 JP): Guidance Points Down, but the Market Sees Recovery
- Fanuc was up 4.7% this past week as the market reacted to a slight uptick in orders and transparently conservative guidance.
- The book-to-bill ratio remained below 1.0 in 4Q of FY Mar-24, but was up from 3Q, which appears to have been the low point in the cycle.
- Inflation and ongoing inventory adjustments indicate a slow recovery, but demand for automation from traditional markets and new opportunities in aerospace and other industries should support long-term growth.
Astellas Pharma (4503 JP): Fx Drives FY24 Revenue; Impairment Loss Dents Profits; Pain to Continue
- Astellas Pharma (4503 JP) reported ¥85B revenue increase in FY24 over FY23, while Fx impacted the revenue positively by ¥96B. In local currency terms, the U.S. revenue declined 5% YoY.
- FY24 operating and net profit declined 80%+, due to amortization and impairment loss of intangible assets. Astellas is changing accounting policy to smoothen core operating and net profits in FY25.
- For FY25, Astellas guided for just 3% revenue growth. Core operating profit is expected to decline 10%, while net profit is anticipated to take a bigger hit and decrease 17%.
Southern Energy Corp. – Managing the Balance Sheet in the Context of Low US Gas Prices
- 4Q23 production of 2,793 boe/d and YE23 net debt of US$26.7 mm were in line with forecasts.
- The GH 14-06 #3 Upper Selma Chalk well delivered an IP30 rate of 5.2 mmcf/d.
- This is a good rate compared to the other Upper Selma Chalk wells of 2022-2023 which had IP30 rates of 3.3-6.5 mmcf/d.
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