In today’s briefing:
- Grab Holdings (GRAB US) – Harvest Time
- GoTo Gojek Tokopedia (GOTO IJ) – Barbell Strategies and Fintech to Dominate in 2025
- Edelweiss: Strong Q2FY25 | Focus on Value Unlocking
- RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up
- Nesco: Mixed Q2FY25, However Long-Term Prospects Remain Intact
- SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings
- InterDigital Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
- Acuity Brands: The Intelligent Spaces Expansion & Other Major Drivers
- JAMF Holdings: International Expansion Powering Our Bullishness! – Major Drivers
- Lithia Motors: Product Diversity & Pricing Strategy As A Strategic Growth Enabler! – Major Drivers
Grab Holdings (GRAB US) – Harvest Time
- Grab Holdings has expressed excitement for 2025, as it harvests the investments it has made in its laddered approach to new product offerings from Saver to Grab Unlimited in 2024.
- Having grown transacting users in 2024 through its Saver offering, Grab will focus on growing its premium offers in 2025. Groceries should outperform along with its offline dining initiatives.
- Grab will focus on lending growth at its DigiBanks in Malaysia, and Singapore in 2025 and will double down on its advertising offerings. Grab will book a 2025 net profit.
GoTo Gojek Tokopedia (GOTO IJ) – Barbell Strategies and Fintech to Dominate in 2025
- GoTo Gojek Tokopedia remains optimistic for the coming year, with increasing focus on converting hemat users to take up more premium products and it expands its suite of fintech offerings.
- Focus on profitability will remain core, with an emphasis on product-led initiatives such as GoFood Plus and GoFood Express, and increasing emphasis on growing its fintech offering across products.
- GoTo is increasingly using AI to improve both the customer experience and improve efficiencies. Advertising will increasingly become a tool to improve take rates with Tokopedia providing valuable cash flow.
Edelweiss: Strong Q2FY25 | Focus on Value Unlocking
- Edelweiss reported a strong Q2FY25 performance led by consistent scaling up of its businesses, especially the asset management businesses. Its insurance businesses are also growing rapidly but are loss-making currently.
- The credit businesses are also growing well with the shift to the co-lending model. 75%+ of lending in NBFC is now being done through the co-lending model.
- Edelweiss’ focus is on value unlocking and debt reduction. The asset management businesses are ripe for unlocking and Edelweiss is exploring a stake sale via IPO for its alternatives business.
RPSG Ventures (RPSGV): BPO Business Has Normalized | FMCG Business Is Scaling Up
- The FMCG business continues to sustain annualized revenue of INR 500cr+ and with Q2FY25 revenue at INR 146cr, it is possible that annualized revenue may now sustain at INR 550cr+.
- After having bottomed out a couple of quarters ago, the BPO business – Firstsource Solutions (“FSL”), is now performing strong with 6.9% QoQ and 22.7% YoY growth in revenue.
- Revenue in the Sports business varies significantly each quarter based on scheduling of the sports events. Accordingly, in Q2FY25, revenues were not significant at INR 20cr.
Nesco: Mixed Q2FY25, However Long-Term Prospects Remain Intact
- Q2FY25 performance was mixed. IT Parks segment reported good growth at 2.5% QoQ and 8.5% YoY. BEC growth was mediocre at 8.5% YoY; QoQ is not comparable due to seasonality.
- Nesco Foods reported 10% YoY growth, which was decent but could have been better, given this business is relatively new and has significant potential. EBIT margin also declined YoY.
- Nesco is venturing into expressway wayside amenities development and management business, which appears synergistic and has potential to provide additional growth lever going forward.
SK Hynix(000660.KS): Insisting on HBM Technology and Continuing to Surpass Samsung in Net Earnings
- SK Hynix (000660 KS)‘s key turning point is its dedication to developing High Bandwidth Memory (HBM) technology, which has finally paid off.
- In the third quarter of 2024, SK Hynix (000660 KS) continued to surpass Samsung Electronics (005930 KS) net earnings based on their financial results.
- Samsung Electronics (005930 KS) is reportedly exploring partnership opportunities with Taiwan Semiconductor (TSMC) – ADR (TSM US) in the realm of HBM, aiming to strengthen its ties with NVIDIA.
InterDigital Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! – Major Drivers
- InterDigital, Inc.’s third-quarter 2024 results reveal a blend of strategic progress and financial growth, marking a potentially positive trajectory for the company, though not without challenges.
- Key achievements include surpassing their revenue, adjusted EBITDA, and EPS targets, which catalyzed an upward revision of their 2024 revenue guidance by $145 million to $860 million.
- This growth is primarily attributed to new license agreements with major industry players like OPPO Group, which now includes coverage of their branded devices, thereby resolving pending litigations.
Acuity Brands: The Intelligent Spaces Expansion & Other Major Drivers
- Acuity Brands, a prominent player in the lighting and building management industry, reported a solid performance for its fiscal 2024 fourth quarter and full year, showcasing both growth and strategic progress.
- The company’s net sales reached $1 billion in the fourth quarter, marking a 2% year-over-year increase, driven by gains in its Lighting and Intelligent Spaces businesses.
- This growth is attributed to their strong product vitality and strategic pricing, helping to manage costs effectively.
JAMF Holdings: International Expansion Powering Our Bullishness! – Major Drivers
- Jamf, a leading software company specializing in Apple device management and security solutions, reported strong third-quarter 2024 results, surpassing revenue and non-GAAP operating income expectations.
- The company’s year-over-year revenue growth reached 12%, with subscription revenue comprising a dominant 98% of total revenue.
- Non-GAAP operating income rose significantly to $27.7 million, reflecting a margin improvement from 9% to 17%.
Lithia Motors: Product Diversity & Pricing Strategy As A Strategic Growth Enabler! – Major Drivers
- Lithia Motors, a significant player in the automotive retail sector, reported its financial results for the third quarter of 2024, showcasing both strengths and challenges.
- The company’s revenue for the quarter reached a record $9.2 billion, representing an impressive 11% increase from the same period last year.
- This growth was attributed to strategic expansions, improvements in cost efficiencies, and operational execution.
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