In today’s briefing:
- STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.
- Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact
STMicro: Ugly but Mngt Says 1Q25 Is the Bottom. Restructuring Has to Start, Horrendous Inventories.
- Very poor 1Q25, operating profit close to zero. 2Q a bit better with lower revenue decline, but OP still close to zero.
- Management claims 1Q is the bottom for revenues, its possible, but 2 large risks: restructuring costs and very high inventories.
- Consensus expects a slow recovery into 2026, the stock looks cheap at 11x 2026 EPS. However, given the firm’s track record and the risks mentioned, lets wait 1 more quarter.
Indian Rubber Prices Shrugging Off Negative Trump Tariff Impact
- RSS-4 prices near stable around INR 198/kg for past ten days
- Kerala farmers engaged in rainguarding in right earnest
- RRII devises process for extracting top-quality rubber from skim latex
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