In today’s briefing:
- CALB (3931 HK) IPO: Earliest Passive Flows & Stock Connect Inclusion in 2023
- Xiaomi: Margins to Remain Under Pressure with Premiumisation and Investment in EV (Quantamental)
- Intouch: AIS’ Expanding Broadband And Expected Mobile Duopoly
- Taiwan Tech Weekly: Micron Forecasts This Week, Intel Conference, AMD CEO to Visit Taiwan Suppliers
- Socionext IPO – Ample Upside Even After Discount
- Synopsys Inc.: Initiation of Coverage – Strong Market Position & Other Drivers
- Sporting Crypto – STEPN Turns 1 Year Old — Beyond The Hype
- DocuSign Inc: Contract Lifecycle Management In Slack & Other Drivers
- BlackBerry Inc: The Cylance Gateway & Other Drivers
CALB (3931 HK) IPO: Earliest Passive Flows & Stock Connect Inclusion in 2023
- CALB (3931 HK) is looking to raise between US$1.29bn-US$1.73bn by selling 265.85m shares at a price range of HK$38-51/share.
- CALB (3931 HK) will not get Fast Entry to any indices but should be added to the HSCI and Stock Connect in March and to the FTSE All-World in June.
- Peer performance has been fairly mixed in the recent past. Stock trading weak post listing could provide buying opportunities ahead of the passive inflows.
Xiaomi: Margins to Remain Under Pressure with Premiumisation and Investment in EV (Quantamental)
- Xiaomi Corp (1810 HK) share price has declined more than 50% over the last 12-months from HK$22.1 to HK$9.46.
- In the meantime, the company’s earnings also have weakened with resurgence of Covid-19 in China alongside decline in demand for smartphones in Europe and other markets.
- Xiaomi has entered into the premium smartphones segment which has negatively impacted the company’s margins due to aggressive expansion of offline stores.
Intouch: AIS’ Expanding Broadband And Expected Mobile Duopoly
- Jasmine International PCL (JAS TB)‘s shareholders approved Advanced Info Service (ADVANC TB) acquiring its subsidiary Triple T Broadband, and to buy 19% of Jasmine Broadband (JASIF TB).
- The deal, involving a total outlay of Bt32.4bn, remains subject to approval from JASIF unitholders and NBTC. AIS’ current market cap is Bt574bn.
- Separately, the DTAC / True merger looks set to become a reality as it, ironically, does not require NBTC approval. A merger would create a duopoly and ultimately benefit AIS.
Taiwan Tech Weekly: Micron Forecasts This Week, Intel Conference, AMD CEO to Visit Taiwan Suppliers
- Micron’s outlook for next quarter’s margin will be key, provides good color on future margin for key Taiwan names
- Intel conference could be catalyst for Intel Long/Short, CEO will be giving a keynote on company’s new direction
- AMD meeting many Taiwan-listed companies, Hon Hai EV platform closes new deal in Indonesia
Socionext IPO – Ample Upside Even After Discount
- Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO.
- Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.
- In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.
Synopsys Inc.: Initiation of Coverage – Strong Market Position & Other Drivers
- This is our first report on software and design player, Synopsys.
- For instance, they automate entire sub-processes in chip design in addition to individual design steps.
- Their preloaded IP blocks not only expedite chip design but also allow architects to experiment quickly with innovative chip and system configurations tailored to specific markets.
Sporting Crypto – STEPN Turns 1 Year Old — Beyond The Hype
- GMT, The STEPN governance token, has tumbled from ~ $4.00 in May 2022 to $0.60 in September 2022. An 85% drop.
- This is basically akin to the company’s equity… kind of…not really — but it’s a good way to explain things without getting complicated.
- It has crashed like much of the Crypto market (heck, much of the market in *general*?).
DocuSign Inc: Contract Lifecycle Management In Slack & Other Drivers
- DocuSign has been among the worst hit hyper-growth plays in the recent correction over the past few months.
- The company’s results have not been too bad during the phase and it delivered yet another all-around beat.
- The focus of DocuSign on partner expansion involves an innovative integration with Stripe that will enable the users to view Stripe payments and DocuSign agreements side-by-side.
BlackBerry Inc: The Cylance Gateway & Other Drivers
- Blackberry’s stock has corrected sharply in the past weeks though the company’s result was not too bad.
- The management continues to execute the business momentum quite well, delivering sturdy year-over-year growth in revenue.
- From the professional services and preproduction development seats, Blackberry recorded strong revenue and it gained overall 14 new design wins.
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