In today’s briefing:
- Samsung Electronics’ Key Inflection Point: Lee Jae-Yong’s Final Appeal Ruling on February 3
- Samsung Electronics: Trading Strategy Post Another Inheritance Tax Sale
- Shift Beats Q1 Consensus by 30%
- TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC’s 2nm Market? We Think It’s Too Early to Say.
- Tech Supply Chain Tracker (15-Jan-2025): China’s semiconductor bankruptcies mount.
- Money Forward (3994) | SaaS Growth Engine Shows Resilience
- WingArc1st Inc (4432 JP): Q3 FY02/25 flash update
- Silicon Labs: An Insight Into Its Recent Design Win Ramps & Market Share Growth!
- ALE PW – What’s News in Amsterdam – 14 January 2025 (Ahold Delhaize | Philips | InPost / Allegro)
Samsung Electronics’ Key Inflection Point: Lee Jae-Yong’s Final Appeal Ruling on February 3
- Some speculate Samsung might delay the value-up announcement until after the February 3 ruling, using it strategically to influence the verdict and align with the appeal’s outcome.
- Market chatter even surrounds Samsung’s HBM test delays with NVIDIA, with some linking it to Lee Jae-yong’s February 3 appeal ruling—though it seems more like speculative conspiracy.
- If Lee Jae-yong wins his appeal on February 3, it could trigger key events like value-up disclosure and HBM pass, significantly impacting Samsung’s short-term price action and positions.
Samsung Electronics: Trading Strategy Post Another Inheritance Tax Sale
- In the past several years, one of the biggest risk factors on Samsung Electronics and other Samsung Group affiliates has been the huge inheritance tax payments by the Lee family.
- Despite the weak share price performances of the four major Samsung Group affiliates, their consolidated equity increased by 31.4% on average from end of 2019 to end of 3Q 2024.
- Once Lee family pays off the fifth installment in 2025, the market could look upon this situation more favorably due to reduced overhang associated with additional future inheritance tax payments.
Shift Beats Q1 Consensus by 30%
- Shift reported a 95% increase in OP, to ¥3.2bn, compared to consensus estimate of ¥2.6bn on January 14 after the close.
- Just under 5 months ago, we suggested the stock was about 45% undervalued. It is up 40%.
- We still expect 20% annual growth through 2030. This is no longer a turnaround stock, but now one of the most solid growth stocks in the market.
TSMC (2330.TT; TSM.US): Will Rapidus Threaten TSMC’s 2nm Market? We Think It’s Too Early to Say.
- There is a great opportunity for someone joining an advanced semiconductor manufacturing camp because there could be fewer players in the field.
- For a long time, TSMC production staff have won better bonuses in the company, meaning they might be able to overcome the difficulties in production.
- Rapidus might need another 5 years or more to become profitable if everything runs smoothly for 2nm technology.
Tech Supply Chain Tracker (15-Jan-2025): China’s semiconductor bankruptcies mount.
- China’s semiconductor industry faces devastation with 10,000 companies going bankrupt and hiring coming to a halt.
- Biden shifts chip strategy favoring TSMC over Intel as his term nears end, signaling a change in approach.
- Advancements in technology may soon make ‘one robot per household’ a reality, with AI chip export ban discussions ongoing.
Money Forward (3994) | SaaS Growth Engine Shows Resilience
- Money Forward, Japan’s leading SaaS provider, reported strong results for its fiscal year ending November 2024: Sales +33% YoY to ¥40.4 billion
- FY11/25 EBITDA guidance of ¥3.5 billion significantly lags consensus expectations of ¥6 billion.
- The disappointing EBITDA guidance may trigger further selling, but there is no material change to the company’s long-term fundamentals. Time to be bullish
WingArc1st Inc (4432 JP): Q3 FY02/25 flash update
- Revenue for cumulative Q3 FY02/25 was JPY21.6bn, operating profit JPY6.5bn, net income JPY4.7bn, EBITDA JPY7.6bn.
- BDS sales revenue rose 12.7% YoY to JPY14.2bn, with cloud services growing 17.3% YoY, invoiceAgent JPY1.7bn.
- Full-year FY02/25 forecast revised to revenue JPY28.5bn, operating profit JPY8.1bn, EBITDA JPY9.6bn, profit JPY5.9bn.
Silicon Labs: An Insight Into Its Recent Design Win Ramps & Market Share Growth!
- Silicon Laboratories delivered mixed results for the third quarter of fiscal 2024.
- The company’s revenue reached $166 million, which marked a 14% sequential increase, although it was down 18% year-over-year due to persisting issues related to excess inventory among distributors and end customers.
- Despite this decline, Silicon Laboratories managed to surpass the midpoint of its revenue guidance, signaling some resilience in its business operations amidst broader market challenges.
ALE PW – What’s News in Amsterdam – 14 January 2025 (Ahold Delhaize | Philips | InPost / Allegro)
- In this edition: • Ahold Delhaize | agrees to buy Delfood • Philips | another challenging year for Philips’ sales in China; software problem detected • InPost / Allegro | Temu close to taking over Allegro’s position as market leader in Poland
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
