In today’s briefing:
- (Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share
- Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal
- Logitech International: Geographical Diversification & Market Penetration To Help Tilt The Competitive Dynamics In Its Favor? – Major Drivers
- Rubrik Inc.: Initiation Of Coverage – Strategic Expansion & Technology Partnerships To Widen Market Reach & Offerings! – Major Drivers
- Intel Q424. It’s A Journey, Not A Destination
- ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! – Major Drivers
- ASML Defies DeepSeek Panic—Massive AI Boom Ignites Orders But Will This Last?
- Western Digital Corporation: 7 Crucial Factors That Will Define Its Success in 2025 & Beyond! – Major Drivers
- Corning Incorporated: Broadening Participation in Solar & Advanced Automotive Solutions For Upping Their Game! – Major Drivers
- IBM Is Expanding Consulting Opportunities With AI To Shape the Future! – Major Drivers
(Mostly) Asia M&A, Jan 2025: Sun Art, Sanyo Special Steel, Jamco, Ascot, Dropsuite, Smart Share
- For the month of January 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
- The average premium for the new transactions announced (or first discussed) in January was ~57%, excluding Sun Art Retail (6808 HK)‘s massive takeunder.
- The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .
Giga Prize (3830 JP): FreeBit (3843 JP)’s Tender Offer Is a Done Deal
- Giga Prize (3830 JP) has recommended Freebit Co Ltd (3843 JP)’s tender offer at JPY2,500, a 48.5% premium to the last close.
- While the offer is below the midpoint of the target IFA’s DCF valuation range, it represents an all-time high and aligns with the Board’s requested price.
- The required minority acceptance rate is modest, and tendering by the third-largest shareholder is enough to close the deal.
Logitech International: Geographical Diversification & Market Penetration To Help Tilt The Competitive Dynamics In Its Favor? – Major Drivers
- Logitech recently reported strong financial results for the third quarter of fiscal year 2025, showcasing robust demand across various products and geographies, leading to a rise in their annual outlook.
- The company’s net sales increased by 6% year-over-year, with a notable 8% growth in demand, driven primarily by strategic focuses introduced the previous year.
- One of the key highlights for Logitech was the gaming segment, which saw double-digit growth of 13%, propelled by the launch of 16 new gaming products before the holiday season.
Rubrik Inc.: Initiation Of Coverage – Strategic Expansion & Technology Partnerships To Widen Market Reach & Offerings! – Major Drivers
- Rubrik reported strong financial performance in its latest quarter, achieving $1 billion in subscription ARR, representing 38% year-over-year growth.
- Net new subscription ARR stood at $83 million, while subscription revenue increased by 55% year-over-year to $221 million.
- The company also recorded free cash flow of $15.6 million, marking an improvement from $3.5 million in the prior year period.
Intel Q424. It’s A Journey, Not A Destination
- Q424 revenues of $14.3 billion which was $500 million above the guided midpoint, down 7% YoY but up 7.5% QoQ.
- Forecasted Q125 revenues of $12.2 billion at the midpoint, down $500 million YoY and down 15% QoQ
- Transition to EUV abysmally slow, Falcon Shores cancelled, Clearwater Forest delayed, GMs will see some improvement or mixed improvement in 2026.
ServiceNow: Go-To-Market Strategy & Platform Innovation To Drive Transformative Business Solutions Globally! – Major Drivers
- ServiceNow demonstrated strong financial and operational performance throughout the fourth quarter of 2024.
- The company reported a subscription revenue growth of 21% year-over-year, with the remaining performance obligation reaching nearly $23 billion.
- This emphasizes the firm’s ability to capture and sustain customer interest in its services.
ASML Defies DeepSeek Panic—Massive AI Boom Ignites Orders But Will This Last?
- ASML Holding N.V. continues to cement its position as the linchpin of the semiconductor supply chain, demonstrating resilience in the face of market turbulence.
- The Dutch chip-equipment manufacturer posted robust fourth-quarter results, with net sales reaching €9.3 billion, surpassing prior guidance.
- Despite concerns about AI efficiency potentially reducing demand for high-end chips—exemplified by the recent DeepSeek-driven selloff—ASML’s strong order intake and continued industry reliance on its cutting-edge lithography technology highlight its long-term investment appeal.
Western Digital Corporation: 7 Crucial Factors That Will Define Its Success in 2025 & Beyond! – Major Drivers
- Western Digital Corporation delivered a mixed performance in its second fiscal quarter of 2025, reflecting both strengths and challenges across its two major business units, HDD and Flash.
- Revenue reached $4.3 billion, supported by strong growth in HDD, but tempered by challenges in the Flash segment, which is facing significant pricing pressures.
- On the positive side, the HDD business showed impressive results, characterized by record high revenues and strong adoption of high-capacity enterprise drives.
Corning Incorporated: Broadening Participation in Solar & Advanced Automotive Solutions For Upping Their Game! – Major Drivers
- Corning Incorporated has reported strong fourth quarter and full-year 2024 results, successfully capping off the first year of its Springboard growth plan.
- The company’s sales for the fourth quarter surged by 18% year-over year to $3.9 billion, marking a record high.
- Correspondingly, the company saw a 46% increase in EPS, reaching $0.57, and expanded its operating margin by 220 basis points to 18.5%.
IBM Is Expanding Consulting Opportunities With AI To Shape the Future! – Major Drivers
- International Business Machines Corporation (IBM) showcased a mixed set of results and strategic narratives during its fourth quarter 2024 earnings call.
- The company reported an overall revenue growth of 3% for the year and generated $12.7 billion in free cash flow, highlighting both accomplishments and opportunities for improvement.
- IBM’s software segment posted impressive growth rates, with a 9% spike in 2024.
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