In today’s briefing:
- Shinko Electric (6967) – All Approvals In, JIC Says “Mid-Feb” So Cash Is 19-21 March?
- UMC. Now I’m Interested…
- Details of New IPO System Improvement Measures in Korea
- Tencent/Netease: One Game Approval for Tencent in Jan and the Perplexity
- Intel’s Acquisition Rumors: Is It A Bargain For Qualcomm, Arm Holdings & Other Tech Giants?
- Tech Supply Chain Tracker (23-Jan-2025): Taiwan cable cut raises concerns.
- MIXI Inc. (2121) – Advancing Towards Strategic Objectives
- Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership
- SailPoint, Inc. (SAIL) — Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)
Shinko Electric (6967) – All Approvals In, JIC Says “Mid-Feb” So Cash Is 19-21 March?
- JIC gave an official statement yesteday about the expected start of its Shinko Electric Industries (6967 JP) Tender Offer. A later-than-expected start has people asking questions.
- It has traded tighter since the SAMR approval news (I warned on 16 Dec it was coming and the next day it closed 6.6% gross).
- Below I discuss the language of the Conditions Precedent which would allow a MAC.
UMC. Now I’m Interested…
- UMC reported Q424 revenues of NT$60,386 million, flat sequentially and in line with guidance.
- For the full year 2024, revenues amounted to NT$232,303 million, representing an increase of 4.4% YoY.
- Share price at a 4 year low and the outlook is still tepid, but almost $6 billion CapEx invested during the downturn years will pay dividends in the coming years..
Details of New IPO System Improvement Measures in Korea
- The FSC announced the details of its new IPO system improvement measures in Korea on 21 January.
- New rules will discourage the rampant first day trading of Korean IPOs. In 74 out of 77 IPOs in 2024, institutional investors were “net sellers” on the listing date.
- Rather, the new rules will encourage the investors to take more longer term approach to investing in Korean IPOs.
Tencent/Netease: One Game Approval for Tencent in Jan and the Perplexity
- China announced game approval for the January batch. The number of games approved remained at a higher level than 2023.
- The pace of China game approval appears to have accelerated to the same level as pre-tightening.
- Tencent and CMGE received one approval for January, respectively. We also highlight perplexity of Tencent’s approved game.
Intel’s Acquisition Rumors: Is It A Bargain For Qualcomm, Arm Holdings & Other Tech Giants?
- Intel Corporation, once the world’s dominant chipmaker, finds itself at a critical juncture, sparking speculation about its future.
- Following a 9.5% surge in its stock price after rumors of a potential acquisition surfaced, the company has been thrust into the spotlight.
- The speculation originated from a report by SemiAccurate, which hinted at an unnamed company with the financial clout to acquire Intel in its entirety.
Tech Supply Chain Tracker (23-Jan-2025): Taiwan cable cut raises concerns.
- Taiwan cable cut near China raises concerns about geopolitical tensions and gray zone tactics in the region.
- Samsung Electro-Mechanics and SoulBrain’s collaboration on advanced glass substrates aims for mass production by 2027.
- India drives semiconductor aspirations with GaN and SiC technology, showcasing its commitment to technological advancements in the industry.
MIXI Inc. (2121) – Advancing Towards Strategic Objectives
- Q1-2 FY3/25 results were ahead of guidance in our view, with underlying earnings growth stemming from improved profitability in the Digital Entertainment segment and robust sales growth in both the Sports and Lifestyle segments.
- The governance issue disclosed in December 2024 involving improper transactions at subsidiary Chariloto appears to have been fully resolved with no contingent issues to resolve.
- The company has maintained FY3/25 guidance, and we view the earnings outlook for H2 FY3/25 to be positive due to a combination of stabilizing performance with sustained successful collaborative activity with Monster Strike and seasonal uplift in the Sports segment.
Silicon Motion: Memory Controllers Emerging as Strategic Pillar for Global HPC and AI Leadership
- What is PCIe 5.0 and Why SIMO is Poised to Expand Market Share with PCIe 5.0
- PCIe 5.0 and Beyond — Importance for Enterprise HPC and AI Data Centers
- Looking Ahead: MaxLinear Arbitration in 2H25E — We Believe SIMO Likely to Win Its Termination Fee Plus Additional Award for Additional Damages
SailPoint, Inc. (SAIL) — Thoma Bravo Backed Cybersecurity Company Ready for IPO (Again)
- SailPoint, a company that delivers solutions to enable comprehensive identity security for the enterprise, filed for an IPO.
- SailPoint is sponsor-backed by Thoma Bravo who took the company private in August 2022 for $6.9bn
- As of January 31, 2022, 2023, and 2024, their ARR was $374.6 million, $520.1 million, and $681.8 million, respectively, representing year-over-year growth of 44%, 39%, and 31%, respectively.
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