In today’s briefing:
- Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, Alibaba, SK Tel, Thai Life Insurance
- Xerox Holdings Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Box Inc.: Initiation of Coverage – Business Strategy
- Fortinet Inc: Initiation of Coverage – Business Strategy
- Will Jana Partners Have Success In Pushing New Relic For A Sale?
- Xerox Holdings Corporation: Initiation of Coverage – New Products Launches
Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, Alibaba, SK Tel, Thai Life Insurance
- Last Friday saw the end of the review period for the upcoming rebalance of the MSCI, NIFTY, NKY and STAR50 indices, among others.
- The coming week has the implementation of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) and NIFTY100 Index rebalances at the close on 5 August.
- There were big inflows to the Tracker Fund of Hong Kong Ltd (2800 HK) last week with over US$500m flowing in.
Xerox Holdings Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Xerox Holdings Corporation is one of the global leaders in printing, document management systems, and other workplace technologies.
- With increasing digitization in workplaces, the company is facing a challenging macro-economic landscape and has become a loss making company over the past few quarters.
- The management also recently announced the launch of a complete range of solutions for the productivity of the workplace.
Box Inc.: Initiation of Coverage – Business Strategy
- This is our first report on cloud content management platform provider, Box Inc.
- The company operates on a SaaS model and has achieved accelerating revenue growth, RPO growth, and operating margin since the start of 2022.
- The strong customer matrices are the main indicators of the success of the platform strategy and product as customers are turning to Box for securing content management.
Fortinet Inc: Initiation of Coverage – Business Strategy
- This is our first report on one of the leading players in integrated and automated cybersecurity solutions – Fortinet.
- The company has been performing well in 2022 so far with a reported increase in billing and product revenue growth.
- The company has also acquired a controlling stake in a Japan-based networking company ALAXALA Network for around $64 million.
Will Jana Partners Have Success In Pushing New Relic For A Sale?
- Activist hedge fund Jana Partners bought ~2.66M New Relic Inc (NEWR US) shares in 2Q22 and upped its stake in the tech company to 5.3%.
- According to Reuters, New Relic may explore a potential sale following interest from private equity firms. Mr. Galligan, a partner of Jana Partners, joined the New Relic Board in June.
- New Relic shares trade at ~4x EV/Rev on our FY23 revenue estimate, and we think Splunk may set a ceiling on the multiple at which New Relic may be acquired.
Xerox Holdings Corporation: Initiation of Coverage – New Products Launches
- This is our first report on legacy workspace technology major, Xerox Holdings Corporation.
- With increasing digitization in workplaces, the company is facing a challenging macro-economic landscape and has become a loss making company over the past few quarters.
- Among major acquisitions, Xerox has recently acquired Go Inspire for growing the presence of digital services in the UK.
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