In today’s briefing:
- Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20
- Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.
- Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning
- Airtasker Ltd – Key RaaS KPIs heading in the right direction
Smartpay (SPY NZ/SMP AU): Three Is No Crowd as a Third Bid Lands at NZ$1.20
- On 2 May, Smartpay Holdings (SPY NZ) disclosed receiving a third non-binding scheme proposal from another international strategic at NZ$1.20 (A$1.12), 20% premium to the Tyro Payments (TYR AU) offer.
- Smartpay previously disclosed a NZ$1.00 cash/scrip bid from Tyro and an undisclosed offer from an international strategic (rumoured to be Shift4 Payments (FOUR US)).
- Smartpay was susceptible to bids due to the RBA’s surcharge review, but the shareholder structure necessitates an attractive offer. The NZ$1.20 offer is attractive.
Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.
- We assume that Vanguard Intl Semiconductor (5347 TT) will see an upside in its 2Q25 outlook by a few percentage points.
- The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.
- Vanguard Intl Semiconductor (5347 TT) and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products.
Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning
- SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.
- SIMO’s MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.
- Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.
Airtasker Ltd – Key RaaS KPIs heading in the right direction
- Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
- ART has reported its Q3 FY25 trading update with key RaaS KPIs all heading in the right direction.
- Another quarter of positive cash flow was achieved, resulting in a stable net cash position of $18.3m.
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