In today’s briefing:
- Socionext IPO Trading – Upsized IPO with Strong Demand. Peers Inched Downwards, but Upside Remains
- Pushpay: BGH Resurrects The Catholic Opportunity
- LionHeart Studio Pre-IPO – The Negatives – Appears to Be Well past Its Peak, Founder Cashed In $700m
- Does Meituan Have the Appetite to Serve HK Food Delivery Market and Take On Foodpanda and Deliveroo?
- Cyberattacks at Numerous US Airports by Suspects from Russia
- LionHeart Studio IPO – Peer Comparison – Youngest and Most Untested
- Zebra Technologies Corporation: Initiation of Coverage – Wide Footprint
- Adyen ($ADYEY, $ADYYF, $ADYEN)
- Amphenol Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Amphenol Corporation: Initiation of Coverage – Financial Forecasts
Socionext IPO Trading – Upsized IPO with Strong Demand. Peers Inched Downwards, but Upside Remains
- Socionext (6526 JP) raised around US$463m in its Japan IPO. The IPO consisted of 100% secondary shares.
- Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.
- In this note we will talk about the trading dynamics.
Pushpay: BGH Resurrects The Catholic Opportunity
- Back on the 26 April, church donor management tech play Pushpay Holdings (PPH NZ) announced “unsolicited, non-binding and conditional expressions of interest or approaches from third parties“. No price was mentioned.
- Roughly a month later, BGH Capital and Sixth Street, both existing shareholders, entered into a cooperation agreement with respect to a potential transaction for Pushpay. Again, no price was provided.
- Pushpay has now announced it has received a non-binding proposal. Word on the street this involves BGH. Still, no price was made public. A 30% premium to undisturbed is ~NZ$1.34/share.
LionHeart Studio Pre-IPO – The Negatives – Appears to Be Well past Its Peak, Founder Cashed In $700m
- Lionheart Studio (426630 KS), a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO.
- The company is majority owned by Kakao Games Corp (293490 KS) , which after having recently hiked its stake, owned 54.94% of the company prior to listing.
- In this note, we will talk about the not-so-positive aspects of the deal.
Does Meituan Have the Appetite to Serve HK Food Delivery Market and Take On Foodpanda and Deliveroo?
- Several news media outlets reported that food delivery giant Meituan (3690 HK) is preparing to enter the food delivery market in Hong Kong as domestic market is slowing down.
- Slowdown in Chinese economy coupled with regulatory hurdles have made it impossible for Meituan and other domestic tech players to expand locally.
- Online food delivery market in HK is dominated by Foodpanda and Deliveroo, and we think Meituan will have to offer deep discounts to grab market share from these two dominants.
Cyberattacks at Numerous US Airports by Suspects from Russia
- In the past 24 hours, there have been many news flow about numerous US airports that have been cyber attacked by suspects from Russia.
- The increasing media attention on cyberattack threat could result in greater concerns about cybersecurity inducing higher global spending on software and other services that help to protect against cyber attacks.
- Global cybersecurity stocks that could benefit from greater media attention on cyberattacks include Palo Alto Networks (PANW US) Crowdstrike Holdings Inc (CRWD US) CloudFlare (NET US).
LionHeart Studio IPO – Peer Comparison – Youngest and Most Untested
- Lionheart Studio (426630 KS), a game development studio based in South Korea, aims to raise around US$420m via its South Korean IPO.
- The company is majority owned by Kakao Games Corp (293490 KS), which after having recently hiked its stake, owned 54.94% of the company prior to listing.
- We spoke about the company’s past performance in our previous note. In this note, we’ll undertake a peer comparison.
Zebra Technologies Corporation: Initiation of Coverage – Wide Footprint
- This is our first report on one of the leading players in the Automatic Identification Data Capture (AIDC) market, Zebra Technologies Corporation.
- For the solutions which automate and digitize workflows, customer demand remains strong for Zebra and it saw good growth in the e-commerce, retail, manufacturing, and healthcare end markets.
- We initiate coverage on the stock of Zebra Technologies Corporation with a ‘Buy’ rating.
Adyen ($ADYEY, $ADYYF, $ADYEN)
- When I think about the world of tech, there is no shortage of products, developments, or innovations that deserve attention.
- Some pieces of technology, when broken down, are extraordinarily complex and exist out in the open.
- Others hide in plain sight, functioning in the shadows, but are still responsible for certain components of indispensable processes that allow our world to operate as we know it today.
Amphenol Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Amphenol Corporation is a renowned designer, manufacturer, and marketer of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products, and coaxial and high-speed specialty cables.
- The company has seen a strong financial performance in recent quarters and their restructuring strategy is on track.
- Amphenol’s strong portfolio of advanced connectivity and sensor solutions places the company well across all key defense programs as militaries worldwide continue to deploy a wide range of next-generation defense technologies.
Amphenol Corporation: Initiation of Coverage – Financial Forecasts
- This is our first report on Amphenol Corporation.
- The company is a well-known designer and manufacturer of electrical, electronic and fiber optic connectors and interconnect systems, antennas, sensors and sensor-based products, and coaxial and high-speed specialty cables.
- After two challenging years for the airline sector, Amphenol finally saw quarter of strength in the commercial aviation market.
💡 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
