In today’s briefing:
- Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium
- Meta 4Q’24 Update
- ASML. Strong Finish For 24, Robust Outlook For 25 With AI As Key Growth Driver
- AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? – Major Drivers
- PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell
- TXR Robotics IPO Valuation Analysis
- Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector
- Verizon Communication & Its 5G Empire: Can Recent Technological Innovations Help Sustain Its Market Position? – Major Drivers
- Okinawa Cellular Telephone: Q3 FY03/25 flash update, revision of full-year earnings forecasts
- Readcloud Ltd – A strong start to the year
Taiwan Tech Weekly: How Apple Helped TSMC Become #1; Also Morris Chang Comments on TSMC ADR Premium
- PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell
- Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron’s HBM DRAM Growth?
- TSMC (2330.TT; TSM.US): Earthquake Impact Limited; Setting Newest Production Line Not Viable in US.
Meta 4Q’24 Update
- In recent weeks, Meta stock has mostly been one-way street: up! That continued to be the case after-hours post 4Q’24 earnings.
- Here are my highlights from today’s call. Daily Active People (DAP) across its Family of Apps (FOA) accelerated to 60 mn QoQ in 4Q’24.
- It’s kind of mind boggling that Meta added 1 Billion DAP since 1Q’20.
ASML. Strong Finish For 24, Robust Outlook For 25 With AI As Key Growth Driver
- ASML reported Q424 revenues of €9.3 billion, marginally above the high end of the guided range, up 24% QoQ and up 28.5% YoY.
- Full year 2024 revenue amounted to €28.3 billion, up 2.7% YoY and a modest improvement on the previously forecasted zero growth
- Guided full year 2025 revenues to be in the $30-$35 billion range, representing a 15% YoY increase at the midpoint.
AT&T: Will Its Fiber Infrastructure Expansion Be A Game-Changer Or A Costly Mistake? – Major Drivers
- AT&T’s latest financial performance in the fourth quarter of 2024 shows a balanced overview of strengths and challenges that shape its investment profile.
- Positively, the company has demonstrated solid growth in its core operations, particularly in the Mobility and Consumer Wireline segments.
- Postpaid phone net additions totaled approximately 1.7 million with a service revenue growth of 3.5% for Mobility, contributing to AT&T likely leading the industry in postpaid phone churn for most of the past sixteen quarters.
PC Monitor: Snapdragon’s Surge, AMD’s Gains, Intel’s Test; Long Asus & Dell
- Recent U.S. Market Weakness Appears to Have Been More Focused on Falling Sentiment for Server Businesses, Not PCs
- CES 2025 Showed Qualcomm Chips Gaining Momentum in PCs, While AMD Continued Aggressive Competition — Intel Under Pressure
- PC Maker Universe to Experience Decent Revenue Growth in 2025E — Structural Long Asustek & Dell
TXR Robotics IPO Valuation Analysis
- According to our valuation analysis, it suggests a base case implied price of 19,673 won per share (46% higher than the high end of the IPO price range).
- Our base case valuation is based on target P/S of 5.4x using our estimated sales of 57.7 billion won.
- To value TXR Robotics, the target P/S of 5.4x is based on a 30% discount to the comps’ valuation multiple.
Naver: CHZZK Increasing Market Share in the Korean Live Game Streaming Sector
- Naver’s CHZZK has been increasing its market share in the Korean live game streaming sector. This improving momentum is likely to continue to positively impact Naver’s share price.
- CHZZK was the top ranking live streaming platform in Korea in December 2024 with about 2.5 million MAU.
- Naver is currently trading at EV/EBITDA of 11.4x and P/E of 18.3x, which are 50% and 51% lower respectively than its historical average valuation multiples from 2020 to 2023.
Verizon Communication & Its 5G Empire: Can Recent Technological Innovations Help Sustain Its Market Position? – Major Drivers
- Verizon Communications Inc.’s latest earnings release highlights a blend of strategic initiatives, market positioning, operational performance, and future outlook amidst both challenges and opportunities.
- The results provide insights into Verizon’s growth trajectory, notably in the wireless, broadband, and emerging AI sectors, as well as operational efficiencies driving financial performance.
- The company reported a successful financial year, with wireless service revenue growing by 3.1% and adjusted EBITDA by 2.1%.
Okinawa Cellular Telephone: Q3 FY03/25 flash update, revision of full-year earnings forecasts
- For Q3 FY03/24, operating revenue was JPY62.4bn (+6.8% YoY), with net income JPY9.5bn (-1.0% YoY).
- Capex for Q3 FY03/25 was JPY4.2bn, a 34.4% YoY decrease, with 66.3% progress against the full-year plan.
- FY03/25 forecast revised: revenue JPY83.0bn (+6.4% YoY), operating expenses JPY65.5bn (+7.4% YoY), dividend JPY120/share.
Readcloud Ltd – A strong start to the year
- RaaS Research has published an update on edtech group ReadCloud (ASX:RCL) following the release of its Q1 results in which it reported a 26% increase in cash receipts to $2.4m.
- The result was in line with our forecasts from an operating cash flow and ending cash position.
- The company’s commentary was positive and gave us confident of our forecasts for the remainder of FY25 and into FY26.
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