In today’s briefing:
- Tokyo Electron. Betting Big On MAGIC Despite The Downturn
- KPIT Tech: Strong Q4FY23 and Upbeat FY24 Guidance
- Krafton: India & Improving Shareholder Return Policy Likely to Lead to Further Outperformance
- NASDAQ 100 E-Mini Futures (NQ1) – Our 13740 Target Was Achieved Last Week – Ongoing Bullish Bias
Tokyo Electron. Betting Big On MAGIC Despite The Downturn
- Q1’23 revenues of ¥558.2 billion, up 19% sequentially and up 1% YoY
- FY24 outlook down 23% YoY with H2 showing a modest improvement compared to H1
- R&D & CapEx investment increasing significantly while YoY revenue set to decline by 23%
KPIT Tech: Strong Q4FY23 and Upbeat FY24 Guidance
- KPIT reported a strong Q4FY23 with 8.5% QoQ growth in CC (Constant Currency) terms. Q4FY23 EBITDA margin at 19.1% came in higher than 18.5%+ expected.
- Deal TCV came in highest ever helped by a mega deal of INR $250mm. Even excluding the mega deal, the deal TCV was healthy at $173mm vs $150mm+ typically.
- KPIT has guided for an upbeat FY24. FY24 revenue growth is guided to be 27-30% in CC terms. FY24 EBITDA margin is guided at 19-20% vs 18.9% in FY23.
Krafton: India & Improving Shareholder Return Policy Likely to Lead to Further Outperformance
- There is a high likelihood of the Indian authorities fully approving the BGMI game after three months of trial. Plus, it has a solid pipeline of new games under development.
- Krafton is improving its shareholder return policy. In addition, the consensus is likely to raise the company’s earnings estimates post its excellent results in 1Q 2023.
- We maintain our Positive view of Krafton and its shares are likely to continue to outperform the market this year.
NASDAQ 100 E-Mini Futures (NQ1) – Our 13740 Target Was Achieved Last Week – Ongoing Bullish Bias
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
- On 27 March 2023 we identified a pending 6.2% upswing in NQ1 and 13740 target. A further bullish outlook would hinge upon the response to 1yr range highs at 13740.
- Our interim target at 13740 was achieved and exceeded last week. The weekly close above 13740 identifies an evolving MT uptrend. Interim target at 14350. Potential to 15000+ in 2023.
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