In today’s briefing:
- Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats
- ETF Flows in Q1: Inflows for Taiwan, Outflows for China
- (Mostly) Asia-Pac M&A: Gold Fields, Sinarmas Land, Shinko Electric, Domain, Japfa, Tsuruha/Welcia
- UMC (2303.TT; UMC.US): 1Q25 Results Could Be Upbeat, but 2Q25 Could Be a Bit Downside.
- Sprinklr Doubles Down on Big-Spending Clients to Unlock MarginExpansion! Will It Work?
- Can Cogent’s IPv4 Strategy Unlock a Massive New Revenue Stream?
- Viasat’s Global Satellite Game Plan: Could Its Flexible Coverage Strategy Up Their Game?
- GitLab’s MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?
- HashiCorp Ramps Up Cloud Revenue: Could This Be Their Most Profitable Move Yet?
- Lumentum Holdings: Their Recent Capacity Expansion and Technology Growth Is Fuelling Our Optimism!
Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats
- Topcon Corp (7732 JP) recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.
- The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high.
- The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions.
ETF Flows in Q1: Inflows for Taiwan, Outflows for China
- The largest ETF inflows in the region have been in Taiwan as investors rush into indices that have higher dividend yields.
- China had large inflows last year as markets floundered. With markets trading in a range over the last 6 months, those flows have reversed in Q1 this year.
- Australia has seen net inflows this year, while there have been net outflows from Hong Kong, India and Japan focused ETFs.
(Mostly) Asia-Pac M&A: Gold Fields, Sinarmas Land, Shinko Electric, Domain, Japfa, Tsuruha/Welcia
- I tally 55 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
- Three news new deals discussed this week: Gold Road Resources (GOR AU),ENN Energy (2688 HK), and Sinarmas Land (SML SP).
- Key updates/news took place on: Shinko Electric Industries (6967 JP), Domain Holdings (DHG AU),Japfa Ltd (JAP SP), Paragon REIT (PGNREIT SP), and Tsuruha Holdings (3391 JP)/Welcia Holdings (3141 JP).
UMC (2303.TT; UMC.US): 1Q25 Results Could Be Upbeat, but 2Q25 Could Be a Bit Downside.
- The 1Q25 outlook is slightly affected by earthquakes, but production can resume in late 1Q25.
- The UMC 12nm project could be in vain if Intel collaborates with TSMC or if TSMC takes over Intel’s foundry service.
- UMC’s annual revenue could see a -5% year-over-year growth in 2025, but there may be a few percentages increase in wafer shipments.
Sprinklr Doubles Down on Big-Spending Clients to Unlock MarginExpansion! Will It Work?
- Sprinklr recently reported its financial results for the fourth quarter and the full fiscal year of 2025.
- The company showcased a moderate revenue growth rate, with total revenue for the fourth quarter up 4% year-over-year to $202.5 million, while subscription revenue also grew by 3% year-over-year to $182.1 million.
- Non-GAAP operating income was noted at $25.9 million, resulting in a 13% non-GAAP operating margin.
Can Cogent’s IPv4 Strategy Unlock a Massive New Revenue Stream?
- Cogent Communications Holdings reported its fourth-quarter and full-year 2024 financial results, with some noteworthy developments across its business segments and operations.
- The company closed the year with total revenue of $252.3 million for the quarter, bringing the full year’s revenue to $1 billion, an increase from $940.9 million in 2023.
- EBITDA, as adjusted, was $66.9 million for the quarter and $348.4 million for the year, showing a slight decrease compared to the previous year’s $352.5 million.
Viasat’s Global Satellite Game Plan: Could Its Flexible Coverage Strategy Up Their Game?
- Viasat’s latest financial results provide a comprehensive view of its current performance and future outlook in the satellite communications industry.
- The company demonstrated a solid financial standing, with revenues for the third quarter of fiscal year 2025 at $1.12 billion and an adjusted EBITDA of $393 million, reflecting a 3% increase year-over-year.
- The adjusted EBITDA margin stood at 35%, indicating moderate growth and operational efficiency improvements.
GitLab’s MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?
- GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved profitability metrics.
- The company’s revenue increased by 29% year-over-year to $211.4 million, driven by robust momentum in its enterprise offerings, particularly GitLab’s Ultimate and Duo products.
- Notably, the company demonstrated significant operating leverage with a non-GAAP operating margin of 17.7%, an increase of more than 960 basis points compared to the same period in the previous year.
HashiCorp Ramps Up Cloud Revenue: Could This Be Their Most Profitable Move Yet?
- HashiCorp has reported its fiscal 2024 fourth-quarter earnings, surpassing expectations with $156 million in revenue, signaling a 15% year-over-year growth.
- The company has shown strong overall performance in the context of a challenging economic landscape, indicating potential recovery signs in the market.
- The non-GAAP remaining performance obligations also reported a growth of 21% year-over-year, reaching $483 million, reflecting continuous demand for its offerings.
Lumentum Holdings: Their Recent Capacity Expansion and Technology Growth Is Fuelling Our Optimism!
- Lumentum Holdings recently released its second-quarter fiscal year 2025 earnings, presenting a blend of strong performance in certain segments and ongoing challenges in others.
- Led by CEO Alan Lowe, who has announced his retirement, the company highlighted key financial results and strategic initiatives amidst a backdrop of leadership transition.
- In the second quarter, Lumentum exceeded the high end of its guidance range for both revenue and earnings per share.
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