In today’s briefing:
- Xtapli Placement – Questionable Timing. An AI Momentum Play, at Best
- Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications
- Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall
- Profit Targets for TSMC (2330.TT) After Intel Acquisition Announcement
- [Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse
- SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
- Anterix’s Strategic Review Sparks Acquisition Speculation: Is a Buyout on the Horizon?
- Tech Supply Chain Tracker (19-Feb-2025): ASE opens fifth factory in Penang, with AI-driven smart manufacturing.
- MIXI Inc. (2121 JP) – Sustaining Higher Returns Looks Realistic
- Soluna Holdings, Inc. – CEO Highlights Growth Plans for 2025
Xtapli Placement – Questionable Timing. An AI Momentum Play, at Best
- Xtapli is looking to raise around US$242m via a primary placement, after having raised US$145m in Jan 2025.
- QuantumPharm is a R&D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&D solutions.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications
- TSMC & Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space
- Taiwan AI Server Leader Expanding to Texas with New Production Hub
- Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where’s The AI Effect?
Hexaware Technologies IPO Trading – Very Strong Anchor, Very Poor Overall
- Hexaware Technologies raised around US$1bn in its India IPO, while its anchor book was strong, overall coverage was not.
- Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
- We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.
Profit Targets for TSMC (2330.TT) After Intel Acquisition Announcement
- Taiwan Semiconductor (TSMC) (2330 TT) started to rally after an article on the WSJ said that the Taiwanese company is considering buying Intel’s semiconductor manufacturing plants.
- As always, buy the rumor, sell the news is a possibile strategy here: our models say the stock is getting quickly overbought (WEEKLY period).
- In this insight we will provide some short-term, tactical guidance to identify profit targets, where can you expect to see the stock reaching in the next few days/weeks.
[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse
- We expect BIDU to post C4Q24 top line,non-GAAP operating profit and GAAP net income (5.1%), (7.7%) and (8.7%) vs. consensus.We expect BIDU to issue C1Q25 top line guidance (1.2%) vs.consensus;
- BIDU’s problem is not only manifested in the loss of the Apple contract,it is also the loss of first mover advantage in both Generative Artificial Intelligence and Autonomous Driving Services.
- Losing traffic advantage, BIDU has become a self-containing app ecosystem but all pillars of this ecosystem is facing intensifying competition. SELL @US$78.
SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
- Singapore’s Premier Marina Operator. SUTL Enterprise is a leading Singapore-based marina developer, operator, and consultant, specializing in integrated luxury marina projects under its proprietary ONE°15 brand.
- The company operates its flagship ONE°15 Marina Sentosa Cove and extends its expertise to third-party marinas through long-term management contracts and consultancy services. With a strong brand position and established industry leadership, SUTL is expanding across Asia-Pacific, capitalizing on growing demand for luxury yachting and premium marina infrastructure.
- Diverse and Resilient Revenue Streams. SUTL generates revenue through recurring membership fees, marina management contracts, and sales of goods and services.
Anterix’s Strategic Review Sparks Acquisition Speculation: Is a Buyout on the Horizon?
- Anterix has showcased notable developments in its fiscal third quarter of 2025 that have implications for prospective and current investors.
- The company has announced a $13.5 million expansion agreement with the Lower Colorado River Authority, which expanded Anterix’s 900-megahertz broadband spectrum coverage in Texas.
- This expansion is a testament to Anterix’s growing scale and its penetration into utility communications solutions, covering a substantial geographic footprint across 15 states, surpassing U.S. Cellular in coverage.
Tech Supply Chain Tracker (19-Feb-2025): ASE opens fifth factory in Penang, with AI-driven smart manufacturing.
- ASE opens its 5th factory in Penang, emphasizing AI-driven smart manufacturing to enhance production efficiency and quality.
- Win Semiconductors plans to expand in optical communications by leveraging SiPh CPO technology, aiming to capitalize on growing market demand.
- DRAM manufacturers are considering discontinuing production of DDR3 and DDR4 by the end of 2025, signaling a shift towards newer technologies.
MIXI Inc. (2121 JP) – Sustaining Higher Returns Looks Realistic
- Stronger than expected performance – Q1-3 FY3/25 results were a positive surprise, with larger than expected OPM expansion YoY driven by effective advertising cost control in both the Digital Entertainment and Lifestyle segments and strong sales growth in the Sports segment driven by the Spectator Sports business.
- The company has upwardly revised FY3/25 guidance, denoting a strong finish for Q4 FY3/25 and indicating that profitability will remain higher than expected for the medium term.
- We have revised our earnings estimates for FY3/26, which denotes flat reported earnings growth YoY; the underlying trend, excluding the sale of Timee (215A) shares in FY3/25, shows OP growth of approximately 10% YoY.
Soluna Holdings, Inc. – CEO Highlights Growth Plans for 2025
- Belizaire discussed the strength of the 3Q24 numbers (4Q24 earnings report is due soon).
- Results included a 30% Y/Y revenue increase, an adjusted EBITDA flip from a loss of $4.5 million in 3Q23 to a profit of $3.5 million in 3Q24, and the development of the Soluna Cloud (for AI computing).
- For 2025, Belizaire is looking at a growing set of projects moving to operation and revenue, including a growing pipeline, hitting 2.6GW of computing power (with demand for more), flagship Dorothy, and projects Kati and Rosa.
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