In today’s briefing:
- Micron. HBM Gets Even Better, NAND Gets Even Worse
- Copper Tracker 24th March 2025: China “Special Action Consumption Plan”/Comex Spreads Stratospheric
- Weekly Update (ANGI, IAC, SNRE)
- Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited
Micron. HBM Gets Even Better, NAND Gets Even Worse
- Micron this week reported revenues of $8.1 billion, down 8% QoQ but up 38% YoY, and at the top end of the guided range
- Micron is expecting to reach an annual run rate of $7.8 billion by Q425. Wow!
- NAND is headed for yet another downturn after six quarters of sequential growth.
Copper Tracker 24th March 2025: China “Special Action Consumption Plan”/Comex Spreads Stratospheric
- Copper prices are receiving a favorable lift following the announcement of China’s “Special Action Plan to Boost Consumption” made early last week.
- Total Social Financing (TSF) increased by 16% YoY for Jan-Feb to 9.29 trillion RMB. Despite being below the analyst forecasts (which were revised upwards), this is a strong number.
- Coupled with weaker supply (Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies ), copper prices can surpass 10k USD/ton in the medium-term.
Weekly Update (ANGI, IAC, SNRE)
On March 31, 2025, IAC Inc (IAC) will spin off Angi Inc (ANGI). The first day of trading will be April 1st.
Transaction Structure: The spin-off is designed to be tax-free, providing IAC shareholders with direct ownership of Angi. This move will eliminate Angi’s dual-class share structure, transitioning to a one share/one vote system.
Distribution Ratio: IAC shareholders will receive approximately 0.5178 shares of Angi Class A common stock for each IAC share they hold. This ratio accounts for a planned 1-for-10 reverse stock split of Angi’s shares, effective March 24, 2025.
Hesai Group: Growth Acceleration Has Already Priced In While Upside May Be Limited
- Hesai Group, a global leader in LiDAR solutions in the ADAS and robotics markets, forecasted hyper-growth and GAAP profitability for the full year of 2025.
- The stock has bottomed in the low $4s (~0.3x 2025E EV/Revs) in 2024 and gained about 350%. Hesai Group currently trades at ~4x EV/2025E revenues, ~32% discount relative to RoboSense.
- I believe that the market has already priced in growth acceleration (~58% y/y) scenario in 2025 along with GAAP profitability and 1M+ LiDAR shipments this year.
💡 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
