In today’s briefing:
- TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point
- It’s Merge Week
- TUEM: The Morning After…Dilution
- The Commodity Report #68
- Sporting Crypto – September 12th 2022: NBA Sign Multiyear Sorare Deal
TDCX: Attractive Growth Profile; Drop in Multiples Offer a Good Entry Point
- TDCX (TDCX US) offers digital customer experience solutions for innovative technology and blue-chip companies and has global client base including Meta Platforms (Facebook) (META US) and Airbnb Inc (ABNB US) .
- The company’s share price has dropped more than 40% since its IPO as its largest clients were negatively impacted due to the Covid-19 outbreak.
- TDCX’s 2Q2022 earnings were strong and the company’s client acquisition strategy is paying off and the share price has moved up 60% since then.
It’s Merge Week
- Price Movements: Markets experienced a strong rebound dominated by ETH, which closed the week up 12%.
- Market Liquidity: USDC, TUSD, and USDP accounted for just 3% of total stablecoin volume on Binance before the exchange announced plans to de-list pairs and auto-convert deposits to BUSD.
- Derivatives: Open interest for Ethereum Classic (ETC) recently hit all time highs as miners shift computational resources to the hard-forked PoW Ethereum chain.
TUEM: The Morning After…Dilution
- TUEM disclosed a new financing round underscoring the financial distress the business has been under since reporting March quarter financials.
- TUEM is raising $35 million in convertible debt financing. The debt is convertible at a material discount to TUEM’s closing price prior to the news
- TUEM requested a financial viability exception from NASDAQ to bypass a shareholder vote asserts the turmoil the business has been under in recent months
The Commodity Report #68
- India, the world’s biggest rice shipper, restricted exports of key varieties that mainly go toward feeding Asia and Africa.
- India imposed a 20% duty on a variety of rice varieties. Keep in mind that Asia is producing and consuming about 90% of the global supply.
- India alone is the world’s most important exporter with a share of 40%.
Sporting Crypto – September 12th 2022: NBA Sign Multiyear Sorare Deal
- The NBA, and NBPA (National Basketball Player’s Association) have signed a multi year deal with Sorare, to create the basketball league’s first NFT fantasy game.
- Before we talk about the NBA’s ventures into Web3, let’s remind ourselves of just how well Sorare have done over the past three years.
- Sorare, who started as an NFT Soccer fantasy game, have raised incredible sums of money including a $50m Series A which broke french tech records, followed by a $680m Series B raise led by none other than Softbank.
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