Daily BriefsTMT/Internet

TMT: Intel Corp, Krafton Inc, Bukalapak, Hcl Technologies and more

In today’s briefing:

  • Figuring Out the Intel/GLOBALFOUNDRIES Deal
  • Krafton Listing Date Confirmed as August 10th: Rebalancing Trading Timeline
  • Bukalapak IPO: Revenue Take Rate Moving Up, But Not Fast Enough
  • Growth optionality at attractive valuation
  • HSIE Results Daily: HCL Technologies, ACC, Nippon Life India Asset Management, PSP Projects

Figuring Out the Intel/GLOBALFOUNDRIES Deal

By Jim Handy

Intel’s rumored bid to acquire GOLBALFOUNDRIES is a good move to achieve the company’s current goals, but as this analyst has discussed in a prior Insight, those goals are very difficult to rationalize.


Krafton Listing Date Confirmed as August 10th: Rebalancing Trading Timeline

By Sanghyun Park

Listing date

The listing date of Krafton has been confirmed as August 10th.

Krafton IPO schedule
Book open2021. 7. 14
Book close2021. 7. 27
Allotment2021. 7. 29
Subscription2021. 8. 2
Payment2021. 8. 5
Listing2021. 8. 10
 – Kakao Bank’s listing2021. 8. 5
Source: DART
  • The initially scheduled date was August 10th. However, as Kakao Pay’s listing date was set for August 12, Krafton could not easily finalize the listing date due to the issue of mutual interference for retail investors with Kakao Pay.
  • The fact that Krafton confirmed the listing date as soon as Kakao Pay’s listing schedule was delayed shows how sensitive Krafton was to this retail interference issue.

The listing date of Kakao Bank is August 5, and there is a gap of 3 business days until the listing date of Krafton. However, in this case, Krafton is in a position to absorb retail demand from Kakao Bank. More importantly, Kakao Bank must draw less attention from retail investors than Kakao Pay in terms of business nature, so there is no need to worry too much about potential interference with Kakao Bank.

And then, at least until the end of August, there is no major listing. That is, there is enough temporal buffer for Krafton to drive retail demand.


Bukalapak IPO: Revenue Take Rate Moving Up, But Not Fast Enough

By Oshadhi Kumarasiri

After a successful bookbuilding, Indonesian e-commerce unicorn Bukalapak (BUKA IJ) is expected to price its IPO at the top end of the offer range, which implies a market cap and EV of $6.0bn and $4.4bn respectively. The offer period starts on 28th July and ends on 30th July 2021, while the listing date is expected to be 6th August 2021.


Growth optionality at attractive valuation

By Motilal Oswal

HCLT delivered a growth of 0.7% QoQ (CC), below our estimate of 2.4%, led by weak growth in IT Services (+0.5%) and Products & Platforms (-1%), but partially compensated by better than expected ER&D; (+4.5%). Excluding the impact of a one-time bonus in 4QFY21, EBIT margin was down 80bp QoQ and missed our estimate by 130bp due to COVID-related expenses of 90bp. The management reiterated its double-digit USD revenue growth guidance and EBIT margin band of 19-21% for FY22.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: HCL Technologies, ACC, Nippon Life India Asset Management, PSP Projects

By HDFC Securities

Nippon Life India Asset Management: Revenue was 3.1% below the estimate as a consequence of pressure on revenue yields. NAM has been able to stabilise its market share in the high-margin equity segment at 7% over the past two quarters. We expect it to focus on improving performance to continue recouping its lost market share. Additionally, we expect the company to benefit from increased credibility to raise HNI/institutional capital. Driven by cost optimisation, we expect NAM to deliver an FY21-23E revenue/NOPLAT CAGRs of 15.5/24%.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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