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Information Technology Archives | Page 10 of 18 | Smartkarma

Apr 11
0

TMT: GoTo, Zhihu Technology, Razer Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • GoTo Gojek Tokopedia IPO: Potential LQ45, IDX30, IDX80 Index Fast Entry & Impact
  • Zhihu Dual-Primary Listing: A Question of Judgment
  • Merger Arb Mondays – Yashili, Pendal, Sezzle, Razer, Link Admin, Uniti, AKM, Guodian, Crown Resorts

GoTo Gojek Tokopedia IPO: Potential LQ45, IDX30, IDX80 Index Fast Entry & Impact

By Brian Freitas

  • GoTo (GOTO IJ) lists on the IDX tomorrow. The IDX has GoTo (GOTO IJ)‘s free float at 66% which would mean IDX30, LQ45 and IDX80 Fast Entry index inclusion. 
  • If included in the indices at a free float of 66%, GoTo (GOTO IJ) will have a weight of 13.55% in the IDX30 Index and 12.12% in the LQ45 Index.
  • Passive trackers will then need to buy 13.2% of the real float on the stock. Active funds will also buy the stock as it would appear in their benchmarks.

Zhihu Dual-Primary Listing: A Question of Judgment

By Arun George

  • Zhihu Technology (ZH US) has launched an HKEx dual-primary listing to raise $150-200 million. Zhihu will not receive any of the net proceeds as it is offering from selling shareholders.
  • Zhihu shares are down 73% from the IPO price of $9.50 per ADS (March 2021) largely due to the tech sell-off and regulatory uncertainty on ADR listings.  
  • While a loss-making Chinese tech name is not everybody’s cup of tea in the current environment, Zhihu has delivered resilient performance and the valuation is undemanding. 

Merger Arb Mondays – Yashili, Pendal, Sezzle, Razer, Link Admin, Uniti, AKM, Guodian, Crown Resorts

By Arun George

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Apr 10
0

TMT: Tencent, Crowdstrike Holdings Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, MSCI, ASX200, CSI300, HDFC/HDFCB, PPT/PDL
  • Crowdstrike Analyst Day: Why It’s a Buy at 23x Forward P/S

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, MSCI, ASX200, CSI300, HDFC/HDFCB, PPT/PDL

By Brian Freitas

Crowdstrike Analyst Day: Why It’s a Buy at 23x Forward P/S

By Aaron Gabin

  • Crowdstrikes’ growing platform offers three end markets as large as its core endpoint protection: log management, identity, and IT hygiene.
  • 43 public enterprise software companies with more >$1 billion in revenues, only 5 are growing >60%, and only one has 30%+ free cash flow margins: Crowdstrike.  
  • New $5B ARR 2026 target will prove as ridiculously conservative as last year’s $3B ARR 2025 target.

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Apr 09
0

TMT: GoTo, Bewith, Taiwan Semiconductor Sp Adr, Yaskawa Electric and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • GoTo IPO Trading – A Test for the Domestic Market
  • TOPIX Inclusion: Bewith (9216 JP)
  • TSMC (TSM.US; 2330.TT): The Outlook Is Positive in 2Q22, and Wafer Price Lift Is Not Decided Yet.
  • Yaskawa – Results as We Expected, Guidance Much Stronger

GoTo IPO Trading – A Test for the Domestic Market

By Sumeet Singh

  • GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.
  • GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
  • In this note, we’ll talk about the trading dynamics of the deal.

TOPIX Inclusion: Bewith (9216 JP)

By Janaghan Jeyakumar, CFA

  • Japan-Based BPO company Bewith (9216 JP) was listed in the First Section (now known as the “Prime” Market) of the Tokyo Stock Exchange (TSE) on 2nd March 2022.
  • When a company gets listed in the TSE First Section, it subsequently gets included in the TOPIX Index requiring TOPIX-tracking funds to purchase the stock during an Inclusion Event.
  • Usually, this presents interesting trading opportunities to generate sharp market-neutral returns in the space of few trading days. Below is a look at the details for Bewith’s Inclusion Event.

TSMC (TSM.US; 2330.TT): The Outlook Is Positive in 2Q22, and Wafer Price Lift Is Not Decided Yet.

By Patrick Liao

  • We expect TSMC will grow ~4.7% QoQ in 2Q22, and the revenue/GM/OPG is around US$17.7bn/55.1%/43.8%.
  • We highlighted TSMC was considering to increase the wafer price nearly 2 months ago, but TSMC has still not made the final decision yet.  
  • TSMC 4/5nm capacity will be ready for for 150k/month within 4Q22. We think the new iPhone 14 would request more than half of the capacity.

Yaskawa – Results as We Expected, Guidance Much Stronger

By Mio Kato

  • Yaskawa reported weak results as we expected (¥12.9bn OP vs. our ~¥14bn estimate and consensus at ¥16.7bn). 
  • Despite this the company actually guided for a very punchy ¥72bn in OP next FY even above consensus’ ¥65.5bn and our expectation for OP to be flattish or even decline. 
  • Nevertheless, there was nothing on the earnings call to suggest that guidance was anything more than overoptimism on the top line.

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Apr 08
0

TMT: Tencent, ONE Store, Robinhood Markets, UiPath Inc, Yaskawa Electric, PC Partner and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • MSCI May Index Rebalance Preview: Potential FIF Changes & Impact
  • OneStore IPO Valuation Analysis
  • One Store Pre-IPO – Track Record Has Been Strong, Questions Surround Its Choice of Peers
  • Robinhood Markets, Inc. (HOOD):  Sell Short
  • Breaking Estimate Short Candidates: UiPath, EchoStar, Stitch Fix, First Solar
  • Yaskawa – We Expect a Slight Miss and Tepid Guidance
  • PC Partner (1263) 7.50 Buy Zone for New Chart Highs

MSCI May Index Rebalance Preview: Potential FIF Changes & Impact

By Brian Freitas

  • MSCI comprehensively evaluates the free float for stocks at the May SAIR. The changes will be announced on 12 May and implemented at the close on 31 May.
  • We expect an increase in the FIF for some stocks. Largest inflows are expected on Tencent (700 HK), Kuaishou Technology (1024 HK), JD Health (6618 HK) and KakaoBank (323410 KS). 
  • There is reasonably large short interest on some of the stocks and there could be some short covering on stocks where there could be large passive inflows.

OneStore IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point price range).
  • Our valuation of the company is based on P/S multiple of 4.8x (average of the peers) using our estimated sales of 269 billion won for the company in 2022. 
  • In our comparable companies valuation analysis, we have used the following four Korean companies as comps including Kakao Corp, Naver Corp (035420 KS), AfreecaTV (067160 KS), Kidari Studio (020120 KS).

One Store Pre-IPO – Track Record Has Been Strong, Questions Surround Its Choice of Peers

By Clarence Chu

  • ONE Store (ONE KS) is looking to raise up to US$228m in its upcoming Korean IPO.
  • One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
  • By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth.

Robinhood Markets, Inc. (HOOD):  Sell Short

By Eric Fernandez, CFA

  • HOOD’s performance indicators are deteriorating.  Growth in funded accounts is not growing.  Monthly average users are declining, and ARPU is falling.  Margins remain negative and are declining.
  • The company’s main sources of revenue are from transactions in speculative instruments.  Options and crypto trading represent 80% of transaction revenue… in accounts that average $4,300 in size.
  • Small scale and lack of diversification leave it disadvantaged.   Further, it generates little fee income, such as asset management fees.  It is nearly entirely reliant on payment for order flow.

Breaking Estimate Short Candidates: UiPath, EchoStar, Stitch Fix, First Solar

By Eric Fernandez, CFA

  • This model uncovers companies facing recent sharp cuts in estimates. These shorts can have very disparate characteristics.
  • The key judgement involves whether the negative revisions are temporary or if they are indications of ongoing weakness in the business. 
  • Breaking Estimates stocks often continue to decline after the cuts.  This week we flag: UiPath, EchoStar, Stitch Fix, First Solar

Yaskawa – We Expect a Slight Miss and Tepid Guidance

By Mio Kato

  • Yaskawa reports today and we expect earnings and guidance to both be on the weak side. 
  • The stock has been weak of late but we still lean towards the idea that there is a little downside risk remaining. 
  • The key question is whether the market attaches any credibility to consensus projections of 15% YoY OP growth next FY.

PC Partner (1263) 7.50 Buy Zone for New Chart Highs

By Thomas Schroeder

  • PC Partners has solid bull base line support to stage a fresh bull cycle. Old high support and key lows rest at the 7.50 level. 
  • RSI is due to rally off of the bull wedge breakout support. Buy volumes are constructive on strength with weak sell volume on recent weakness (underlying bullish).
  • 12.50 and 14 bull targets with the later the hurdle to clear to open the way higher.

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Apr 07
0

TMT: Ecopro BM Co Ltd, ONE Store, Asbury Automotive and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Ecopro BM Rights Offering Worth 500 Billion Won
  • ONE Store IPO: Offering Details & Valuation Issues
  • Vltava Fund – Letter To Shareholders Q1 2022

Ecopro BM Rights Offering Worth 500 Billion Won

By Douglas Kim

  • After the market close today, Ecopro BM announced a rights offering worth 500 billion won as well as a bonus issue of three new shares for one existing share.
  • The tentative rights offering price is 310,300 won, which is 27% lower than current price of 423,800 won.
  • Ecopro BM’s valuations remain stretched with its shares trading at high multiples and we believe there could be some further weakness in its share price in the coming weeks. 

ONE Store IPO: Offering Details & Valuation Issues

By Sanghyun Park

  • It will be difficult to reach a valuation consensus in the short term, suggesting the likelihood of substantially higher price volatility after listing. The IPO valuation itself is quite excessive.
  • There are not enough stories to instill growth expectations in investors. Expectations for regulatory benefits are uncertain. The inclusion to K-New Deal and WISE Media Contents are worth a look.
  • In conclusion, I do not recommend an aggressive approach to this IPO. Similar to SK Shieldus, we even need to consider a post-listing entry.

Vltava Fund – Letter To Shareholders Q1 2022

By Fund Newsletters

  • Vltava is a global equity investment fund.
  • Its objective is to achieve long-term capital growth of the assets under management while investing primarily into publicly traded companies.
  • If Putin has succeeded in anything, it is to completely dismantle a functioning domestic economy virtually overnight.
  • We probably never have seen anything like this before.

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Apr 06
0

TMT: Money Forward, Twitter Inc, Hon Hai Precision Industry, HashiCorp and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • The TOPIX Liquidity Factor Adjustment – Still a Trade To Do
  • Musk Buys Twitter, You Should Buy Facebook
  • Hon Hai (2317.TT): March Revenue Was Highest at the Same Period of Record.
  • Elon Buys 9.2% of Twitter, and Starbucks Suspend $20B Buyback Program
  • Hashicorp: Cloud Infrastructure Layer…Impressive

The TOPIX Liquidity Factor Adjustment – Still a Trade To Do

By Travis Lundy

  • Every year in April there are two TOPIX rebalance changes – the FFW review for July-September FY-end companies, and the annual liquidity factor adjustments.
  • This year, the former is replaced by the TOPIX FFW Methodology Change for the new Market Structure. This is a big change, but it will not necessarily overwhelm the latter.
  • Janaghan Jeyakumar, CFA‘s piece of 5 weeks ago discussing the Liquidity Factor basket has seen generally good performance. There are two days to go. 

Musk Buys Twitter, You Should Buy Facebook

By Aaron Gabin

  • Since Elon Musk bought his 9.2% stake in Twitter, the stock is up 30%
  • We are doubtful Musk can alter the trajectory of Twitter’s slow product development and weak monetization of direct response advertising and SMB customers.  
  • Twitter trades 6.5x forward sales / 61x forward earnings / 28x forward EV/EBITDA while Facebook trades 4.5x / 19x / 10x those same metrics…essentially 1/3rd the valuation on earnings.

Hon Hai (2317.TT): March Revenue Was Highest at the Same Period of Record.

By Patrick Liao

  • All of the Hon Hai’s 4 product-lines were growing double digits in March. 
  • In 1Q22, Hon Hai’s revenue was NT$1,408.2bn, which was -25.5% QoQ and 4.83% YoY respectively. The 1Q22 revenue was a bit better than the original expectation.
  • Although Hon Hai is confident, we think the visibility is still a bit of ambiguous in 2Q22.

Elon Buys 9.2% of Twitter, and Starbucks Suspend $20B Buyback Program

By Investment Talk

  • This morning I had two of my larger holdings, Starbucks and Twitter, become embroiled in headlines. It was announced this morning that Twitter has a new shareholder, Elon Musk
  • And Starbucks would be axing their $20B buyback program as Howard Schultz looks to make a stamp on his welcoming party.
  • Shares of Twitter were trading as high as +26% in the early pre-market hours this morning, after an SEC filing from Twitter shows that Elon Musk, founder and current CEO of Tesla has acquired a “passive” but sizeable 9.2% ownership stake of Twitter (~73.5M shares).

Hashicorp: Cloud Infrastructure Layer…Impressive

By Aaron Gabin

  • The company sells software tools that that allow businesses to automate cloud infrastructure
  • Next gen VMware… onboarding technology for cloud transitions. Impressive parallel.
  • Terraform and Vault are 85% of revenues today, but big TAM for the future.

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Apr 05
0

TMT: Alibaba Group, Softbank Group, Fujitsu Ltd, SK Square, JCET Group, OnlyFans and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • China ADRs Delisting – Tide Is Turning with CSRC Showing Signs of a Compromise
  • Softbank Group – Early Read on Q4 Portfolio Performance
  • Fujitsu (6702 JP): At Risk of Short-Term Profit Taking
  • SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?
  • JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.
  • OnlyFans is Stuck Between a Rock and a Hard Place

China ADRs Delisting – Tide Is Turning with CSRC Showing Signs of a Compromise

By Sumeet Singh

  • On 2nd Apr 2022, CSRC put out a draft for public comments on the revision of certain provisions which would allow easier access by overseas regulators to China ADRs audits.
  • On 8th Mar 2022, Securities Exchange Commission (SEC) had added five China ADR names to its provisional list of issuers under HFCAA, which set the clock ticking for their delisting.
  • In this note, we’ll talk about the latest developments and its implications.

Softbank Group – Early Read on Q4 Portfolio Performance

By Kirk Boodry

  • Vision Fund’s public portfolio dropped $18.6bn (-24%) in Q4. China concerns grabbed headlines but it was Asian names (Coupang, Grab) that drove losses
  • Public investments held at the parent level fell 41% (-$1.3bn), led by SoFi (-$862mn), Lemonade (-$189mn) and THG (-$147mn) 
  • We expect that Softbank will also need to write down private investments although it is not clear just how far private valuations have tracked public changes

Fujitsu (6702 JP): At Risk of Short-Term Profit Taking

By Scott Foster

  • The shares have rebounded by nearly 30% since the 1st of February. Consolidation seems likely while waiting for evidence that management’s sales and profit targets can be met.
  • As Japan’s No. 1 IT services company, Fujitsu should benefit from the ongoing digitalization of Japan’s public and private sectors, the roll-out of 5G and the development of 6G.
  • Risks for investors include the weakening yen and economic slowdown. A history of IT system failures also raises a red flag.

SK Square: NAV Post IPOs of SK Shieldus/OneStore and a Major Investment in ARM Holdings?

By Douglas Kim

  • Our updated NAV valuation of SK Square suggests an implied price of 82,167 won per share, which represents a 46% upside from current levels.
  • For SK Shieldus and OneStore, we took the mid-points of the IPO price ranges and applied SK Square’s post IPO ownership stakes, respectively. 
  • SK Square’s CEO Park Jung-Ho announced that the SK Group is interested in investing in Arm Holdings. SK Group is well positioned to participate in the investment of ARM Holdings. 

JCET (600584.CH): The Demand Was Strong in 2021, but 1Q22 Should Be a Seasonal Decline.

By Patrick Liao

  • JCET has reported 2021 annual results, and there was RMB$8.59bn/9.5% of revenue/NM percentage in 4Q21. JCET 2021 grew 6.0% QoQ and 11.5% YoY respectively.
  • Despite US-China trade war, the revenue from US clients are taking 50.2% in 2021, which is growing 23% from 2020 to 2021. 
  • Given the 5G and China Automotive are developing actively, we believe these two applications shall be keeping the energetic momentum.

OnlyFans is Stuck Between a Rock and a Hard Place

By subSPAC

  • Reports emerged in the past week that social media & content creation platform OnlyFans was holding talks with prospective SPACs for a potential deal.
  • Despite numerous attempts at fundraising in the past, investors remain skeptical about the adult-oriented nature of the content shared on the platform
  • The company is in a delicate position, needing banks & payment providers to process payments while relying on explicit content to drive future avenues of growth

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Apr 04
0

TMT: Lenovo, KraneShares CSI China Internet ETF, Razer Inc and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • HSCEI Index Rebalance Preview: Lenovo Could Replace Hansoh Pharma; Great Wall In/Sunac Out?
  • New CSRC “Provisions” Take a Step Towards Meeting PCAOB Requirements
  • Merger Arb Mondays – Yashili, Razer, Sezzle, Link Admin, Uniti, AKM, Virtus

HSCEI Index Rebalance Preview: Lenovo Could Replace Hansoh Pharma; Great Wall In/Sunac Out?

By Brian Freitas

New CSRC “Provisions” Take a Step Towards Meeting PCAOB Requirements

By Travis Lundy

  • The PCAOB has not, despite a cooperation agreement with the CSRC signed in 2013, been able to conduct on-site investigations of a HK or mainland-based company since 2010.
  • On Friday, the CSRC published a new Strengthening Confidentiality and File Management Related to Overseas Issuance to replace 2009 rules. 
  • Importantly, the revised Provisions deletes the stipulation that “on-site inspections shall be dominated by domestic regulators or depend on the conclusions of inspections by domestic regulators.” Will it be enough?

Merger Arb Mondays – Yashili, Razer, Sezzle, Link Admin, Uniti, AKM, Virtus

By Arun George

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Apr 03
0

TMT: Razer Inc, Canon Inc, Semiconductor Manufacturing International Corp (SMIC), ONE Store and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • Last Week in Event SPACE: Razer, Daiho, Uniti Group, Toshiba, Tabcorp, China Conch
  • Sticking With Cyclical Value and Defensives; Adding Large-Cap Japan Technology
  • SMIC (981.HK): Local Demand Is Very Strong, but EUV Embargo Is Constrained Technical Growth Still.
  • OneStore IPO Preview

Last Week in Event SPACE: Razer, Daiho, Uniti Group, Toshiba, Tabcorp, China Conch

By David Blennerhassett

  • Razer Inc (1337 HK)‘s Scheme Document flags the abolishment of the headcount test may become law ahead of the shareholder meeting. That is a game-changer. If true.
  • Daiho Corp (1822 JP) has announced a deal which is not quite what it looks like. This situation is kind of a governance disaster.
  • Uniti Group Ltd (UWL AU) backs the revised Morrison/Brookfield tilt and severs ties with Macquarie

Sticking With Cyclical Value and Defensives; Adding Large-Cap Japan Technology

By Joe Jasper

  • The lows have likely been established for this correction, but a bottoming process would likely take weeks or potentially months and could come with more tests of the lows.
  • Japan’s TOPIX and Nikkei 225 are each testing their respective downtrends. The EURO STOXX 50 is testing resistance in the 4040-4090 range. Germany’s DAX is testing major resistance at 14,815-14,950.
  • It is likely that this initial 2-3 week bounce has run its course; stick with cyclical value and defensives, areas we have been focused on for most of 2022.

SMIC (981.HK): Local Demand Is Very Strong, but EUV Embargo Is Constrained Technical Growth Still.

By Patrick Liao

  • SMIC will spend ~US$5bn in Capex in 2022, of which only the Beijing Fab is 12”, and Shenzhen and Tianjin are 8” Fabs.
  • SMIC has three major trends: 1) the local demand is booming rapidly, 2) Auto, industry and others have developed actively, and 3) Huawei’s event had made a great impact.
  • We note SMIC’s capacity of each Fab is an estimation because 1) the local governments’ subsidies are somewhat complicated, and 2) it is involved with three local governments in 2022.

OneStore IPO Preview

By Douglas Kim

  • OneStore is getting ready to complete its IPO in May with IPO price range of 34,300 won to 41,700 won. It is one of the largest app operators in Korea.
  • The IPO base deal size is from $187 million to $227 million. The expected market cap after the IPO is from 0.9 trillion won to 1.1 trillion won. 
  • OneStore generated sales of 214.2 billion won (up 38% YoY), operating loss of 5.8 billion won, and EBITDA of 8 billion won in 2021. 

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Apr 01
0

TMT: PC Partner, Sea Ltd, CrediBook, SiS Distribution (Thailand) PCL and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • PC Partner: Record FY21 Results and Strong Dividend. Cash Is 70% of Market Cap. Fair Value 18 HKD.
  • Over 300 of Shopee India’s Staff in a Fix as It Checks Out
  • YC Doubles the Number of SEA Startups in Latest Cohort
  • SIS: Cloud and Cybersecurity Will Be the New Main Focus for Growth

PC Partner: Record FY21 Results and Strong Dividend. Cash Is 70% of Market Cap. Fair Value 18 HKD.

By Nicolas Van Broekhoven

  • Pc Partner posted record results with revenue and profits increasing by 99%% and 1,047% respectively. The final 1.61 HKD dividend was below my 2 HKD estimate but still solid.
  • Cash grew to 3.1 b HKD vs a market cap of 4.37 b HKD, or 70% of market cap. By end of FY22 cash could be 100% of market cap.
  • The outlook is mixed with short-term ASP pressure into 2Q22 but longer-term optimism into 2H22. As always visibility is low but offset by a cheap valuation and large cash buffer.

Over 300 of Shopee India’s Staff in a Fix as It Checks Out

By Tech in Asia

  • Shopee India will lay off over 300 staff after it decided to shut down operations in the South Asian country.
  • The news came as a shocker to its employees, who were unaware until Monday that the company was wrapping up its business in India, sources told Tech in Asia.
  • While the ecommerce firm’s India unit had about 300 employees in December 2021, that number has since gone up to 350 workers, an employee told Tech in Asia on condition of anonymity.

YC Doubles the Number of SEA Startups in Latest Cohort

By Tech in Asia

  • Startup enabler Y Combinator has unveiled the 33 Southeast Asian startups that have been included in its latest winter 2022 cohort.

  • The number is almost doubled from the last batch and amounted to around 8% of the 414 startups that were funded by the accelerator in this cohort.

  • As part of the accelerator program, Y Combinator will invest US$125,000 in seed capital for a 7% stake in each startup.

SIS: Cloud and Cybersecurity Will Be the New Main Focus for Growth

By Pi Securities PCL, Thailand

  • Analyst meeting came out with positive tone. Cloud and cybersecurity businesses should grow rapidly over the next few years.Current inventory stock provides 4 to 6 months buffer from Chinese lockdown 
  • We believe that cloud and cybersecurity will drive earnings at a CAGR of 18.5% between 2021-24E, led sales growth at 8.6% CAGR and slightly improved margins. Management maintains strong outlook 
  • We expect 1Q22E earnings at Bt201m(+6%QoQ, +6%YoY)driven QoQ by GPM expansion. We recommend accumulating shares now as earnings in 1H22 should be the lowest of the year due to seasonality.

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