TMT/Internet Archives | Page 29 of 122 | Smartkarma

• The discount’s tight, but this near-2-trillion-won raise is a rare mega-deal in Korea, despite the issuance ratio below 20%.
• Samsung Electronics is in for 150 billion won, but plenty of supply remains. A smooth clearance? Unlikely. This could drive stock rights costs lower as price discovery unfolds.
• The optimal approach is to wait for a decline in rights prices and assess hedge costs through single stock futures (or TRS, if doable), given the shorting restrictions.

• Over a dozen Hang Seng Index companies (31% of index weight) report next week, along with significant portions of HSCEI (38%) and Hang Seng TECH Index (32%) components.
• The four index heavy-weights Xiaomi Corp, Tencent, China Mobile, and Meituan all report next week.
• Weekly options expiring March 21 provide targeted instruments for traders looking to capitalize on earnings-related price movements.

• Intuit, a prominent player in the financial technology sector, recently reported its second quarter earnings for fiscal year 2025, showcasing a robust performance across various segments.
• The company reported a substantial 17% increase in total revenue, reaching $4 billion, and demonstrated significant profitability with a 61% rise in GAAP operating income.
• Non-GAAP operating income also saw an impressive increase of 26%, highlighting operational efficiencies.

• On 14 March, Samsung SDI (006400 KS) announced a 2 trillion won (US$1.4 billion) rights offering capital raise plan.
• Samsung SDI’s 2 trillion won capital raise is likely to have a near-term negative impact on the company’s share price.
• We are negative on Samsung SDI’s rights offering capital raise mainly due to shares dilution. We also remain concerned that weak demand for EVs globally could last longer. 

• Keysight Technologies delivered a strong fiscal first-quarter 2025 performance, underpinned by robust revenues and profitability that exceeded the high-end of its guidance.
• The company reported revenues of $1.3 billion and earnings per share of $1.82, both above expectations, marking the first core revenue growth in six quarters driven by the Communications Solutions Group and stabilization in the Electronic Industrial Solutions Group.
• Orders saw a year-over-year increase for the second consecutive quarter, highlighting improving sales funnels and customer engagements.

• First Solar presented a mixed set of results for its financial performance in 2024 and discussed objectives for 2025.
• The company recorded 2024 net sales of $4.2 billion, a 27% increase from the previous year, reflecting robust demand marked by the sale of a record 14.1 gigawatts of modules.
• However, full-year diluted earnings per share of $12.02 missed the lower end of guidance, largely influenced by unexpected costs and operational inefficiencies.

• Workday’s recent earnings report presents a mixed picture, offering both promising and challenging aspects that investors should consider.
• On the positive side, Workday demonstrated solid fiscal fourth-quarter 2025 performance, with subscription revenue growing by 16% to $2.04 billion, and a notable non-GAAP operating margin of 26.4%.
• For the full fiscal year 2025, the company saw its total revenue climb by 16% to $8.45 billion, underscoring strong demand for Workday’s offerings.

• By the 4th quarter of 2024, ByteDance is among the top 3 global memory manufacturers, showing significant growth in their market share.
• ByteDance has open-sourced COMET to enhance LLM training efficiency by 1.7x, which is expected to boost the effectiveness of Machine Learning models.
• Ajai Chowdhry highlights India’s potential in chip design, emphasizing it as a key strength that should not be overlooked in the tech industry.

• NVIDIA Corporation recently concluded its fourth quarter of fiscal year 2025 with impressive results, highlighting its continued dominance and growth in the data center and AI markets.
• Revenue for the quarter stood at a record $39.3 billion, marking a 12% sequential increase and a substantial 78% year-on-year growth.
• For the full fiscal year 2025, NVIDIA reported revenues of $130.5 billion, a remarkable 114% increase from the previous year.

• 3D Universes is a new platform that integrates virtual twins, GenAI, and virtual companions to support product lifecycles and data, aiming to revolutionise the design, simulation, and operation of products.
• 3D Universes enhances Dassault Systèmes’ ability to leverage legacy data and improve virtual product development, distinguishing itself from competitors by ensuring regulatory compliance and intellectual property protection.
• The company’s growth is supported by large deals like the one with Volkswagen, highlighting the potential for expanded revenue through long-term subscriptions and the adoption of 3D Universes across industries.

• Valuations across Asia are mean reverting – expensive markets derating and the cheap ones rerating. We think this is likely to continue somewhat longer.
• We think HK/China could rerate more; India and Taiwan could derate slightly further. India looks interesting. Valuation range has structurally shifted upwards. But another 5-10% relative valuation correction is warranted.
• Principal stock choices in HK/China, Korea and India pertain to themes of domestic consumption, AI resilience and unloved sectors. Some of the companies have mitigating strategies for the tariff war.

• Satyam’s chairman and founder confessed in January 2009 to misappropriating about $1.5 billion of company funds
• Scandal shook confidence in Indian corporate governance and the country’s IT services industry
• Transparently.ai’s AI tools detected accounting red flags in Satyam as early as 1998

• Lip-Bu Tan, former CEO of Cadence and founding partner at Walden Catalyst Ventures, will become Intel’s ninth CEO effective March 18
• Mr. Tan is an extremely impressive technology leader, speaker, & influencer with many and varied interests. He is an excellent choice for the most important CEO role in Intel’s history
• Press releases seem to emphasise Products over Foundry but any decision in this regard will take time so it doesn’t appear that Mr. Tan is simply following the board’s orders.

• The return of Mr. Tan as CEO suggests that spinning off or selling  Intel Foundry will accelerate, Intel’s focus should improve.
• It probably also means scaling down considerably Intel manufacturing plans and outsourcing more to TSMC. If you can’t beat them, join them.
• Now is not a good time to buy Semiconductor stocks. It will take a couple of years to fix Intel’s problems. TSMC will benefit.

• Lee Bok-hyun, FSS Chairman, unexpectedly reversed his stance and now opposes Choi’s veto on the amendment, pushing for shareholder protection and adjustments in subordinate regs instead.
• From a short-term trading angle, traders will focus on stocks with high volatility potential related to auditor appointments rather than the extension of directors’ fiduciary duties to shareholders.
• Large-Cap banks and non-bank stocks, with low controlling stakes and high foreign ownership, are likely to see significant short-term trading impact.

• Google’s full stack approach to AI, led by Nobel Prize winner Demis Asabas, includes talent, models, platforms, and chips
• Generative AI is being used to enhance search and enterprise solutions, providing monetization opportunities
• Google prioritizes quality and safety in AI development, ensuring no margin for error in critical situations like medical queries

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• HSI has surged past SPX, but past instances of strong outperformance have often preceded reversals. We examine key historical trends.
• The YTD divergence between HSI and SPX calls into question whether this is another temporary rally or the start of a new trend.
• We highlight some key hedging strategies to manage risk in this evolving market dynamic.

• We conducted a drill exercise in which BIDU’s search revenue will shrink to 1/3 of its size while its AI cloud
• Our key concern is margin compression as search’s high margin as a result of browser infrastructure and monopolistic status aren’t repeatable in AI;
• We raise the TP from US$80.0 to US$92.5 and maintain SELL.

• By 2025, AI server to be developed by Intel for BBU and Taiwanese players, aiming to enhance performance and innovation in the market.
• Nvidia visits Samsung amidst supply uncertainty of HBM3E, highlighting the importance of partner collaboration in the semiconductor industry.
• Intel’s unveiling of Panther Lake, powered by 18A core ultra chips, signals a new era of technology advancement in the company’s product lineup.

• 2025 outlook Sales: up 20-30% YoY. More certain on China demand recovery. Gradually enters Mass-Production (MP) for Gen 3/4 products. Main growth drivers are consumer and Electric Vehicle.  
• Silergy targets for auto sales contributed to reach 15% in 2025.  
• Will witness a rebound in 2Q25 for computing and Consumer and auto will also grow QoQ given resumption for production in China.  

• In a long-form merger for Cayman incorporated companies, dissenters can petition the Grand Court for determination of fair value. For short form merges, that avenue of dissent was not available. 
• But on the 28 January 2021, the Grand Court of the Cayman Islands concluded that shareholders of companies that undertake a ‘short-form’ merger were entitled to dissent.
• Changyou.com (CYOU US) appealed this decision in the Court of Appeal, and was dismissed. Then appealed to the Privy Council. In a judgement handed down yesterday, this was also dismissed. 

• With 85% of the review period now complete, we forecast 50 changes (the maximum permitted) for the CSI Smallcap 500 Index at the close on 13 June.
• We estimate a one-way turnover of 10% at the rebalance resulting in a round-trip trade of CNY26.4bn (US$3.6bn). The Information Technology gains at the expense of Healthcare and Consumer Staples.
• The forecast adds have outperformed the forecast deletes and the CSI Smallcap500 Index over the last 6 months. The best part is that the volatility of the trade is very low.

• TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long
• ASE: -1.8% Discount; Good Level to Go Long the Spread
• ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level

• Semiconductor industry set to see significant growth by 2025 due to technology advancements and global demand for electronic devices.
• TSMC proposes joint venture with Intel’s foundry division, showcasing industry collaboration for mutual benefit and innovation.
• Huawei takes action against recruitment fraud, penalizing 72 employees, while Altera CEO highlights FPGA advantages over ASIC in AI technology.

• Kakao Corp (035720 KS) has two near-term positive catalysts. First is treasury shares cancellation. Second is insiders buying of its shares.
• These moves suggest the management’s confidence in the company’s outlook ahead of the AGM on 26 March. 
• In our view, one of the major reasons why the insiders are buying could be due to Kakao’s collaboration with OpenAI. 

• TSMC Eyes Intel Foundry Joint Venture: Strategic Expansion or Risky Bet?
• TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex 
• MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy 

• WEX launched a $750m tender offer to repurchase ~12% of shares at $148-$170/share, prioritizing odd lots.
• Impactive Capital increased its stake in WEX from 5.6% to 6.7%, purchasing at $154.75/share average.
• WEX is highly leveraged with net debt at 5x EBITDA, despite slowing growth and weak guidance.

• FY 2025 guidance exceeds previous expectations, with cloud revenues expected to grow 26-28%, and profit to rise 26-30%. Cloud revenues are expected to reach 70% by 2027. 
• SAP optimises its cloud offerings and Opex, with a focus on driving long-term growth through its ‘land and expand’ strategy and AI. Recent senior appointments aim to support operational efficiency. 
• SAP expands AI capabilities, with 50% of deals involving AI use cases. It is aiming to enhance AI agents while positioning itself to benefit from lower AI costs.

• The return of Mr. Tan as CEO suggests that spinning off or selling  Intel Foundry will accelerate, Intel’s focus should improve.
• It probably also means scaling down considerably Intel manufacturing plans and outsourcing more to TSMC. If you can’t beat them, join them.
• Now is not a good time to buy Semiconductor stocks. It will take a couple of years to fix Intel’s problems. TSMC will benefit.

• On 4 February, the SET floated a consultation paper on capping stocks in the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at 10%.
• The move was aimed at Delta Electronics Thailand (DELTA TB) since it was the only stock with an index weight higher than 10%.
• Delta Electronics Thailand (DELTA TB) has slid since then and at the current weight of 9.27% will not need to be capped. The market has adjusted for it.

• In late November of 2024, Baudroie (4413 JP) announced it would try to move to TSE Prime and that day they announced a 2.76mm share secondary offering and a buyback.
• The buyback was a bit less than a quarter of the offering. Fast forward 3mos and in early March the company announced it would move to Prime. Yesterday it did.
• That puts the company in line for a TOPIX inclusion in end-April , and likely other index effects later. In the meantime, earnings and guidance are out ~10 April. 

• In this insight, we discuss the potential KOSDAQ 150 rebalance candidates in June 2025.
• The top 10 inclusion candidates have sharply outperformed KOSDAQ so far this year. These 10 stocks are up on average 75.3% YTD, outperforming KOSDAQ which is up 6.4% YTD.
• The 10 potential deletion candidates in KOSDAQ 150 in June 2025 are down on average 0.9% YTD, underperforming KOSDAQ which is up 6.4% YTD. 

• As reported by Douglas Kim, Samsung Life Insurance and Samsung Fire & Marine Insurance plan to sell shares of Samsung Electronics (005930 KS) in block deal sales.
• Samsung Electronics (005930 KS) has been in a flat, bottoming behavior, since November 2024. We have previously discussed the possibility that the stock may start to rally.
• At the moment the stock has been down for 3 weeks in a row, our model is indicating a WEEKLY oversold condition that may trigger a (short-term) rally.

• Following Broadcom CEO saying “no” and TSMC investing another US$100bn in Arizona, speculations of an Intel takeover have subsided.
• On the increase, rumors of further Intel 18A delays and production push out. This means more outsourcing to TSMC for longer as mentioned by Intel’s IR last week.
• Now is not a good time to buy Semiconductor stocks, but AMD and TSMC will benefit.

• Palladyne AI sells real-time learning and reasoning AI software platforms for robots, drones, and smart industrial systems.
• The company engages in the design, development, and manufacturing of industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity.
• Its mobile robotic systems include the Guardian S, Guardian GT, Guardian XO, and Guardian XT. Palladyne AI was founded in 2015 and is headquartered in Salt Lake City, Utah.

• AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
• As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Constituent changes to the S&P500 INDEX and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&P500 Equal Weight Index.
• The Select Sector index trackers and S&P500 Equal Weight trackers will need to buy the adds to the S&P500 INDEX and sell the deletes, further increasing flow for the stocks.
• The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.

• We believe all business, including smartphone and vehicle, will grow strongly in 4Q24 and 2025.
• We expect EPS will increase by 15% YoY in 4Q24 and 41% in 2025.
• However, we believe the market overvalues the newly launched vehicle business.

• Sea Ltd booked a blowout set of results, with strong growth and profitability across all three divisions, surpassing previous guidance and bringing about the second profitable year for the company. 
• E-Commerce was the key feature, with GMV surpassing US$100bn with increasing take rates, with core marketplace GAAP Revenues booking nearly +50% YoY growth in 4Q2024, confirming Shopee’s lead position. 
• Digital Financial Services and Digital Entertainment also booked strong growth, with management highlighting a positive outlook for all three segments in 2025. Sea Ltd remains a core holding. 

• Global smartphone market expected to see substantial growth in 4th quarter of 2024, indicating a positive trend for the industry.
• TSMC experiences a drop in revenue in Q1, as AI sector continues to expand and company addresses discrimination allegations.
• AMD CEO recognizes value of open-source technology in DeepSeek, while HP announces plans to reduce workforce by cutting 2,000 jobs, reflecting industry challenges.

Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a smaller extent Bangladesh and Sri Lanka. The largest shareholders are Bharti Enterprises (42%) and Singtel (14%). Bharti Enterprises was founded/owned by Sunil Bharti Mittal. It is one of India’s first conglomerates, with interests in telecommunications, space, insurance, real estate, hospitality and food.

We view Bharti Airtel as “Low Risk” on the LARA scale, mainly given its strong market position as the second-largest player in India’s telecom industry. The company owns robust network infrastructure across the country, with a broad customer base. We also note positively the improving industry outlook, with rationalising competition and industry consolidation benefiting Bharti Airtel, along with improving regulatory conditions. The company is committed to prudent balance-sheet management and stable leverage. However, capex requirements will likely remain substantial given Bharti Airtel’s 5G rollout, with a risk that capex will be higher than projected.

• Xiaomi Corp. aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its other consumer electronics, company president William Lu said at the Mobile World Congress (MWC) in Barcelona on Monday.
• During the event, Xiaomi unveiled its high-end Xiaomi 15 Ultra smartphone series to the global market, priced at 1,499 euros. The company also showcased its premium electric sedan, the SU7 Ultra, and the Xiaomi SU7, though these vehicles have yet to be launched outside China.
• “After MWC, I plan to visit several European countries with the goal of officially introducing Xiaomi cars overseas by 2027,” Lu said on the sidelines of the event. He revealed that Xiaomi will begin offering its home appliance products in international markets next year.

• The blockchain technology Company announced that it entered into a non-binding term sheet for up to $40m in senior secured convertible loans on 25 February 2025.
• The initial tranche of the Financing would be $15m with follow on tranches of up to $25m advanced over the next 18 months.
• The proceeds of the Financing are to be used to refresh Argo’s Baie Comeau, Quebec mining fleet, to strengthen the balance sheet, and to assess a pipeline of merger and acquisition possibilities. 

• Greenidge pre-announced solid 4Q24 results, beating on both revenue ($14.8 million versus consensus of $13.6 million) and adjusted EBITDA ($3.1 million at the midpoint versus consensus of $1.0 million).
• CEO Jordan Kovler said, “Throughout 2024, we took significant steps to further right-size the business and stabilize our operations, reducing SG&A expenses by almost $9 million.
• We also implemented important new growth strategies, including the acquisition and successful buildouts of sites in Mississippi and North Dakota that represented 15MW of additional mining capacity.”

• Geniee delivered accelerating double-digit growth in sales (+40.6% YoY) and normalized OP (+50.8% YoY) with its Q1-3 FY3/25 results.
• The new Digital PR business (formed following the Social Wire acquisition) is in its early days, but there are signs that it is performing above. forecasts.
• Coupled with accelerating growth and improving profitability in the Company’s Overseas and Marketing SaaS segment, we think Geniee is turning a corner on its growth trend. 

• Gross SOUTHBOUND volumes dropped somewhat but still high. NET buying by SOUTHBOUND was HK$35bn which is still quite strong. Round-tripping volume down 20% week-on-week.
• The flows here are still striking. >20% of the top 100 most liquid Southbound eligible stocks saw SOUTHBOUND buy more than 10% of weekly volume. 
• It feels like there is some common understanding among SOUTHBOUND investors which I do not understand. The numbers are big/growing.

• Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board
• SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries
• Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.

• A dramatic shift saw stocks surge as market sentiment reversed week over week.
• Single stock option volumes were significantly lower vs prior two weeks.
• We highlight stocks that have had unusual moves in price, volume and implied volatility.

• Dropbox’s recent earnings report paints a complex picture of the company’s transitionary phase as it continues to navigate a shifting business environment and adapt to evolving market demands.
• The company finished 2024 with revenues slightly topping guidance, reflecting a modest growth trajectory.
• The year ended with a focus on transformative strategies aimed at transitioning from its foundational file sync and share (FSS) business to capably leverage areas poised for significant growth potential.

• Frontier Communications delivered a mixed set of results in its Second Quarter 2024 earnings announcement, marked by notable strengths in fiber broadband expansion, customer acquisition, and operational efficiency but offset by certain financial challenges and competitive industry dynamics.
• Starting with the positives, Frontier Communications reported its fastest quarter of organic revenue growth in more than a decade and the second consecutive quarter of revenue growth, substantiating its ongoing operational momentum.
• The company added a record high of 92,000 new fiber broadband customers, reflecting a 37% increase from the previous year, and achieved its highest penetration milestone, with the base fiber markets reaching over 45% market share.

• Universal Display Corporation has reported record financial performance for 2024, with revenues reaching $648 million, an increase of 12% from the previous year.
• The revenue growth was driven by material sales amounting to $365 million and royalty and license revenues of $267 million.
• The company achieved a net income of $222 million or $4.65 per diluted share, although earnings per share were partially offset by restructuring costs related to the closure of its OVJP California location and foreign currency exchange losses.

• Coforge (COFORGE IN)‘s $1.56 billion deal with Sabre positions it as a major player in travel technology, but concerns over Sabre’s financial stability create potential risks for long-term execution.
• Acquisitions of Rythmos and TMLabs align with Coforge’s strategy to enhance cloud, data, and enterprise IT capabilities, strengthening its market position in airline and ServiceNow implementation services.
• While analysts recognize strong revenue visibility, Sabre’s $5.1 billion debt and negative net worth raise cash flow concerns, leading to a divided outlook on Coforge’s future profitability and risk exposure.

• One of the most anticipated IPOs of 2025 has officially filed its S-1 — CoreWeave (CRWV US) . 
• Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.
• According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.

• Unity Technologies has managed to deliver a notable performance in the latest quarter, surpassing its guidance on both revenue and adjusted EBITDA.
• The revenues from its strategic portfolio increased, and its adjusted EBITDA not only beat the high end by 26% but was also supported by a solid free cash flow showing a 74% increase from the previous year.
• A significant advancement was seen in Unity’s Create solutions, with revenues rising by 9% year-over year, fueled by a 15% increase in subscriptions.

• Alarm.com Holdings, Inc. recently reported its financial outcomes for the fourth quarter and full year of 2024.
• The company, which provides security and smart home solutions, showed strong performance and delivered results above expectations.
• In the fourth quarter, Alarm.com recorded SaaS and license revenue of $165.7 million, marking an 11.7% rise year-over-year.

• For FY25/9, JBS is forecasting OP to increase +24.1% YoY (OPM 3.3% → 3.8%), in large part driven by a recovery in profitability for Cloud Integration including NEXTSCAPE, addressing rectification of unit prices and NEXTSCAPE project delays which depressed GPM, and also recouping leading investment in personnel, new HQ, etc.
• Q1 FY25/9 consolidated net sales increased +7.9% YoY, operating profit +61.7%, and profit attributable to owners of parent +96.9%.
• Profitability improved sharply, where Q1 GPM rose 1.8pp from 13.4% → 15.2%, the ratio of SG&A expenses declined 0.4pp from 8.8% → 8.4%, and OPM increased 2.3pp from 4.5% → 6.8%, in large part due to the recovery in profitability of Cloud Integration business, which accounted for nearly two-thirds of the total increase in consolidated OP, a solid result kicking off the new fiscal year.

• The fourth quarter earnings results of Akamai Technologies, Inc. reveal a mixed performance with notable strengths and areas of concern.
• Akamai reported revenue of $1.02 billion for Q4 2024, marking a 3% increase both on a reported and constant currency basis.
• Non-GAAP earnings per share exceeded guidance at $1.66.

• NetEase, a major player in the global gaming industry, delivered a mixed set of results for its fourth quarter and full fiscal year 2024.
• Total net revenue reached RMB 105.3 billion ($14.4 billion), a 2% increase year-over-year, driven primarily by their online games segment which contributed RMB 83.6 billion of the total.
• Despite the growth, the increase was modest, reflecting challenges in certain areas of the company’s operations.

• RingCentral’s recent financial performance for the fourth quarter of 2024 reflects both positive growth trajectories and several challenges that provide a mixed picture for potential investors.
• The company reported a total revenue of $615 million for the quarter, which exceeded their guidance and contributed to an annual revenue increase of 9% to $2.4 billion.
• This is supported by a strong operating margin of 21.3%, slightly up from 19.1% in the previous year, and a notable free cash flow of $112 million in the fourth quarter.

• Since its transition to a public company, UL Solutions has made significant strides, especially highlighted during the discussion about its 2024 financial results and its outlook for 2025.
• The company, historically recognized as a global leader in safety science and driven by its mission in the testing, inspection, and certification industry, reported substantial growth in revenue and profitability in its first year as a public entity.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Altair Engineering, Inc. recently reported their performance for the second quarter of 2024, presenting a mix of positive developments and ongoing strategic initiatives.
• The company delivered total quarterly revenue of $148.8 million, with software revenue accounting for $135.4 million, both numbers exceeding the high end of their guidance.
• The robust growth in software revenue, which increased by 10.6% on a constant currency basis, highlights the strong demand for Altair’s technological solutions across various sectors, particularly aerospace and defense.

• Constituent changes to the S&P 500 INDEX (SPX INDEX), S&P Midcap400 Index and S&P SmallCap600 Index for the March rebalance will be announced after market close on Friday.
• There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.
• The largest inflows will be in Amazon.com, Tesla, Microsoft, NVIDIA, Alphabet (GOOGL US) and Electronic Arts. Largest outflows are from Broadcom, Meta Platforms, Linde, Mcdonald’s Corp and Take Two Interactive.

• TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won’t impact Taiwan investments; it is actually accelerating its Taiwan investments.
• Additionally, we see TSMC’s aggressive U.S. expansion significantly weakening Intel’s ability to compete, as it removes one of Intel’s major differentiators–domestic U.S. production.
• Maintain Structural Long rating on TSMC — Expanded U.S. investment fortifies the company’s global leadership. ALSO — Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.

• Tencent’s stock price has risen by 35% since our last buy rating. Downgrade to Hold.
• Our EPS estimate for 2025 is 12% over the market consensus.
• We believe both revenue growth and margin will improve in the coming 4Q24 results.

• TSMC’s first 3 Fabs (capacity 80k wafer/month for US$65bn) start production from 2025 to 2030. The newly announced next 3 Fabs (90k, $100bn) should roll  out over 2030-35.
• Given Capex in the US is 70% higher than in Taiwan, wafer price will be ~45% higher.
• That’s probably why only 12% of TSMC EUV capacity will be in the US by 2030. Customers want more supply security but cost matters.

• TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers’ demands. TSMC has never gone against this principle.  
• On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.
• Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.

• There is speculation about Deepseek’s wafer manufacturing yield issue at Semiconductor Manufacturing International Corp (SMIC) (981 HK) these days.  
• The potential concern serves as a signal for a hot topic within the company, carrying two underlying meanings.
• Although NVIDIA Corp (NVDA US) is making waves in AI applications, we must not overlook the potential for continued creative developments in the world, such as Deepseek’s solution.  

• AGS Transact Technologies (AGSTRA IN)‘ stock plunged 85% in six months due to loan defaults, delayed payments, and severe cash flow issues.
• The company is on the verge of insolvency as debt defaults, SLA breaches, and auditor concerns mount. Independent directors, executives, and key employees are resigning, signaling deep-rooted financial instability.
• The management’s revival plan, including selling subsidiaries and restructuring loans, may be too late. The cash management business is highly sensitive to disruptions, making recovery uncertain. 

• Trimble Inc. concluded its fiscal year with robust performance, exceeding the midpoint of its guidance.
• The company reported fourth-quarter revenue of $983 million, ARR of $2.26 billion, and EPS of $0.89.
• On an as adjusted basis, the fourth-quarter revenue increased by 9%, while gross margins significantly exceeded 70% for the first time.

• iQIYI reported a mixed set of results for the fourth quarter and fiscal year 2024.
• The company observed significant improvements in several operational metrics towards the end of the quarter, fueled by the strong performance of its top-tier content.
• This uptick in content performance led to an increase in subscribing members and higher user engagement.

• The Stakes in the 6G Race: 100x Data Speeds & AI-Driven Networks
• Qualcom’s Strategy vs. Mediatek’s Gameplan to Win the 6G Battle — Takeaways from MWC 2025 in Barcelona
• Investment Takeaways: MediaTek vs. Qualcomm — Maintain Structural Long for Mediatek but Qualcomm Could Offer Near-Term Relative Value Play

• Nvidia’s stock has underperformed this year due to intense scrutiny and high expectations
• Despite strong fundamentals, it is difficult for Nvidia to surprise investors and move the stock price
• Potential for upside lies in Blackwell demand and upcoming announcements, but meaningful surprises may be limited due to the company’s high level of scrutiny and public knowledge

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• The huge rally in SUNeVision Holdings (1686 HK) will bring passive inflows to the stock after being added to a global sector index.
• Estimated passive buying is 19.4m shares (US$22m; 0.55x ADV) with implementation scheduled for the close of trading on 21 March.
• Shorts have risen sharply in the last couple of weeks and cumulative excess volume has jumped too. But we see a similar pattern in a close peer.

• PC Partner (1263 HK) reported FY24 results which showed a strong finish to the year
• Relisting on SGX on track to complete by 3Q25. If this completes it should allow the company to finally access NVDA’s AI chips.
• Better availability of RTX5090 and RTX5080 in 2Q25 and potential AI chips could turbocharge 2H25 results.

• All but one of the Magnificent 7 stocks have seen their rallies collapse, breaking their long-term uptrends. The lone exception? Meta Platforms (META US).
• Mark Zuckerberg’s company is the only Magnificent 7 stock that has pulled back yet may still be holding its uptrend intact.
• Our model has identified a tactical BUY opportunity in the support price area around 640. Keep reading for the details…

For our next Corporate Webinar, we are glad to welcome MoneyHero Group’s CEO and Director, Mr Rohith Murthy.

In the upcoming webinar, Rohith will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Monday, 17 March 2025, 11:00 SGT. 

About MoneyHero Group

MoneyHero Group connects people to a better financial future. The mission at MoneyHero Group is to make all of life’s financial decisions a time saving and rewarding experience. MoneyHero Group educates consumers about personal finance, helps them decide which products are best suited for their needs, and facilitates getting the product. They connect financial institutions with their target customers and help them achieve their customer acquisition objectives.

• Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range). 
• Our base case target price is based on P/E of 25.3x (20% premium to comps’ average valuation multiple) using our estimated net profit of 17 billion won in 2025. 
• This valuation premium is appropriate due to Dozn’s higher sales growth rate, higher net margins, and higher ROE versus the comps. 

• TSMC’s expansion in US poses a challenge to Trump’s labor strategy, according to DIGITIMES analyst.
• Tesla leads in AI technology for electric vehicles and robots, pushing the boundaries of innovation.
• European telecoms shift focus to AI as 5G deployment faces delays, while Indian mobile market shows growth potential in 2025.

• Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures.
• HK SDRs offer cost-effective access to Hong Kong stocks with lower brokerage fees, no forex fees, and SGD settlements.
• Since October 2024, HK SDRs’ daily turnover increased eightfold to S$4 million, with significant trading in Tencent, BYD, and Alibaba.

• On February 14, 2025, Geechs Inc. (hereafter, “the Company”) announced its Q3(9M) FY2025/3 earnings results.
• Net sales rose 5.2% YoY to JPY 18,705 mn, EBITDA rose 67% YoY to JPY 440 mn, and operating profit rose 503% YoY to JPY 348 mn.
• This reflected steady growth in the core IT freelance matching business (Japan), reduced losses in the IT freelance matching business (Overseas), improved profitability in the Seed Tech business, and an end to losses from G2 Studios (formerly the Game business) following its sale at the end of FY2024/3. 

• Regarding global silicon wafer market prices, Globalwafers (6488 TT) noted that the Long-Term Agreement (LTA) for 12-inch wafers primarily focuses on advanced process nodes, with prices remaining stable.
• In December 2024, Globalwafers (6488 TT) signed a final agreement with the U.S. Department of Commerce, expecting to receive a maximum subsidy of USD$406mn.  
• Globalwafers (6488 TT) has not received any notifications regarding adjustments to chip policies.