TMT/Internet Archives | Page 42 of 122 | Smartkarma

• Intouch (INTUCH TB)‘s strange journey with Gulf Energy (GULF TB) continues. In April 2021, GULF made a surprising VTO for INTUCH. This past July, the two companies announced an amalgamation. 
• The merger was not fair to INTUCH shareholders, with an estimated earnings value destruction of ~26.5% (for FY24E). But that didn’t stop shareholders overwhelmingly approving the 3rd October EGM resolutions.
• What now? The next step  is the low-balled VTOs for Advanced Info Service (ADVANC TB) and Thaicom (THCOM TB). Then amalgamation. Then, arguably, the next unorthodox development will take place.

• Following AMD AI conference on 10 Oct, many question AMD’s estimate of the AI Accelerators market reaching US$500bn by 2028 (from $45bn in 2023).  
• AI Accelerators market value is increasing by 150% in 2024, reaching US$113bn. Based on TSMC CoWoS capacity, we  think reasonable to expect 115% growth over 2025-26 or US$276bn in 2026.
• TSMC makes all the chips. HBM is dominated by Hynix. Nvidia should remain the dominant vendor for years. AMD and Broadcom should grow faster than NVDA. Outsourcing: Alchip, Marvel, Mediatek. 

• Tencent repurchased 250 million shares and the market has not paid any attention to its significant margin improvements.
• Lalatech updated its IPO file for 1H24, in which both GTV  and revenue were up by 18% YoY.
• Seres expects its revenue will grow by 518% YoY to 559% YoY for 3Q24.

• Arm Holdings plc recently reported its financial results for the first quarter of fiscal year 2025, showcasing a surge in revenue and solidifying its status as a key player in chip design, particularly with its focus on AI and CPU technology.
• The company’s revenue hit $939 million, up 39% year-over-year, a testament to both burgeoning license and royalty streams.
• Licensing revenue, often an indicator of future royalties, climbed by an impressive 72% due to increased demand for Arm’s technology across a multitude of applications including AI, data centers, and mobile devices.

• In a major development that’s turning heads on Wall Street, Super Micro Computer (SMCI) announced it is now shipping over 100,000 GPUs per quarter, specifically targeting the surging artificial intelligence (AI) market.
• This is a significant leap for the company as it seeks to capitalize on the growing demand for high-performance computing power required by AI training models and data-heavy applications.
• With AI dominating conversations across industries, GPUs have become critical components in data centers, and Super Micro’s ability to ship these units at scale, coupled with its competitive pricing, could potentially generate billions in revenue.

• Foxconn increases investments in Zhengzhou, shifting focus to electric vehicles from phones.
• Home solar energy storage options becoming more affordable with incentives.
• Luxgen’s N7 LR deliveries to start in November, Hikvision’s RD department facing layoffs.

• STAR 50 index is a tech-focused, blue-chip index in Mainland China which tracks the top 50 largest and most liquid names in the STAR market of the Shanghai Stock Exchange.
• STAR 100 index tracks the next 100 names (51st-150th ranks) and it represents the mid-cap segment of the STAR market.
• In this insight, we take a look at the potential ADDs/DELs for the STAR 50 and STAR 100 indices for the December 2024 index rebal event.

• Continuing the trend of having a noticeable focus on e-invoicing, I can present the Unifiedpost Group (‘UPG’) business.
• UPG founded in 2001 by existing CEO, Hans Leybaert (12% shareholder) and has scaled up over the years to what is now a business with over 1,000 employees operating in over 30 countries.
• Its products are predominately focused on e-invoicing (80% of revenue) with a base subscription revenue in order to access the platform and transactional component on top which allows the group to benefit from volume through a usage-based fee.

• MicroStrategy, founded by Michael Saylor, has gained attention for its large investment in Bitcoin
• The company’s core business has shown stagnant financial performance with flat revenue and decreasing profits
• Some analysts view MicroStrategy as a speculative bubble, but caution is necessary when taking short positions due to unpredictable market behavior

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• In 1H FY02/25, TECMIRA reported revenue of JPY5.6bn, a 34.4% YoY increase, with a net loss of JPY67mn.
• IoT & Devices segment revenue rose 13.9% YoY, with segment profit increasing 12.7% YoY due to improved production efficiency.
• AI & Cloud segment profit surged 594.4% YoY, driven by AI chatbot productization and infrastructure migration to Microsoft Azure.

• As they had announced was their intention, Bain has made a binding offer for Fuji Soft Inc (9749 JP), bidding ¥9,450 against KKR’s ¥8,800. They aim to launch late October.  
• There is no minimum and no maximum. The Founding Nozawa family had thrown their lot in with Bain not KKR and that 18.5% is tied up. 
• There are conditions, and those are ALL-important. And I expect we see in the next week or so how coercive KKR’s “non-coercive” scheme change was. I’ve got 🍿🍿🍿.

• With three quarters of the review period complete, there could be one change for the S&P/ASX 50 Index and two changes for the S&P/ASX 200 (AS51 INDEX) in December. 
• There are two stocks that could be deleted from global indexes in November and that could keep those names under pressure for the next few weeks.
• Passive trackers will need to buy between 4-5x ADV in the forecast adds and sell between 2-8x ADV in the forecast deletes. Shorts have been building up in some names.

• Nearly US$140bn has flowed into mainland China listed ETFs year to date and there have been big creations in the last few weeks as stocks have surged.
• 97% of all inflows are in ETFs benchmarked to the CSI300, CSI1000, CSI500, SSE50, ChiNext and STAR50 indices. But over US$4bn has gone into other ETFs in the last week.
• The large ETF inflows over the last few weeks has led to index rebalance strategies underperforming in China. But that should reverse from now to rebalance implementation.

• Bain’s pre-conditional tender offer for Fuji Soft Inc (9749 JP) is JPY9,450, a 7.4% premium to KKR’s JPY8,800 offer. There is no minimum or maximum acceptance condition.
• The preconditions relate to regulatory approval (Vietnam) and Board recommendation. Bain’s offer is designed to bring KKR to the negotiating table to find a solution to privatisation. 
• KKR can 1) do nothing, 2) work with Bain on a solution, or 3) engage in a price war to prevent the satisfaction of Bain’s Board recommendation precondition.

• The Hang Seng Internet & IT (HSIII) index represents the top 30 stocks related to internet and information technology businesses listed in Hong Kong (HKEX).
• In this insight, we take a look at our capping flow expectations for the December 2024 index rebal event.
• We have also presented our index change expectations for the next semiannual index review which will take place in March 2025.

• Microsoft is projected to report an EPS of $3.10 for Q1 FY2025, reflecting a year-over-year increase, highlighting consistent growth amid evolving market dynamics.
• With a quarterly dividend increase of 10% and a $60 billion share repurchase program approved, Microsoft aims to enhance shareholder value while navigating competitive pressures.
• Amid concerns of slowing AI adoption, analysts are divided on Microsoft’s outlook, balancing high expectations against rising expenses, especially with its significant investments in AI and cloud infrastructure.

• United Microelectron Sp Adr (UMC US)’s outlook for 4Q24 is expected to show a decrease of around -5% QoQ, with a minimum gross margin of 30%.
• Qualcomm Inc (QCOM US) moving out of Semiconductor Manufacturing International Corp (SMIC) (981 HK) and has opened up opportunities for UMC.  
• UMC is considering selling its 8″ Fab, known as 8S, due to its consistently poor performance.  

• In FY08/24, the company reported sales of JPY110.6bn (+25.7% YoY) and operating profit of JPY10.5bn (-8.9% YoY).
• Software Testing Related Services segment sales reached JPY71.3bn (+22.4% YoY), with operating profit of JPY16.2bn (+11.4% YoY).
• For FY08/25, the company forecasts sales of JPY130.0bn (+17.5% YoY) and operating profit of JPY13.5bn (+28.1% YoY).

• Samsung’s foundry business is losing more customers to TSMC, who is perceived as lower risk.
• TSMC, UMC Monthly Sales: TSMC up strong but plateauing, UMC lackluster, confirming 2 big trends.
• Memory Monitor: Nanya results miss; highlights weakness in non-AI demand.

• Is Intel giving up on AI Accelerator (Gaudi)? Cutting orders first, refocusing on x86. 
• TSMC CoWoS capacity, sharp wafer price increase, agreement with Amkor.
• DRAM price outlook is not that bad, after a 2H24 slowdown. Samsung 2nm and 1.4nm, planning ahead despite poor yield rates.

• Mouri Tech Limited (MT IN) is planning to raise about US$179m through its upcoming IPO in India. The bookrunners for the deal are Nuvama Wealth, ICICI Securities, and JM Financial.
• Mouri Tech Limited (MTL) is a global IT solutions provider focused on intelligent enterprise resource planning (iERP) and digital transformation services.
• The company operates across four key areas: iERP, digital transformation, infrastructure services, and program management. MTL leverages advanced technologies.

• IDC reported 3Q24 PC shipments declining -2% YoY, Canalys an increase of +1%. Let’s call this flat. If 4Q24 is “average seasonal”, 2024 will reach ~265m, or the pre-Covid range. 
• No AI fever, no accelerated replacement cycle, for now. If it happens, it will take time, ie compelling AI apps that only run locally and need a new PC.
• In Asia, PC vendors: Lenovo, Acer, Asus. Taiwan ODM: Compal, Quanta, Wistron. Semi with high exposure: Novatek, Realtek. 

• Microsoft Azure partners with Nvidia to use GB200 AI server chips, staying ahead in cloud innovation.
• Hong Kong’s October tech fairs will showcase electronics and lighting innovations from 6,000+ global exhibitors.
• Middle East pager explosions heighten concerns about Western V2X security, while China’s advances in silicon photonics may boost AI development.

• FY08/24 revenue was JPY326.7bn (+18.2% YoY), with operating profit at JPY29.1bn (+35.0% YoY), exceeding forecasts.
• Subscriber growth and merger boosted FY08/24 revenue to JPY109.1bn (+31.1% YoY), operating profit rose 39.2% YoY.
• FY08/25 forecast: revenue JPY360.0bn (+10.2% YoY), operating profit JPY31.0bn (+6.5% YoY), EBITDA JPY42.5bn (+7.5% YoY).

• Two fulfillment centers added. In line with its goal to establish a national pharmaceutical logistics network (Kunpeng), 111 announced that it has added two new fulfillment centers.
• This brings its network up from 11 to 13 centers across China. One of the new additions is in Guangzhou, Guangdong province in the South, with the other in Wuhan, in the central province of Hubei.
• The two new centers expand the scale and capabilities of the company’s existing fulfillment operations in each of those populous regions.

• AI demand will remain strong but is plateauing in terms of YoY growth. The rest of end-demand remains weak (Consumer, PC, Auto, Industrials). TSMC and UMC monthly sales confirm this. 
• TSMC high growth plateau ~40% YoY: AI (Nvidia Broadcom, AMD), Intel, new smartphone chips. Comps will get harder early 2025. Valuations are high but not extreme: limited upside and downside.
• UMC lackluster at ~6% YoY growth, reflecting lackluster end-markets from smartphone, Consumer Elec, PC, Auto & Industrials. Average valuations; in need of an elusive catalyst.

• For 2nm technology, Taiwan Semiconductor (TSMC) (2330 TT) should start Apple (AAPL US) iPhone 17 production in the middle of 2025, most likely.  
• TSMC’s competitors, Samsung Electronics (005930 KS) and Intel Corp (INTC US) are running foundry business and keeping owning manufacturing business at the same time, which is contradictory to purely foundry business.
• To making the advanced chip in the US, we consider the main main concern still the cost.

• This is a follow-up research note on MoneyHero Group, a company that has firmly positioned itself as a rising star in Southeast Asia’s fintech landscape.
• The company boasts of remarkable results in Q2 2024.
• With revenue surging by 24% year-over-year (YoY) to $20.7 million, driven largely by a massive 68% revenue growth in its Singapore market, MoneyHero is rapidly emerging as a dominant force in the personal finance and digital insurance aggregation space.

• Our base case valuation of Sung Woo is target price of 27,981 won per share, which is within the IPO price range of 25,000 won to 29,000 won per share.
• Given the lack of upside relative to the IPO price range, we have a Negative view of this IPO. 
• Our base case valuation of 27,981 won per share is based on a P/E of 16.9x based on net profit of 24.9 billion won in FY23.

• Gaming Award nominations could spark sales lift into key holiday selling season   
• Highly watched Industry Scores are moving higher for FF7 Rebirth. FF7 Rebirth moving higher up key US gaming charts
• Five CQ4 release titles could drive revenues higher from recent lower reset. Big valuation discount and balance sheet opportunities exist

• Nanya Tech’s 3Q24 results missed expecations by a wide margin, coming in with a net loss instead of the consensus expectation for a profit.
• Nanya highlighed weakness in non-AI end applications for memory and cut its 2024E Capex guidance by nearly 25%, signaling caution towards the current market cycle.
• While the company’s new DDR5 capacity ramp-up should support stronger margins into 2025E, Nanya has yet to show a signifcant margin upturn in the cycle. 

• Vishay Intertechnology’s second quarter 2024 earnings reflect a mixed financial picture, characterized by modest revenue results and continuous investment in strategic initiatives aimed at long-term growth.
• The company reported a quarterly revenue of $741.2 million, which remained essentially flat compared to the previous quarter, with some positive contribution from acquisitions and specific regional demands, offset by decreases in major market segments such as automotive and industrial.
• The automotive sector experienced a significant downturn, with revenue dropping 6.7% quarter-over-quarter and 13.6% year-over-year, largely due to reduced orders from Tier 1 suppliers and OEMs in Europe and North America.

• Fastly’s Q2 2024 earnings highlighted a mix of positive developments and significant challenges facing the company.
• For the quarter, Fastly reported revenue of $132.4 million, which surpassed the midpoint of their guidance.
• This achievement was overshadowed by a concerning trend with some of Fastly’s largest customers, particularly in the media sector, where decreased traffic projections and an emphasis on cost reductions have led to lower revenue expectations for these key accounts.

MoneyHero’s Q224 results reflect management’s strategy of growing market share in its core geographies, as it invests in advertising, customer rewards and its platforms. Approved application conversion, a key driver of revenue, continues to improve as MoneyHero upgrades the customer experience and broadens its product range. Given the elevated investment, we have lowered our adjusted EBITDA expectations for FY24 through to FY26, which lowers our DCF valuation ($2.86/share versus $5.17/share previously). Management expects to achieve monthly positive adjusted EBITDA during Q424. We expect profitability to subsequently improve as the group benefits from operational leverage and continues to grow market share.

• Sanmina Corporation has presented its financial results for the third quarter of fiscal 2024.
• The company reported revenue of $1.84 billion, a slight increase from the previous quarter and within the projected range of $1.8 billion to $1.9 billion.
• This marginal growth is attributed to an 8.3% sequential increase in the communications networks and cloud infrastructure markets, although tempered by declines in the industrial and automotive sectors.

• With over 85% of the review period complete, there could be 10 changes for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the December rebalance.
• Even with 10 potential changes, there is sector balance with half the changes in the Information Technology sector. Passive trading impact varies from 0.2-7.7x ADV.
• The potential adds have outperformed the potential deletes and the KOSDAQ150 Index since the start of the review period, though there has been a gentle drift lower since July.

• September 2024 revenues of NT$251.87 billion, an increase of 0.4% MoM and an increase of 39.6% YoY.
• Year to date revenue through September 2024 now totals NT$2,025.85 billion, an increase of 31.9% YoY.
• Anticipating Q4 revenue forecast of $25.7 billion, up 10% QoQ. This would mean full year 2024 revenues of $88.8 billion, a 28.3% YoY increase

• Q3 revenue is expected to reach $22.4-23.2 billion, reflecting strong demand for TSMC’s 3nm and AI-driven technologies. This marks a significant 14.4% increase from Q2’s $20.82 billion, despite global headwinds.
• Operating profit margins are forecasted to be between 42.5% and 44.5%, highlighting TSMC’s efforts to maintain profitability. However, pressures from rising operational costs and competitive advancements remain a challenge.
• EPS is projected at $1.76, up 40% YoY, driven by robust AI chip demand. Despite this, TSMC faces slowing consumer electronics demand, particularly in smartphones, which could affect future growth.

• Arrow distributes semiconductors, electronic components, and IT hardware/software to value-added resellers globally
• With 600 suppliers and 210,000 customers, Arrow simplifies the supply chain process for both parties
• Focus on cheap electronic components with some high-value semiconductors like GPUs; plays a crucial role in aggregating customer demand

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• AMD set to become second largest client at TSMC’s US fab, aligning with earlier hints.
• Taiwan launches 3 AI centers for healthcare innovation; NTUH director warns against history repeating itself.
• Telangana aims for increased FDI beyond electronics; India Taiwan Industrial Park progresses as Foxconn unveils new EV models.

1Spatial’s momentum in the US has continued, with the company securing a $1.4m deal with the United States Forest Service (USFS). This is a new Federal government-level deal for the business, building on the momentum 1Spatial has been reporting at state level, where it now has contracts or framework agreements with 21 states (up from 18 at the FY24 year-end).

• Broom, a tech startup empowering Indonesia’s used car showroom ecosystem, has closed a US$25 million Series A extension investment round led by Openspace Ventures.
• AC Ventures, Quona Capital, MUFG Innovation Partners, and PKSHA Capital also participated.
• Additionally, Broom has secured credit facilities from various institutions, including Komunal, Funding Societies Capital, Modalku Finansial Indonesia, Alami, Koinworks, Helicap, and DBS Indonesia, as well as support from several high-net-worth individual investors.

• TeamSolve, a Singapore-based startup developing AI solutions for the industrial and utilities sectors, has completed a US$2.5 million seed financing round anchored by SGInnovate and the US-based early-stage fund for water entrepreneurs Burnt Island Ventures.
• Founded in 2022 by Mudasser Iqbal (CEO), Michael Allen, Ami Preis, and Robin Wong, TeamSolve has developed a generative AI-powered copilot designed for industrial operators. The copilot is a knowledge twin that provides an “accurate”, real-time view of asset health.
• It can also support managers by improving planning for asset renewals and crew dispatch.

• Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.
• SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
• A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).

• Taiwan Semiconductor (TSMC) – ADR (TSM US) invests over 3.7 billion in Vanguard Intl Semiconductor (5347 TT) to increase its holdings to 27%.
• Taiwanese authorities, specifically the Investment Commission of the Ministry of Economic Affairs, approved Vanguard’s investment in its first 12-inch factory in Singapore yesterday.
• Regarding the outlook for 4Q24, we believe it is still evolving, and our current estimate is a ~5% quarter-on-quarter decline.

• Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.
• Nuclear power currently contributes less than 2% of India’s total electricity generation, indicating significant room for growth.
• Going ahead, with earnings taking center stage, the high valuations commanded by iShares MSCI India ETF (INDA US) are likely to get challenged.  

• With results due October 15, we expect net sales growth of 29% YoY, bringing 9-month revenue on track to meet full-year guidance.
• Money Forward’s businesses are Japan-centric, creating a steady revenue stream insulated from yen volatility and uncertain global macro conditions.
• By targeting larger corporations, Money Forward aims to unlock substantial cross-selling potential, supporting long-term growth and market penetration.

• CSP leading the development of ASIC accelerators for faster processing, enhancing their technological edge in the market.
• Partnership between Foxconn and Nvidia to build world’s largest GB2000 production line, gearing up for increased demand in the semiconductor industry.
• Taiwan emerging as a key player in the offshore wind industry, forging partnerships with foreign companies and investing in energy storage technology to stay competitive.

• Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
• Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.  
• The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.

• Elan Micro reported September revenue on October 7th; 3Q24 revenue has come in at the high end of management’s guidance.
• Management reiterated that they expect AI PCs to drive a growth acceleration for the PC industry starting in 4Q24E/1Q25E.
• Reiterate Structural Long rating for Elan Micro; the company remains well positioned to benefit from an AI PC-driven PC upgrade cycle.

• Singapore-based electric vehicle (EV) charging operator Charge+ has received an undisclosed sum from TNB Aura to complete its US$8 million Series A round.
• The startup, which operates over 2,000 EV charging points across Southeast Asia, will use the funds to expand its charging infrastructure.
• The startup received an undisclosed sum in a Series A round led by TRIVE Venture Capital in October 2023.

• GoodRx Holdings Inc.’s second quarter 2024 earnings presentation underscored a company benefiting from a complex healthcare environment yet facing substantial challenges that could sway its operational and financial trajectory.
• The report delineated both strengths in strategic execution and hurdles related to broader industry and operational dynamics.
• GoodRx continues to navigate a rapidly evolving healthcare landscape distinguished by significant pressure on pharmacy benefit managers (PBMs), shifting insurer coverage, and increasing consumer cost burden.

• Globalstar recently held its second quarter 2024 earnings call, where the company reported a robust performance with significant gains in several key financial areas.
• Revenue for the quarter reached $60.4 million, marking a 10% increase year-over-year, driven primarily by an 18% rise in service revenue.
• This growth in service revenue is particularly important as it directly enhances the company’s profitability due to inherent operating leverage, demonstrated by a 20% increase in adjusted EBITDA and an improved margin of 54%.

• Intel is struggling, with a dismal stock performance and job cuts
• The company’s risky and capital-intensive strategy may not be sustainable
• The core business is no longer sufficient to support their strategic goals, leading to financial challenges and market share loss.

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

• The rally of the Asia Tech sector (+24% YTD) is highly concentrated in a handful of stocks. TSMC is up 64% but Samsung is down -22% YTD. 
• With the exception of AI, end-demand isn’t great. Smartphone up 8% but below 2019-21 level. PC flattish. x86 Server flattish. Telecom capex declining. Automotive electronics declining.   
• AI is the most disruptive trend since Cloud in 2010. Years of increasing Capex are in front of us. But short-term, stocks are properly valued to rich, growth is slowing.

• Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
• Our long-term pre-event candidate CELSYS (3663 JP) has moved to TSE Prime. There will be a TOPIX Inclusion event on 30-Oct-24. The stock has outperformed TOPIX by 43% since July.
• PKSHA Technology (3993 JP) and GENOVA (9341 JP) also moved to the TSE Prime market in September and will be having TOPIX Inclusion events at the end of October 2024.

• Wrkr presented at a RaaS-focused Coffee Microcaps Webinar on 2 August 2024

• Following the upward profit forecast revision announced alongside 2Q FY2024/12 earnings, the CARTA HD’s forward P/E ratio has settled at just over 20x, in line with peer average.
• Over the past one to two fiscal periods, the Company’s share price was underpinned by its proactive shareholder return policy targeting a DOE of 5% while profits were weak, leading to an abnormal P/E ratio.
• However, Sessa Partners believes the Company is entering a phase where further earnings improvement will likely drive a rerate in valuation, as profits have recovered to a reasonable level when assessed on a going concern basis.

Datatec’s trading statement flags a robust performance at group level in H1. Westcon continues to deliver profit growth, Logicalis International delivered a strong increase in profitability while financial performance at Logicalis Latin America has also improved. As a result, management expects H1 underling EPS to be 11–12c, up over 50% year-on-year on a like-for-like basis. Our FY25 estimates are unchanged and look well supported.

• Successes in Thailand give management confidence in significant growth for Gorilla’s revenue and profitability.
• Gorilla has partnered with CS Energy to form an AI-powered strategic alliance aimed at accelerating the development of smart and green cities across Thailand and the broader Southeast Asian region.
• Additionally, Lanner Electronics and Gorilla have announced a joint venture to manufacture next-generation security convergence appliances in Thailand. 

• RaaS has published an update on vehicle subscription business Carly Holdings (ASX:CL8) following the release of its FY24 results which saw a 71% year-on-year increase in revenue to $3.6m, a 40% increase in gross profit to $1.15m and 22% increase in EBITDA loss to $3.57m.
• Carly’s FY24 accounts underline the company’s success in growing fleet and subscriptions but highlights the drag which deploying vehicles as they are acquired necessarily has on the cost base.
• Revenue was again up strongly but so were fleet-related costs, albeit at only slightly over half as much.

• Kinatico presented at a RaaS-focused Coffee Microcaps webinar on 2 August 2024.

• POET Technologies is a startup disrupting the photonics industry with a new technology that eliminates parts of an optical transceiver and replaces them with a single integrated device which is smaller, cheaper, faster, more scalable and with much lower power consumption than the current solutions.
• It has a $50M joint venture with Sanan IC to make and sell optical engines to data centers and telecom.
• Its solution can be produced at wafer scale, eliminating costly manual steps, and allowing it to be easily produced in large quantities and at low cost.

• Cerebras Systems, a high-growth Ai chip maker and hardware company that builds AI supercomputers with scalable architecture, has filed for an IPO on the Nasdaq.
• The AI company plans to raise up to $1B in upcoming IPO. Citigroup and Barclays are the lead bankers on the offering. 
• Cerebras Systems may become the biggest disruptor since NVIDIA. The company’s growth is exceptionally high for any AI chip maker.

• TSMC: +18.6% Premium; Spread Has Returned to Previous Elevated Trading Range
• UMC: +1.5% Premium; Wait for Higher Level Before Shorting the Spread
• ASE: +4.2% Premium; Can Consider Going Long the Spread at Current Level

• Cerebras presently derives up to 87% of its revenue from G42
• Microsoft gatecrashed Cerebras party with a $1.5 billion investment in G42 to “accelerate AI development and global expansion”
• G42 “severed its ties” with China in advance of the Microsoft investment

• The Sep24 Nikkei 225 Rebal was odd. They could have done 3. They did 2. For now, I see 2 IN and 2 OUT for the Mar25 Nikkei 225 Rebal.
• There is also a capping event for Fast Retailing which on mild outperformance could become a double-capping event. 
• There is a bit of a tech bent to potential ADDs. Some Consumer Goods stocks need stock splits to get in. The Committee will regret not adding PPIH last time.

• In August, Shinko Electric Industries (6967 JP) announced that the JIC consortium Tender Offer due to be launched by end-August would be delayed. Next update? January 2025.
• Everyone had expected a delay, but the stock fell. Then tech/AI fell out of bed, Ibiden crashed, China export restrictions noise/pushback caused further upset. But Ibiden and tech are rebounding.
• At 9% it was a raging buy;post-dip at 7% it was good. Now it’s 6+%. Still wide, still interesting, still stable but year-end path dependency… So I still like Ibiden.

• Google’s AI infrastructure spending remains a priority, with capex exceeding $12 billion per quarter, highlighting aggressive expansion in cloud and AI-driven services.
• Competition from Meta and TikTok has pressured Google’s advertising, especially YouTube. Q3 performance will gauge its ability to maintain dominance in digital ads.
• Ongoing antitrust trials pose a long-term risk to Google’s business operations, particularly in search and advertising. Potential regulatory action could impact future growth strategies.

• NVIDIA (NASDAQ: NVDA) is on the brink of yet another significant leap in AI computing with its latest Blackwell GPU, as CEO Jensen Huang recently emphasized in an interview with CNBC.
• Describing the demand as “insane,” Huang noted that Blackwell is already in full production and on track to be released to data centers for AI applications, with consumer availability slated for 2025.
• The company’s growth, particularly in its Data Center division, has been fueled by AI workloads, driven by GPU computing, networking platforms, and accelerated AI demand.

• Reservoir Media, a company known for its engagement with talent and diverse music assets, delivered mixed results in its first quarter of fiscal year 2025.
• Like many companies in the music industry, it is navigating a complex landscape influenced by digital transformations and global market trends.
• On the positive side, Reservoir Media experienced notable growth in its Music Publishing segment, showing a 15% increase in revenue.

• Endava, a global IT services provider, recently reported its earnings for the fourth quarter and the full fiscal year 2024.
• Amid a challenging economic climate, the company underscored its strategic maneuvers and repositioning efforts, all while navigating noticeable headwinds in revenue growth, client demand fluctuations, and transformative industry shifts influenced by advancements in artificial intelligence (AI).
• 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.

• FactSet, a global financial data and software company, recently disclosed its fourth quarter and full-year fiscal 2024 results.
• The company reported an annual organic ASV plus professional services growth of $104 million or 4.8%, a figure aligning with its forecasts.
• Its total annual revenue climbed to $2.2 billion while adjusted operating margin improved to 37.8%, and adjusted earnings per share (EPS) increased to $16.45, evidencing a 12.3% growth.

• The latest earnings for Corpay outlined a comprehensive narrative of the company’s financial performance for the second quarter of 2024, its progress in addressing challenges, and strategic actions aimed at shaping its business landscape.
• Starting with financials, Corpay reported that its Q2 2024 revenue stood at $976 million, marking a 7% increase, excluding the impact from the Russian market.
• The adjusted cash EPS was announced to be at $4.55, up by 14%, also excluding Russia.

• Clear Secure remains steadfast in its commitment to grow its member base, enhance the customer experience, and improve its financial stability, with several significant developments detailed in the fiscal second quarter 2024 earnings call.
• The company reported robust growth, adding 2.3 million new members, and highlighted its innovative projects, like the implementation of new technologies to make travel and identity verification smoother and more integrated.
• 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.

• In a new filing with HKEX, we can see Lalatech’s revenue growth slow
• The company’s grip on CoR loosened, but OpEx growth in H1 was minimal
• Given improving market conditions, we believe Lalatech may finally sell shares