TMT/Internet Archives | Page 43 of 122 | Smartkarma

• APAC offshore wind market faces regional competition as Typhoon Krathon spurs AI models to compete for accurate forecasting.
• Ford Lio Ho revamps Kuga lineup in Taiwan’s SUV market post-Krathon, focusing on supply chain resilience amid labor strikes and geopolitical tensions.
• Hyundai Motor plans ambitious battery production strategy while DIGITIMES Research forecasts significant growth in global and Taiwan AI healthcare markets from 2023 to 2030.

• Diodes Incorporated’s second quarter of fiscal year 2024 showcased performance exceeding prior expectations as demand began to recover, particularly noted in the computing market in Asia.
• The improvement in distributor inventory levels, marked by a sequential decrease in channel inventory weeks, was also a positive development.
• The company highlighted significant growth in point-of-sale (POS) across 3C markets (Computers, Communication, and Consumer Electronics), maintaining a steady revenue stream from automotive and industrial products which collectively accounted at 41% of total revenue.

• JFrog’s second quarter 2024 financial results highlight a scenario of mixed outcomes that underscore the robust yet challenging aspects of its operational and financial maneuvers.
• JFrog’s CEO, Shlomi Ben Haim, and CFO, Ed Grabscheid provided detailed insights into the company’s performance and strategic pivots intended to harness emerging market opportunities and address existing challenges.
• 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.

• MACOM’s third fiscal quarter 2024 financial results exhibit both strengths and areas of concern, offering a mixed bag for potential investors.
• The company reported a revenue of $190.5 million with an adjusted EPS of $0.66 per diluted share, marking a positive trend in turnover buoyed by sequential growth in the Data Center and Telecom segments.
• This financial performance was complemented by an impressive generation of over $40 million in free cash flow and an ending cash position of $521 million in cash and short-term investments.

• Plexus Corp. delivered a robust fiscal third quarter 2024 with revenues of $961 million, aligning with guidance.
• Key sector performance varied, with particular strength in Aerospace and Defense, though tempered by industrial sector declines due to design changes and customer delays in new product introductions.
• Despite these fluctuations, non-GAAP operating margins rose impressively to 5.8%, surpassing expectations due to increased efficiency and solid cost management.

• Sprinklr recently provided an update on its financial performance for the second quarter of the fiscal year 2025.
• During this period, the company reported an 11% year-over-year growth in total revenue, amounting to $197.2 million, with subscription revenue growing 9% year-over-year to $177.9 million.
• Moreover, the company generated $15.2 million in non-GAAP operating income, resulting in an 8% non-GAAP operating margin for the quarter.

• UScellular’s second-quarter earnings reflect a phase of strategic adjustments and operational rigor aimed at realigning the company’s core business and addressing long-term shareholder value.
• Key developments include the pending sale of UScellular’s wireless operations to T-Mobile, a move poised to reshape the company’s strategic focus while retaining significant assets like its towers and a portion of its spectrum.
• The financial results from the quarter showed solid progress, particularly in adjusted EBITDA, which saw double-digit growth attributed to improved operational efficiency and prudent financial management.

• Axcelis Technologies, Inc. recently disclosed its financial results for the second quarter of 2024, revealing a combination of both robust achievements and projected challenges that could influence investor sentiment.
• The company reported revenue of $257 million, surpassing expectations chiefly due to a favorable conversion of evaluation units into revenue and consistent high demand for its silicon carbide implantation systems.
• Earnings per diluted share were also strong, amounting to $1.55, reflecting solid execution across the board.

• Yelp Inc. recorded a mixed performance in the second quarter of 2024, highlighting several strategic initiatives and financial metrics that provide a nuanced picture of its current positioning and future prospects.
• The company achieved a 6% year-over-year increase in net revenue, amounting to $357 million, surpassing its own forecast marginally.
• This growth was underpinned by the introduction of over 20 new features and updates, emphasizing Yelp’s continued focus on a product-led strategy.

• Commvault’s fiscal first quarter of 2025 signaled a robust beginning to the year, reflecting significant growth across various metrics.
• The company reported a 13% increase in total revenue, reaching $225 million, complemented by a 17% rise in total Annual Recurring Revenue (ARR) to $803 million.
• Noteworthy was the Subscription ARR, which saw a 27% acceleration to $636 million, and the SaaS ARR, which surged by 66% to $188 million.

• Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.
• Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the Northeast.
• In this note, we will talk about the lockup dynamics and possible placement.

• Facebook’s original vision Pro demo showcased impressive technology with custom silicon and high miniaturization, but it is still far from being a consumer product.
• Comparisons were made between Facebook’s demo and Apple’s vision Pro, highlighting different approaches to hardware development and philosophies.
• Despite debates on shipping products and final designs, both companies are pushing the boundaries of technology and advancing towards a glasses form factor for AR/VR.

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• The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
• In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in December 2024.
• The index changes for the December 2024 index rebal event will be announced after market close on 22nd November 2024.

• BigCommerce, headquartered in Austin, Texas, conducted its earnings call for the second quarter of 2024, marking significant strides in the company’s growth amidst challenging business environments.
• This complex economic landscape presents both opportunities as well as challenges which BigCommerce aims to strategically navigate.
• As reported, BigCommerce’s revenue for the quarter was slightly under $82 million, reflecting an 8% year-over year increase.

• Chongqing Terminus (2471080D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by CITIC Securities and Haitong.
• Chongqing Terminus is a leader and pioneer in China’s public realm AIoT (Artificial Intelligence of Things) industry.  
• It leverages its innovative AIoT operating system, TacOS, to provide enterprises, public administrators and public realm participants with full stack AIoT products i.e. software, hardware and services. .

• The third quarter was the first time EB generated traffic from its relationship with TikTok. 
• EB’s traffic has remained elevated, and the attention turns to how many event creators EB was able to generate through the increase in traffic.   
• The number of event creators has declined over the past year due to EB charging for all events posted. The pricing model has changed with EB reintroducing a free option. 

• E Ink and Hanshow collaborate to introduce full-color e-paper technology for retail industry, offering a new innovative solution.
• Taiwan’s energy shift faces grid challenges as the world moves towards net-zero goals, highlighting the need for sustainable energy solutions.
• Foxconn introduces new electric vehicle models and aims to capitalize on industry challenges, showing a shift towards the growing EV market.

• Avnet’s fiscal year 2024 financial results reflect a mixed scenario where robust structural adjustments yielded appreciable outcomes, amidst challenges like softening demand.
• Throughout the year, Avnet managed to attain a revenue of $23.8 billion with earnings per share amounting to $5.43.
• A consistent application of strategic maneuvers in fiscal 2024 has helped the company to counterbalance the impacts of a less favorable demand backdrop which emerged after an initially strong start.

• N-able Inc.’s second quarter earnings highlighted significant developments and achievements while also shedding light on some challenges and strategic shifts in their business model.
• The company reported a revenue of $119.4 million, marking a 13% year-over-year growth, aligning with constant currency metrics.
• Their adjusted EBITDA turned out to be $46.8 million, translating to a 39% margin, which is notably high, showcasing operational efficiency and financial discipline.

• SmartRent, a company at the forefront of smart home technology for rental housing, recently held its Q2 2024 Earnings Call amidst significant leadership changes and a dynamic market environment, presenting a mixed set of results and strategic updates that are crucial for investors to consider.
• The departure of CEO Lucas Haldeman and the suspension of financial guidance were the headline changes.
• The company underscored this move as a strategic pivot necessary to handle the next growth phase, aiming to appoint a leader with a fresh perspective and a strong background in scaling businesses.

• Bloomberg reported that KKR has made a non-binding, preliminary approach to taking ASM Pacific Technology (522 HK) private. ASMPT has been the subject of takeover rumours in the past.
• The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders’ price expectations. 
• A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.

• The second PE rumoured interest in ASMPT in 18 months, with KKR circling.
• Semiconductor M&A has surged in 2024 YTD with a 33% increase in deal activity compared to 2023.
• ASM’s leadership in TCB, potential growth within HBM, expansion at TSM and enabling the Nvidia Blackwell platform are all reasons for M&A interest.

• Reportedly – Bloomberg – KKR has made a non-binding proposal for ASM Pacific Technology (522 HK), the world’s leading back-end semiconductor production equipment supplier. 
• ASMPT’s largest shareholder, ASM International Nv (ASM NA), with 25%, has been the focus of activists for some time to sell its stake. 
• This bid has all the hallmarks of the approach (also cited by Bloomberg) by PAG last year. Which came to nought. From a regulatory standpoint, I can’t see this happening.

• I’m not going to write about the technical side at all, as I expect Dylan Patel’s team at SemiAnalysis to do a much better job than I can do alone.
• However, I want to note some of the funniest aspects because landmines are everywhere for this IPO. Of course, it’s driven by G42, but it’s much worse than you think. Here’s the prelim S-1.
• G42 is pretty much the only customer.

• Apple Set to Launch iPhone SE 4 and Updated iPad Air in Early 2025: Key Developments to Watch
• META’s Orion AR Glasses: Next Major Computing Platform After the Smartphone?
• Apple Supply Chain Monitor: Key IPhone Suppliers Didn’t Rally With Apple; Opportunity for Rebound?

• Arena Bilgisayar is Turkey’s second-largest IT distributor led by CEO Serkan Celik, who has successfully turned around the core distribution business and created value from non-core ventures
• Despite appearing undifferentiated, levered, and expensive on the surface, the company’s valuation is attractive at 1x tangible book value and 5-7x P/E ratio
• With double-digit annual growth, pre-tax returns on capital exceeding 35%, and Turkey’s return to orthodox monetary policy, an investment in Arena could potentially return between 3-5x over the next 5 years, founded in 1991 by former Karma International employees, Arena has a strong history and promising future.

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.

• Wise operates centers in different countries for faster and cost-effective cross-border transactions
• Strong track record of organic growth in a growing market with high Total Addressable Market
• Recent stock declines attributed to cyclical factors, but investors optimistic about Wise’s expanding product offerings and core FX payments supporting revenue growth

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.

• Taiwan’s carbon fee policy is being challenged by local and EU regulations, impacting their offshore wind goals.
• Europe’s data center capacity shortage for the AI race is causing concerns in the region.
• Samsung’s Galaxy Tab S10 series now includes MediaTek chips, bringing new capabilities to the familiar design.

• Key iPhone components suppliers’ share prices have substantially underperformed Apple, particularly Largan Precision, Genius Electronic Optical, and Zhen Ding.
• There are reasons for iPhone 16 upgrade optimism. We also note that key suppliers failed to rally with Apple shares post-Fed rate cut.
• Apple suppliers’ 2025E forecasts haven’t fallen much so far, despite the negative stock market reaction. If negative iPhone 16 reports prove exaggerated, Largan, Genius, and Zhen Ding could rebound.

• Liquid cooling solutions for AI servers are evolving rapidly to provide more efficient and effective cooling for high-performance computing needs.
• L&T Semicon in India plans to mass produce its first chip within the next two years, showing growth and innovation in the semiconductor industry.
• Taiwan is focusing on modular, intelligent, and collaborative robotics solutions for niche markets, with a shift away from humanoids in its approach to robotics.

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in September 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.

• XLMedia (XLM) has historically disappointed investors on AIM as a value trap
• Potential catalyst for over 100% upside in next 12 months
• Key factors in place for a turnaround, including cornerstone investor and focus on US gambling market

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.

• NPS will likely use the KRX Value-Up Index as its benchmark, with Long-Term Growth and Value categories likely to adopt it.
• When NPS shifts to the Value-Up Index, KOSDAQ stocks will likely drive significant flow impacts due to their lower overlap.
• These non-overlapping KOSDAQ stocks, attracting over 1 trillion won, could see significant price impacts as funds gradually flow in.

• The SoftBank NAV discount is historically high, which makes it appear optically attractive; despite this, we turn neutral on SoftBank group from our previous positive recommendation, due to its headwinds
• JPY strength is a key challenge, especially since the new Japanese prime minister supports the BoJ normalising monetary policy; this means BoJ tightening whilst many other central banks are easing
• Arm Holdings’ super premium valuation versus its peers is another potential headwind for SoftBank group shares and NAV, combined with the high correlation between Arm Holdings and SoftBank group shares

• TSMC: +14.2% Premium; Can Consider Going Long at Current Level
• UMC: +1.8% Premium; The ADR Headroom Has Decreased Yet Again
• ASE: +5.4% Premium; Short Interest Surging for The Local Shares

• Italian savings shares (azioni di risparmio) are non-voting stocks offering higher dividend yields. They prioritize income over governance influence, appealing to investors who prefer steady returns over company decision-making power.
• Ordinary shares command higher prices due to voting rights and control, while preference shares are valued lower. In Italy, control is highly valued, thus a significant premium for ordinary shares.
• Following mandatory conversions, the two remaining  tradable situations are Danieli (whose mandatory October 2020 conversion seems postponed) and Telecom Italia, trading at a premium awaiting dividends in arrears.

• CE Info Systems (MapmyIndia) (1052633Z IN) is one of the leading Indian players engaged in advanced digital maps, geospatial software and location-based IoT technologies. It launched its IPO in 2021
• Since its IPO, MAPPLS has embarked on a growth journey since then. It also boasts high margins & ROCE due to its asset light model.
• While the balance sheet looks good, one might have to check on the speedy receivables and trend of commission expenses.

• China announced game approval for the September batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• Of the companies that we are monitoring, Tencent and Kingsoft got one approval each.

• Samsara is focused on monitoring and optimizing operations through its technology
• Strong revenue growth and market potential attract investors
• Becoming the “system of record” for operational intelligence could lead to increased customer retention and expansion opportunities

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.

• Tier 2 foundry revenue recovery is taking far longer than most expected. 
• Globalfoundries 2024 CapEx is less than one tenth of what SMIC is spending. Even Hua Hong is spending more. This makes investors nervous.
• Globalfoundries CapEx strategy is a pragmatic one and will pay dividends in the years to come

• Intel’s EUR10 billion semiconductor plant in Germany faces delays due to budget battles over chips and batteries, impacting the nation’s technology sector and economic growth.
• Taiwan’s luxury car market growth reflects its prosperous economy, while the country continues to prioritize a nuclear-free energy agenda despite increasing energy needs.
• AI is revolutionizing nuclear energy production, enhancing efficiency and safety, leading to innovative developments in the industry and heightened global interest. StarLux Airlines is boosting Taiwan’s role as a transit hub in Asia amidst evolving global dynamics.

Nano Dimension has agreed to acquire Markforged, a specialist in additive manufacturing (AM) for metal and advanced composites, for cash of $115m. The deal requires regulatory and Markforged shareholder approval, which, if granted, should allow the deal to close by the end of Q125. The combination of Nano Dimension, Desktop Metal (acquisition process underway) and Markforged had pro forma revenue of $340m in FY23. This deal further broadens the product portfolio with the addition of a new printing technology, strengthens Nano Dimension’s position in metal AM and provides greater scale, which should support the path to profitability for the combined group.

• On the 19th of September, KKR amended the terms and Scheme/Structure of its Tender Offer for Fuji Soft Inc (9749 JP). I thought the new terms coercive. 
• On the 26th, FujiSoft decided there had been no change detrimental to general shareholders. On the 27th, KKR amended the Tender Offer Registration Statement to reflect FSI’s revised Opinion.
• That means Bain needs to change FSI’s mind or come out with a big number before the end of the First Tender, leaving lots of stock for Round Two.

• Today is the last trading day in the review period for the October rebalance of the FnGuide Semiconductor Top10 Index.
• Wonik Ips (240810 KS) is a high probability add and ISC Co Ltd (095340 KS) is a high probability delete. This will reverse the changes from the April rebalance.
• Passive trackers will need to buy over 3.5x ADV in Wonik Ips (240810 KS) and sell nearly 2x ADV in ISC Co Ltd (095340 KS). 

• China’s central bank cuts rates and unveils new measures to combat economic slowdown, creating a more relaxed monetary policy environment to stimulate consumption and investment.
• Silergy’s Automotive segment remains a driving force, especially with the addition of the Electric Vehicle ( EV) market.
• While Silergy faced demand insufficiency previously, it has indicated that the end demand is expected to revive by the end of 2024 from the 4th quarter.

• I tally 39 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
• Two new deals discussed on Smartkarma this week: Xingda International (1899 HK) and NSL Ltd (NSL SP). Sun Art Retail (6808 HK) also susppended due to the Takeovers Code.
• Key updates took place on: Dyna Mac Holdings (DMHL SP), Platinum Asset Management (PTM AU), Fuji Soft (9749 JP), JTower (4485 JP), Arvida (ARV NZ), and Korea Zinc (010130 KS).

• In this insight, we briefly study forensics of Esds Software Solution (1603279D IN) , currently unlisted, had tried to float an IPO back in 2021 but it was later withdrawn.
• The company offers managed cloud service and end to end multi-cloud requirements provider. Revenue growth has been moderate while margin erosion has been a concerning issue for the company.
• Key forensic takeaways include nature of contingent liabilities, inability to generate cash and liquidity woes, quality of receivables, etc. 

• The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
• In this insight, we take a look at the potential ADDs and DELs for the December 2024 index rebal event.
• Currently, we see one change for T50 and one change for T100 but there are two more months to the base date and our expectations can change until then.

• Analyzing Appian Corporation’s Second Quarter 2024 financial results reveals a company actively balancing growth ambitions with operational efficiencies.
• The financial performance of Appian Corporation this quarter exhibits significant adherence to its core growth strategies while maintaining a prudent eye towards profitability.
• For the quarter, Appian reported a robust year-over-year revenue increase, with total revenue rising 15% to $146.5 million.

• BlackBerry, a software company specializing in security software and services, recently discussed its financial results for the first quarter of fiscal year 2025.
• The company remains committed to its strategy, focusing on enhancing its Internet of Things (IoT) and cybersecurity divisions and driving cost efficiencies.
• Despite facing industry headwinds and the challenge of elongated sales cycles, BlackBerry’s performance this quarter reflects a robust operational momentum and strategic execution.

• PowerSchool has reported its first quarter 2024 earnings with positive results, continuing its momentum with a strong performance across key financial metrics.
• The company reported a total revenue of $185 million, marking a 16% year-over-year increase.
• This was driven predominantly by subscription and support revenues, which grew 18% year-over-year to $167 million and constituted 90% of the total revenue.

• Warner Bros. Discovery recently held its Q2 earnings call for 2024, an event of crucial importance for investors and industry observers alike.
• The call encapsulated various dimensions of the business’s performance and strategic direction, touching on both high-performing areas and ongoing challenges.
• A primary highlight from the call was the robust performance of Warner Bros. Discovery’s direct-to-consumer (DTC) segment, notably in the streaming realm.

• Q424 revenue $7.8 billion which was $200 million above the guided midpoint, up 14% QoQ and up 93% YoY.
• Q125 revenue of $8.7 billion with gross margin 39.5%. This will be the company’s highest ever quarterly revenue
• On track for ~20% share of a $25 billion HBM market in 2025

• Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.
• I mainly supported the memory companies if you didn’t read between the lines (ChatGPT o1 (Strawberry) and Memory)
• Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.

• American Express Business Gold Card offers flexible spending capacity and annual statement credits
• Good news on chip production in the US with TSMC’s new fab in Arizona
• Discussion on the design, success, and failure of industrial policy with guest Vivek Chibber

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The Asia Trade Book for September 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits.

Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.

The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.

• TSMC and government cyber security measures are discussed at Security Summit, highlighting the importance of protecting sensitive data.
• Experts advise diligence and patience for Taiwan’s B5G satellite program as it encounters obstacles, emphasizing the need for strategic planning.
• Japan’s diamond semiconductor technology expected to be applied practically by 2025-2030, showing promising advancements in semiconductor industry.

• ARLO continues to operate within an industry that is highly price sensitive and dependent on the consumer signing up for paid service. 
• We are lowering our third quarter hardware revenue to reflect the lower pricing environment. ARLO is not a hardware story. The Company placing hardware units leads to paid service subscribers.
• ARLO’s stock has been under pressure since reporting second quarter results most likely to do with concerns over actual number of quarterly retail subscriber adds

• PagSeguro Digital, in its Q2 2024 earnings report, presented a robust financial and operational performance, marking significant growth across various metrics.
• The company reported a substantial 19% year-over-year increase in total revenue, achieving BRL 4.6 billion, supported by strong Total Payment Volume (TPV) growth across all client segments.
• Notably, net income on both GAAP and non-GAAP bases achieved new highs, with a 31% year-on-year increase, reaching BRL 542 million.

• AsiaFIN Holdings Corp. (OTCQB : ASFH) – aggressive growth inflection point.
• ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates – ASFH delivers Robotic Process Automation (RPA) using Intelligent Character Recognition (ICR); Regulatory Technology (RegTech); AI driven cheque processing and; ESG reporting services.
• ASFH has an organic and aggressive acquisition growth plan to expand both within ASEAN and in new westward territories.

• On 8 August, KKR and Fuji Soft Inc (9749 JP) announced a Tender Offer for the company. It was, at the time, an intention to do so. KKR needed approvals.
• Fuji Soft had KKR terms, and timing, and approved them. KKR then changed the terms and timing. Now on the 19th, they changed the terms again. 
• This puts Fuji Soft in a kind of quandary. It’s important to think about why and what that leads to.

• The Fuji Soft Inc (9749 JP) Board has recommended KKR’s first tender offer (JPY8,800). The Board will announce its view on the second tender offer on launch. 
• The Board sounded out Bain’s progress on a binding proposal and 3D and Farallon’s on their irrevocable. The absence of a Bain binding proposal immensely helped the Board’s decision.
• Bain has likely left it too late. With a higher offer, Bain could force a recommendation change and hope KKR is shamed into cancelling 3D and Farallon’s irrevocable. 

• Monolithic Power Systems (MPWR US) is a direct addition followed by AppLovin (APP US) which is a conditional addition but close to be direct. Demand is ~$1.8bn and ~3.5 ADV.
• Dollar Tree Inc (DLTR US) is a direct deletion with the highest exclusion probability as it is  ranked above the exit rank of 125. 
• Super Micro Computer (SMCI US) , ARM Holdings (ARM US) and Moderna (MRNA US) are amongst the prioritized constituents preventing eligible candidates from entering the index. 

• Intel is spinning off their foundry division into its own entity within the company, with financial independence and guardrails in place.
• The company is not selling off assets as a whole but is making strategic deals, such as a partnership with Amazon.
• A letter from Intel’s CEO to the team hints at potential activist investor issues and the company’s legal obligations in response to potential acquisition offers.

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

• In this insight, we take a look at the potential index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.
• We currently do not see any index changes for ASX 20 and ASX 100.
• We see one change for ASX 100 and two changes for ASX 200 but the final result could depend on relative share price movements for the next two months.

• In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.
• We see up to seven M&A-related intra-review changes in the run up to the December 2024 review.
• Our latest estimates suggest there could be one change for the F250 index during the December 2024 rebalance. We do not currently see any changes for the F100.

• iPhone 16 sales disappoint, LGD faces market obstacles, while Huawei enhances AI quality control in smart medicine.
• Reduce defense emissions to combat climate change, safeguarding national security amid declining EV demand and weakening investments in European battery makers.
• Thailand to establish first SiC facility by 2027, Taiwan introduces closed-loop lithium battery recycling system, boosts semiconductor innovation with US$9.3 billion initiative to stay competitive in the industry. US bans Chinese automotive tech.

• The Western Union Company demonstrated progress in its second quarter of 2024 financial results, echoing its commitment to its Evolve 2025 strategy aimed at propelling the company towards competitive market positioning.
• Led by CEO, Devin McGranahan and CFO, Matt Cagwin, the earnings presentation outlined key financial metrics and strategic initiatives that mark both strengths and areas of concern.
• 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.

• Badger Meter Inc.’s second quarter earnings of 2024 reflected a robust performance.
• The company exceeded expectations, reporting quarterly revenues of $217 million, which marks a 23% year-over-year increase.
• This milestone was primarily driven by strong market demand and the efficient conversion of backlogs, which was slightly above anticipated levels.

• Advanced Energy’s second quarter of 2024 earnings report depicted a complex but progressive landscape for the company.
• The earnings call, led by key executives including President and CEO Steve Kelley and Executive Vice President and CFO Paul Oldham, detailed aspects of financial performance, strategic initiatives, market- specific dynamics, and forward-looking expectations with a clear resonance on the ongoing and future strategies meant to streamline operations and leverage market opportunities.
• Revenue for the quarter stood at $365 million, an 11% increase sequentially, exceeding the company’s guidance.

• Memory stocks underperformed the market, falling sharply with the recent overall market rout and failing to rebound sufficiently with the latest market rally.
• Leading Memory names Micron, SK Hynix, Samsung are all substantially below their 52-week highs after market reports of slowing memory demand from PC and mobile industries and inventory liquidation.
• Taiwan names Nanya Tech, Silicon Motion, Phison are all we below their highs. Micron results on September 25th MT will provide a major outlook update for the market.

• Micron’s latest results show a clear improvement in the Memory cycle. The company’s gross margin increased and guided for a further strong margin increase next quarter.
• Micron increased its overall DRAM industry growth forecast while maintaining its NAND flash forecast. Micron reiterated expectations for FY2025E to deliver record revenue for the company, with improving profitability.
• Positive news for fallen Memory industry shares — Within our Memory universe we have Structural Long ratings for Micron Technology (MU US), SK Hynix (000660 KS), and Silicon Motion Technology (SIMO US).

• Given UMC’s partnership with Intel to produce chips using Intel’s 12nm fab capacity, we believe latest Intel developments increase the opportunity for Intel Foundry to take a stake in UMC.
• Intel’s Foundry business makes a strong partner for UMC who has deep foundry experience and talent, but doesn’t have leading edge fabs nor the balance sheet to build them.
• If Intel Foundry Services spins out or Intel strengthens its balance sheet through a deal with Qualcomm/Apollo, the potential for a deeper UMC-Intel Foundry partnership becomes even more compelling.

• Aug 2024 Notebook shipments on track for delivery with tracking information soon. Apple MR device facing possible upgrade to 1,500 PPI OLED display.
• Automotive CIS tech set to advance by 2024. Taiwan offers permanent residence to address talent shortage in AI industry.
• UK showcases compound semiconductor strength and collaboration with Taiwan. Henkel expands semiconductor focus in India for market growth.

Alongside its H124 results, Esker confirmed that Bridgepoint, in association with General Atlantic and management shareholders, is proposing a cash public tender offer for the company at €262 per share. This represents a 30% premium to the unaffected share price on 8 August. The supervisory board has welcomed the principle of the offer. If the tender offer is successful (ie 60% or more of shares are tendered), the deal is expected to complete in late Q424 or early Q125.