TMT/Internet Archives | Page 64 of 121 | Smartkarma

• The changes to the Nikkei 225 Average for the March 2024 Review were announced today after the close. A little earlier than I expected. 
• Socionext, Disco, Zozo IN; Takara Hldgs, Sumi Osaka Cement, Pacific Metals OUT. Nitori PAF increase. US$4bn+ to trade one way on 29Mar close. One interesting surprise. 
• Overall more impactful than it looks. And it changes the front-end arithmetic on Fast Retailing (9983 JP). There may be fun on the DELETEs.

• Investing in semiconductors can be pretty simple if you let it be.

• At a high level, I believe you want to invest in the secular at a decent price or invest in places where there are unwarranted dislocations.

• Sometimes the entire ecosystem says one thing and the stocks say another. Usually, the ecosystem is right.

• Reddit plans to price its IPO between $31 to $34 a share, which would suggest equity value of US$6.0 billion to US$6.5 billion on a fully diluted basis.
• Our base case valuation of Reddit is implied market cap of US$7.9 billion or implied price of US$41.2 per share. 
• Given the moderate upside relative to the IPO price range, we have a Positive view of the Reddit IPO. 

• On the 2 January, TDCX (TDCX US), a Singapore-headquartered digital customer experience (CX) provider, announced it had received a preliminary non-binding proposal from Laurent Junique to be acquired at $6.60/ADS.  
• On the 1st March, TDCX entered in a definitive agreement by way of a short form merger at US$7.20/ADS, a 48% premium to undisturbed.
• As Laurent Junique holds 98.4% of the voting power, there is no shareholder vote on the merger. This is done. The Offer should close in the 2Q24.  

• NetEase reported C4Q23 top line, GAAP operating profit and GAAP net income (4.8%), (16%) and (9.0%) vs. our estimates, and (3.6%), (12%) and (6.8%) vs. consensus， mainly due to..
• The positive, however, is the acceleration of launch of <Naraka Mobile> by 1-2 quarters. Our estimate of the gross billing remains the same;
• We remain optimistic about the upcoming pipeline, and we raise our TP to US$122. Our new TP implies 15.4X PE, which is 12% above current price.

• Reddit, an American social news aggregation, content rating, and forum social network, filed to go public. The company plans to trade on the NYSE under the ticker “RDDT”.
• Reddit was founded in 2005 by Steven Huffman, Aaron Swartz and Alexis Ohanian. The company is forecasted to surpass $1B in total revenue in 2024.
• They chose the right time to go public. I have a positive view of the upcoming Reddit IPO and looking forward to seeing them trade as a public company.

• According to Pitchbook and their S-1, Reddit has raised ~$1.5B in equity financing. Their last private round, a Series F led by Fidelity in August 2021, was around ~$10B valuation.
• I derive a target valuation for Reddit using a ~8x EV/Revenue multiple on my 2024 estimates. The multiple represents a top-range multiple of the peer group.
• I arrived at my ~$9.6B target valuation, which implies 50% upside to indicative IPO valuation at the midpoint. I expect Reddit will trade above their last round valuation of $10B.

MGI – Media and Games Invest (MGI) had a good Q423, gaining market share in an improving trading environment. Organic revenue growth of 16% in the quarter helped lift the full year figure to +5%. This good momentum has continued into the new year, with 18% revenue growth in January. MGI has leading positions in in-app advertising in the US on both iOS and Android, with the US its largest market at 70% of revenues, and has well established non-identifier-based and AI-driven solutions in the market. In the fast-growing Connected TV (CTV) market, MGI is targeting margin over volume. We have lifted our FY24 estimates reflecting the improving growth and margin prospects. Our view is that these are not yet factored into the valuation.

• A share indices were up on the week. HK stock indices were down except for HS Tech. H-shares with A-share pairs were up. 
• Net SOUTHBOUND buying was HK$9.1bn in the second post-holiday week after being +HK$20bn in the first week. LOTS of SOEs on the net buying side. Still.
• SOUTHBOUND continues to buy high-div SOEs. ex-div is still three months away, and given the new KPIs discussed late January by SASAC official, these still seem to be appropriate targets.

• TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR
• UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract
• ASE: +13.3%; Short the Historically High Spread at the Current Level

• Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round.
• The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.
• The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.

• Universal Display Corporation (UDC), a leading provider of OLED technology and materials, experienced a revenue of $576 million, operating income of $217 million, and net income of $203 million in 2023.
• Its robust display impacted net income per diluted share, which amounted to $4.24.
• Several factors on both sides of the company’s balance sheet deserve attention while crafting an investment thesis.

• Warner Bros.
• Discovery is striving to create a pathway to growth in an evolving media industry as reflected in the Q4 Earnings.
• The company had prioritized achieving a well-grounded financial position and reducing its leverage, successfully lowering its debt by $5.4 billion in 2023 and expecting continued deleveraging in 2024.

• Super Micro Computer (SMCI US) and Deckers Outdoor (DECK US) replace Whirlpool Corp (WHR US) and Zions Bancorporation (ZION US) in the S&P 500 INDEX at the close on 15 March.
• There are a bunch of inclusions, deletions and migrations across the S&P 500 INDEX (SPX INDEX), the S&P Midcap 400 Index, and the S&P SmallCap 600 Index.
• The largest flows will be in the S&P 500 INDEX (SPX INDEX) adds and the largest impact in the adds to the S&P SmallCap 600 Index.

• Startale Labs, a Singapore-based Web3 startup, has raised US$3.5 million in a series A follow-up round, according to Alternatives.pe.

• UVM Signum Blockchain Fund, Sony Network, and Samsung Next Ventures were some of the investors in the round, which was raised at a post-money valuation of US$63.5 million.

• Founded in January 2023, Startale Labs specializes in Web3 infrastructure development. Helmed by Sota Watanabe, the company creates core infrastructure and applications for Web3 that is integrated onto the Astar Network blockchain.

• Amperesand, a Singapore-based electrical infrastructure company, has raised over US$12.4 million in seed funding.
• Xora Innovation, Temasek’s deeptech early-stage investment platform, co-led the round with venture capital firm Material Impact.
• TDK Ventures, the venture arm of Japanese electronics firm TDK, also participated, along with Foothill Ventures.

• The 1Long founding team 1Long, a wealth management platform in Vietnam, has received US$500,000 in a pre-seed investment round from Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital.
• The new capital will be channelled into technology development, partnerships with asset managers and financial institutions, and strategic team expansion.
• Also Read: ‘Resistance to digital wealth management has almost disappeared in SEA’: Bambu CEO Ned Phillips Founded by a team of former investment banking and Y Combinator-backed veterans, 1Long enables individuals to start with as little as 10,000 VND (approximately less than US$1).

• UNOAsia, the company behind UNO Digital Bank in the Philippines, has raised US$32.1 million in a pre-Series B investment round comprising equity and debt.
• The investors include Gateway Partners, Creador Private Equity, and Nextinfinity Management.
• This round brings UNOAsia’s total raise to approximately US$75 million.

• Baidu (BIDU) reported C4Q23 top line, non-GAAP operating profit and GAAP net income inline, 9.4% and (43%) vs. our estimates, and inline, 8.2% and (46%) vs. consensus. 
• We believe LLM is fundamentally an upgrade of search; further, BIDU is a 2B/general AI play in China, a country filled with 2C/specialized AI players;
• We cut our TP for BIDU from US$157 to US$116 and maintain BUY.

• While some B2B ecommerce firms are struggling, others are thriving. India-based Metalbook, a B2B platform focused on the global metal supply chain, said it is eyeing US$200 million in annualized revenue run rate by the end of the 2024 fiscal year.
• Founded in 2021, the startup has raised US$15 million in a series A round led by Rigel Capital. FJ Labs participated, as well as existing investors Axilor Ventures and Stride Ventures, among others.
• Metalbook helps customers through their entire metal manufacturing and procurement cycle. This includes everything from buying and selling to customization, logistics, scrap recycling, as well as financing.

• Refy, an AI-powered green asset fintech financier in Southeast Asia, has secured a pre-seed investment of US$525,000 from Wavemaker Impact (WMi).
• This funding will allow Singapore-based Refy to execute secured pilot projects, develop its technical platform, and assemble a specialised team with experience in green assets and industrial projects.
• Globally, there are investors to support large-scale projects (worth upwards of US$5 million), such as solar, wind, hydro farms, and geothermal facilities.

In H124 SenSen delivered positive free cash flow for the first time, a key milestone. The group’s Smart Cities focus and standardised business model supported steady top-line progression, as well as strong gross margin expansion and loss reduction. As end-H1 cash was boosted by an annual Australian development grant, we believe reaching positive free cash flow from the group’s core operating assets remains a key target. Below we outline a pathway for SenSen to deliver this target in Q4, underpinned by consistent top-line growth on a lower cost base.

• Komerce, an e-commerce enabler for small-to-medium enterprises (SMEs) in Indonesia, has received an undisclosed investment from Bukalapak co-founder Achmad Zaky and 500 Global.
• The funding will allow Komerce to accelerate product development and customer acquisition.
• Founded in 2020 by Darmawan, Syaefullah Syeif (COO), and Satriyo Budi Utomo (CTO), Komerce offers remote team development, shipping aggregators, e-fulfilment, omnichannel SaaS, and customer relationship management.

• Tuya 4Q23 beats. Tuya reported 4Q23 revenue of $64 million, up 42% Y/Y, while overall gross margin reached a historical high of 47.3% and non-GAAP net profit reached a new peak of $12.6 million, representing 19.5% of non-GAAP net margin, driven by a global downstream demand recovery, the end of industry restocking, and Tuya’s successful execution of its big customer- focused strategy and earlier restructuring.
• IoT PaaS contributed $47 million of revenue in 4Q23, up 45% Y/Y, driven by the normalization of downstream inventory and Tuya’s big customer-focused strategy.
• Meanwhile, Tuya sees a more balanced distribution between smart lighting and electrical versus smart safety and home appliances.

Key points

• Canadian company offering US$55/share for total of $100m in tender offer
• Potential for profit for odd-lot holders with current stock price at US$44.80
• US shareholders may face 15% dividend tax, reducing gains, but opportunity for 7% post-tax profit per account for odd-lot holders

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.

• Intuit, a leading provider of financial management software solutions, has shown strong performance in its second quarter of fiscal year 2024.
• Reinforcing the company’s commitment to become a global Artificial Intelligence (AI)-driven expert platform, Intuit reported an 11% growth in revenue, and is on track to achieve its full fiscal year guidance of 11% to 12% revenue growth.
• As for Intuit’s tax service, TurboTax, revenue growth of 7% to 8% is expected for the Consumer Group for the full fiscal year.

• ARLO continued to grow the number of paid subscribers in Q4 2023 with the added tease of ARLO crossing 3 million paid subscribers in the first quarter of 2024
• ARLO is focusing on a service first approach where service is subsidizing the cost of hardware
• ARLO generated revenue of $135.1 million compared to our estimate of $135.5 million. Product mix was different than we had forecast

• The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.
• For companies with “low liquidity” the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.
• Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2024.

• AEM (AEM SP) reported FY23 results which showed a decline of 45% in annual revenues and a small loss on the net income line. Guidance is only given for 1H24.
• Senior management will forego all bonuses, the CFO departs and the old CEO is coming back as a consultant. AEM’s stock closed down 20% after the FY23 results publication.
• A potential new Trump presidency would push an “America First” agenda likely benefiting Intel and indirectly AEM in a big way.

For our next Corporate Webinar we are glad to welcome iFAST’s Executive Director and Director of Corporate Communications, Mr Jean Paul Wong. 

In the upcoming webinar, Jean will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung.

Alec will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&A session.

In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. 

The Corporate Webinar will be hosted on Thursday, 7 March 2024, 19:00 SGT.

About iFAST Corporation 

iFAST Corp (stock code: AIY) is a wealth management Fintech platform, with assets under administration (AUA) of S$19.83 billion as at 31 December 2023. Incorporated in the year 2000 in Singapore and listed on the SGX-Mainboard in December 2014, the Group is also present in Hong Kong, Malaysia, China, and UK. Through the years, the Group has built a well-established Fintech ecosystem connecting its product providers and clients. iFAST Corp holds the requisite licences in the various jurisdictions it operates in to provide a wide range of products and services.

As at end December 2023, the Group offers access to over 21,000 investment products including over 13,000 funds from over 320 fund houses, over 2,400 bonds, stocks and ETFs listed on the Singapore, Hong Kong, US, Malaysia, UK, and China A stock exchanges, as well as services including pension administration solutions, online discretionary portfolio management services, research and investment seminars, Fintech solutions, and investment administration and transaction services.

• Competition in the High Bandwidth Memory (HBM) space is intensifying; Micron shares have rallied after it announced HBM3e mass production; SK Hynix has outperformed since its earnings release.
• Nvidia’s H200, its most advanced chip for generative AI, leans heavily on HBM3e memory for its increased performance vs. the previous H100 generation. Memory leaders are key for Nvidia’s success.
• Taiwan’s Nanya Tech appears to be watching HBM competition between Micron, SK Hynix, and Samsung from the sidelines; can its shares get back into the game?

• Mediatek Top Performer; Showcasing New AI Capabilities at the Mobile World Congress in Barcelona
• Memory Monitor: Competition Is Hotting Up for Key Memory Chips Nvidia Depends On; Nanya Left Out?
• Novatek (3034.TT): It Has Been Qualified by the IPhone 16 for OLED Driver IC

• Plover Bay Technologies (1523 HK) reported an 8.5%/ 24YoY increase in revenue/profits (%). Profits increased due to a net margin expansion of 370 bps to 29.8%. 
• The company had positive news in January when Peplink announced that it had agreed with SpaceX’s Starlink to become an authorized technology provider using Peplink SD-WAN routers.
• Trading at 11x/10x PE FY23/FY24e, with an 8.2% trailing dividend yield and ~60% ROE, this is another growth/dividend gem worth exploring.

• We discuss the end of the mandatory lock-up periods for 51 stocks in Korea in March 2024, among which 5 are in KOSPI and 46 are in KOSDAQ.
• These 51 stocks on average could be subject to further selling pressures in March and could underperform relative to the market.
• The top five market cap stocks including those of which at least 1% of outstanding shares could be sold include APR, WCP, DS Dansuk, GI Innovation, and Geolit Energy.

• The supply chain received good news that Novatek Microelectronics Corp (3034 TT) as successfully passed iPhone 16 OLED DRIVER IC (DDIC) qualification.
• Novatek’s recent alliance with ARM to develop Neoverse V2 is a noteworthy development.
• Novatek’s 1Q24F forecast remains unchanged, but the outlook for 2024F is likely to show positive growth.

• Pureprofile Ltd (ASX:PPL) is a data analytics, consumer insights and media company underpinned by proprietary technology, servicing business decision makers in brands and media companies as well as market researchers.
• Pureprofile has confirmed, as previously announced on 30 January, that H1 FY24 revenue was $24.0m, with platform revenue contributing $4.4m, a 104% increase on the previous corresponding period (pcp).
• EBITDA, adjusted for significant and non-cash items, increased 9.6% to $2.37m.

• Palo Alto Networks’ Q2 2024 earnings highlight indicate the company’s continued success in executing its profitable growth strategy.
• The cybersecurity giant achieved significant top-line growth with revenues surging by 19% YoY, the RPO growing by 22%, and billings increasing by 16% YoY. Impressive, non-GAAP operating margins of 28.6% expanded roughly 600 basis points YoY, generating $2.9 billion in adjusted free cash flow on a trailing 12-month basis.
• 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.

• Today after the close, Mitsubishi Electric (6503 JP) announced the sale of its position in Renesas Electronics (6723 JP). That’s 50,706,800 shares.  
• This is the third large block in four months (Renesas in November for 223mm shares, NEC and Hitachi in January 2024 for 123mm shares).
• This is smaller, and reasonably well-flagged. Index demand is longer-dated.

• Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of Renesas Electronics (6723 JP) stock. 
• The deal will be an easy one to digest at only three days of three month ADV.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• China announced game approval for the Feb batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to be accelerating, to the same level as pre-tightening.
• Netease gets one game approved but we don’t see that the acceleration of game approval benefits big names proportionally.

• Uchi Technologies (UCHI MK) reported a solid Q4FY23/FY23 result, with revenue up 18%/13.2% YoY, operating profit up 28%/21% YoY, but profits up 9%/8.3% YoY (due to increased taxation).
• For FY24, the company conservatively guided a mid-single-digit decline in revenue growth. In FY23, the company guided flat USD revenue growth (but delivered 9.2% YoY).
• Assuming the current currency and guidance, the stock trades at 14x FY24e with a yield of 7% (assuming a 100% payout similar to last two years) and ROCE above 60%. 

• OpenAI, founded in 2015 as a nonprofit research lab, has transitioned into a for-profit entity with ambitious goals of creating artificial general intelligence to benefit humanity.
• The company’s CEO, Sam Altman, is focused on solving the problem of super intelligence and has plans to set up his own semiconductor manufacturing pipeline and extend human lifespan.
• OpenAI’s business model now involves catering to enterprise customers to generate revenue, and they face challenges in balancing their grand mission with the need for significant investment.

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

• QYOU Media has reported several positive announcements over the last month that reaffirm our confidence in the story.
• This includes record months for its influencer marketing business and QGamesMela reaching various milestones.
• We recently published a management interview with QYOU, watch it here.

• Delta Thailand has underperformed Delta Taiwan since our last Delta Monitor piece. Delta Thailand’s market cap has fallen to become nearly equal to Delta Taiwan.
• Both have the same growth profile yet Delta Thailand is more expensive and will continue to suffer from a potential share sale overhang and risk of SET 50 Index changes.
• EVENT: Taiwan’s earnings release is imminent. Results could further highlight to the market that Delta Taiwan is the better stock to own.

• After the market close on 27 February, Samsung Display announced that it will sell its 4.95% stake in Sfa Engineering (056190 KS) in a block deal sale. 
• We would take the trade. We like the relatively large block deal sale discount as well as the company’s attractive valuations. 
• SFA Engineering is trading at P/E of 8.3x, EV/EBITDA of 2.7x, and P/B of 0.7x in 2024, which are much lower than historical valuations.

• We expect Baidu to report C4Q23 revenue, GAAP op. profit and GAAP net income inline, (2.3%) and (4.5%) vs. consensus.
• The slight bottom-line miss was mainly attribute to the increased marketing costs related to user acquisition. Baidu cloud revenue is robust due to AI product stimulating demand. 
• We cut our target price to US$146 for the spendings related to the construction of future e-commerce business but maintain BUY for its cheap valuation.

• Nvidia emerges as a strong challenger in the semiconductor industry, while intel remains the dominant player
• Intel makes significant strides in its foundry business, showcasing a clear focus on advanced nodes like 18A and 14A
• Intel positions itself as a serious player in the foundry market, attracting key customers like Microsoft and building a strong ecosystem around its offerings

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

• EPAM Systems had a challenging year in 2023 due to geopolitical factors – Russian invasion of Ukraine – which led to disruption and a rebalancing of their delivery platform across Europe, Western and Central Asia, India, and Latin America.
• Despite these external disturbances, EPAM managed to perform creditably, underlining its ability to navigate a volatile demand environment.
• EPAM’s activities in 2023 were largely focused on enhancing delivery quality, optimizing cost effectiveness, and leveraging their technological capabilities to tap into the future opportunities in Gen AI and 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.

• It is well-known that Alibaba (ADR) (BABA US) is cheap (9x FY24 PE, fiscal year ending March; 8x FY23 free cash flow; net cash 25% of market cap).
• Taking into account all of the major moving parts, I believe Alibaba can now be categorized as a good value stock. 
• Shareholder returns through buyback and dividend, minus stock-based compensation in 2023 calendar year equal to around 5% yield.

• TSMC expects the foundry, semiconductor, electronics, industrial technology, and global GDP to be $0.25 trillion, $1 trillion, $3 trillion, $12 trillion, and $145 trillion, respectively, in 2030F
• Transistor technology is constantly evolving, and FinFET architecture will be followed by Nanosheet and others.
• In the transition, the automotive market belongs to IDM companies, but the utility of ADAS (Advanced Driver Assistance Systems) could fall under Foundry territory.  

• Alibaba plans to provide operational services to third-party sales broadcasters.
• Xpeng will hire 4,000 employees and raise research budget by 40%.
• Tuhu Car expected that its net profit will turn positive in 2023.

• Post FY23 results in mid-February, Appier’s stock exhibited significant volatility, despite robust financial performance.
• We believe that Appier is a beneficiary of continued growth in ecommerce and increasing ubiquity of AI solutions for marketing.  
• Appier trades at a significant discount to global peers and domestic SaaS companies, suggesting significant upside

• Elan Guides For Strong Revenue Growth Ahead and High Margins to Continue
• AI PCs Only Expected to Drive Significant Volume by 2025E; Major AI Opportunity for Touch Sensors
• Elan Can Benefit From Rising Consensus Forecasts But is Pricey — We Wouldn’t Chase the Rally But Also Don’t Want to Short It

• It was declined by 5% for 2023 verses 2022, which was not a surprise because the overall sentiment should be dim in 2023.
• For the coming 1Q24F, it could be a bit downside by 5%, assumed as a normal seasonality.
• AI demand remain the biggest driving force, and all eyes are on the CoWoS. 

• CARTA HD strives to become “The Evolution Factory” and operates mainly in the digital marketing field.
• The company was established in January 2019 through the merger of the former VOYAGE Group, which had expanded earnings by creating a series of new businesses centered on the ad tech domain, and the former Cyber Communications, the largest media rep firm in Japan.
• CARTA HD holds a 3.9% share in the Japanese online advertising market.

• ATNI reiterated its entry into the era of generating free cash flow after spending the last several years building out its fiber network
• ATNI reported fourth quarter results that showed services revenue rising sequentially. An increase in subscribers is the source for the success
• To grow revenue and generate free cash flow, ATNI has expanded its broadband network to approximately 769 thousand homes passed with 367 thousand of these homes having high-speed data

• Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
• KYP has reported H1 FY24 NPAT of $0.357m, a $1.13m turnaround on the previous corresponding period (pcp), and the company’s best-ever result.
• The gross margin and EBITDA margin hit record levels of 67.7% and 13.4% respectively. The result was above our gross margin forecast but in line with our EBITDA estimate. 

• Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
• KYP has reported H1 FY24 NPAT of $0.357m, a $1.13m turnaround on the previous corresponding period (pcp), and the company’s best-ever result.
• The gross margin and EBITDA margin hit record levels of 67.7% and 13.4% respectively.

• TSMC: +17.3% Premium, High Double Digit Level Persisting Since CNY
• UMC: -1.5% Discount, We Believe Spread Biased to Go Positive
• ChipMOS: +0.6% Premium, Collapsed from +4.6%. Now Within Typical Range.

• Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
• On the IPO front, we looked at Trial Holdings (5882 JP) refiling and Xiaocaiyuan International Holding .
• For placements, it was an action packed week in India, again, with Australia joining in as well.

• ChipMOS Margin Rebound Sputters, Guidance Implies Margins Could Remain Under Pressure
• Valuation Appears Precarious In Light of Latest Results and Guidance
• Valuation Appears Precarious In Light of Latest Results and Guidance

Key points

• AI is a rapidly growing trend in the global market, with Taiwanese manufacturer AVC experiencing significant growth in their stock value.
• AVC has shown strong financial performance in recent years, with impressive average revenue and margin metrics.
• The company is expected to continue its growth trend in 2023, with higher margins than historical averages, as the impact of technology and COVID has been beneficial for AVC.

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.

• Despite the high-profile announcement of his attendance, his segment was less than 3 minutes long!
• Intel’s CEO alluded to a partnership with OpenAI and implied there’s more to come yet there’s been no public announcement of any such partnership. 
• Microsoft’s commitment to use Intel’s 18A is a vote of confidence in their foundry offering. Let’s see how it plays out.

• The changes for the SSE STAR50 (STAR50 INDEX) and STAR100 Index were announced post market close on Friday.
• The coming week is a full one with capping cutoffs, review cutoffs, announcements and implementations apart from futures expiries.
• With China open after Lunar New Year, the National Team is back pouring money into ETFs with the largest inflows to the CSI 300, CSI 500, ChiNext and STAR50 indices.

• Twilio’s recent quarterly results highlighted that the company exceeded its revenue and Non-GAAP income from operations targets for Q4 2023 by generating nearly $1.1 billion in revenue and $173 million in Non-GAAP income from operations.
• The free cash flow was $211 million.
• The company achieved $4.2 billion in revenue for the full year and improved its Non-GAAP operating results from a Non-GAAP operating loss of $4 million in 2022 to Non-GAAP operating income of $533 million in 2023.

• HubSpot, a leading software company, provided a generally positive update on the firm’s financial performance, strategic direction, and plans for future growth.
• On the financial front, the firm reported solid results for Q4 2023.
• Revenue grew by 21% year-on-year in constant currency terms, and by 25% for the full year 2023.

• Applied Materials delivered a decent result and the management claims to have made a strong start to the current fiscal year, exceeding its earnings projections.
• Strengths identified include the company’s innovation strategy and position at key industry inflections, such as new-foundry logic and developments in its DRAM market where it has captured over 50% of market share.
• Revenue from its advanced packaging product portfolio is predicted to reach nearly $1.5 billion in 2024.

• The Trade Desk had a robust finish to the year 2023 with a record total spend on their platform reaching almost $10 billion and revenue for the fourth quarter crossing the $600 million mark for the first time.
• This growth has significantly outpaced the digital advertising market with a year-on-year growth of 23%.
• The company also reported an adjusted EBITDA of over $770 million in 2023 and free cash flow upwards of $543 million.

• Tyler Technologies reported promising Q4 results reflecting a robust end to 2023 and signaling a pivotal year in its cloud transition.
• The company achieved all major objectives for the year with earnings and cash flow surpassing expectations.
• Recurring revenues reportedly grew by 8% and accounted for 84% of the total revenues.

• Zebra Technologies has reported its latest quarterly and year-end financial results for 2023 that were significantly impacted by broad-based softness across end markets and regions.
• The company realized sales of $1 billion demonstrating a 33% decline from the prior year, and adjusted EBITDA margin of 15.4%; a decrease of 7 points, and non-GAAP diluted earnings per share of $1.71, a 64% decrease from the prior year.
• All product categories experienced declines, however, services and software remained a bright spot in the quarter from a revenue perspective.

• AppLovin closed the fiscal year ended December 31, 2023 on a high note after surpassing the upper end of its forecast and demonstrating a pattern of exceptional performance throughout the year.
• Despite a challenging 2022 characterized by stagnant growth, the company reported a 76% increase in revenue from its software platform in 2023, testament to the potential of its AI advertising engine, AXON. While the performance shows the company’s financial strength, uncertainties prevail woven within the statements of forward-looking nature minus respective obligations of updating these unless required by law.
• 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.

• FLEETCOR Technologies Inc.
• has reported mixed results for Q4 and full year 2023.
• Revenue for Q4 reached $937 million, registering a 6% upsurge; while cash EPS recorded a rise of 10% at $4.44, and EBITDA was approximately $500 million, 11% higher than the previous period.