External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Sitime Corporation develops silicon-based timing solutions. The Company manufacturers oscillators, clock generators, and embedded resonators used for ethernet switches, computing devices, graphics cards, disk drives, mobile phones, and subscriber identity module cards. Sitime serves customers worldwide.

<ul><li>SiTime is a leading semiconductor company specializing in MEMS timing devices for electronics</li><li>Founded in 2005 in Silicon Valley, later acquired by MegaChips and spun off in 2019 through an IPO</li><li>Positioned to drive industry transition towards MEMS-based systems with exponential improvements in semiconductor technology</li></ul>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.

SiTime is a leading semiconductor company specializing in MEMS timing devices for electronicsFounded in 2005 in Silicon Valley, later acquired by MegaChips and spun off in 2019 through an IPOPositioned to drive industry transition towards MEMS-based systems with exponential improvements in semiconductor technologyThis 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.

Sitime Corp (SITM) - Thursday, Aug 1, 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

<ul><li>In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance.</li><li>The company achieved a September quarter revenue record of $94.9 billion, marking a 6% increase from the previous year.</li><li>This growth is attributed to significant contributions from various product lines and geographic segments, with notable performance across iPhone, Services, and regions such as the Americas, Europe, and Asia Pacific.</li></ul>

In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance.The company achieved a September quarter revenue record of $94.9 billion, marking a 6% increase from the previous year.This growth is attributed to significant contributions from various product lines and geographic segments, with notable performance across iPhone, Services, and regions such as the Americas, Europe, and Asia Pacific.

Inside Apple's Billion-Dollar Move: Why This Chip Development Could Be a Game-Changer!

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

BYD Electronic International Co., Ltd. researches, develops, manufactures handset components such as handset casings and handset keypads and modules for handset manufacturers.  The Company also provides assembly services comprising assembly service and PCB assembly service to global handset manufacturers.

<ul><li>BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.</li><li>For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.</li><li>Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

Taiwan Tech Focused Senior Analyst

Patrick Liao

ASE Technology Holding   / Equity Bottom-Up

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

<ul>
<li>The 4Q24 EMS is expected to decline by a mid-single-digit percentage QoQ in 4Q24, while ATM sales are expected to grow slightly QoQ.</li>
<li>General market hasn’t recovered yet.2024 outlook still seems lukewarm. 2024 market excluding HPC and AI is indeed down YoY. Only AI and leading edge product demand is robust.</li>
<li>Expects 2025 general market demand to have better recovery, more leading edge business opportunities and higher testing sales mix to help GM go up.</li>
</ul>


The 4Q24 EMS is expected to decline by a mid-single-digit percentage QoQ in 4Q24, while ATM sales are expected to grow slightly QoQ.
General market hasn’t recovered yet.2024 outlook still seems lukewarm. 2024 market excluding HPC and AI is indeed down YoY. Only AI and leading edge product demand is robust.
Expects 2025 general market demand to have better recovery, more leading edge business opportunities and higher testing sales mix to help GM go up.


ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

Luxshare Precision Industry / Equity Bottom-Up

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

<ul><li>Luxshare’s 3Q24 revenue/NP growth of 27%/22% YoY was largely in-line with the earnings pre-announcement, and FY24E net profit guidance of 20-25% YoY was largely in-line with consensus.</li><li>Looking into 2025, we believe Luxshare is well-positioned to capture growth opportunities in Apple intelligence trend on high exposure across Apple products, datacentre connectivity momentum and auto electronics business expansion.</li><li>The stock now trades at 18.9x FY25E P/E. We rolled forward our target multiple to FY25E, and our new TP of RMB 55.09 is based on 24x FY25E P/E (vs prior 24x FY24E P/E). Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Luxshare’s 3Q24 revenue/NP growth of 27%/22% YoY was largely in-line with the earnings pre-announcement, and FY24E net profit guidance of 20-25% YoY was largely in-line with consensus.Looking into 2025, we believe Luxshare is well-positioned to capture growth opportunities in Apple intelligence trend on high exposure across Apple products, datacentre connectivity momentum and auto electronics business expansion.The stock now trades at 18.9x FY25E P/E. We rolled forward our target multiple to FY25E, and our new TP of RMB 55.09 is based on 24x FY25E P/E (vs prior 24x FY24E P/E). Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Luxshare (002475 CH) - 3Q24 Results and FY24 Guidance In-Line

Insights on Companies in the Apple Supply Chain

Apple Supply Chain
Insights on Companies in the Apple Supply Chain

Sitime Corp (SITM) - Thursday, Aug 1, 2024

SiTime is a leading semiconductor company specializing in MEMS timing devices for electronics. Founded in 2005 in Silicon Valley, later acquired by...

Value Investors Club

Inside Apple's Billion-Dollar Move: Why This Chip Development Could Be a Game-Changer!

In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance. The...

Baptista Research

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations

CMB International

ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...

Patrick Liao

Luxshare (002475 CH) - 3Q24 Results and FY24 Guidance In-Line

Luxshare’s 3Q24 revenue/NP growth of 27%/22% YoY was largely in-line with the earnings pre-announcement, and FY24E net profit guidance of 20-25%...

CMB International

Sitime Corp (SITM) - Thursday, Aug 1, 2024

SiTime is a leading semiconductor company specializing in MEMS timing devices for electronics. Founded in 2005 in Silicon Valley, later acquired by...

Value Investors Club

Inside Apple's Billion-Dollar Move: Why This Chip Development Could Be a Game-Changer!

In the latest quarter, Apple Inc. reported a solid set of financial results, emphasizing both strengths and areas of lesser performance. The...

Baptista Research

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations

CMB International

ASEH (3711.TT; ASX.US): The Overall 4Q24 Trend Is Slightly Downward QoQ.

​4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...

Patrick Liao

Luxshare (002475 CH) - 3Q24 Results and FY24 Guidance In-Line

Luxshare’s 3Q24 revenue/NP growth of 27%/22% YoY was largely in-line with the earnings pre-announcement, and FY24E net profit guidance of 20-25%...

CMB International

4Q24 EMS expected to decline, ATM sales to grow slightly. 2024 market still struggling, AI demand robust. 2025 outlook shows promise for recovery...