India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Big Tech companies are already generating significant revenue from AI. Microsoft expects to reach $10 billion in AI revenue by the next quarter, making it their fastest-growing area.</li>
<li>In the third quarter of 2024 alone <strong>Microsoft, Google, and Meta</strong> collectively spent over $42 billion on AI infrastructure, primarily on building data centers and purchasing computing equipment.</li>
<li>Companies are projecting continued high spending on AI into 2025 to meet growing demand. However, challenges remain, including supply constraints for AI chips</li>
</ul>


Big Tech companies are already generating significant revenue from AI. Microsoft expects to reach $10 billion in AI revenue by the next quarter, making it their fastest-growing area.
In the third quarter of 2024 alone Microsoft, Google, and Meta collectively spent over $42 billion on AI infrastructure, primarily on building data centers and purchasing computing equipment.
Companies are projecting continued high spending on AI into 2025 to meet growing demand. However, challenges remain, including supply constraints for AI chips


Thematic Report: AI Wave- Big Tech's Spending Spree

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

Eltek Ltd. manufactures printed circuit boards, primarily multi-layer and flexrigid boards.  The Company's products are used as the core circuitry in sophisticated and compact electronic products.

<ul><li>Eltek Ltd is an established manufacturer of Printed Circuit Boards (PCBs) that is entering a new growth phase due to increases in manufacturing capacity and potential M&A transactions.</li><li>The company has the potential to grow both revenues and earnings at double-digit growth rates for the foreseeable future if they can execute on their accelerated investment program and maintain technological superiority.</li><li>The company maintains a strong balance sheet and generates free cash flow.</li></ul>

Eltek Ltd is an established manufacturer of Printed Circuit Boards (PCBs) that is entering a new growth phase due to increases in manufacturing capacity and potential M&A transactions.The company has the potential to grow both revenues and earnings at double-digit growth rates for the foreseeable future if they can execute on their accelerated investment program and maintain technological superiority.The company maintains a strong balance sheet and generates free cash flow.

ELTK:  Eltek releases 3rd quarter 2024 financial results. The company also provided updates on end market trends and its capacity improvement program.  We maintain our price target of 18.00 per share.

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Revenues of $7.05 billion were marginally higher than midpoint of $6.93 billion, up 4% QoQ and up 5% YoY.  Guided current quarter at $7.15 billion +1.5% QoQ , +10.5% YoY</li>
<li>Most WFE share prices have retreated to early 2022 levels, matching with when annual revenues first exceeded the $100 billion level</li>
<li>After a 44% growth spurt in 2021, we have had three years with mostly no growth. We expect the same in 2025. Invest accordingly</li>
</ul>


Revenues of $7.05 billion were marginally higher than midpoint of $6.93 billion, up 4% QoQ and up 5% YoY.  Guided current quarter at $7.15 billion +1.5% QoQ , +10.5% YoY
Most WFE share prices have retreated to early 2022 levels, matching with when annual revenues first exceeded the $100 billion level
After a 44% growth spurt in 2021, we have had three years with mostly no growth. We expect the same in 2025. Invest accordingly


For Its WFE Q324 Season Finale, AMAT Returns ASML's Favour & Sinks Semis Yet Again

<ul>
<li>The pace of recovery in 200 millimeters appears to have been very weak. Customers continue to respect LTA prices but we have to push out delivery timing which impacts volumes.</li>
<li>China appears to have developed their own capability to fabricate wafers. Quality does not necessarily appear to be very good but there is strong pressure to comply with “Buy China” </li>
<li>The recovery in legacy applications has been surprisingly slow. At this stage we don't know whether it is a slow recovery or in fact that there won't be a recovery.</li>
</ul>


The pace of recovery in 200 millimeters appears to have been very weak. Customers continue to respect LTA prices but we have to push out delivery timing which impacts volumes.
China appears to have developed their own capability to fabricate wafers. Quality does not necessarily appear to be very good but there is strong pressure to comply with “Buy China” 
The recovery in legacy applications has been surprisingly slow. At this stage we don't know whether it is a slow recovery or in fact that there won't be a recovery.


SUMCO Despairs On Legacy Rebound, EVs, China, Visibility Etc...

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>Gold prices have staged multi-year breakouts in multiple currencies, indicating a long-term bullish outlook.</li>
<li>In addition, gold is on the verge of staging relative breakouts against global equity markets that point to multi-year outperformance ahead.</li>
<li>The U.S. macro outlook calls for a re-acceleration of inflation, which is also positive for gold.</li>
</ul>


Gold prices have staged multi-year breakouts in multiple currencies, indicating a long-term bullish outlook.
In addition, gold is on the verge of staging relative breakouts against global equity markets that point to multi-year outperformance ahead.
The U.S. macro outlook calls for a re-acceleration of inflation, which is also positive for gold.
