TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>First ever ARR miss, and big initial guide down on FY2024 ARR growth: low 30s vs. 37% into the Q. Pretty shocking given Crowdstrike's track record.</li>
<li>Macro Macro Macro - deal close times pushed out for SMBs and Enterprise customers reworking timing of deal starts to match opex budgets.</li>
<li>Stock is overly punished down 20% and trading at 9x forward sales for a platform consolidator with 30% FCF margins.</li>
</ul>


First ever ARR miss, and big initial guide down on FY2024 ARR growth: low 30s vs. 37% into the Q. Pretty shocking given Crowdstrike's track record.
Macro Macro Macro - deal close times pushed out for SMBs and Enterprise customers reworking timing of deal starts to match opex budgets.
Stock is overly punished down 20% and trading at 9x forward sales for a platform consolidator with 30% FCF margins.


FY3Q23: If It’s All Macro, Do You Buy the Dip?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>System-On-Chip designer and IP purveyor <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is a recent IPO in Japan, born from a spinout of Fujitsu and Panasonic system LSI operations 7+ years ago.</li>
<li>Having listed on TSE Prime from the outset, that means it gets TOPIX inclusion at the close of trading 29 November. </li>
<li>Inclusion Float is a bit nebulous. There is a chance we get official company data prior to the TSE announcement, in which case we know more by cob 31 October.</li>
</ul>


System-On-Chip designer and IP purveyor Socionext (6526 JP) is a recent IPO in Japan, born from a spinout of Fujitsu and Panasonic system LSI operations 7+ years ago.
Having listed on TSE Prime from the outset, that means it gets TOPIX inclusion at the close of trading 29 November. 
Inclusion Float is a bit nebulous. There is a chance we get official company data prior to the TSE announcement, in which case we know more by cob 31 October.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is looking to raise up to US$463m in its Japan IPO. </li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.</li>
<li>In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.</li>
</ul>



Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. 
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.
In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.


Socionext IPO - Ample Upside Even After Discount

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.

<ul><li>Broadcom reported an all-around beat in the quarter with an increase in revenues in semiconductor solutions and infrastructure software.</li><li>Service and cloud provider growth remained strong in the quarter, driven by infrastructural upgrades and data center build-outs.</li><li>As both enterprise and cloud data centers refresh, they continue to increase the adoption of the company’s Jericho, Trident, and Tomahawk switching silicon platforms.</li></ul>

Broadcom reported an all-around beat in the quarter with an increase in revenues in semiconductor solutions and infrastructure software.Service and cloud provider growth remained strong in the quarter, driven by infrastructural upgrades and data center build-outs.As both enterprise and cloud data centers refresh, they continue to increase the adoption of the company’s Jericho, Trident, and Tomahawk switching silicon platforms.

Broadcom Inc: Collaboration With Dell & Other Drivers

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019</li>
<li>Spot market prices, a leading indicator, are soft for both DRAM and NAND flash</li>
<li>It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%</li>
</ul>


Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019
Spot market prices, a leading indicator, are soft for both DRAM and NAND flash
It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%


Semiconductors Just Beginning a Long Slide

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

FY3Q23: If It’s All Macro, Do You Buy the Dip?

Buy the dip in Crowdstrike. Still a top software asset with 30% FCF margins and share gains still to come, macro headwinds are now in the numbers....

Aaron Gabin

Socionext (6526) TOPIX Inclusion

Socionext is Japan's top SoC designer. After years of slow growth/low OPMs, both turned higher pre-IPO and will grow bigly this year. Peers trade...

Travis Lundy

Socionext IPO - Ample Upside Even After Discount

Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. In this note, we will look at the updated deal dynamics, our earlier...

Clarence Chu

Broadcom Inc: Collaboration With Dell & Other Drivers

Broadcom reported an all-around beat in the quarter with an increase in revenues in semiconductor solutions and infrastructure software. Service...

Baptista Research

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

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