Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>ARLO inched closer to achieving $100 million in service revenue this year after adding 182 thousand paid subscribers</li>
<li>The pace of paid subscriber growth in the third quarter leads us to expect ARLO reaching 1 million paid subscribers in the fourth quarter of 2021</li>
<li>The Company’s third quarter results were ahead of expectations even though ARLO was constrained by supply chain bottlenecks</li>
</ul>


ARLO inched closer to achieving $100 million in service revenue this year after adding 182 thousand paid subscribers
The pace of paid subscriber growth in the third quarter leads us to expect ARLO reaching 1 million paid subscribers in the fourth quarter of 2021
The Company’s third quarter results were ahead of expectations even though ARLO was constrained by supply chain bottlenecks


ARLO: Inflection Point to Profitability, PT to $12

• Arlo Technologies (ARLO) experienced an acceleration in its paid subscription service in the second quarter to help push the quarter above expectations. • ARLO introduced Arlo Secure in July 2021 as a replacement for Arlo Smart. The new service program leverages ARLO’s artificial intelligence development and offers an unlimited devices subscription plan. • ARLO’s second quarter revenue reached $98.6 million of which $25.3 million was from services. European revenue facilitated the increase in product revenue in the quarter. ARLO is anticipating its Verisure exclusive camera to roll out later this year with full production benefit in 2022. • The continued increase in subscriber count and launch of a polished service offering gives ARLO a pathway to profitability in 2022. The fourth quarter could become an inflection point in the business as paid users reaches 1 million, which would provide annualized revenue of approximately $100 million.

• Arlo Technologies (ARLO) experienced an acceleration in its paid subscription service in the second quarter to help push the quarter above expectations. • ARLO introduced Arlo Secure in July 2021 as a replacement for Arlo Smart. The new service program leverages ARLO’s artificial intelligence development and offers an unlimited devices subscription plan. • ARLO’s second quarter revenue reached $98.6 million of which $25.3 million was from services. European revenue facilitated the increase in product revenue in the quarter. ARLO is anticipating its Verisure exclusive camera to roll out later this year with full production benefit in 2022. • The continued increase in subscriber count and launch of a polished service offering gives ARLO a pathway to profitability in 2022. The fourth quarter could become an inflection point in the business as paid users reaches 1 million, which would provide annualized revenue of approximately $100 million. 

United States

CTS Corporation designs and manufactures electronic components and sensors to original equipment manufacturers in the automotive, communications, medical, defense and aerospace, industrial and computer markets.

PC Connection, Inc. is a direct marketer of personal computers and related peripherals, software, accessories, and networking products. The Company sells to small and medium-sized businesses. PC Connection carries high turnover products in inventory, and in addition provides customer service and technical support.

Benchmark Electronics, Inc. provides contract electronics manufacturing and design services.  The Company serves original equipment manufacturers of medical devices, industrial control equipment, testing and instrumentation products, and telecommunications equipment.  Benchmark also offers product design, printed circuit board layout, prototyping and test development services.

Knowles Corporation designs and manufactures advanced acoustic components. The Company produces components for hearing aids and surface mount microphones for cell phones and consumer electronics. Knowles offers its products around the world.

Hollysys Automation Technologies Ltd. manufactures automation and control systems.  The Company produces process, industrial, rail and subway, and nuclear power plant automation equipment.

Hollysys Automation Technologies (HOLI US)

TTM Technologies, Inc. is an independent provider of time-critical, one-stop manufacturing services for printed circuit boards.  The circuit boards serve as a foundation for electronic products such as routers, switches, servers, memory modules, and cellular base stations. The Company's customers include original equipment manufacturers and electronic manufacturing services companies.

ePlus inc. provides IT hardware, software and services. The Company offers IT solutions for data center, cloud computing, security, managed and professional services, lease financing, proprietary software, and other related products. ePlus focuses on serving the middle market and larger commercial enterprises as well as state and local governments.

Rogers Corporation manufactures and markets specialty materials and components for applications in the communications, computer, imaging, consumer, and transportation markets.  The Company's products include elastomers, high frequency circuit materials, flexible circuit materials, molding materials, and composite materials.  Rogers sells its products around the world.

ScanSource, Inc. is a value-added wholesale distributor of specialty technology products to the reseller market.  The Company provides automatic identification and point-of-sale products, as well as telephony and computer telephony integration products. ScanSource distributes its products in the United States and internationally.

OSI Systems, Inc. produces medical monitoring and anesthesia systems; security and inspection systems; and lasers, optics, and optoelectronic components.  The Company's products include blood pressure monitors, anesthesia machines and hemoglobin saturation monitors; systems for inspecting baggage, people, and vehicles; and lasers, lenses, prisms, and microelectronic components.

Topcorn Corporation manufactures and sells measuring equipment and medical equipment primarily for ophthalmologist use. The Company also manufactures industrial products including projectors and optical devices.

KCE Electronics Public Company Limited and its subsidiaries manufacture and export single-layered, multi-layered, and double-sided printed circuit boards (PCBs) under its KCE trademark.  Multi-layered PCBs are used mainly in high technology equipment and high precision instruments.  Double-sided PCBs are used largely in telecommunication and computing equipment.

Nippon Electric Glass Co., Ltd. manufactures a wide range of glass related products.  The Company's products include fluorescent light tubes, lenses for light-emitting diodes (LEDs), ceramic integrated circuits (IC) packages, bulbs for cathode ray tube (CRT) displays, and precision sheet glass for liquid crystal displays (LCDs).

Chengdu Santai Holding Group Co., Ltd. is a manufacturer and solutions provider in the security industry. The Company's products include QMS, note management systems, DVR, monitoring solutions, face identification, and fingerprint identification.

Wuhu Token Science Co., Ltd. researches, produces and sells vacuum thin film material for flat panel displays.  The Company's products are liquid crystal display conductive film glass, touch-screen conductive film glass, and mobile phone panel material.

Codan Limited develops rugged and electronics solutions for international government, corporate, NGO and consumer markets. The company's line of business includes provision of radio communications, metal detection and tracking solutions.

Shenzhen Topband Co., Ltd. researches, manufactures and markets electronic intelligent controllers for electric household appliances.

Lotte Energy Materials Corporation manufactures and distributes electric foils. The Company produces printed circuit board and lithium ion secondary batteries elecfoil, electrolytic and epoxy copper foil, electrolytic capacitor aluminum foil, and other related products. Lotte Energy Materials also offers energy and glass and window construction services.

Beijing Zhongke Sanhuan High-Tech Co., Ltd. develops and manufactures rare earth permanent magnetic materials and products.  The Company's main product is neodymium iron boron magnetic materials.

Beijing Zhong Ke San Huan Hi Tech (000970 CH)

Amano Corporation manufactures electric time recorders and information systems. The Company also produces time stamps and parking lot traffic and fee collection management systems.  The Company produces environment related systems such as dust collectors, air filters, and gas/water cleaning equipment.

Arlo Technologies, Inc. provides software solutions. The Company offers cloud-based platform with a variety of connected devices such as security cameras. Arlo Technologies serves customers in the United States.

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Arlo Technologies Inc (ARLO US)

ARLO: Inflection Point to Profitability, PT to $12

Our price target is now $12 from $10 after ARLO posted better than expected Q3 results on the heels of accelerated paid subscriber growth. ARLO...

BWS Financial Inc

ARLO: Captured Growth

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BWS Financial Inc

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