Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Intel's EUR10 billion semiconductor plant in Germany faces delays due to budget battles over chips and batteries, impacting the nation's technology sector and economic growth.</li><li>Taiwan's luxury car market growth reflects its prosperous economy, while the country continues to prioritize a nuclear-free energy agenda despite increasing energy needs.</li><li>AI is revolutionizing nuclear energy production, enhancing efficiency and safety, leading to innovative developments in the industry and heightened global interest. StarLux Airlines is boosting Taiwan's role as a transit hub in Asia amidst evolving global dynamics.</li></ul>

Intel's EUR10 billion semiconductor plant in Germany faces delays due to budget battles over chips and batteries, impacting the nation's technology sector and economic growth.Taiwan's luxury car market growth reflects its prosperous economy, while the country continues to prioritize a nuclear-free energy agenda despite increasing energy needs.AI is revolutionizing nuclear energy production, enhancing efficiency and safety, leading to innovative developments in the industry and heightened global interest. StarLux Airlines is boosting Taiwan's role as a transit hub in Asia amidst evolving global dynamics.

Tech Supply Chain Tracker (01-Oct-2024): Intel's EUR10B plant stalls in Germany.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Low volatility investing has taken the mantle from Dividend yield as the top strategy during July</li>
<li><a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> are rated BUYs as their businesses show improvement.  </li>
<li>
<a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.
</li>
</ul>


Low volatility investing has taken the mantle from Dividend yield as the top strategy during July
BYD Electronics (285 HK) and Alibaba Group Holding (9988 HK) are rated BUYs as their businesses show improvement.  

Kingdee International Software (268 HK) is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.



BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>OneStream, the financial software maker and enterprise-focused technology company, set terms for its IPO and plans to raise ~$441M at the midpoint of the range at $18.00 per share.  </li>
<li>The company was backed by American global investment company KKR, D1 Capital Partners, Investment Group of Santa Barbara and Tiger Global Management.</li>
<li>The offering is attractively valued vs. peers given 30%+ growth rates at scale and cash flow generation. OneStream shares are expected to list on the Nasdaq next week.</li>
</ul>


OneStream, the financial software maker and enterprise-focused technology company, set terms for its IPO and plans to raise ~$441M at the midpoint of the range at $18.00 per share.  
The company was backed by American global investment company KKR, D1 Capital Partners, Investment Group of Santa Barbara and Tiger Global Management.
The offering is attractively valued vs. peers given 30%+ growth rates at scale and cash flow generation. OneStream shares are expected to list on the Nasdaq next week.


OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.</li><li>Over the last decade, AMZN, MSFT, and GOOGL have garnered outsized investor attention, in part due to their size, but equally due to each of their rapidly growing tech infrastructure businesses (AWS, Azure, and GCP, respectively).</li><li>Based on the capex commentary from all three exiting the December quarter, investors are hoping for early signs of business AI traction, but also bracing for greater clarity around the costs.</li></ul>

Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.Over the last decade, AMZN, MSFT, and GOOGL have garnered outsized investor attention, in part due to their size, but equally due to each of their rapidly growing tech infrastructure businesses (AWS, Azure, and GCP, respectively).Based on the capex commentary from all three exiting the December quarter, investors are hoping for early signs of business AI traction, but also bracing for greater clarity around the costs.

Cloud Infrastructure Monitor - Upcoming Earnings Season Marks a Crucial Point for Sector and AI

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>Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the high-end guidance.</li><li>However, both potential future performance and inherent risks were noted, which investors should closely observe.</li><li>A significant part of the discussion was centered on Oracle Cloud Infrastructure (OCI), tagged as the primary driver for the company's overall revenue acceleration.</li></ul>

Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the high-end guidance.However, both potential future performance and inherent risks were noted, which investors should closely observe.A significant part of the discussion was centered on Oracle Cloud Infrastructure (OCI), tagged as the primary driver for the company's overall revenue acceleration.

Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers

United States

Oracle Corporation supplies software for enterprise information management. The Company offers databases and relational servers, application development and decision support tools, and enterprise business applications. Oracle's software runs on network computers, personal digital assistants, set-top devices, PCs, workstations, minicomputers, mainframes, and massively parallel computers.

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Oracle Corp (ORCL US)

Tech Supply Chain Tracker (01-Oct-2024): Intel's EUR10B plant stalls in Germany.

Intel's semiconductor plant in Germany faces delay due to chip and battery budget battle, Taiwan's luxury car market thrives, AI boosts nuclear...

Tech Supply Chain Tracker

BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Low volatility investing is performing well in July. BYD Electronics has seen better Apple related and NEV sales and Alibaba is increasing some...

David Mudd

OneStream IPO Preview and Valuation Analysis: Modest Upside and Top-Tier Backers

OneStream, a KKR-backed financial software maker, plans to raise ~$441M in upcoming IPO. The IPO valuation looks attractive, and I see a modest...

Andrei Zakharov

Cloud Infrastructure Monitor - Upcoming Earnings Season Marks a Crucial Point for Sector and AI

Setting up to be a crucial quarter for the major cloud infrastructure providers and broader tech as investors focus on the cost/benefits of AI.

Water Tower Research

Oracle Corporation: How Long Will The Cloud Revenue Growth Last? - Major Drivers

Oracle Corporation had a strong performance in its third-quarter fiscal year 2024, with revenue in-line with expectations and EPS $0.02 above the...

Baptista Research

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