Smartkarma Daily Briefs

• PAR Technology (PAR US), a hospitality technology outfit, and TASK Group Holdings (TSK AU) have entered into a Scheme agreement. 
• PAR is offering A$0.81/share in cash, a 103% premium to last close; or a 50:50 cash/scrip option with an implied value of A$0.98/share, an 145% premium to undisturbed. 
• TASK’s board unanimously recommends the Scheme in the absence of a superior proposal. A Scheme meeting is expected be held in June.

• Globalwafers (6488 TT) is looking to raise up to US$870m in its upcoming global depository receipts (GDRs) offering.
• GlobalWafer recently announced its board’s resolution to issue between 36-45m new shares in the form of GDRs, with the use of proceeds geared towards purchasing of raw materials overseas.
• Similar to previous GDR listings, the deal is a long drawn out process with the firm required to jump through a number of board/shareholder/regulatory approval loops.

• Lianlian DigiTech (2104619D CH)  is a digital payment solution provider in China has filed for an IPO on the Hong Kong Stock Exchange.
• As per news media outlets, the company plans to raise US$500m to help enhance its technological capabilities and expand global operations.
• In this insight, we have discussed the company’s business model, key financials and the outlook on the company.

• GSAT is a telecom infrastructure provider with two core businesses: Mobile Satellite Services and spectrum holdings
• Despite progress and validation from companies like Apple and Qualcomm, the stock price does not reflect the value of the assets
• Recent developments, including partnerships and leadership changes, indicate a promising future for GSAT, despite past challenges and skepticism from institutional investors

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.

• Norbit ASA is a sensor technology company that focuses on niche applications, delivering high returns on invested capital.

• By developing tailored, mission-critical technology, Norbit builds strong client relationships with significant barriers to entry.

• Its shareholder-aligned management fosters an entrepreneurial culture and enables further growth through a decentralized operating model.

• Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.
• Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.
• Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December.

• The graph below shows the trend of capex, depreciation, OP and EBITDA. According to the Company, major capacity expansion capex has peaked out in FY24/3.
• While the peak in depreciation expense will come in FY25/3, the key takeaway here is that management has stuck to its guns and executed on its investment initiatives in the extended MTP targets to FY29/3 aiming to boost capacity for sales up 1.5x (see outline of capex plan on P4).
• Based on our follow-up interview, inventory consolidation at the intermediate distributor level, particularly for consumer electronics in the Greater China region, is still underway in the Jan-Mar quarter, a similar trend observed by global major Texas Instruments. 

• Asteria Corporation develops enterprise software that connects corporate information systems, cloud services, and hardware devices without coding (programming), enabling automated data exchange.
• In FY03/23, revenue increased 13.8% YoY. Revenue in the software business (excluding the design business) remained upbeat, growing 9.4% YoY, while revenue in the design business surged 39.8%.
• Asteria has announced a change in entities in its consolidated group due to sale of shares, as well as revisions to its consolidated earnings and year-end dividend forecasts for FY03/24.

• Carly Holdings Limited (ASX:CL8) operates a vehicle subscription business, which it launched in March 2019, leveraging existing operations, strategic relationships and technology.
• Car subscription allows business and retail customers to pay a single monthly fee to access a car for 30 days or more and is an alternative to purchasing or financing a vehicle.
• Continued fleet growth in the December half year drove strong subscription growth which accelerated further in January 2024 with a 12% increase in subscribers from December. 

1Spatial expects its FY24 results to be at least in line with our forecasts on revenue and EBITDA, driven by continued Enterprise strength, though higher rates and working capital swings affected PBT and net cash. Recent wins, including the €9m utility project, coupled with a robust pipeline and order book, underpin strong FY25 momentum. The transition to higher-margin recurring revenue models and rising SaaS adoption improved the sales mix. In the US, five new annual NG9-1-1 licences demonstrate execution by the new sales head, prompting a partner-led strategy to further accelerate demand. 1Streetworks is gaining traction after the UK Power Networks win and growing paid trial pipeline. Management believes expanding this flagship contract, leveraging efficiency and cost enhancements as a case study, could drive adoption across a potential £400m market opportunity.