TMT/Internet

• BABA reported C4Q23 top line, non-GAAP operating profit and GAAP net income in-line, 3.8% and (71)% vs. our estimates. 
• The discrepancy between non-GAAP operating and GAAP net is due to restructuring charges;
• A few clients asked what it would take to be more positive on BABA. To us, grasp of its situation and alignment of the organization must happen first…

• Last November, Trend Micro Inc (4704 JP) announced a second change to Shareholder Return Policy in 9 months. Activist ValueAct had been pushing. This was their big win.
• I discussed, bullishly, in Trend Micro BIG Bonanza But Shareholder AND Balance Sheet Structure Matter. N225 Divs Get a Fillip. 
• Yesterday, with 2024 earnings, we got the promised special dividend and 2024 buyback, and in-line forecasts. No surprises. But the stock is down hard as yesterday’s hopium met today’s reason.

• Globalfoundries (GFS) reported Q423 revenues of $1.854 billion, marginally above the midpoint of the guidance range, down 12% YoY and essentially flat sequentially.
• Guided Q124 down 18% QoQ with Gross Margin set to fall from 29% to 23%
• SMIC will outspend GFS 10x in CapEx terms this year

• Fortinet Inc., a cybersecurity solutions provider, saw its total billings rise 8.5% to $1.9 billion in Q4 2023.
• This growth, which was driven by an increased focus on secure operations (ops), Secure Access Service Edge (SASE), and improved execution of its sales strategy, led to six deals in excess of $10 million across five industry verticals.
• Fortinet’s customer base comprised 76% of businesses in the Fortune 100, including nine of the top 10 technology companies and manufacturers and nine of the top 10 healthcare providers.

• This is our first report on Check Point Software, a multinational cybersecurity firm based in Tel Aviv.
• The company had a particularly strong fourth quarter in 2023, according to their recent earnings call.
• The company’s operating income for Q4 2023 was at $309 million, a 7% increase year-overyear, and their non-GAAP operating margin of 47% was quite stable.

• Palantir, a leading developer of data analytics software, showcased strong results in the fourth quarter of 2023.
• The firm reported $608 million in fourth-quarter revenue, which represents 20% YoY and 9% sequential growth.
• The substantial contribution came from the commercial business which surpassed $1 billion in revenue over the last twelve months, marking this figure as a noteworthy milestone.

• Cognizant Technology Solutions reported its fourth-quarter 2023 results during the earnings conference call.
• The company’s Q4 revenue stood at $4.8 billion, aligning with the guidance range provided in the last quarter, despite ongoing macroeconomic pressures.
• However, this represented a year-over-year decrease of 1.7%.

• Amkor Technology, Inc.’s Q4 2023 earnings call outlined a year of challenges due to macroeconomic headwinds, excess inventory, and geopolitical tensions, which led to an 8% decline in annual revenue.
• However, the firm also reported steady performance with Q4 revenue standing at $1.75 billion and full-year revenue at $6.5 billion.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• IRDM is facing a competitive challenge while undergoing an accounting change that could result in the stock, at minimum, staying near current levels for an extended period of time
• IRDM’s management has previously boasted how the Company does not face competition from broadband satellite service providers.  
• Starlink as a competitor into IRDM’s market has credible level of threat to IRDM’s ability to grow.

• Gartner announced positive results in the fourth quarter of 2023 and offered insights on future prospects.
• In terms of performance, Gartner demonstrated high single-digit growth in contract value during Q4, with revenue, EBITDA, adjusted EPS, and free cash flow surpassing expectations.
• Notably, the company weathered several disruptions in 2023 owing to macroeconomic conditions.

• Renesas Electronics (6723 JP), a supplier of advanced semiconductors, is offering Altium Ltd (ALU AU) shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.
• Back in June 2021, Altium rejected a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant Autodesk. This was discussed in Altium Ltd (ALU) Rebuffs Autodesk Offer
• This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.

• Will there be changes in April’s rebalancing? With two weeks left, two names are likely. Wonik IPS may be replaced by ISC Co Ltd, given a ₩150B market cap difference.
• In the previous rebalancing, constituent changes had a notable price impact. Despite a passive flow impact of +1.0x ADTV, HPSP and EO Technics saw about a 15% 3-day return.
• Wonik IPS is estimated to receive -4.0x ADTV, while ISC is expected to receive +1.0x ADTV. This is also quite similar to the previous rebalancing.

• Investment firms are using Ten East to diversify their personal portfolios.
• Business Breakdowns is a podcast series that explores the history, business models, and competitive advantages of different businesses.
• Todd Austin, CIO of Parnassus Investments, discusses Intel’s fall from its iconic status and the factors that contributed to it.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Altium Ltd (ALU AU) has entered a scheme implementation deed with Renesas Electronics (6723 JP) at A$68.50 per share, a 33.6% premium to the undisturbed price (14 February).
• The offer will close in 2H, requiring several approvals – FIRB, CFIUS, HSR Act clearance, German Ministry FDI, German Federal Cartel Office clearance, and Turkish Competition Authority.
• The offer price is attractive and 31% above the all-time high, lowering the chance of a competing proposal. At the last close, the gross spread is 3.8%.

• A semiconductor company sponsored by China International Capital Corp. Ltd. (CICC), one of the country’s top investment banks, has been fined over IPO application fraud, the China Securities Regulatory Commission (CSRC) said in a statement Friday.
• S2C Ltd., which specializes in electronic design automation, has been fined 4 million yuan ($563,095) for fraudulent activities in its attempt to list on Shanghai’s tech-heavy STAR Market.
• The move marks the CSRC’s latest effort to enforce strict information disclosure requirements and tough penalties for market violations under its registration-based IPO mechanism.

• TSMC: +16.6% ADR Premium, Still High After CNY Multi-Day Taiwan Market Close
• UMC: 1.3% ADR Premium, Still Historically High After CNY Break
• ChipMOS: +4.2% Premium, Very Rare & High Level, Not Sustainable

• Taiwan Market Surges in Post-CNY Catch-Up, TSMC a Top Gainer Locally
• Key Events Ahead: Nvidia Results Next Week, Key Taiwan Names Reporting
• Taiwan Dual-Listings Monitor: High Spreads to Persist After CNY Break 

• On 13 February, Ansarada Group Ltd (AND AU) entered a scheme implementation deed with Datasite. The offer price is A$2.50 per share, a 19.0% premium to the undisturbed price (12 February).
• The offer requires FIRB approval along with shareholder approval of the inter-conditional scheme and carve-out transaction. 
• The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread is 2.5%/8.3%.

• ON Semiconductor concluded the fourth quarter in 2023 with remarkable achievements depicted by its transformation and ability to mitigate headwinds in challenging market conditions.
• The quarter delivered non-GAAP gross margins of 46.7%, surpassing previous expectations.
• Though utilization shrank to 66%, the gross margin reflects significant structural adjustments made over the past three years.

• Immersion (IMMR) reached a licensing settlement with Meta Platforms (META) resulting in a payment of $17.5 million to IMMR
• The initial response to the announcement is likely due to investors’ high expectations based on META’s significant market capitalization and the anticipated scale of returns
• As a result of the cash received, we estimate IMMR to have approximately $6.20 per share in cash and securities, without consideration for fourth quarter of 2023

• Renesas Electronics (6723 JP) has entered a Scheme Implementation Agreement to acquire Altium Ltd (ALU AU) at A$68.5/share implying an equity value of A$9.1bn and an Enterprise Value of A$8.8bn.
• The offer price is a 33.6% premium to the last close and a larger premium to VWAPs ranging from 30 days to 180 days.
• There will be ad hoc inclusions to the S&P/ASX 100 Index and the S&P/ASX 200 (AS51 INDEX) on Altium Ltd (ALU AU)‘s last trading day (expected second half of 2024).

• Freee KK (4478 JP) reported 2QFY06/2024 results today. 2Q revenue increased 35.1% YoY, however, both revenue and operating losses fell below consensus estimates.
• As expected, upfront investment in selling and marketing and personnel expenses prior to the new invoicing system led to an increase in operating losses.
• However, these investments have helped the company acquire a large no. of corporate paying users and we expect losses to decline going forward.

Key points (machine generated)

• Daktronics Inc has improved its financial profile through operational upgrades and a recapitalization.
• As the industry standard in large screens and a market leader in scoreboards and programmable display solutions, Daktronics is in a strong position to benefit from increased adoption and upgrade cycles.
• Despite a recent stock price increase, investing in Daktronics is currently seen as very attractive, with potential for over 100% upside in the next few quarters.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Bharti Hexacom is looking to raise up to US$1bn in its upcoming India IPO.
• Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
• In this note, we talk about the not-so-positive aspects of the deal.

• Virtual room provider Ansarada Group Ltd (AND AU) has entered into a Scheme with Datasite, a leading global SaaS provider acquired by UK-based PE outfit CapVest Partners in 2020. 
• Datasite is offering A$2.50/share, in cash, a 19% premium to undisturbed and a lifetime high. 
• Apart from requiring Ansarada shareholder approval, the Scheme is conditional on FIRB and the carving out of certain assets to Ansarada’s CEO. This transaction should complete in early June.

• Zhejiang Taimei Medical Technology Co Ltd (1482194D CH) is looking to raise >US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are Morgan Stanley and CICC.
• Zhejiang Taimei Medical Technology (ZTMT) is a digital solution provider for the life sciences R&D and commercialization sector.
• As per the CIC report in the application proof, the firm was the largest digital solution provider for life sciences R&D and commercialization in China in terms of 2022 revenue.

• Douzone Bizon’s results turned around strongly in 2023. It had sales of 353.6 billion won (up 16.2% YoY) and operating profit of 68.4 billion won (up 50.4% YoY) in 2023.
• The company plans to release software platforms with artificial intelligence capable functions in 1Q 2024. 
• The sharp increase in the share price and market cap of Douzone Bizon raises the probability of the company being included in the KOSPI 200 rebalance in 2024.

• Bharti Hexacom is looking to raise up to US$1bn in its upcoming India IPO. 
• Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
• In this note, we talk about the positive aspects of the deal.

• The size of the quantum computing market depends on which source you consult and how it defines the market.
• The average CAGR is 29% for a billion-dollar market, hitting $4- 6 billion in 2030.
• Quantum computing is a new type of computing that uses the principles of quantum mechanics to solve problems that are too complex for traditional computers. 

Key points (machine generated)

• In 2008, Thistle933 successfully pitched Rightmove to investors despite a challenging real estate market.
• Rightmove’s business model, market position, and earnings power remained strong, leading to a compounded annual growth rate of 22% since the pitch.
• However, recent underperformance by Rightmove’s stock is attributed to competitor CoStar’s acquisition of OnTheMarket, resulting in a 15% decline in RMV’s stock and a lower five-year compounded annual growth rate of 2.5%.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)

• Gogo boasts a unique and extensive infrastructure, including over 250 ground-based towers, providing strong coverage and high-quality connectivity to private jet passengers.
• The company’s stock price has been undervalued due to concerns about competition from Starlink, execution issues with its 5G service, and investor perceptions associated with its divested commercial aviation business.
• However, Gogo is actively addressing these concerns and has a clear growth trajectory. As cash flows increase after completing investments in 5G and low-Earth orbit services, the stock could potentially triple in value by 2026. The company’s dominant market position and durable competitive advantages contribute to low downside risks.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• We believe that Arm is now valued as a “growth at any price” stock; with nearly half of SoftBank group’s equity value reliant on Arm, NAV downside risk is rising
• The risk of JPY appreciation is real, whilst SVF2 remains very exposed to financing costs, with 85% of its equity value in private companies
• Softbank shares trade at a 55%+ discount to the estimated NAV; yet the downside risks to Arm’s valuation, along with the potential JPY appreciation, should keep the discount wide

• The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
• SOUTHBOUND and NORTHBOUND flows net positive. AH premia on average rose so Hs underperformed As by 1.75%. Narrow premia pairs saw AH premia rise most.
• Watch the SOE stock price KPI space. Wouldn’t be short SOEs vs Privates on H/A basis. Low-hanging fruit with some SOEs having large cash balances.

• The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
• The index changes for HSTECH index for the March 2024 index rebal event will be announced on 16th February 2024. 
• In this insight, we take a final look at the expected index changes and our latest flow expectations.

• Silicon Motion reported results last week that beat consensus; Moreover, the company expects strong growth not just in 2024E, but also in 2025E.
• The company’s growth will significantly exceed PC and mobile phone market growth thanks to strong memory demand trends within these segments.
• The company sees NAND Flash in shortage into 2025E based on visibility into its client ecosystem. We continue to view SIMO as a next-wave play on the Memory recovery.

• A bad week for HK and Chinese shares. National Team buying seems lighter into the waning days of the Year of the Rabbit.
• Net SOUTHBOUND buying was HK$4.0bn in the shortened pre-holiday week.
• Remarkable this past week, again, was the tendency to net sell names which were down hard, and net buy names which have been performing well.

• ARM’s stock is up 110% YTD. We wrote about ARM a few months ago and reckoned that intrinsic value for ARM is a bit lower than the IPO price.
• In hindsight, it was perhaps a limitation of our imagination than anything else.
• We should have added the following in our analysis but did not: “Masa son understands capital markets.

• Ubiquiti (UI) reported fiscal second quarter (December) results showing sequential improvement in enterprise revenue while service provider remains a headwind for the business
• Ubiquiti introduced several products in the December quarter which started to gain customer traction. There could be momentum in the March quarter as customers become familiar with the new products
• The year over year revenue performance has been challenged with Ubiquiti lapping the initial customer enthusiasm about the Company having product in stock

• Gen Digital, like all businesses, experienced both ups and downs in its third quarter of 2024.
• Their fiscal year marked a tremendous opportunity for consumer cybersafety, with Genesis Digital consistently executing towards their goal.
• They reported cybersafety bookings growing to $1 billion, up by 4%, cybersafety revenue up 3%, and their 18th consecutive quarter of growth.

• In Q4 2023, Charter Communications witnessed a modest addition of 155,000 Internet customers and a notable increase of nearly 2.5 million Spectrum Mobile lines, boasting a growth close to 50%.
• Despite these figures, the company’s revenue uplift was a meager 1%, with EBITDA inching up by just 1.3%—a figure that barely reaches 2.5% even when advertising dollars are set aside.
• The endeavor to expand its Internet business within its current territory was met with significant hurdles, largely due to the relentless pressure from fixed wireless and wireline overbuild activities.

• Taiyo Pacific Partners took the original parent company (Roland Corp (7944 JP) of Roland DG Corp (6789 JP) private in 2014. It was re-listed in 2020. 
• Roland DG is one of the world’s leading large format digital printer manufacturers. They also make some interesting medical devices and systemic tools, and 3D milling/printing/engraving/photo impact machines.
• This TOB is at a 30.1% premium. Almost a 10yr high. But it is not expensive. And even if TPP has 20%, there is a LOT of float left over.

• SCREEN Holdings (7735 JP) could be added to a global index at the end of the month and there will be a lot of buying in the stock.
• There is a fair bit of positioning for the potential passive buying and there will be supply in the stock.
• However, the stock trades cheaper than its peers and a correction could provide an opportunity for long-term investors to enter the stock.

• We believe the current AI-driven rally has a long way to run. Market mania tops are characterized by excessive froth, which is not in evidence today.
• In the short run, price momentum in technology stocks is faltering, and these stocks can pull back at any time.
• We would regard any pullback in these stocks as a buying opportunity.

• The latest earnings call transcript for Broadridge Financial Solutions reveals steady growth and a positive fiscal year outlook.
• Broadridge achieved impressive Q2 results, with healthy organic growth across both segments aligning with their long-term goals.
• Strong fund position growth and mid-single-digit equity position growth contributed to their financial performance.

Key points (machine generated)

• Weave Communications is a SaaS business that offers communications software for specific vertical markets like dentists, veterinarians, optometrists, and small medical practices.
• The company has shown impressive growth at a rate of 20% and is on the precipice of becoming profitable.
• Weave is currently undervalued, trading at only 2x sales, despite its promising performance and potential for profitability. 

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Both SMIC & Hua Hong reported Q423 earnings in line with expectations and both guided Q124 flat to slightly down. SMIC expects FY24 mid single digit growth YoY.
• The downturn has exposed inherent weakness in China’s Semi Foundry segment relative to peers as exemplified by the significant GM disparity
• China’s two leading semi foundries have ~80% domestic dependence. Right now, that’s a headwind

• There will be a bunch of rebalance announcements towards the start and at the end of the coming week. This includes the HSI, HSCEI, HSTECH, HSCI, HSIII and global indices.
• The review period for the March rebalance of the S&P/ASX 200 and related indices ends on 16 February. The announcement of the changes will come couple of weeks later.
• There were HUGE inflows to mainland China ETFs for yet another week as Central Huijin indicated that they would continue to buy/create ETFs units.

• Microchip Technology, a leading provider of microcontroller and analogue semiconductors, reported its third quarter 2024 financial results which were below expectations as net sales dropped 21.7% sequentially and 18.6% year-over-year due to increased business uncertainty, slowing economic activity, and higher inventory levels among customers.
• Despite a challenging environment, the company’s non-GAAP gross and operating margins showed some resilience at 63.8% and 41.2% respectively.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2024 index review.
• I expect one change for ASX 20, one change for ASX 100, and five changes for ASX 200 including a surprise deletion due to long term suspension of a stock.
• The official index changes will be announced after the close on Friday 1st March 2024.

• Meta delivered a spectacular Q4 FY 2023 Earnings and the company has managed to achieve substantial growth in the past year.
• With more than 3.1 billion users engaging with at least one of Meta’s applications daily, the immense usage indicates the key role that the company plays in shaping online social interactions and connectivity globally.
• A notable highlight of Meta’s 2023 performance was its increased revenue growth, showing remarkable financial strength.

• The Q1 results of PTC were promising, marking a good start to fiscal 2024.
• The firm demonstrated robust financial results and the smooth execution of the CEO succession process.
• The company’s Chief Executive Officer, Jim Heppelmann, expressed his confidence in the incoming CEO, Neil Barua, who has shown a deep understanding of the PTC business model and possesses the complete trust of the executive team.

• Qorvo, the American semiconductor company, in its Q3 earnings call of fiscal 2024, discussed its financial performance and future outlook.
• Even during challenging times, the company delivered improved financial results.
• Qorvo demonstrated resilience through robust sales figures and significant income for the period.

• According to the latest Q1 earnings, Apple Inc.
• showcased an upward trajectory with revenue reaching $119.6 billion for the December quarter – a 2% increase from a year ago.
• The electronics giant reached revenue records in more than two dozen countries and regions, with substantial growth in many emerging markets.

• Amazon.com reported bullish Q4 2023 financial results.
• Revenue stood at $170 billion, indicating an upsurge of 13% year-over-year, barring the impact of foreign exchange rates.
• Operating income hiked up to $13.2 billion, showing a YoY growth of 383% or a surge of $10.5 billion.

Softbank Group’s (SBG) Q3/23-24 results were positive as expected, with decent investment gains, a significant increase in NAV, along with stable and healthy LTV. The development came on the back of strong equity markets, at least in the US. Conversely, portfolio diversification has worsened severely. SBG intends to maintain share buybacks while actively making investments.

Key points (machine generated)

• STMicroelectronics, originally named SGS Microelettronica, was founded in 1977. Carlo Bozotti started working at the company and eventually became its CEO.
• Bozotti implemented a restructuring plan during his tenure to enhance financial performance and concentrate on core businesses.
• Under Bozotti’s leadership, STMicroelectronics made strategic acquisitions and divestments to solidify its position in the semiconductor market. The company is now renowned for its analog and power semiconductor products.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Nearly US$37bn has flowed into mainland China listed ETFs since 2 January and could be driven by the National Team supporting the market. Central Huijin has announced their ETF buying.
• Most of the inflows have been focused on large cap indices including CSI 300, SSE50, CSI 500, CSI 1000, ChiNext, STAR50 and Chinext50 indices.
• While the inflows were initially focused on the CSI 300, there has been a diversification recently with big inflows to the SSE50, CSI 500, CSI 1000 and ChiNext indices.

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
• In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in June 2024.
• There could be up to four changes in the KOSPI 200 index in the run up to the June 2024 index rebal event including an intra-review fast entry change.

• Alibaba reported a largely in-line December quarter as lower take rate and widened loss from international commerce businesses resulted in pressured bottom line.
• The results also suggest a persisting pattern of China consumers trading down, which – along with the company’s ongoing internal overhaul – will continue to be headwind in 1H24.
• That said, we see increase of US$25 billion share repurchase program and dividend policy to well support share price at current valuation. 

• The 1Q24F outlook is still showing a decline, with a slightly increase in revenue of 2% QoQ. However, the GM is expected to decrease to 9-11% from 16.4% in 4Q23.
• Management predicts that there will be a double U-shaped recovery in 2024F. Revenue in 2024F is expected to grow annually by mid-single-digit.
• The main areas of growth for SMIC in 2024F will be in mobile phones, smart homes, IoT, and computing.

• Paytm Payments Bank faces regulatory scrutiny and compliance challenges, impacting its trajectory and profitability amid ongoing supervisory action by the RBI.
• With significant restrictions on operations and revenue streams, Paytm navigates a complex financial landscape, highlighting resilience amidst regulatory uncertainties and governance concerns.
• Despite proactive measures, including partnership diversification and service continuity, Paytm’s future hinges on addressing compliance lapses and fostering transparent governance to regain trust in the fintech sector.

• One of the biggest risks facing Kakao Games is nearly 500 billion won that it may need to pay to investors that exercise their put options on CB.
• The full exercise of the put options on CBs (500 billion won) could represent nearly 24% of Kakao Games’ market cap at current prices. 
• The worst case for Kakao Games would be for the company to pay nearly 500 billion won at once by the end of March. 

• The world does not need another opinion on the Vision Pro, the Apple mixed reality device whose launch coincided with Meta earnings, but I will share mine so I can understand my thought process in the future.
• I have the right to be wrong. The revenue share of Meta’s FRL is so small it might seem redundant to give it so much limelight.
• But, directionally, it’s an important category for the company. With a launch of this scale, the hyperbole and sensationalism rhyme with things we’ve seen in decades past.

• In the fourth quarter of 2023, Teradyne, a provider of computer-controlled configurations, and collaborative robots, reported financial results in line with its guidance.
• The company highlighted strong performance in the Memory Test sector, which saw the double year-over-year revenue from DRAM testers due to HBM demand, and in the Industrial Automation marketplace.
• Additionally, Teradyne experienced robust growth sequentially in sales from its Robotics team, as it elevated shipments to meet the record backlog of its UR20 Cobot at Universal Robots.

• This is our first report on one of the fastest growing high-performance server and storage solutions providers, Super Micro Computer Inc.
• The company reported a record-breaking fiscal second quarter performance for 2024, with a revenue of $3.66 billion and an earnings per share of $5.59, marking a 103% increase from last year.
• This is the first time the company has crossed the $3 billion mark in quarterly revenue, which surpassed even the total annual revenue collected in 2021.

• Celestica Inc hosted its fourth-quarter 2022 earnings call recently, reporting a positive Q4 and expressing optimism for the future.
• The company achieved revenue of $2.14 billion and a Non-IFRS adjusted EPS of $0.76, marking an increase from the previous year and surpassing its guidance range, driven by the continued strength in the company’s CCS segment backed by its hyperscaler portfolio.
• In contrast, the ATS segment reported a slight decrease year-over-year due to a slowdown in demand in the industrial business and sustained demand headwinds in the capital equipment business, partially offset by growth in the A&D business.

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
• KOSPI 200 is also used as the underlying index for various financial products such as ETPs, ELS, index funds, and futures/options.
• In this insight, we take a brief look at the index selection methodology and the historical price and volume performance of KOSPI 200 index rebalance baskets.

• Despite upping the FY24 guidance in the prior quarter (Q2FY24), KPIT is confident of beating even the raised guidance, led by strong Q3FY24 performance and an upbeat outlook.
• Despite accelerated revenue in H1FY24 from the Honda engagement, Q3FY24 saw robust revenue growth of 4.3% QoQ in CC terms. EBITDA margin expanded to 20.6% vs 20% QoQ. 
• KPIT’s new venture, Qorix, is coming along well and could prove to be transformative. This could enable KPIT to become a product company, alongside being a high-growth service company.

• KLA Corporation saw a revenue of nearly $9.7 billion in 2023, marking a decrease of 8% compared to the previous year.
• Despite less leading-edge investment in both logic and memory, legacy node customers and the semiconductor infrastructure assisted in exceeding the initially projected revenue.
• Business segments such as automotive, specialty semiconductor process equipment, and infrastructure for wafer and mass manufactures experienced growth in 2023.

• While not exactly Meta-like twists and turns, Spotify’s rise from the ashes of late 2022 perhaps slipped through many investors’ mind.
• The stock was at ~$70 in December, 2022. Today, it closed at $232.
• Before I get to my highlights from today’s call, let me first mention that I am no longer a shareholder of Spotify as I sold my shares today at $243

• Readthrough: Automotive Applications End-Demand — China Market Soft But Touch and Dimming Technology is Expanding
• Readthrough: Panel Makers Constraining Supply in 1Q24 to Protect Pricing
• Readthrough: Customers Are Restocking Notebooks in 1Q24E, PC Replacement Cycle is Coming

• In the fourth quarter of 2023, Intel managed to display consistent progress towards its Integrated Device Manufacturer (IDM) 2.0 transformation.
• This implied effective execution of its strategy to reestablish process leadership and fostering product execution.
• Revenue exceeded expectations for the fourth consecutive quarter due to the company’s focus on driving operating leverage and managing expenses, thereby meeting the cost savings commitment for fiscal year 2023.

• Visa Inc.
• has had a solid start to fiscal year 2024, reporting in their latest earnings call a first quarter year-on-year increase in payments volume by 8%.
• Key themes have included consistently providing excellent service to customers, seeking new partnerships, delivering innovative solutions and exploring new ways to amplify their brand to support their partners.

• During 2023, T-Mobile added over 3.1 million postpaid phone net additions, driven by the highest postpaid phone gross additions in the company’s history.
• As a result, they achieved their highest share of postpaid phone net additions within the industry as a whole.
• A high point was reached in Q4, with 934,000 postpaid phone net additions, representing the highest in the industry by a wide margin.

• In the latest earnings, Western Digital confident of its portfolio strategy given its significant outperformance across Flash and HDD businesses.
• The company reported revenue of $3 billion, a non-GAAP gross margin of 15.5%, and a non-GAAP loss per share of $0.69.
• These numbers met or exceeded the guidance range provided in October.

• The sales emphasis A10 Networks (ATEN) started to put on winning enterprise customers proved as the enabler for the Company posting sequential growth in the fourth quarter of 2023
• ATEN reported results missing our expectations with North American service providers continuing to delay their spending plans.
• The customer mix has changed in recent quarters. ATEN is no longer generating two-thirds of its revenue from service providers. In the fourth quarter the figure was 58.4 percent