TMT/Internet

• Every year it’s the same trade. This year it is Thursday and Friday. There is some funkiness to Monday too.
• There is meaningful directional buying on one day, which then kind of gets stretched a bit. This year, circumstances suggest high confidence buying should be at the top end.
• This year, because circumstances, I expect the trade is a lot larger than last year. I’d say ¥1.6trln. 

• Rightmove PLC (RMV LN), UK’s largest real estate portal, has twice rejected REA Group Ltd (REA AU) cash/scrip non-binding Offers this month.
• REA has upped terms to 341 pence + 0.0422 new REA shares per Rightmove share, or 770p/share, a 39% premium. If completed, Rightmove’s shareholders would own ~20.1% of the MergeCo.
• Thrice rejected? I think Rightmove should engage. REA also has until the 30th September to make a formal Offer. Or walk away.

• The new 100% mandatory tender offer rule could push buyers to lower premiums for major shareholders, potentially increasing hostile takeover attempts as costs get shared with minority shareholders.
• It looks like MBK is eyeing this situation as a chance to redefine their strategy. This really shows how serious MBK is about the Korea Zinc deal.
• Watch for top-tier assets available via hostile takeovers, particularly companies like SK Inc and Lotte Corp, where low shareholder stakes may lead to management conflicts.

• Sino American Silicon Products (5483 TT) is looking to raise US$287m in its GDRs offering. Proceeds will be used to purchase overseas raw materials, repay bank loans and purchase machinery.
• Similar to previous GDR listings, the deal has had a long drawn out approval process. Thus, the deal is a very well flagged one.
• The deal is a relatively large one to digest at 15.7 days of the stock’s three month ADV.

• The conglomerate sector continues to show momentum in Hong Kong while the materials and energy sectors lag
• Weibo (9898 HK)Weibo Corp (WB US) was rated a BUY as valuations and potential catalysts from parent Alibaba Group Holding (9988 HK) could support a higher stock price.
• China East Education (667 HK) was upgraded to BUY with higher higher price target due to profit increase. Dongfang Electric (1072 HK) was initiated with a BUY with strong upside.

• The Board of Rightmove PLC (RMV LN) will consider REA Group Ltd (REA AU)‘s third proposal (implied value of 770p/share, 39% premium, 20.4x EV/NTM EBITDA, 28x Fwd P/E).
• Using 21.3x NTM EBITDA (comps) would indicate fair value of 805p, 4.5% increase to  current offer, implying 29.3x P/E, although proforma leverage would increase to 3.6x.
• REA has not stated that the offer is final. Rightmove investors and Board may require further persuasion, as the implied probability of deal success is just 58%.

• The semiconductor industry is buzzing with news that Qualcomm, the world leader in smartphone chipsets and wireless technology patents, has approached Intel about a potential acquisition.
• The Wall Street Journal recently reported on this development, signaling Qualcomm’s ambition to expand beyond its mobile chipset dominance and deepen its reach into the PC and server markets.
• While the deal remains uncertain and could face significant regulatory hurdles, this move could be transformative for Qualcomm.

• Taiwan’s energy policy is challenged by EU pressure on localizing offshore wind, hindering progress in renewable energy development.
• Recycling technology is repurposing electronic waste components like substrates and circuit boards, reducing environmental impact and promoting sustainability.
• Google implements DataGemma to improve accuracy in their hallucination-proofing LLM system, using Data Commons for enhanced performance.

• Maximus, a global leader known for managing government programs, recently delivered robust financial results for its fiscal 2024 third quarter.
• The company showed notable organic growth and revenue expansion across its diversified segments, with total revenue reaching $1.31 billion, marking a 10.6% year-over-year increase.
• This growth was driven mainly by the U.S. Federal Services segment, which achieved a significant 17.0% revenue increase primarily through expanded clinical programs.

• ExlService Holdings, Inc. has delivered a robust performance in the second quarter of 2024, continuing its upward trajectory in the data and artificial intelligence (AI) sectors, an area where the company has been increasingly focusing its resources.
• The company reported a revenue of $448 million, marking an 11% increase year-over-year, and an adjusted earnings per share (EPS) rise of 11% to $0.40.
• This growth was predominantly propelled by high demand in its Analytics and Digital Operations & Solutions segments.

• We anticipate that the upcoming 4Q24 will likely see a ~10% quarter-over-quarter (QoQ) upside.
• Among TSMC’s top clients are companies from the US, Taiwan, and Japan.
• Recently, we have heard that TSMC is reducing wafer quotations by about ~10% for 28nm and below, in order to adapt to the current environment.

• PKSHA is an AI company. It was before this year, and got a boost this past spring. The stock price rose 60% in two weeks in February and March 2024.
• Then it fell more than 50%. Back to late 2023 levels. High growth, growing into its valuations. Now moving to TSE Prime this week, TOPIX next month. 
• Impact in days of ADV is lower than impact in Real World Float metrics. There are lots of day-traders. This probably has legs.

• SAMR would draw out review process for too long for a deal to be approved
• Intel faces an existential crisis and even the new Foundry division has issues
• A theoretical deal would have little financial synergy and destroy Qualcomm’s gross margins

• 12 days ago, Janaghan Jeyakumar, CFA published his September version of TOPIX Inclusions: Who Is Ready (September 2024). His chosen name was CELSYS (3663 JP), a long-time TSE-Prime inclusion bet. 
• This week on the 18th, they announced they were going to enter TSE Prime on 25 September. This was a somewhat well-known known. They were interested and had been. 
• The stock popped 15% the next day. It’s a small cap, but there is a lot of float.

• The outlook for 4Q24 appears somewhat bearish at the moment, though it has not been fully defined before the end of October.
• Taiwanese companies such as MediaTek Inc (2454 TT), Novatek Microelectronics Corp (3034 TT) and Realtek Semiconductor (2379 TT) continue to be the main drivers of demand for UMC.
• On a positive note, there are warnings against overly relying on chips from Chinese manufacturers due to US sanctions.

• SMIC’s revenue might be looking at around US$2bn in 4Q24 and it’s a bit reduction of GM from 3Q24 because of the seasonality at the year end.
• Since around 2019, US was putting an sanction on China, no matter how the argument is true.
• SMIC continued delivering 7nm chips, and even the 5nm chips could be further delivered using a similar method, although the yield rate may be a concern.

• Qualcomm Eyes Bold, Friendly Intel Acquisition Amid Intel’s Existential Crisis
• Global Semi Sales Strength Continues In July. How Long Can It Last? 
• Asustek Soars, Uniquely Making Fresh 52-Week Highs Within PC Makers

• Welcome to Consumer Tales & Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.
• Sea (SE US) owned Shopee has partnered with YouTube to drive GMV growth and resist  competition with TikTok, which has strengthened its regional presence through its stake in Tokopedia,
• India’s strong shopping appetite was reflected in robust gold purchases in August and high demand for the iPhone 16 launched last week.

• Declining customer retention rate indicates that a slowdown in future revenue growth seems inevitable. If revenue growth stagnates, it means Taimei’s business model hasn’t been fully validated by the market.
• Taimei’s IPO on SSE STAR Market was rejected. This means regulatory authorities don’t recognize Taimei’s core technology/performance prospects. Taimei has to take a step back and list on the HKEX.
• Post-Investment valuation reached RMB8.1 billion after Series F financing. However, considering the continuous decline in valuation of its peers, we are concerned about Taimei’s future stock price performance after IPO.

• Apple (AAPL US) will initially use Novatek’s DDIC (Display Driver IC) for the iPhone 16, but it will soon being replaced largely.
• In 4Q24, there is a possibility of experiencing a decline, with a potential quarter-over-quarter decrease of approximately 5-10%.
• The Chinese panel market continues to be a key battleground, and Novatek must navigate these challenges to remain competitive.

• The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
• The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
• In this insight, we have presented our updated rankings for Potential ADDs and DELs for the upcoming index rebal event in December 2024.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments: K Bank (279570 KS) has launched an IPO to raise up to US$734 million.
• Event-Driven developments: Fuji Soft Inc (9749 JP), Elan Corp (6099 JP), Trancom Co Ltd (9058 JP), Seven & I Holdings (3382 JP), China Traditional Chinese Medicine (570 HK). 

• TSMC: +17.5% Premium; Recent Trading Back in the 15-20% Range
• UMC: -0.3% Discount; Middle of the Range, Rising Short Interest in Taiwan
• ASE: +2.2% Premium; Spiking Short Interest in Taiwan Listed Shares

• MKS Instruments demonstrated robust financial management and strategic positioning in its second-quarter results for the fiscal year 2024.
• With a reported revenue of $887 million, the company performed at the high end of its guidance, supported by an earnings per share (EPS) of $1.53—a figure that not only exceeded their projected high but also included the positive impact of reduced interest expenses from recent financial maneuvers.
• 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.

• Yesterday, KKR amended its plans to take over Fuji Soft Inc (9749 JP) by creating a Two-Tender Scheme, effectively lowering the threshold for eventual success through clearly coercive tactics.
• 3D (23.46%) and Farallon (9.22%) had already tendered. Contractual terms make it difficult (not impossible) to withdraw. Assuming it goes through, KKR has 32.68%, quasi-negative control. 
• This revised structure is clearly abusive of minorities and NOT the deal Fuji Soft signed. This should cause Fuji Soft to Change their Opinion. Shareholder (and Bain) Pressure would help.

• Japan System Techniques Co., Ltd. (hereafter, JAST or the Company) is an independent system integrator that celebrated its 50th anniversary in March 2023.
• The Company develops systems for customers across a wide range of industries in a variety of fields, including finance, manufacturing, distribution, services, public services, telecommunications, transportation, and science and technology.
• It also offers four in-house JAST branded services, including the GAKUEN series of strategic university management systems for the education industry as well as the BankNeo integrated information system for financial institutions. 

• Samsung unlikely to follow Intel in spinning off its foundry business, focusing on their own semiconductor production.
• Marvell co-founder Sehat Sutardja passes away, leaving a void in the semiconductor industry mourning the loss of a visionary.
• HTC launches VIVE Focus Vision with advanced XR features for gamers and enterprises, aiming to capture a niche market.

• WEX’s Q2 2024 results present a mixed bag of performance and outlooks reflecting challenges alongside achievements.
• The company registered a record quarterly revenue of $673 million, an 8% year-over-year increase, attributable to growth across all three segments.
• Adjusted net income per diluted share was $3.91, marking an 8% climb from the previous year.

• KKR has rejigged its Fuji Soft Inc (9749 JP) tender offer into a two-stage offer at an unchanged JPY8,800 price. The first stage has no minimum acceptance condition. 
• The first stage is designed to facilitate KKR’s acquisition of 3D and Farallon shares, which have tendered and will not withdraw their tenders without KKR’s consent.
• By securing 3D/Farallon’s shares, KKR has effectively blocked a Bain tender offer. Bain could launch a partial offer but it would be constrained by the tradeable share ratio criteria.   

• DCM Investments is looking to raise US$484m via selling its remaining stake in Kuaishou Technology (1024 HK).
• While the current block deal isn’t entirely well flagged per se, it appears that DCM has since been trimming its stake on the open market.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Hexaware Technologies (HEXW IN)  is looking to raise about US$1.2bn in its upcoming India IPO. The deal will be run by JPM, Kotak, HSBC, IIFL Securities and Citi.
• Hexaware Technologies is a global digital and technology services company delivering innovative solutions that help customers in their digital transformation journey and subsequent operations, as per the company.
• Its offerings encompass five services, namely Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Services.

• It’s an exciting time when your favorite semiconductor CEO comes out of “retirement” to return as a CEO.
• Mine is personally Ford Tamer, who drove Inphi to ship the best DSP in the market against much larger competitors at a much faster pace.
• In my opinion, Inphi was almost a miracle story in semiconductors. It was a literal David versus Goliath, and the man who led the team was Ford.

• Three areas seeing strong innovation growth in online technologies are identity resolution methods, real-time data collection & personalization technologies and solutions to ensure data compliance and governance. 
• Celebrus Technologies (CLBS LN) is a micro-cap stock focused on the above areas and excels in real-time first-party data collection where data compliance and governance are critical.
• Celebrus’ small size and unique expertise in some areas of data privacy and real-time customer engagement makes it a acquisition target for larger MarTech and/or analytics companies.

• In FY03/24, revenue was JPY1.2bn (+7.6% YoY), operating loss was JPY604mn (vs operating loss of JPY557mn in FY03/23), recurring loss was JPY601mn (vs recurring loss of JPY547mn in FY03/23), and net loss attributable to owners of the parent was JPY643mn (vs net loss of JPY550mn in FY03/23). In the Laser Device business, revenue from DFB lasers for semiconductor wafer inspection equipment and micromachining equipment grew, as did revenue from prototypes for mass production using quantum dot lasers.
• In the Visual Information Display business, sales of RETISSA MEOCHECK to medical institutions expanded. On the profit front, the operating loss increased due to inventory write-downs of JPY28mn in the Laser Device business and JPY57mn in the Visual Information Device business.
• For FY03/25, the company forecasts revenue of JPY1.2bn (-0.2% YoY), operating loss of JPY589mn (vs operating loss of JPY604mn in FY03/24), recurring loss of JPY592mn (vs recurring loss of JPY601mn in FY03/24), and net loss attributable to owners of the parent of JPY596mn (vs net loss of JPY643mn in FY03/24). The company anticipates a tenth consecutive year of operating profit in its Laser Device business thanks to growing adoption.

• Rapid growth in tech and demand for personalized medicine drives need for efficient healthcare solutions.
• Samsung faces threat as trifold race loss jeopardizes smartphone market lead.
• ViewSonic’s AI technology displays target education and business markets with innovative solutions. Samsung diversifies global mobile phone production while Chinese MacBook case supplier faces quality issues.

• TSMC’s U.S. Production Strategy Achieves Major Milestone – Begins Production of Apple A16 Chips in Arizona
• Reports of Apple’s Disappointing Initial iPhone 16 Sales Data; Key Taiwan Suppliers Top Losers Recently
• Samsung Falling Behind TSMC – New Report of Low Yields Continuing to Plague Samsung’s 3nm AI Processors

• Explosive pagers linked to Hezbollah attacks spark controversy for a Taiwanese brand.
• Not just Lebanon – today it was reported that the South Korean military removed Chinese-made CCTV cameras after secret backdoors were detected.
• A counter-intuitive conclusion: Despite recent news, is the trend ultimately positive for Taiwanese tech hardware makers?

• The new transformer model requires significant amount of inference and multilevel reasoning
• The demand for inference compute is skyrocketing, surpassing current silicon architecture capabilities
• OpenAI’s new model showcases the future potential of AI, but also highlights the gap in semiconductor architectures and computing infrastructure

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

• Beijing Fourth Paradigm Technology (6682 HK) was listed in Hong Kong on 28th Sept 2023 after raising US$130m. Its one-year lockup will expire on 27th Sept 2024.
• Beijing Fourth Paradigm is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
• In this note, we will talk about the lock-up dynamics and updates since our last note.

• Delivery workers would like to pay to save their time.
• Retailers would also like to pay for return delivery to raise their service quality.
• However, product buyers have to pay, but would not like to pay the delay fee.

• Gold Apollo denies involvement in Lebanon pager explosions, while Taiwan’s MOEA confirms pager assembly happening in Taiwan.
• Taiwan’s wafer foundry industry set to grow in 3Q 2024; can new orders and cost reductions drive Intel’s recovery?
• E Ink Prism technology revolutionizing automotive and consumer electronics;CATL looking to expand in solar-storage market.

• UL Solutions reported a strong performance in the second quarter of 2024, marking a continuation of growth across all segments and geographies.
• This performance included an 8.4% increase in organic growth, resulting in $730 million in revenue.
• The company benefited significantly from high demand in its Industrial segment and saw positive trends in its Consumer and Software & Advisory segments.

• Reddit’s second quarter 2024 earnings reflect a company in the midst of scaling its user base and revenue streams, with notable strides in technological advancements and international expansion.
• The discourse during the call highlighted that Reddit, under the leadership of CEO Steve Huffman and COO Jen Wong, continues to push aggressively on growth, particularly through enhancements in user experience and advertising efficacy.
• 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.

• RaaS Research is initiating coverage of vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) with a DCF derived valuation of $0.82/share, representing potential capital upside of 44% from the current share price.
• SMN delivered its maiden EBITDA profit in FY24 and we expect the company to maintain profitability into FY25 while bringing key new products to market.
• A likely decline in contract manufacturing revenues to make way for higher margin own brand products should have a positive impact on group gross margins going forward, adding to the earnings leverage from expected revenue growth (management have forecast 25% revenue growth in FY25).

discoverIE’s first capital markets day (CMD) in six years was an opportunity for the group to recap how via its buy-and-build strategy it has successfully grown the company from a market cap of £25m in 2009 to £592m today, while transforming the business from an electronics distributor to a pure-play specialist electronics design and manufacture company. Management also outlined how it expects to drive future growth and profitability. New at the CMD was the announcement of an additional target market, security. As the group has matured, it has put in place structures and processes to maximise revenue opportunities and optimise profitability and cash flow, while retaining the group’s essential DNA.

• US DoD & AWS deals are little more than distractions from the main event
• Making Intel Foundry a subsidiary won’t make one whit of a difference but may just be the next step in its eventual spin-off
• The core issue, the GM collapse in Q224, was not addressed in the BM update from the CEO. That’s a problem. 

• Oracle Corporation’s Q1 FY 2025 results demonstrated a robust performance, underscored by significant revenue growth and strategic expansions in their cloud offerings.
• The total revenue for the quarter was $13.3 billion, marking an 8% year-over-year increase.
• Cloud revenue was a standout with SaaS and IaaS generating $5.6 billion, reflecting a 22% increase.

• Samsung Electronics (005930 KS) is a leading beneficiary of the recovery in global Smartphone demand, and strength in Memory prices, driven by the proliferation of Gen AI demand.
• Global Memory prices have recovered by up to +80%y/y driven by demand from hyperscaler customers for leading-technology DDR5, HBM, and other high-value-added memory products.
• Samsung Electronics trades more than one standard deviation below its 5-year historic average trading range, a historically proved to be an excellent buying point.

• Adobe’s third-quarter fiscal year 2024 performance highlighted a strong trajectory, with substantial year-over-year revenue growth and positive developments across its major product lines.
• Revenue stood at $5.41 billion, marking an 11% increase from the previous year.
• This growth was fueled by the consistent strength in Creative Cloud, Document Cloud, and Experience Cloud.

• On August 7, 2024, Tokyo Communications Group, Inc. (hereafter, the “Company”) announced its 1H FY2024/12 financial results.
• Net sales fell 7.3% YoY to ¥2,771 mn, EBITDA was in the red with a loss of ¥16 mn (versus a positive EBITDA of ¥132 mn in 1H FY2023/12), and operating loss was at ¥211 mn, coming in worse than the ¥30 mn loss recorded in 1H FY2023/12.
• Ordinary losses increased from ¥56 mn to ¥88 mn, and 1H net loss expanded from¥87 mn to ¥158 mn.

• Alibaba’s Taobao and Tmall apps decide to accept WeChat Pay, the online payment way from Tencent.
• JD announced that it will raise employee salaries up to 20 months within two years.
• Hive Box, the market dominator of parcel locker in China, submitted its IPO proposal.

• Intel Corporation, once the unchallenged leader in the semiconductor space, has recently found itself in a precarious position.
• With its stock prices plummeting and revenues falling, Intel is struggling to regain its footing in a market dominated by foreign giants like TSMC and Samsung.
• The U.S. government, through multiple initiatives and significant financial commitments, has stepped in to rescue the beleaguered company, seeing it as crucial to both national security and economic competitiveness.

• Microsoft today announced a major Copilot update, called “Wave 2”, introducing a new collaborative interface and enhanced Copilot capabilities across all major Office apps.
• Copilot continues to gain momentum with large corporations, as Microsoft announced today that Vodafone has adopted it for 68,000 employees.
• We remain Structurally Long PC Makers – We continue to believe Microsoft’s Copilot will drive PC upgrades as users recognize the productivity benefits of faster ‘AI PCs’. 

• European EV market divided with luxury segment growing rapidly but mass market stagnating, reflecting consumer preferences.
• Tata announcing construction of two new fabs in India highlights increasing investment in semiconductor manufacturing in the country.
• Samsung Display preparing to supply Apple with foldable displays in 2024 showcases the competition and advancements in tech industry.

• Squarespace, a leading platform in website design and digital services, has attracted attention from private equity firm Permira with a revised buyout bid of $46.50 per share, valuing the deal at $7.2 billion.
• While this offer comes after concerns from proxy advisory firm ISS that the initial sale process undervalued the company, Permira’s renewed interest signals a strong belief in Squarespace’s long-term growth potential.
• Squarespace presents an attractive opportunity given its strong financial performance, with a 19% year-over-year revenue increase and a growing base of over 4.9 million subscriptions.

• Q1 FY04/25: Revenue JPY13.3bn (-5.3% YoY), Operating profit JPY1.5bn (-12.1% YoY), Recurring profit JPY1.5bn (-10.6% YoY), Net income JPY814mn (-5.7% YoY).
• Business support services for MVNOs: Revenue JPY2.5bn (+4.9% YoY), Operating profit JPY325mn (-29.7% YoY).
• 5G Homestyle services: Revenue JPY6.2bn (-18.2% YoY), Operating profit JPY769mn (-23.7% YoY), excluding fiscal year-end change, revenue +5.9% YoY, operating profit +26.0% YoY.

• 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.
• In this insight, we take a look at the rankings of potential ADDs and potential DELs for the December 2024 index rebal event.
• At present, we see one ADD and one DEL. If this index change takes place, there could be US$538mn capping flows one-way.

• TSMC: +16.6% Premium; Returning to the 15 – 20% Trading Range?
• UMC: +0.5% Premium; Near the Middle of the Historical Trading Range
• ASE: +5.2% Premium; Participating in Two Investor Conferences in Next Two Weeks

• RaaS has initiated coverage of video software and hardware technology group BirdDog Technology (ASX:BDT) with a base case valuation of $0.27/share, representing 335% potential upside to the current share price.
• A challenging FY24 is now behind the business and the causes of the problems have been addressed and resolved, in our view.
• BDT invested heavily in R&D through the downturn with the investment program set to yield results on a strong revenue uptick from the release of multiple new products across several categories.

• There are no constituent changes for the VanEck Vectors Semiconductor (SMH US) ETF in September but there are a lot of float and capping changes.
• TSMC – ADR and NVIDIA are the largest sells with buying spread across ASML Holding NV, Qualcomm Inc, Applied Materials and Micron Technology.
• The selling in NVIDIA Corp (NVDA US) will add to the selling from the Technology Select Sector SPDR (XLK US) due to the market consultation.

• Palo Alto Networks’ fiscal fourth quarter 2024 earnings announcement underscores both strides and challenges in the cybersecurity landscape, reflecting a dynamic sector intensively engaged with technological advancements and emerging threats.
• Chairman and CEO Nikesh Arora detailed the company’s response to significant cybersecurity threats, including ransomware and public data extortion, emphasizing a heightened focus on AI and platformization to simplify client security architectures.
• Financially, Palo Alto Networks reported exceeding its quarterly revenue and EPS guidance.

• Ambarella’s Q2 Fiscal Year 2025 earnings revealed a mixed yet promising scenario as the company navigates through a challenging economic environment while seizing growing demands for AI-powered solutions.
• Dr. Fermi Wang, President and CEO, alongside CFO John Young, presented a detailed account of the company’s performance and future outlook which provides a comprehensive understanding of its position and strategies moving forward.
• 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.

• The Descartes Systems Group has reported its quarterly financial results, illustrating a strong performance across several key financial metrics.
• This performance is anchored by a 14% increase in total revenues yearover-year, with a significant component of this growth being organic, estimated at about 9%.
• Furthermore, the company enjoyed a 23% increase in net income compared to the previous year, and adjusted EBITDA climbed by 17%, surpassing the company’s target growth range of 10%-15% annually.

• Teradyne, a leading provider of automated test equipment, exhibited mixed financial results in the second quarter of 2024, grappling with various segment-specific dynamics and macroeconomic factors.
• The company reported a robust performance in its System on Chip (SOC) and Memory segments, primarily boosted by elevated demand from cloud AI applications.
• Additionally, Teradyne noted solid deliveries in the Compute sector, attributed to the dense network requirements of AI data centers.