In today’s briefing:
- Edwards Lifesciences Corporation: Will The Expansion and Growth of Transcatheter Aortic Valve Replacement (TAVR) Catalyze Its Revenue Growth? – Major Drivers
- NVIDIA: Waiting on Blackwell, and the Networking Question
- TUYA: Is The King of White Label IOT Ready to Charter a Different Course?
- SK Square: A Solid Corporate Value Up Plan Likely to Lead to Continued Outperformance
- Arthur J. Gallagher & Co.: These Are The 4 Biggest Challenges Responsible For Our Lack Of Optimism! – Major Drivers
- Globalstar Inc.: Expanding Market Opportunities & Service Offerings To Redefine the Industry! – Major Drivers
- Nexstar Media Group’s Deregulation Agenda: A Game-Changing Strategy to Save Local Journalism! – Major Drivers
- Abbott Laboratories: A Tale Of Pipeline Productivity and Innovation! – Major Drivers
- Boston Scientific’s Game-Changing Farapulse Tech: How It’s Revolutionizing Atrial Fibrillation Treatment!: – Major Drivers
- LG Corp: Key Highlights from Its Corporate Value-Up Plan and Updated NAV Valuation
Edwards Lifesciences Corporation: Will The Expansion and Growth of Transcatheter Aortic Valve Replacement (TAVR) Catalyze Its Revenue Growth? – Major Drivers
- Edwards Lifesciences reported third-quarter 2024 results, showcasing notable achievements with financial metrics and strategic advancements across various product lines.
- The company, specialized in structural heart disease innovations, marked a revenue of $1.4 billion, a rise of 10% on a constant currency basis compared to the year prior, subtly surpassing expectations.
- 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.
NVIDIA: Waiting on Blackwell, and the Networking Question
- Nvidia posted earnings yesterday, and guidance was light of buy-side bogeys. I’m not going to step into the mind game of bogeys here, but there are some finer points to focus on.
- NVIDIA reports Q3 EPS $0.81 ex-items vs FactSet $0.75. Reports Q3: Revenue $35.08B vs FactSet $33.17B (2 billion beat like clockwork)
- Q4 Guidance: Revenue $37.5B +/- 2% vs FactSet $37.09B (a bit light). GAAP and non-GAAP gross margins are expected to be 73.0% and 73.5%, respectively, +/- 50 bps. (also light)
TUYA: Is The King of White Label IOT Ready to Charter a Different Course?
- On November 18th, 2024, Temasek-affiliated investment fund 65Equity bought 13% of TUYA, an IOT hardware company and planned to bring the company to list on the Singapore Stock Exchange;
- TUYA is trading at US$901mn market cap, equivalent to 3.2x 12TTM sales. This isn’t cheap. Xiaomi, a high flying stock, now trades at 2.0x 12TTM sales. TUYA is not profitable;
- TUYA is a good and real company but in a bad business. Electronics inventory cycle and advanced stocking for Trump’s Tariff Hike shall support earnings in the next few quarters.
SK Square: A Solid Corporate Value Up Plan Likely to Lead to Continued Outperformance
- SK Square (402340 KS) announced a solid corporate value up plan pushing up its share price by 8.8% to 87,500 won on 22 November.
- Major highlights of the corporate value up plan included cancellation of 200 billion won of treasury shares, higher ROE target, and achieve 1x PBR ratio (nearly double the current ratio).
- Our NAV analysis of SK Square suggests NAV of 15.2 trillion won or 112,822 won per share, representing 29% higher than current share price.
Arthur J. Gallagher & Co.: These Are The 4 Biggest Challenges Responsible For Our Lack Of Optimism! – Major Drivers
- Arthur J.
- Gallagher & Company reported strong financial results for the third quarter of 2024, showcasing a robust performance across its core segments, Brokerage and Risk Management.
- The company’s revenue growth was impressive at 13%, with organic growth marking 6%.
Globalstar Inc.: Expanding Market Opportunities & Service Offerings To Redefine the Industry! – Major Drivers
- Globalstar reported strong results for the third quarter of 2024, with notable growth in both revenue and adjusted EBITDA.
- Total revenue grew by 25% from the previous year, reaching a record $72 million.
- Service revenue increased by 28%, primarily driven by wholesale capacity revenue and the recognition of performance bonuses for 2023 and part of 2024.
Nexstar Media Group’s Deregulation Agenda: A Game-Changing Strategy to Save Local Journalism! – Major Drivers
- Nexstar Media Group reported its third-quarter 2024 financial results, delivering record high revenues and showcasing strong operational performance in a challenging media landscape.
- The company achieved its highest third-quarter total net revenue, driven by record-setting distribution and political advertising revenues.
- The financial results reflect a solid balance between increasing revenues and maintaining cost efficiency, showcasing Nexstar’s ability to leverage its extensive media assets effectively.
Abbott Laboratories: A Tale Of Pipeline Productivity and Innovation! – Major Drivers
- Abbott has demonstrated robust performance in its third quarter of 2024 with an organic sales growth of over 8%, excluding COVID testing sales, and adjusted earnings per share of $1.21.
- These results underscore the company’s capacity to execute its multifaceted strategy effectively, despite varying performance across different sectors.
- Notably, the U.S. Pediatric Nutrition segment showed remarkable growth, leading with a 12% increase due to gains in the infant formula business.
Boston Scientific’s Game-Changing Farapulse Tech: How It’s Revolutionizing Atrial Fibrillation Treatment!: – Major Drivers
- Boston Scientific Corporation presented its third quarter of 2024 financial results, reflecting a strong performance that exceeded company forecasts and investor expectations.
- The corporation reported a significant growth in operational sales by 19% and organic sales by 18%, surpassing the anticipated guidance range of 13% to 15%.
- Adjusted earnings per share (EPS) grew by 27% to $0.63, also exceeding the projections of $0.57 to $0.59.
LG Corp: Key Highlights from Its Corporate Value-Up Plan and Updated NAV Valuation
- In this insight, we provide the major highlights of the solid Corporate Value Up plan announced by LG Corp on 22 November.
- The key highlights include about 500 billion won worth of share cancellation by 2026, improved dividend policy, and higher ROE target.
- Our base case NAV valuation analysis of LG Corp suggests implied NAV of 16.1 trillion won or NAV per share of 102,426 won, which is 33.4% higher than current price.
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