In today’s briefing:
- Preview AEM Holdings: Loss-Making Quarter Ahead For First Time in 10 Years
- Symbio Backs ABB’s Reduced Terms
- AMD Q323. MI300 >$2 Billion in 2024
- Symbio (SYM AU): Aussie Broadband’s Lower Binding Proposal
- Fiserv Inc.: Collaborating with Skytef & Other Major Developments
Preview AEM Holdings: Loss-Making Quarter Ahead For First Time in 10 Years
- AEM (AEM SP) will report 3Q23 results on 10/11/23. This will be the first loss-making quarter since 4Q14.
- We expect a loss as AEM will have to recognize the 26.7M SGD arbitration expense to settle with Advantest Corp (6857 JP).
- Investors will be looking for an early read on the FY24 outlook to determine if AEM’s stock has bottomed.
Symbio Backs ABB’s Reduced Terms
- Back on the 22 September, Superloop Ltd (SLC AU) lobbed a best and final cash/scrip NBIO for Symbio Holdings (SYM AU) with an implied price of A$2.85/share.
- Aussie Broadband Pty Ltd (ABB AU) then tabled a cash/scrip Offer, with an implied price of A$3.151/share. Symbio was supportive, if terms were firmed. Superloop’s Offer subsequently lapsed.
- ABB returned with a reduced cash/scrip Offer of A$2.99-$3.04/share. Symbio has unanimously recommended the Offer (at A$3.011/share) and they entered into a Scheme agreement. A partially/fully franked dividend is permitted.
AMD Q323. MI300 >$2 Billion in 2024
- Q323 revenues of $5.8 billion, $100 million above midpoint, up 7.5% QoQ and up 4% YoY. Net income of $299 million, significantly up from $27 million in the second quarter.
- Forecasted Q423 revenues of $6.1 billion at the midpoint, up ~5% QoQ
- MI300 forecasted to hit > $2 billion in 2024 making it the fastest product ramp to $1 billion in the company’s history
Symbio (SYM AU): Aussie Broadband’s Lower Binding Proposal
- Symbio Holdings (SYM AU)‘s binding proposal with Aussie Broadband Pty Ltd (ABB AU) is at A$2.26 cash and 0.192 ABB shares per SYM share, 3.2% lower than its earlier proposal.
- The key condition is shareholder approval. The scheme booklet will be despatched on 22 December, with a scheme meeting in early February 2024.
- While the offer is light compared to long-term historical prices and multiples, there seem to be no signs of dissent from institutional or retail investors.
Fiserv Inc.: Collaborating with Skytef & Other Major Developments
- Fiserv, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.
- These impressive results were fueled by the acceleration of organic revenue growth in both the Merchant Acceptance and Fintech segments, reaching 20% and 6%, respectively.
- In the third quarter, Fiserv continued its impressive streak of double-digit organic revenue growth, focusing on five powerful opportunities to sustain this momentum.
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