Daily Brief TMT/Internet: Bharti Hexacom, Meta Platforms (Facebook), ASM Pacific Technology, BigCommerce Holdings, Chongqing Terminus, Eventbrite Inc, Hon Hai Precision Industry, Avnet Inc, N-able , SmartRent and more

• Government of India raised around US$513m via selling some of its stake in Bharti Hexacom’s IPO in Apr 2024. Its IPO lockup is set to expire soon.
• 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 Northeast.
• In this note, we will talk about the lockup dynamics and possible placement.

• Facebook’s original vision Pro demo showcased impressive technology with custom silicon and high miniaturization, but it is still far from being a consumer product.
• Comparisons were made between Facebook’s demo and Apple’s vision Pro, highlighting different approaches to hardware development and philosophies.
• Despite debates on shipping products and final designs, both companies are pushing the boundaries of technology and advancing towards a glasses form factor for AR/VR.

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• The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
• In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in December 2024.
• The index changes for the December 2024 index rebal event will be announced after market close on 22nd November 2024.

• BigCommerce, headquartered in Austin, Texas, conducted its earnings call for the second quarter of 2024, marking significant strides in the company’s growth amidst challenging business environments.
• This complex economic landscape presents both opportunities as well as challenges which BigCommerce aims to strategically navigate.
• As reported, BigCommerce’s revenue for the quarter was slightly under $82 million, reflecting an 8% year-over year increase.

• Chongqing Terminus (2471080D CH) is looking to raise about US$300m in its upcoming Hong Kong IPO. The deal will be run by CITIC Securities and Haitong.
• Chongqing Terminus is a leader and pioneer in China’s public realm AIoT (Artificial Intelligence of Things) industry.  
• It leverages its innovative AIoT operating system, TacOS, to provide enterprises, public administrators and public realm participants with full stack AIoT products i.e. software, hardware and services. .

• The third quarter was the first time EB generated traffic from its relationship with TikTok. 
• EB’s traffic has remained elevated, and the attention turns to how many event creators EB was able to generate through the increase in traffic.   
• The number of event creators has declined over the past year due to EB charging for all events posted. The pricing model has changed with EB reintroducing a free option. 

• E Ink and Hanshow collaborate to introduce full-color e-paper technology for retail industry, offering a new innovative solution.
• Taiwan’s energy shift faces grid challenges as the world moves towards net-zero goals, highlighting the need for sustainable energy solutions.
• Foxconn introduces new electric vehicle models and aims to capitalize on industry challenges, showing a shift towards the growing EV market.

• Avnet’s fiscal year 2024 financial results reflect a mixed scenario where robust structural adjustments yielded appreciable outcomes, amidst challenges like softening demand.
• Throughout the year, Avnet managed to attain a revenue of $23.8 billion with earnings per share amounting to $5.43.
• A consistent application of strategic maneuvers in fiscal 2024 has helped the company to counterbalance the impacts of a less favorable demand backdrop which emerged after an initially strong start.

• N-able Inc.’s second quarter earnings highlighted significant developments and achievements while also shedding light on some challenges and strategic shifts in their business model.
• The company reported a revenue of $119.4 million, marking a 13% year-over-year growth, aligning with constant currency metrics.
• Their adjusted EBITDA turned out to be $46.8 million, translating to a 39% margin, which is notably high, showcasing operational efficiency and financial discipline.

• SmartRent, a company at the forefront of smart home technology for rental housing, recently held its Q2 2024 Earnings Call amidst significant leadership changes and a dynamic market environment, presenting a mixed set of results and strategic updates that are crucial for investors to consider.
• The departure of CEO Lucas Haldeman and the suspension of financial guidance were the headline changes.
• The company underscored this move as a strategic pivot necessary to handle the next growth phase, aiming to appoint a leader with a fresh perspective and a strong background in scaling businesses.