Daily Brief TMT/Internet: Dida, Novatek Microelectronics Corp, Kuaishou Technology, Bilibili Inc, Mobvoi, International Business Machines, SolarEdge Technologies Inc, NFT, 1Spatial Plc and more

• Chinese carpooling platform Dida (DIDA HK) has refiled for an IPO on the HKEx for the second time (in 2020 and 2021) and could raise around US$200m through the IPO.
• Dida’s last two attempts were not successful and some news media outlets reported that Dida has got assurance from regulators to go ahead with the IPO.
• In this insight, we take a look at the new data points from the company’s latest IPO filings.

• Hon Hai reports YoY increase in January + February sales, maintains outlook.
• Hewlett Packard results: CEO says does not expect significant PC recovery in FY2023E. Fitipower results show display ICs potentially bottoming earlier than most segments.
• Memory Monitor: Two latest signals indicate lower margins and extended high inventories; biased Long Micron vs. Short Nanya Tech.

• Two JD.com departments began to try fresh food front-line warehouse again.
• Radio and Television Administration plans to clean the content in short video.
• Herman Yu, Baidu’s chief strategy officer and formerly CFO, just resigned.

• BILI’s 4Q22 top line was basically in line, while non-GAAP net loss beat cons. by 8.28%. We largely dial down 2023 revenue forecast. 
• Moreover, we also suggest that recent meeting by the National Radio and Television Administration (NRTA) to curb short video addiction for minor protection would heavily impact BILI.
• Maintain SELL and cut TP to US$ 15.4, which implies 1.85X PS in 2023.

• Mobvoi uses AI technology to improve the next generation human-machine interaction. The company’s key partners include Google and Volkswagen.
• Mobvoi provides full-stack AI solutions for various hardware-software integration, voice interaction technology and engineering capabilities. The key sectors served include IoT, finance, telecommunications, F&B, and auto. 
• Since the founding of the company in 2012, the company has raised US$253 million in funding. Major investors in the company include Sequoia Capital, ZhenFund, SIG, and Google. 

• IBM US peaked at 153.21 in December 2022 and has declined more than 15% in the subsequent 12 weeks.
• Last week’s low of 127.71 was plagued by extreme ST momentum failure and this new 4 month low was quick to fail and reverse.
• Our TSS methodology triggered a TSS < 10 at the low and justifies a further 6-7% upswing in the coming 1-2 weeks.

• SolarEdge Technologies reported a strong quarter with revenues of $890 million in revenues and an all-around beat.
• The U.S., Germany, the Netherlands, Italy, the U.K., and France all had noteworthy growth year over year.
• We initiate coverage on SolarEdge Technologies with a ‘Hold’ rating.

• Through my work and writing, I’ve been thinking more and more about an area that I’m not an expert in: gaming.
• And when we combine the word ‘Gaming’ with ‘Web3’ — there is a buzz and sense of excitement from most.
• Specifically, it’s all the rage when people talk about NFTs and the future of gaming.

1Spatial’s trading update confirms that trading has remained robust, with FY23 revenues and EBITDA expected to be no less than £29.8m (+10.3% y o-y) and £4.9m (+17% y-o-y) despite some inflationary pressure. The revenue mix continues to improve, with recurring revenues now c 50% (+c 22% y-o-y) of the total and term licences up c 80% to £5.2m. With momentum continuing into Q1, and a healthy order book and pipeline, the company looks well set to deliver further progress this year. Trials of the company’s SaaS applications are progressing well and strong uptake could drive an acceleration in scalable recurring revenue growth.