Daily Brief TMT/Internet: Dopex, Intel Corp, AAC Technologies Holdings, Zuno Carbon, ID Holdings , Mastercard, T Mobile Us Inc and more

• Bringing yields from real-world assets on-chain is one of the major themes for DeFi, given the high interest rate environment.
• The natural extension to that would be bringing yields from real-world risks on-chain, a space that has not been explored extensively yet. 
• DeFi options protocols could look to cover these real-world risks as they seek further growth. 

• Intel Corporation delivered a positive result and managed an all-around beat last quarter, demonstrating ongoing financial improvement and validating its market approach.
• As per the management, Intel’s ability to successfully implement all of its process and product roadmaps is restoring consumer trust in the company.
• We give Intel Corporation a ‘Hold’ rating with a revised target price.

The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks. The Asia Monthly is intended to broaden investors’ understanding of the Asian USD high-yield market.

• Singapore-headquartered climate-tech startup Zuno Carbon has secured US$2.5 million in seed funding led by Wavemaker Partners. SEEDS Capital and Blue InCube Ventures also participated.
• This brings the total funds raised by Zuno Carbon in the past 12 months to over US$3 million and follows a pre-seed round in June last year.
• The money will be used to ramp up Zuno Carbon’s sales and marketing efforts, launch new features to simplify compliance and catalyse decarbonisation with real, tangible actions.

• Strategic shifts continue to reap rewards–IDHoldings’Q1 FY3/2024 performance demonstrated a continuation of the robust results experienced in FY3/2023, with DX remaining the core demand driver.
• Business segment sales in System Management, IT Infrastructure, and Cybersecurity, Consulting, and Training grew strongly YoY, demonstrating that the company’s efforts to remodel its business have been successful to better support and serve its customers.
• We have kept our earnings estimates unchanged for FY3/2024 and beyond, with the expectation that high-margin DX demand will continue, driving continued profitability improvements in the business.

• Mastercard managed to exceed analyst expectations in terms of revenue and earnings.
• The broader labor market is still robust, with pay growth included, and credit and savings continue to support consumers.
• They introduced Mastercard Receivables Manager with Billtrust on the supplier side and MasterCard Multi-Token Network in the blockchain.

• T-Mobile delivered a mixed set of results for the previous quarter, with revenues below the analyst consensus.
• Additionally, free cash flow increased and the free cash flow to service revenue margin was the greatest among their competitors year to date.
• The company also enjoyed a significant quarter for T-Mobile for Business, with its lowest phone churn and best-ever phone net additions.