In today’s briefing:
- Fuji Soft (9749 JP): Checkmate as KKR Switches to a Two-Stage Tender
- Kuaishou Placement – US$480m Secondary Block Deal a Small One to Digest
- Hexaware Technologies Pre-IPO Tearsheet
- Lattice Semiconductor
- Celebrus Leads the Way in Privacy & Real-Time Customer Engagement
- QD Laser (6613 JP): Coverage Initiation
- Tech Supply Chain Tracker (20-Sep-2024): Global AI healthcare market status.
Fuji Soft (9749 JP): Checkmate as KKR Switches to a Two-Stage Tender
- KKR has rejigged its Fuji Soft Inc (9749 JP) tender offer into a two-stage offer at an unchanged JPY8,800 price. The first stage has no minimum acceptance condition.
- The first stage is designed to facilitate KKR’s acquisition of 3D and Farallon shares, which have tendered and will not withdraw their tenders without KKR’s consent.
- By securing 3D/Farallon’s shares, KKR has effectively blocked a Bain tender offer. Bain could launch a partial offer but it would be constrained by the tradeable share ratio criteria.
Kuaishou Placement – US$480m Secondary Block Deal a Small One to Digest
- DCM Investments is looking to raise US$484m via selling its remaining stake in Kuaishou Technology (1024 HK).
- While the current block deal isn’t entirely well flagged per se, it appears that DCM has since been trimming its stake on the open market.
- In this note, we run the deal through our ECM framework and comment on deal dynamics.
Hexaware Technologies Pre-IPO Tearsheet
- Hexaware Technologies (HEXW IN) is looking to raise about US$1.2bn in its upcoming India IPO. The deal will be run by JPM, Kotak, HSBC, IIFL Securities and Citi.
- Hexaware Technologies is a global digital and technology services company delivering innovative solutions that help customers in their digital transformation journey and subsequent operations, as per the company.
- Its offerings encompass five services, namely Design & Build, Secure & Run, Data & AI, Optimize, and Cloud Services.
Lattice Semiconductor
- It’s an exciting time when your favorite semiconductor CEO comes out of “retirement” to return as a CEO.
- Mine is personally Ford Tamer, who drove Inphi to ship the best DSP in the market against much larger competitors at a much faster pace.
- In my opinion, Inphi was almost a miracle story in semiconductors. It was a literal David versus Goliath, and the man who led the team was Ford.
Celebrus Leads the Way in Privacy & Real-Time Customer Engagement
- Three areas seeing strong innovation growth in online technologies are identity resolution methods, real-time data collection & personalization technologies and solutions to ensure data compliance and governance.
- Celebrus Technologies (CLBS LN) is a micro-cap stock focused on the above areas and excels in real-time first-party data collection where data compliance and governance are critical.
- Celebrus’ small size and unique expertise in some areas of data privacy and real-time customer engagement makes it a acquisition target for larger MarTech and/or analytics companies.
QD Laser (6613 JP): Coverage Initiation
- In FY03/24, revenue was JPY1.2bn (+7.6% YoY), operating loss was JPY604mn (vs operating loss of JPY557mn in FY03/23), recurring loss was JPY601mn (vs recurring loss of JPY547mn in FY03/23), and net loss attributable to owners of the parent was JPY643mn (vs net loss of JPY550mn in FY03/23). In the Laser Device business, revenue from DFB lasers for semiconductor wafer inspection equipment and micromachining equipment grew, as did revenue from prototypes for mass production using quantum dot lasers.
- In the Visual Information Display business, sales of RETISSA MEOCHECK to medical institutions expanded. On the profit front, the operating loss increased due to inventory write-downs of JPY28mn in the Laser Device business and JPY57mn in the Visual Information Device business.
- For FY03/25, the company forecasts revenue of JPY1.2bn (-0.2% YoY), operating loss of JPY589mn (vs operating loss of JPY604mn in FY03/24), recurring loss of JPY592mn (vs recurring loss of JPY601mn in FY03/24), and net loss attributable to owners of the parent of JPY596mn (vs net loss of JPY643mn in FY03/24). The company anticipates a tenth consecutive year of operating profit in its Laser Device business thanks to growing adoption.
Tech Supply Chain Tracker (20-Sep-2024): Global AI healthcare market status.
- Rapid growth in tech and demand for personalized medicine drives need for efficient healthcare solutions.
- Samsung faces threat as trifold race loss jeopardizes smartphone market lead.
- ViewSonic’s AI technology displays target education and business markets with innovative solutions. Samsung diversifies global mobile phone production while Chinese MacBook case supplier faces quality issues.
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