In today’s briefing:
- IClick (ICLK US): Offer Price In Line With Net Cash
- TOPIX Inclusions: Who Is Ready (Feb 2024)
- India: Free Float Changes & Passive Flows in February
- Microsoft Q2 Earnings Review
- Meta Platforms: Model Update
- ServiceNow Inc: The Increasing Scope Of Its Gen AI technology And Other Major Drivers
- Amphenol Corporation: AI Advancements & Capacity Management As A Growth Catalyst! – Major Drivers
- Lam Research Corporation: Navigating Industry Inflections With Superior Tools & Customer-Centric Solutions! – Major Drivers
- IBM Corporation: Is The Infrastructure Revenue Decline A Cause For Concern? – Major Drivers
- ASML Holding ADR: Increasing Utilization Rates and Technology Transition Could Be A Transformative Force? – Major Drivers
IClick (ICLK US): Offer Price In Line With Net Cash
- The EGM to vote on the privatisation of iClick (ICLK US) takes place on the 8th March. The Offer price is US$4.08/ADS (US$0.816/share), bang in-line with iClick’s 1H23 net cash/share.
- That’s a far cry from the 2021 non-binding Offers of US$75/ADS and US$67.50/ADS from Infinity Equity Management and PAG/Oasis respectively – after adjusting for November 2022’s reverse share split.
- The Buyer Group owns 35% of shares out and 69% of the vote. The Merger requires at least two-thirds of the voting power of shares out. So this is done.
TOPIX Inclusions: Who Is Ready (Feb 2024)
- Quiddity’s “Who is Ready” series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.
- The TOPIX Inclusion events of Visional (4194 JP) and Furuya Metal (7826 JP) took place at the end of January and the price performances were mostly in line with expectations.
- Currently, there are no upcoming TOPIX Inclusion events that have been announced officially but there are couple of pre-event names that should be on your watchlist.
India: Free Float Changes & Passive Flows in February
- Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-December.
- The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
- There are 15 stocks that could have passive inflows from global trackers while 9 could see passive outflows in February.
Meta Platforms: Model Update
- So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.
- I will start with Meta today and will share my thoughts on Amazon tomorrow.
- You can find the updated model on Meta here which I encourage you to download to play around with your own narrative as you see fit.
ServiceNow Inc: The Increasing Scope Of Its Gen AI technology And Other Major Drivers
- ServiceNow’s Q4 2023 earnings present a compelling story of growth powered by artificial intelligence (AI).
- The company reported subscription revenue growth of 25.5% at constant currency, 200 basis points above its guidance and cRPO growth of 23% at constant currency, also 200 basis points above its guidance.
- In addition, the company reported 168 deals greater than $1 million in net new ACV, a 33% increase from the previous year.
Amphenol Corporation: AI Advancements & Capacity Management As A Growth Catalyst! – Major Drivers
- Amphenol Corporation announced its fourth quarter and full year results for 2023 with the company closing the quarter with sales of $3,327 million and record adjusted diluted EPS of $0.82.
- The company’s sales were up 3% in U.S. dollars for Q4, 4% sequentially, but down 1% organically compared to Q4 2022.
- In contrast, the full year saw a drop with sales of $12,555 million, which was a decline of 50 basis points in U.S. dollars and a 3% organic decrease compared to 2022.
Lam Research Corporation: Navigating Industry Inflections With Superior Tools & Customer-Centric Solutions! – Major Drivers
- In the recent earnings, Lam Research Corporation demonstrated strong performance in the December quarter of 2023.
- Financial highlights include higher revenues, gross margin, operating margin, and EPS above guided ranges.
- Although overall wafer fabrication equipment (WFE) spending declined, the company almost doubled its EPS compared to the cycle trough in 2019.
IBM Corporation: Is The Infrastructure Revenue Decline A Cause For Concern? – Major Drivers
- The latest earnings of IBM revealed solid growth across all businesses for the last quarter of 2023, with a revenue growth of 3% and over $11 billion of free cash flow.
- The achievements and progress noted by IBM’s Chairman and Chief Executive Officer, Arvind Krishna, corroborate the company’s commitment towards strengthening its diversified business model.
- Key drivers of IBM’s success during the year 2023 were enhancements in its software portfolio and the bolstering of its consulting position.
ASML Holding ADR: Increasing Utilization Rates and Technology Transition Could Be A Transformative Force? – Major Drivers
- ASML, a leading manufacturer of chip-making equipment, has reported its financial results for the fourth quarter and full year 2023, demonstrating strong financial performance despite a challenging macroeconomic landscape marked by uncertainties.
- The company reported net sales of EUR 7.2 billion in Q4, coming in just above the guidance, mainly due to more installed base business.
- This included EUV system revenue of EUR 2.3 billion and net system sales totalling EUR 5.7 billion, largely driven by Logic which accounted for 63% of net system sales, while Memory composes the remainder.
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