In today’s briefing:
- Will Intel Ride The AI Wave?
- Blibili (9626 HK): 1Q23, Consequence of Subsidy Cut, Downgrade to Hold
- Cellnex: European Market Leader Of Telecom Infrastructure In Europe
- Bilibili: Mobile Game Further Declines and VAS Slowing Down; Cost Controls Help Reduce Losses
- Datadog Inc.: Can The Codiga Acquisition Bring It To A Whole New Level In Observability? – Key Drivers
- Qatar Sovereign Fund Joins the US$250M Series D Round of Builder.ai
- Salesforce: The Market Is Once Again Missing The Forest For The Trees
- ZUZU Hospitality Raises US$9M in a Series B Funding Round Led by SoftBank Ventures Asia
- BILL Holdings Inc.: The Hyper Growth Story Continues … – Key Drivers
- Ringkas Raises US$3.5M to Digitalise Mortgage Process in Indonesia
Will Intel Ride The AI Wave?
- Intel’s CFO boosted the current quarter outlook to the higher end of the guided range of $12 billion +/- $500 million
- Intel’s share price was up 4.8% in overnight trading, presumably a result of the forecast boost
- While Intel’s CFO thinks Intel is set to ride an AI wave, we think it will be more like riding a ripple across a rising tide that lifts all boats.
Blibili (9626 HK): 1Q23, Consequence of Subsidy Cut, Downgrade to Hold
- BILI’s revenue grew by zero YoY in 1Q22, but operating losses shrank significantly.
- The company reduced the subsidies to video uploaders, so that uploaders have been leaving the app.
- We believe the stock has an upside of 13% for yearend 2023. Downgrade to Hold.
Cellnex: European Market Leader Of Telecom Infrastructure In Europe
- Tenancy sharing growth is supported by 5G where Cellnex is well positioned to benefit from its leading market position within the European 5G ecosystem.
- New CEO starting on June 4th. Target: to deliver on organic growth, reach investment grade, improve free cash flow generation
- Remains a takeover target. Trades on a discount to peers
Bilibili: Mobile Game Further Declines and VAS Slowing Down; Cost Controls Help Reduce Losses
- Bilibili Inc (BILI US) ’s 1Q2023 top line growth remained flat (+0.3%) while cost control measures helped reduce losses. This marks the lowest quarterly revenue growth for the company since 2017.
- Mobile games revenue further decreased while Value Added Services (VAS) revenue growth dropped to 5.1% during the quarter, lowest ever for the segment.
- There was no disclosure on paying user numbers and we do not expect any significant recovery in top line growth over the next 2-3 quarters.
Datadog Inc.: Can The Codiga Acquisition Bring It To A Whole New Level In Observability? – Key Drivers
- Datadog had a good Q1 as they exceeded analyst expectations on all fronts, with revenue of $482 million, a 33% YoY increase, and added approximately 1,400 net new customers.
- The company observed growth from existing customers and continued to see customers optimizing their cloud spend.
- In addition, Datadog made significant advancements in its product offerings, introducing new security capabilities such as Application Vulnerability Management and enhancing its Cloud Security Management product.
Qatar Sovereign Fund Joins the US$250M Series D Round of Builder.ai
- Builder.ai, an AI-powered composable software platform, has raised US$250 million in a Series D funding round led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.
- Existing and new investors, including Iconiq Capital, Jungle Ventures, and Insight Partners, joined.
- This round takes Builder.AI’s total fund raised so far to US$450 million.
Salesforce: The Market Is Once Again Missing The Forest For The Trees
- Most of the red flags that I have outlined before are now being taken care of, but I remain cautious for the time being.
- The market continues to react negatively to what was in my view a very good quarter, says Salesforce’s chief executive.
- A lot has changed since I first covered Salesforce (NYSE:CRM), back in December of 2020.
ZUZU Hospitality Raises US$9M in a Series B Funding Round Led by SoftBank Ventures Asia
- ZUZU Hospitality, a revenue platform provider for independent hotels, today announced an oversubscribed US$9 million (SG$12 million) Series B funding round led by SoftBank Ventures Asia, with participation from Atinum Partners and existing investors Wooshin Venture Investment, Visor Ventures and JG Digital Equity Ventures.
- The startup plans to double its hotel partner count across the region with a keen focus on India and reach an impressive milestone of 5,000 partners by the end of 2024.
- Furthermore, it also plans to make strategic investments in AI tools to improve pricing, automate guest management, and improve partner experience.
BILL Holdings Inc.: The Hyper Growth Story Continues … – Key Drivers
- BILL Holdings, Inc. (formerly known as Bill.com) had a solid third quarter, with a 63% year-over-year growth in revenue and an all-around beat.
- Over 450,000 businesses used Bill to automate their financial operations, generating $65 billion in payment volume.
- We give BILL Holdings, Inc. a ‘Hold’ rating with a revised target price.
Ringkas Raises US$3.5M to Digitalise Mortgage Process in Indonesia
- Indonesia-based digital mortgage startup Ringkas has secured US$3.5 million in a seed funding round led by East Ventures and Crestone Venture Capital.
- 500 Global, Teja Ventures, Orvel Ventures, and Hustle Fund also participated.
- Ringkas will use the fresh funds to advance and scale its platform across multiple cities in Indonesia and the secondary market.
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