In today’s briefing:
- Kokusai Electric IPO: Valuation Insights
- Kokusai Electric Pre-IPO – Thoughts on Valuation
- Micron. Con Te Partirò
- DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! – Major Drivers
- Guidewire Software Inc.: Can The Hakuba Cloud Offering Become A Growth Catalyst? – Major Drivers
- Smartsheet Inc.: The Silent Growth Machine With Over 13.4 Million Active Users! – Major Drivers
- Ambarella Inc.: Sequential Business Expansion & Major Growth Drivers
- Zscaler Inc.: Unveiling the Blueprint of Their Growth Strategy! – Major Drivers
- Amkor Technology Inc.: The Unseen Forces Propelling Demand! – Major Drivers
- Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! – Major Drivers
Kokusai Electric IPO: Valuation Insights
- Kokusai Electric (6525 JP) is a speciality manufacturer of semiconductor production equipment. KKR & (KKR US) seeks to raise about US$745 million through listing Kokusai.
- We previously discussed the IPO in Kokusai Electric IPO: The Bull Case and Kokusai Electric IPO: The Bear Case.
- In this note, we discuss valuation. Our analysis suggests that Kokusai is fully valued at the IPO reference price of JPY1,890 per share. We would pass on the IPO.
Kokusai Electric Pre-IPO – Thoughts on Valuation
- KKR is looking to raise around US$750m via selling a stake in Kokusai Electric (6525 JP) (KE) in its Japan IPO.
- KE main business activities consist of the manufacturing, sales and maintenance service of semiconductor manufacturing equipment.
- In our previous notes we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.
Micron. Con Te Partirò
- Despite beating guidance, Micron’s latest earnings report confirms a still-toxic memory market environment
- ASPs for both DRAM and NAND have now declined sequentially for the past eight quarters
- Their HBM3E solution is an unfortunate case of too much, too late.
DocuSign Inc.: Mastering Omnichannel Strategy for Growth & Scalability! – Major Drivers
- DocuSign, Inc. delivered an all-around beat in the previous quarter, continuing to build momentum in its business by progressing on key projects and enhancing its product offering.
- With a non-GAAP operating margin of 25%, Q2 total sales of $688 million was up 11% from the same quarter last year.
- DocuSign shipped and announced several new, highly developed features for its Web Forms offering during the quarter.
Guidewire Software Inc.: Can The Hakuba Cloud Offering Become A Growth Catalyst? – Major Drivers
- Guidewire Software delivered a solid result and managed an all-around beat in the last quarter.
- The management closed 17 cloud deals in the quarter, bringing the total for the year to 37.
- In terms of adoption, Guidewire achieved 13 go-lives on the Guidewire Cloud Platform during the quarter, reinforcing its positive trajectory.
Smartsheet Inc.: The Silent Growth Machine With Over 13.4 Million Active Users! – Major Drivers
- Smartsheet Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
- Revenue for the quarter was more than expected and increased by 26% year over year to $235.6 million, while billings increased by 18% year over year to $243.1 million.
- At the end of the quarter, they had more than 13.4 million active Smartsheet users and an annual recurring revenue of $933 million.
Ambarella Inc.: Sequential Business Expansion & Major Growth Drivers
- Ambarella, Inc. delivered a positive result and managed an all-around beat last quarter.
- Ambarella’s blended ASP was over $12 and is on track to increase by nearly 20% from the previous quarter.
- Ambarella started porting META’s LLaMA 2 to the CV3-AD-High in the most recent quarter, and their team anticipates making chatbot demos accessible later this year.
Zscaler Inc.: Unveiling the Blueprint of Their Growth Strategy! – Major Drivers
- Zscaler managed to surpass the revenue expectations as well as the earnings expectations of Wall Street in Q4, achieving significant growth with a 43% increase in revenue and 38% growth in billings, reflecting balanced expansion across various verticals, customer segments, and geographic regions.
- The full-year results were equally impressive, with revenue reaching 48%, totalling $1.6 billion, and billings rising by 37% to over $2 billion.
- Notably, several records were set, including the addition of the highest number of $1 million ARR customers, record new pipeline generation, and a record operating profit margin.
Amkor Technology Inc.: The Unseen Forces Propelling Demand! – Major Drivers
- Amkor Technology, Inc. delivered a mixed set of results in its most recent results, with revenues falling short of Wall Street expectations but above-par earnings.
- Amkor met its estimates for the second quarter with revenue of $1.46 billion and EPS of $0.26.
- Due to decreased end-market demand, particularly in the Android supply chain, inventory consumption is taking longer than expected.
Cirrus Logic Inc.: Exploring The Factors That Broaden Revenue and Market Diversity! – Major Drivers
- Cirrus Logic, Inc. delivered an all-around beat in the most recent quarterly result.
- With the help of its products, shipments, and smartphones, Cirrus Logic achieved revenue of $317 million, which was near the high end of its forecast for the quarter.
- Beyond the laptop market, Cirrus Logic also continues to invest in additional products and client relationships that, in the long run, may increase both its revenue and market variety.
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