In today’s briefing:
- TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | ‘Unbelievable’ Cost Control | Hidden Competition
- Memory Monitor: Nanya Technology Hopeful of 2H23E DRAM Recovery
- The New Frontier
TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | ‘Unbelievable’ Cost Control | Hidden Competition
- Lalatech’s largest segment by revenue — Chinese intra-city on-demand freight — features many of the attributes that are attractive to online logistics intermediaries
- At the top of the list of red flags in its prospectus is Lalatech’s company’s dramatic 71% Y/Y reduction in Sales and Marketing expenses last year
- Although Lalatech appears to be the leading platform for Chinese intra-city on-demand freight matching, the company faces ‘hidden’ competition from several larger groups
Memory Monitor: Nanya Technology Hopeful of 2H23E DRAM Recovery
- Nanya Technology’s recent results showed a margin and ASP decline that appears to have performed better than the industry average.
- However, Nanya Technology may have traded off better pricing and margins for a continuation of high inventory levels. Nanya shares have underperformed Micron since our Mar 30th piece.
- Nanya said it expects a marginal recovery for the DRAM market in the second half of 2023E. SK Hynix will be a next major data point, to report April 26th.
The New Frontier
- The true emerging market of our time is the digital economy.
- As technology advances, we witness rapid online business growth and an increasing reliance on digital solutions.
- This burgeoning sector knows no borders, with its educated, innovative citizens distributed worldwide.
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