Daily Brief TMT/Internet: Micron Technology, Taiwan Semiconductor (TSMC) – ADR, AAC Technologies Holdings, ams AG, Taiwan Semiconductor (TSMC), Arlo Technologies Inc, Pagseguro Digital Ltd, AsiaFIN Holdings and more

• Q424 revenue $7.8 billion which was $200 million above the guided midpoint, up 14% QoQ and up 93% YoY.
• Q125 revenue of $8.7 billion with gross margin 39.5%. This will be the company’s highest ever quarterly revenue
• On track for ~20% share of a $25 billion HBM market in 2025

• Just two weeks ago, I wrote about how I thought this was a mid-memory cycle.
• I mainly supported the memory companies if you didn’t read between the lines (ChatGPT o1 (Strawberry) and Memory)
• Fast-forward a week, and it seems that the calls for the end of memory were a bit premature.

• American Express Business Gold Card offers flexible spending capacity and annual statement credits
• Good news on chip production in the US with TSMC’s new fab in Arizona
• Discussion on the design, success, and failure of industrial policy with guest Vivek Chibber

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The Asia Trade Book for September 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits.

Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.

The Europe HY Trade Book for September 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan.

In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on developments in the Asian corporate USD bond market.

• TSMC and government cyber security measures are discussed at Security Summit, highlighting the importance of protecting sensitive data.
• Experts advise diligence and patience for Taiwan’s B5G satellite program as it encounters obstacles, emphasizing the need for strategic planning.
• Japan’s diamond semiconductor technology expected to be applied practically by 2025-2030, showing promising advancements in semiconductor industry.

• ARLO continues to operate within an industry that is highly price sensitive and dependent on the consumer signing up for paid service. 
• We are lowering our third quarter hardware revenue to reflect the lower pricing environment. ARLO is not a hardware story. The Company placing hardware units leads to paid service subscribers.
• ARLO’s stock has been under pressure since reporting second quarter results most likely to do with concerns over actual number of quarterly retail subscriber adds

• PagSeguro Digital, in its Q2 2024 earnings report, presented a robust financial and operational performance, marking significant growth across various metrics.
• The company reported a substantial 19% year-over-year increase in total revenue, achieving BRL 4.6 billion, supported by strong Total Payment Volume (TPV) growth across all client segments.
• Notably, net income on both GAAP and non-GAAP bases achieved new highs, with a 31% year-on-year increase, reaching BRL 542 million.

• AsiaFIN Holdings Corp. (OTCQB : ASFH) – aggressive growth inflection point.
• ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates – ASFH delivers Robotic Process Automation (RPA) using Intelligent Character Recognition (ICR); Regulatory Technology (RegTech); AI driven cheque processing and; ESG reporting services.
• ASFH has an organic and aggressive acquisition growth plan to expand both within ASEAN and in new westward territories.