In today’s briefing:
- Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Pre-Conditional Tender Offer
- Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.
- Taiwan Semiconductor Manufacturing: Significant Artificial Intelligence (AI) Opportunities & The Returns That Lie Ahead! – Major Drivers
- ASML Holding: Surge In Demand due to Electrification & AI But What Are The Real Challenges? – Major Drivers
- Cadence Design Systems: A Tale Of Artificial Intelligence (AI) Tools and Technology Proliferation! – Major Drivers
- Security Token Journal: Private Debt Tokens
- Verizon Communications: What Are The Biggest AI & 5G Use Cases That Can Benefit Them? – Major Drivers
- Thoma Bravo Agrees to Acquire Cybersecurity Player Darktrace
- Nokia Corporation: Will The New NVIDIA Partnership & Positive Network Infra Spends Catalyze Growth? – Major Drivers
- SAP SP: Driving Cloud ERP Suite Growth with AI & Data Capabilities! – Major Drivers
Mimasu Semiconductor (8155 JP): Shin-Etsu (4063 JP)’s Pre-Conditional Tender Offer
- Mimasu Semiconductor Industry (8155 JP) recommended a pre-conditional tender offer from Shin Etsu Chemical (4063 JP) at JPY3,700, a 14.4% and 35.4% premium to the last close and undisturbed price, respectively.
- The pre-condition, which cannot be waived, is approval under the competition laws of Japan and Taiwan. The tender offer is expected to start in late July.
- While the offer is below the mid-point of the IFA DCF valuation range and the requested price, it is 7.7% higher than the all-time high of JPY3,435. This is done.
Tech Supply Chain Tracker (29-Apr-2024): Apple expands supply chain in Southeast Asia, led by Vietnam.
- Apple diversifies supply chain, focusing on Southeast Asia, led by Vietnam, while also shifting suppliers in India.
- MediaTek plans to boost market presence and R&D in India, targeting 30% market share in China by 2H24 with Dimensity 9400 SoC.
- US probe into China’s RISC-V role could impact Samsung’s AI chip ambitions, while STMicroelectronics aims for 100% renewable electricity by 2027.
Taiwan Semiconductor Manufacturing: Significant Artificial Intelligence (AI) Opportunities & The Returns That Lie Ahead! – Major Drivers
- Taiwan Semiconductor Manufacturing Company’s (TSMC) Q1 2024 earnings presented several key details about the firm’s current market standing and future performance.
- For Q1 2024, they reported a 5.3% sequential decrease in revenue due to the impact of smartphone seasonality despite strong demand in high-performance computing (HPC).
- Gross margin was also up to 53.1%, reflecting product mix changes, and the firm’s operating margin increased to 42%.
ASML Holding: Surge In Demand due to Electrification & AI But What Are The Real Challenges? – Major Drivers
- ASML Holding N.V., a Europe-based semiconductor company, reported its 2024 first quarter financial results in a recent conference call.
- Notably, the total net sales for the period were EUR 5.3 billion, matching the midpoint of the company’s guidance.
- The company shipped 12 EUV systems and recognized revenue from 11 such units, amounting to EUR 1.8 billion in revenue.
Cadence Design Systems: A Tale Of Artificial Intelligence (AI) Tools and Technology Proliferation! – Major Drivers
- Cadence demonstrated a robust start to 2024 with a strong first quarter that exceeded its guidance range on all critical financial metrics.
- Due to this exceptional performance, Cadence is increasing its financial outlook for the year.
- Cadence finished the first quarter with an unexpected record backlog of $6 billion, placing the company in a strong position for the remainder of 2024 and beyond.
Security Token Journal: Private Debt Tokens
- We have been of the opinion that tokenized real world assets (RWAs), especially tokenized debt will represent a more understandable underlying value of tokens or cryptocurrencies than Bitcoin.
- We are positive on tokens backed by risk-free assets such as US Treasuries or even investment-grade bonds as rates products for crypto funds and fractional investments for retail investors.
- Private debt could be the next in line to enjoy mass adoption if the legal elements and credit protection have been put in place to gain trust of institutional investors.
Verizon Communications: What Are The Biggest AI & 5G Use Cases That Can Benefit Them? – Major Drivers
- Verizon reported a solid start to the fiscal year, with its demonstrated financial and operational performance primarily driven by its strategic focus and the relentless efforts by the company’s entire team.
- The company achieved momentum across different segments, with Verizon’s Consumer business demonstrating significant improvements.
- It saw an upturn in the postpaid phone net adds and marked another sturdy quarter of growth in the broadband subscriber base, indicating that the Consumer business is expected to contribute positively to the net adds this year.
Thoma Bravo Agrees to Acquire Cybersecurity Player Darktrace
- Thoma Bravo offers to acquire Darktrace (DARK LN) for $7.75/share in cash, 19.6% premium, 44.3% premium to 3-month VWAP, 148% to IPO price, 6.2x EV/Fwd NTM Revenue, 26.8x EV/Fwd NTM EBITDA.
- Irrevocable undertakings total 14.4%. Darktrace’s innovative technology aligns well with existing offerings in the cybersecurity ecosystem, making it a potential target for acquisition by a larger, established vendor.
- I think the proposed price is fair and see the take-out as a strong result for Darktrace shareholders. I believe the deal will close. Gross spread is 2.3%. Long.
Nokia Corporation: Will The New NVIDIA Partnership & Positive Network Infra Spends Catalyze Growth? – Major Drivers
- Nokia Corporation reported its first quarter 2024 results, which showed a decline in net sales by 19% year-on-year in constant currency.
- This decrease was due to the weak spending environment present since the second quarter of last year.
- The profit of Nokia’s three network businesses was affected by this trend, but this was counterbalanced by the benefits of deals signed in Nokia Technologies and ongoing cost reductions.
SAP SP: Driving Cloud ERP Suite Growth with AI & Data Capabilities! – Major Drivers
- SAP’s Q1 2024 showcased a solid beginning towards their longer-term growth goals.
- The company realized its targets of scaling up revenue and profitability for this period.
- Key metrics for Q1, such as the current cloud backlog grew by 28% to €14.2 billion, and cloud revenue increased by 25%, reaching €3.9 billion.
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