In today’s briefing:
- New Relic: $1B+ Revenue By FY24. Cost Discipline Will Drive Profitability
- China Internet Weekly (2Jan2023): Alibaba, Tencent, Douyin, Bilibili, Uxin
- Universal Display Corporation: Initiation of Coverage – Contract With Samsung & Other Drivers
New Relic: $1B+ Revenue By FY24. Cost Discipline Will Drive Profitability
- We double down on New Relic stock as we see operational improvement and a clear path to non-GAAP profitability. A strong balance sheet will help to survive an economic downturn.
- The company will repay 0.5% senior convertible notes in 2023 and is not interested in diluting existing shareholders. New Relic ended 2QFY23 with $833M in cash and cash equivalents.
- American activist investor Jana Partners held ~3.2M New Relic shares as of Nov-22. New Relic Inc (NEWR US) shares underperformed in 2022, with shares down ~49%
China Internet Weekly (2Jan2023): Alibaba, Tencent, Douyin, Bilibili, Uxin
- Alibaba’s CEO will lead the cloud business himself, because the retailing business faces headwind.
- Tencent will enter the short video market again, because the online game is till stagnant.
- Douyin will launch a car-hailing platform, which will compete with Meituan.
Universal Display Corporation: Initiation of Coverage – Contract With Samsung & Other Drivers
- This is our first report on Universal Display Corporation, one of the largest players in the domain of OLED technologies and materials for use in display and solid-state lighting applications.
- The management anticipates that the OLED market will continue on its long-term growth trajectory.
- We initiate coverage on the stock of Universal Display Corporation with a ‘Hold’ rating.
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