In today’s briefing:
- Korean Government Launches a Tender Offer to Sell a 29.3% Stake in NXC Corp for US$3.6 Billion
- MediaTek (2454.TT): Rebounding from Cycle Bottom.
- LaKeel (4074 JP) – Highlighting Opportunities and Acknowledging Challenges
Korean Government Launches a Tender Offer to Sell a 29.3% Stake in NXC Corp for US$3.6 Billion
- On 4 December, the South Korean government announced that it will launch a tender offer to sell a 29.3% stake in NXC Corp for about US$3.6 billion.
- The two daughters of ex-Chairman Kim Jung-Ju handed over a 29.3% stake in NXC Corp to the Korean government as payment-in-kind in May 2023 to pay for inheritance taxes.
- The tender offer sale of the Korean government’s 29.3% stake in NXC Corp (worth nearly 4.7 trillion won) is a positive catalyst for Nexon (3659 JP).
MediaTek (2454.TT): Rebounding from Cycle Bottom.
- Mediatek Inc (2454 TT) has rebounded from the bottom of the cycle, and it will be able to reach more than 20% YoY in 2024F.
- The demand for 4G and 5G Smartphone SoC will be split around 55/45 by shipment volume, with Taiwan Semiconductor (TSMC) (2330 TT) being the primary supplier for MediaTek.
- The MediaTek Dimensity 6000 series will be the new flagship product line in 2024F.
LaKeel (4074 JP) – Highlighting Opportunities and Acknowledging Challenges
- Results highlighting both strengths and limitations – Q1-3 FY12/2023 results were below expectations, with the company experiencing a delay and potential cancellation of a large license sale, which had a negative knock-on effect on related Consulting demand.
- FY12/2023 company guidance has been revised to reflect lowered earnings visibility.
- Although this highlights the need for the company to strengthen business model resilience, growth in DX-related in-house LaKeel Products remained stable with sales up 19.3% YoY.
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