In today’s briefing:
- PC Partner: Strong 1H22 but High Uncertainty into 2H22. Downside Supported by Cash and Dividend.
- Alibaba, Longfor Group, Country Garden, New World Development
- Bilibili (9626 HK): 2Q22 Preview, Still Grew Rapidly, Will Reduce Loss
- Carro Sees Profitability, Doubles Revenue to $464m
- Intel Vs. TSMC/UMC Long/Sort Monitor: Take-Aways from DB Conference & Fireside Chat
- Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too
- Glints Bags $50m Series D Funding After Doubling Revenue and Gross Profits
- Jet Commerce Raises US$60M for Brazil and Singapore Expansion, to Further Scale up in China
- Ansys Inc: The New R2 2022 & Other Drivers
PC Partner: Strong 1H22 but High Uncertainty into 2H22. Downside Supported by Cash and Dividend.
- Pc Partner reported a strong set of 1H22 results last week and held a conf call with investors this week. Importantly, management sees no impact by US/China Nvidia AI situation.
- 3Q22 results will be weak as old inventory is being discounted in front of the launch of RTX 40 by NVIDIA Corp (NVDA US) in early 4Q22.
- Stock is unlikely to rally before more clarity on inventory situation improvement, but well supported by net cash (5.4 HKD) and high interim dividend (11.4%).
Alibaba, Longfor Group, Country Garden, New World Development
- Two big headlines drove the short squeeze, helped by the record level of short selling as a percentage of total volume in recent months.
- The recovery remains a low volume rally and short turnover as share continues to be high.
- Most of the short selling remains in Index ETF and very large-cap stocks.
Bilibili (9626 HK): 2Q22 Preview, Still Grew Rapidly, Will Reduce Loss
- In 2Q22, we believe revenue will grow fast, especially for value added service and advertising.
- We believe operating loss will shrink, but far from making profit.
- We believe the stock has an upside of 18% for the end of 2023.
Carro Sees Profitability, Doubles Revenue to $464m
Singapore-based Carro more than doubled its revenue in its latest financial year, raking in more than S$650 million (US$464.2 million) in revenue.
- The used-car platform, which also achieved profitability in FY 2021, said it is tracking at over US$930 million in run-rate revenue. It expects to see another 2x growth in revenue for FY 2023.
- Aaron Tan, co-founder and CEO of Carro, attributed the firm’s profitability to its focus on online retailing and machine learning.
Intel Vs. TSMC/UMC Long/Sort Monitor: Take-Aways from DB Conference & Fireside Chat
- On August 31st, Intel’s GM of Data Center & AI spoke at Deutsche Bank’s Technology Conference. On the same day, another executive spoke at Arete Research’s fireside chat.
- Q2 and Q3E should be the bottom for the business, implying a rebound in Q4. Consensus estimates a similar trend; the latest comments are a confirmation of Q2 results guidance.
- We see opportunities for positive news flow in September and Q3 results, as Intel could make key product announcements and guide for Q4 to be a turnaround.
Crowdstrike FY2Q23: FY2Q23: Not Just Endpoint, Identity and SIEM Accelerating Too
- Crowdstrike continues to gobble up share, printing another strong beat and raise, with ARR now at $2B, the second fastest software company to hit that mark.
- EBIT margins up 800bps YoY, TTM FCF Margins 30%…profitable growth at Scale.
- 13x forward P/S for a unique software asset with long runways for 40%+ growth and multi-module driven margin expansion with a 15% pullback in the past week despite earnings.
Glints Bags $50m Series D Funding After Doubling Revenue and Gross Profits
- Glints, a Singapore-based careers platform, has raised US$50 million in a series D funding round co-led by DCM Ventures, Lavender Hill Capital, and Persol Holdings.
- The deal pushed the firm’s total funding to date to more than US$80 million, making it the most funded startup in Southeast Asia’s talent recruitment space.
- Glints connects companies to talent pools in Indonesia, Malaysia, Singapore, Vietnam, the Philippines, and Taiwan
Jet Commerce Raises US$60M for Brazil and Singapore Expansion, to Further Scale up in China
- Jet Commerce launched a Live Commerce service through its newest business unit, Lumbalumba, last July and inaugurated its live streaming centre
- Indonesia-based e-commerce enabler, Jet Commerce, has announced the completion of its Series B funding round of more than US$60 million (IDR 900 billion).
- Jet Commerce will use the funds to upgrade infrastructure, recruit more professional local talent, improve research and technology development, and strengthen its ability in brand incubation.
Ansys Inc: The New R2 2022 & Other Drivers
- This was an excellent quarter for Ansys, where the company managed to surpass Wall Street expectations in terms of revenues as well as earnings.
- From the geographical perspective, the company viewed robust revenue growth from EMEA, the Americas, and the Asia Pacific.
- Among key updates, TSMC certified the Power integrity software of Ansys for its NTE process and industry-leading N4P technologies.
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