In today’s briefing:
- Trading Sea Ltd in 2023: It Is Still The Same Beast
- Telekomunikasi Indonesia (TLKM IJ) – Increasingly Digital
- JEIO Lowers IPO Price Range
- ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm
- Micron’s FQ1 23 Earnings. Yikes!
- Binance: Waiting For The Other Shoe To Drop
Trading Sea Ltd in 2023: It Is Still The Same Beast
- Trading Sea Ltd (SE US) shares this year may not be as straightforward as the previous year.
- With the share price at pre-COVID levels, swing highs could be difficult to swallow for those of us who would like to remain short Sea Ltd in 2023.
- Nonetheless, we would be short Sea-Ltd at the turn of the year as we think valuation multiples could fall to a new all-time low with all segments facing stiff challenges.
Telekomunikasi Indonesia (TLKM IJ) – Increasingly Digital
- Telekomunikasi Indonesia (TLKM IJ) produced what looked like a decent set of 9M2022 numbers as it seeks out its future digital reincarnation.
- Data continues to dominate revenues, making up 81% of Telkomsel revenue, with Indihome becoming increasingly important at nearly 20% of total revenue, with data centres set to become increasingly important.
- The recent sell-off looks more to do with year-end liquidity flows than fundamentals with valuations looking increasingly attractive.
JEIO Lowers IPO Price Range
- JEIO, a manufacturer of carbon nanotubes for rechargeable batteries, has lowered its IPO price range and offering amount in order to list on the KOSDAQ market.
- The company lowered the IPO price range to 10,000 won to 13,000 won from 15,000 won to 18,000 won range previously.
- Our base case valuation of JEIO is target price of 11,268 won per share, which is 2% lower than the mid-point of the IPO price range.
ParagonCorp Arm Pours Funding into Indonesian Shariah Fintech Firm
- Alami, an Indonesia-based Shariah fintech startup, has secured an undisclosed amount in a capital injection from Paragon Beneva Investama, an investment arm of local cosmetics firm ParagonCorp.
- Founded in 2018, Alami is a peer-to-peer lender that provides invoice financing to MSMEs in Indonesia.
- The company has disbursed over 3 trillion rupiah (over US$191 million) to fund over 10,000 MSME projects across various strategic sectors in the country.
Micron’s FQ1 23 Earnings. Yikes!
- Micron yesterday announced FQ1 revenues of $4.1 billion, , down 39% sequentially and down 47% year over year.
- This was still within the forecasted range, albeit at the very low end of the scale.
- Gross margin came in at 22.9%, down approximately 17 percentage points sequentially, primarily due to lower pricing.
Binance: Waiting For The Other Shoe To Drop
- A DOJ investigation adds further negative sentiment to the ‘black box’ of the finance exchange.
- The DOJ investigation is being investigated by the Department of Justice, which is under investigation into the exchange exchange exchange between banks and banks.
- The investigation is expected to conclude in the coming weeks. The investigation will be conducted by the Justice Department.
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