Daily Brief TMT/Internet: Shift Up, Tata Technologies, Xiaomi Corp, Full Truck Alliance , Shinfox Energy Co Ltd, Marvell Technology , Immersion Corporation, Shopify , Hubspot Inc and more

• Shift Up plans to raise up to US$320m in its upcoming South Korean IPO.
• Shift Up is a South Korean games developer, which as released three games so far for the global markets.
• In this note, we talk about the positive aspects of the deal.

• Tata Technologies (TT) raised around US$370m in its India IPO in Dec 2023.
• Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
• In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.

• Total revenue growth rate climbed up 27% YoY in 1Q24 with all businesses growing strongly.
• Smartphone shipments grew by 34% YoY and achieved global No. 3.
• In 1Q24, the gross margins of all major businesses obviously improved.

• FTA’s revenue growth accelerated in Q124 and exceeded management guidance
• Gross and OpInc margins (cash basis) both improved sharply in Q124
• Growth, profitability, mix improved, but FTA no longer so cheap; HOLD

• Shift Up (462870 KS) plans to raise up to US$320m in its upcoming South Korean IPO.
• Shift Up is a South Korean games developer, which as released three games so far for the global markets.
• In this note, we talk about the not-so-positive aspects of the deal.

• China’s military drills near Taiwan causing concern, but local market still strong
• Taiwan celebrates opening of first offshore wind farm in Asia-Pacific by CIP
• US to increase tariffs on Chinese EVs, batteries, and steel starting August 1, affecting trade relations.

• Marvell has historically performed well in the market but is now shifting its focus to growth areas such as AI, cloud computing, and faster data networks
• Despite recent cyclical weakness, the company is expected to see improved performance and strong earnings growth
• Reactivating the account is a strategic move to capitalize on Marvell’s promising future prospects and potential increase in stock value

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Immersion (IMMR) announced it had renewed its patent license agreement with Samsung Electronics removing the biggest risk overhang of 2024
• Samsung has been IMMR’s largest customer at one point representing more than 60 percent of revenue. In the most recent 10K filing, IMMR describes Samsung as a significant customer
• We assume there was a step down in the rate Samsung pays, since this is usually the norm with technology companies and IP deals

• Shopify reported strong performance for the first quarter of 2024.
• The company saw the addition of millions of merchants globally to their platform, with revenues growing over 25% for four consecutive quarters.
• This was primarily driven by the fact that it had rolled out over 400 new features and updates in just two years, demonstrating leadership in innovation.

• HubSpot Inc.’s Q1 2024 earnings conference call revealed a mix of strong performance and cautious optimism.
• Total customers grew by 22% YoY, translating to over 215,000 customers globally, driven by over 11,700 net customer additions in the quarter.
• Revenue growth was solid at 23% year-over-year in constant currency, alongside another good quarter of operating margin growth, driving the operating margin to 15%.