In today’s briefing:
- Shopify Inc.: How Is The Management Executing Integration with Emerging Sales Channels! – Major Drivers
- [Kanzhun Ltd. (BZ US, BUY, TP US$17) Target Price Change]: Mark Down C4Q24 and 2025 on Weak Demand
- Taiwan Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive
- Taiwan Dual-Listings Monitor: TSMC Spread Approaching Short Level; UMC Short Interest Soars Higher
- Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech
- Microsoft Under Fire: 4 Critical Factors Investors Can’t Ignore Amid U.S. Antitrust Probe!
- Shift4 Payments: International Expansion in Strategic Markets & Other Major Drivers
- Skyworks Solutions: An Insight Into Its Diversification in Broad Markets & Other Major Drivers
Shopify Inc.: How Is The Management Executing Integration with Emerging Sales Channels! – Major Drivers
- Shopify Inc. has reported a strong performance for the third quarter of 2024, showcasing significant growth and expansion across several facets of its business.
- The company’s gross merchandise volume (GMV) grew 24% for the quarter, marking the fifth consecutive quarter of GMV growth over 20%.
- This growth was attributed to increased same-store sales among existing merchants, growth in new merchants, and international expansion, particularly in Europe.
[Kanzhun Ltd. (BZ US, BUY, TP US$17) Target Price Change]: Mark Down C4Q24 and 2025 on Weak Demand
- Kanzhun, along with Kuaishou, Beike and PDD, are we call the “Macro Mauled Champions” (MMC). We suggest long term investors to accumulate;
- Weak industrial sector earnings in October bodes ill for manufacturing hiring into C4Q24 and we think may further extend to early 2025 recruiting season;
- We expect BZ to grow profit faster than revenues on cost savings, particularly on marketing and gain shares. We cut the TP from US$19 to US$17.
Taiwan Semiconductor Industry Aggregate Analysis: Margins Challenged; Inventory Data Positive
- Gross Margins Aggregate Data – Shows Taiwan Semiconductor Companies Under Pressure
- How TSMC and GlobalWafers show two very different margin environments; However everyone needs to manage rising energy costs into 2025E
- Aggregate Inventory Levels — Inventory Days Declining Trend is a Positive Sign
Taiwan Dual-Listings Monitor: TSMC Spread Approaching Short Level; UMC Short Interest Soars Higher
- TSMC: +20.4% Premium; ADR Premium is Approaching a Short Level
- UMC: +0.7% Premium; Short Interest Soars to New Two-Year Highs
- ASE: +4.2% Premium; ADR Headroom Falls to 100% Maxed Out
Memory Monitor: Decoupling Trade Long SK Hynix Vs. Short Nanya Tech
- Memory Market Diverges: AI Demand Continues to Surges While Legacy Segments Struggle in November
- Diverging Demand Trends Highlight Market Decoupling — AI Driving HBM, Server DRAM, QLC NAND Demand
- Outlook for the Memory Market — Decoupling Trade: Long SK Hynix vs. Short Nanya Tech Trade
Microsoft Under Fire: 4 Critical Factors Investors Can’t Ignore Amid U.S. Antitrust Probe!
- Microsoft, one of the world’s leading technology giants, is currently facing a comprehensive antitrust investigation by the U.S. Federal Trade Commission (FTC).
- The probe, initiated by FTC Chair Lina Khan, is examining allegations that Microsoft is potentially abusing its market power in productivity software and cloud computing.
- Specifically, the FTC is scrutinizing the company’s software licensing practices, which may be preventing customers from moving their data from Microsoft’s Azure cloud service to competing platforms.
Shift4 Payments: International Expansion in Strategic Markets & Other Major Drivers
- Shift4 Payments reported strong financial results for the third quarter of 2024, emphasizing both its achievements and areas that need improvement.
- The company set quarterly records for several key performance indicators (KPIs), including volume, gross revenue less network fees, adjusted EBITDA, and adjusted free cash flow.
- The adjusted EBITDA margin reached a new quarterly high of 51.3%, or nearly 54% excluding impacts from recent acquisitions.
Skyworks Solutions: An Insight Into Its Diversification in Broad Markets & Other Major Drivers
- Skyworks Solutions posted robust performance during the fourth fiscal quarter of 2024, marked by revenues of $1.025 billion and earnings per share (EPS) at $1.55, aligning with or surpassing prior guidance midpoints.
- The company generated $393 million in free cash flow, continuing its trend of strong cash generation, which for a second consecutive year surpassed $1.6 billion annually.
- This financial stability underpins investments in technology advancements and product development crucial for future growth.
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