In today’s briefing:
- Top 10 Stocks in Korea With Highest Net Cash as Percentage of Market Cap
- Canon (7751) – OK 2023 Results, Better Guidance, Bigger, Longer, Slower Buyback
- KLAC. Looks a Lot Like LRCX!
- Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow
- Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today
- Sprout Social: Initiation of Coverage – AI Revolution in Social Media! Sneak Peek into Their Groundbreaking 2024 Features! – Major Drivers
- Rapid7 Inc.: Initiation of Coverage – Revolutionizing the Tech World with Strategic Partnerships – What’s Coming in 2024? – Major Drivers
- Globalstar: Initiation of Coverage – 5 Surprising Ways This Tech Giant is Revolutionizing Connectivity with Satellite Innovation! – Major Drivers
- JFrog Ltd.: Initiation of Coverage – Unleashing the Power of AI in DevOps – A Game-Changer You Can’t Afford to Miss! – Major Drivers
- Cogent Communications Holdings: Initiation of Coverage – 4 Factors Driving Their Stock Price! – Financial Forecasts
Top 10 Stocks in Korea With Highest Net Cash as Percentage of Market Cap
- One of the emerging trends in the Korean equity markets in the past several weeks has been the shift out of high beta, high P/E stocks to deep value stocks.
- In this insight, we will discuss about the top 10 stocks in Korea with highest net cash as percentage of market cap.
- These 10 stocks are up on average 2.9% YTD, outperforming KOSPI which is down 5.9% in the same period.
Canon (7751) – OK 2023 Results, Better Guidance, Bigger, Longer, Slower Buyback
- Canon Inc (7751 JP) announced 2023 full-year results on 30 January. Results were mixed. Revenues did OK. Net Profit underperformed expectations. 2024 Net Profit Guidance is 1% higher than consensus.
- Canon has a 15yr history of one kind of buyback. ¥50bn every time. 19 times in a row. Short (10 weeks max), sharp, executions (executed in 3-5 weeks). Every time.
- This time offers a new buyback. ¥100bn. Over the space of a year. That’s only 3% of ADV but the shareholder structure is different than you think it is.
KLAC. Looks a Lot Like LRCX!
- Q423 revenues of $2.49 billion, marginally above the guided midpoint, up 3.6% QoQ but down 15.6% YoY. Net income was $583 million, down $158 million QoQ.
- Current quarter guidance of $2.3 billion, down 8% QoQ and also down around 5% YoY
- Interesting Q&A discussion on backlog. KLAC’s order book is risker than their peers due to their shorter lead times. Something to watch…
Taiwan Dual-Listings Monitor: Can TSMC Sustain Extreme ADR Spread?; UMC Results Catalyst Tomorrow
- TSMC: +13.5% ADR Premium, Historically High Spread Represents Short Opportunity
- UMC: -0.9% ADR Discount, Results Tomorrow Could Open Up Trade Opportunity
- ASE: +9.1% Premium, Historically High But Likely Best to Wait for Higher Levels
Taiwan Tech Weekly: Semiconductors Surging in Southeast Asia; UMC & Mediatek Results Today
- UMC & Mediatek Results Today in Taiwan, Samsung Also Reporting; Taiwan AI Names Flying; Himax & Novatek Top Losers Ahead of Results.
- Semiconductor Surge: Southeast Asia Taking Center Stage Amid Taiwan’s Geopolitical Shift
- First Run of Tech/Semis’ Guidance Tells Us What Industries and Companies to Avoid
Sprout Social: Initiation of Coverage – AI Revolution in Social Media! Sneak Peek into Their Groundbreaking 2024 Features! – Major Drivers
- This is our first report on web-based social media management solution provider, Sprout Social.
- In its most recent quarter, a comprehensive social media management software company, delivered positive Q3 results reflecting good progress in meeting their objectives.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Rapid7 Inc.: Initiation of Coverage – Revolutionizing the Tech World with Strategic Partnerships – What’s Coming in 2024? – Major Drivers
- This is our first report on Rapid7, a renowned cybersecurity solutions provider.
- The company posted its third quarter 2023 financial results, highlighting an Annual Recurring Revenue (ARR) of $777 million and a growth of 14% over the previous year.
- Rapid7 also showcased strong demand for its integrated security operations solutions, particularly its consolidated offerings.
Globalstar: Initiation of Coverage – 5 Surprising Ways This Tech Giant is Revolutionizing Connectivity with Satellite Innovation! – Major Drivers
- This is our first report on mobile satellite services provider, Globalstar.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
- We have added reasonable forecasts of the annualized income statement and cash flows and carried out a DCF valuation of the company using its Weighted Average Cost of Capital (WACC) to determine a forecasted share price.
JFrog Ltd.: Initiation of Coverage – Unleashing the Power of AI in DevOps – A Game-Changer You Can’t Afford to Miss! – Major Drivers
- This is our first report on DevOps platform provider, JFrog.
- Most importantly, the year-over-year growth of JFrog’s cloud business rose by 46%, contributing $30.6 million to the total revenue.
- Non-GAAP profit stood at $16.6 million, generating a free cash flow of $25.4 million.
Cogent Communications Holdings: Initiation of Coverage – 4 Factors Driving Their Stock Price! – Financial Forecasts
- This is our first report on Cogent Communications Holdings.
- The company had a decent performance in the third quarter of 2023 highlighting the recent acquisition of the Sprint business on May 1, 2023, which expanded Cogent’s network and customer base and materially increased the scope and scale of their business.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
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