In today’s briefing:
- SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain
- Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.
- Namaste India 🙏 | India’s Atomic Ambitions
- Money Forward (3994) | Q3 Results and Strategic Expansion Fueling Long-Term Upside
- Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.
- Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long
- PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E
- TNB Aura joins US$8M Series A round of EV charging operator Charge+ | e27
- GoodRx Holdings Inc.: Leveraging Biosimilars and Brand Partnerships To Catapult Their Growth! – Major Drivers
- Globalstar Inc.: Satellite Network Modernization & Expansion In Middle East As A Critical Growth Catalyst! – Major Drivers
SAMSUNG: Less About Preliminary Results, More About the Tech Missteps. Samsung Pain Is HYNIX’s Gain
- Samsung Electronics (SMSN LI) Q3 preliminary Operating Profit results is 12% below consensus. Company issues rare apology, effectively admitting technology competitiveness falls short.
- SK Hynix (000660 KS) is powering ahead in HBM memory in our view, securing Nvidia 2025 allocations, and industry leading efficiencies.
- A range of factors have created a great opportunity for SK Hynix investment given misunderstood industry dynamics and position at NVIDIA Corp (NVDA US).
Vanguard (5347.TT): TSMC Invests over 3.7 Billion in Vanguard to Increase Its Holdings to 27%.
- Taiwan Semiconductor (TSMC) – ADR (TSM US) invests over 3.7 billion in Vanguard Intl Semiconductor (5347 TT) to increase its holdings to 27%.
- Taiwanese authorities, specifically the Investment Commission of the Ministry of Economic Affairs, approved Vanguard’s investment in its first 12-inch factory in Singapore yesterday.
- Regarding the outlook for 4Q24, we believe it is still evolving, and our current estimate is a ~5% quarter-on-quarter decline.
Namaste India 🙏 | India’s Atomic Ambitions
- Re-Introducing our weekly Namaste India 2.0. This iteration builds on our earlier version and is designed for investors keen to track developments in India.
- Nuclear power currently contributes less than 2% of India’s total electricity generation, indicating significant room for growth.
- Going ahead, with earnings taking center stage, the high valuations commanded by iShares MSCI India ETF (INDA US) are likely to get challenged.
Money Forward (3994) | Q3 Results and Strategic Expansion Fueling Long-Term Upside
- With results due October 15, we expect net sales growth of 29% YoY, bringing 9-month revenue on track to meet full-year guidance.
- Money Forward’s businesses are Japan-centric, creating a steady revenue stream insulated from yen volatility and uncertain global macro conditions.
- By targeting larger corporations, Money Forward aims to unlock substantial cross-selling potential, supporting long-term growth and market penetration.
Tech Supply Chain Tracker (09-Oct-2024): CSP develops ASIC accelerators.
- CSP leading the development of ASIC accelerators for faster processing, enhancing their technological edge in the market.
- Partnership between Foxconn and Nvidia to build world’s largest GB2000 production line, gearing up for increased demand in the semiconductor industry.
- Taiwan emerging as a key player in the offshore wind industry, forging partnerships with foreign companies and investing in energy storage technology to stay competitive.
Cerebras IPO Valuation Analysis: A Sky-High Valuation Will Not Last For Long
- Cerebras Systems, a fast-growing maker of wafer-scale AI chips, which power the world’s largest supercomputers, will reveal IPO terms soon.
- Given the company’s hyper-growth trajectory, $1B+ deal with UAE’s G42 and unique architecture, I expect Cerebras Systems is likely to get a premium valuation.
- The AI company plans to raise up to $1B while selling stockholders will offer additional Class A shares in this IPO.
PC Monitor: Elan Sales Hit Guidance High End; Expects Significant PC Industry Growth 4Q24E/1Q25E
- Elan Micro reported September revenue on October 7th; 3Q24 revenue has come in at the high end of management’s guidance.
- Management reiterated that they expect AI PCs to drive a growth acceleration for the PC industry starting in 4Q24E/1Q25E.
- Reiterate Structural Long rating for Elan Micro; the company remains well positioned to benefit from an AI PC-driven PC upgrade cycle.
TNB Aura joins US$8M Series A round of EV charging operator Charge+ | e27
- Singapore-based electric vehicle (EV) charging operator Charge+ has received an undisclosed sum from TNB Aura to complete its US$8 million Series A round.
- The startup, which operates over 2,000 EV charging points across Southeast Asia, will use the funds to expand its charging infrastructure.
- The startup received an undisclosed sum in a Series A round led by TRIVE Venture Capital in October 2023.
GoodRx Holdings Inc.: Leveraging Biosimilars and Brand Partnerships To Catapult Their Growth! – Major Drivers
- GoodRx Holdings Inc.’s second quarter 2024 earnings presentation underscored a company benefiting from a complex healthcare environment yet facing substantial challenges that could sway its operational and financial trajectory.
- The report delineated both strengths in strategic execution and hurdles related to broader industry and operational dynamics.
- GoodRx continues to navigate a rapidly evolving healthcare landscape distinguished by significant pressure on pharmacy benefit managers (PBMs), shifting insurer coverage, and increasing consumer cost burden.
Globalstar Inc.: Satellite Network Modernization & Expansion In Middle East As A Critical Growth Catalyst! – Major Drivers
- Globalstar recently held its second quarter 2024 earnings call, where the company reported a robust performance with significant gains in several key financial areas.
- Revenue for the quarter reached $60.4 million, marking a 10% increase year-over-year, driven primarily by an 18% rise in service revenue.
- This growth in service revenue is particularly important as it directly enhances the company’s profitability due to inherent operating leverage, demonstrated by a 20% increase in adjusted EBITDA and an improved margin of 54%.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
