In today’s briefing:
- SK Square: Drag Along Rights To Be Exercised to Sell 11 Street + Merger of TVing and Wavve
- Tata Technologies IPO: Trading Debut
- Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm
- Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
- Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec
- Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways
- UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.
SK Square: Drag Along Rights To Be Exercised to Sell 11 Street + Merger of TVing and Wavve
- SK Square announced it will not exercise the call option to repurchase minority stake in 11 Street. This is likely to have a positive impact on the company.
- SK Square does not need to pay 500 billion won plus 3.5% annualized interest to the financial investors of 11 Street. This will also accelerate sale of 11 Street.
- In addition, SK Square announced the merger of TVing and Wavve OTT services.
Tata Technologies IPO: Trading Debut
- Tata Technologies (TATATECH IN) priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.
- We previously discussed the IPO in Tata Technologies IPO: The Investment Case and Tata Technologies IPO: Valuation Insights.
- The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.
Tata Technologies IPO Trading – Will Be a Good Listing Owing to over Enthusiasm
- Tata Technologies (TATATECH IN) (TT) raised around US$370m in its India IPO.
- 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 our previous note, we looked at the company’s past performance and valuation. In this note, we talk about the demand and trading dynamics.
Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
- Taiwan Tech companies beat analyst expectations by a high rate in the latest quarter
- Semiconductors: Consensus could be underestimating a margin rebound for 2024E
- Hardware aggregate forecast earnings growth increased significantly for 2024E as compared to just three months ago
Tata Consultancy Services Buyback: Tender Offer Period Opens on 1st Dec
- Tata Consultancy Svcs (TCS IN) launched an INR170bn (US$2bn) Buyback in mid-November 2023 which is one of the largest Buybacks in India in recent years.
- The company has published the Letter of Offer confirming the final details and the expected timeline for this Buyback.
- Below is a closer look at these details and their implications for shareholders.
Taiwan Tech Weekly: Taiwan AI Top Losers; Dell to Provide PC/Server Color; Post-3Q Results Takeaways
- Taiwan AI Plays Top Losers Recently, Dell Results Coming Today U.S. Time to Provide Color for PCs and Servers
- Taiwan Tech Post-Earnings Takeaways: Semis Margins Underestimated? Hardware 2024E Forecasts Ramped
- Nanya, Yageo Top Gainers; We Rate the Stocks Outperform and Structural Long Respectively
UMC (2303.TT; UMC.US): There Is a Greater Chance for a Rebound in 2Q24F.
- Although it is still early to determine the extent of the utilization rate that could be reached in UMC for 2Q24F, there is a greater chance for a rebound.
- UMC’s high-end technology, specifically 28nm, has a utilization rate of over 80% in 4Q23F.
- MediaTek is UMC’s largest client, dominating in WiFi, TV SoC, Bluetooth, and other areas.
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