In today’s briefing:
- Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand
- Merger Arb Mondays (18 Mar) – Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm
- Taiwan Dual-Listings Monitor: TSMC Premium Slumped But Remains Extreme; UMC at a Discount
- Ziff Davis Inc.: Initiation Of Coverage – Huge Potential for Incremental Licensing Revenue Through AI! – Major Drivers
- Alarm.com Holdings Inc.: Initiation Of Coverage – 4 Pivotal Factors That Are Shaping Its Growth Journey! – Financial Forecasts
- FormFactor Inc.: Initiation Of Coverage – These Are The 4 Biggest Growth Catalysts For The Company! – Financial Forecasts
- Vishay Intertechnology Inc.: Initiation Of Coverage – Is The Strategic M&A Enough To Broaden Portfolio & Strengthen Its Position In Crucial Markets? – Major Drivers
- Sanmina Corporation: Initiation Of Coverage – These Are The 4 Biggest Factors Catalyzing Their Growth! – Financial Forecasts
- Credo Technology Group: Initiation Of Coverage – How Are They Adapting To The Artificial Intelligence (AI)-Triggered Market Shift? – Major Drivers
- Belden Inc.: Initiation Of Coverage – These Are The 3 Biggest Challenges In Its Path For Success! – Major Drivers
Taiwan Tech Weekly: Nvidia Conference; Samsung to Hike NAND Prices; TSMC Adding Capex Due to Demand
- Nvidia GTC Conference This Week Likely to Create Newsflow for Many Tech Names
- Samsung Could Hike NAND Flash Prices by 20%; Silicon Motion for Exposure
- TSMC Reportedly Placing Orders for Additional Advanced Packaging Capacity, Likely In Response to Demand Strength
Merger Arb Mondays (18 Mar) – Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: APM Human Services Internation (APM AU), Qantm Intellectual Property (QIP AU), Genex Power Ltd (GNX AU), Probiotec Ltd (PBP AU), Alumina Ltd (AWC AU), Silver Lake.
- Lowest spreads: Roland DG Corp (6789 JP), Tietto Minerals Ltd (TIE AU), CPMC Holdings (906 HK), Pact Group Holdings (PGH AU), Vinda International (3331 HK), Snow Peak Inc (7816 JP).
Taiwan Dual-Listings Monitor: TSMC Premium Slumped But Remains Extreme; UMC at a Discount
- TSMC: +15% ADR Premium; Likely to Trend Further Lower Over Time
- UMC: -2.3% Discount; Decent Level to Long the ADR vs. Short Local
- ASE: +11.6% Premium; Continue to Advocate Shorting the Spread Here
Ziff Davis Inc.: Initiation Of Coverage – Huge Potential for Incremental Licensing Revenue Through AI! – Major Drivers
- This is our first report on internet information and services provider, Ziff Davis.
- The company has projected an optimistic growth outlook for 2024 as it reported a solid fourth quarter performance for the fiscal year of 2023.
- The company’s CEO, Vivek Shah expressed his confidence over the company’s business set up for notable growth in 2024 provided the depreciation 1.4% over the last two years.
Alarm.com Holdings Inc.: Initiation Of Coverage – 4 Pivotal Factors That Are Shaping Its Growth Journey! – Financial Forecasts
- This is our first report on cloud-based solutions provider, Alarm.com.
- The company posted robust fourth quarter and full-year results for 2023 that surpassed expectations.
- The company’s software-as-a-service (SaaS) and license revenue reached $148.3 million in Q4, reflecting a 10.3% increase compared to the previous year.
FormFactor Inc.: Initiation Of Coverage – These Are The 4 Biggest Growth Catalysts For The Company! – Financial Forecasts
- This is our first report on FormFactor Inc., a leader in the semiconductor industry known for providing necessary equipment for the testing and measurement of chips before they hit the market.
- The company recently reported their fourth quarter 2023 earnings.
- FormFactor has achieved a consistent performance throughout the past year with CEO, Mike Slessor, confirming top-line results to be steady across the four quarters.
Vishay Intertechnology Inc.: Initiation Of Coverage – Is The Strategic M&A Enough To Broaden Portfolio & Strengthen Its Position In Crucial Markets? – Major Drivers
- This is our first report on Vishay Intertechnology, a renowned manufacturer of semiconductors and electronic components.
- In the last quarter, the company disclosed revenues of $785.2 million, within the guidance range of $770 million to $810 million.
- Notably, the lower industry demand was led by higher levels of finished goods inventories.
Sanmina Corporation: Initiation Of Coverage – These Are The 4 Biggest Factors Catalyzing Their Growth! – Financial Forecasts
- Sanmina Corporation began fiscal year 2024 by meeting its outlook, demonstrating the firm’s strong cost management and operational execution, key ingredients to its adaptability amidst dynamic market conditions.
- However, the firm has had to navigate ongoing customer inventory adjustments and softer demand across the industry, which has led to a decline in revenue to $1.87 billion for the first quarter.
- 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.
Credo Technology Group: Initiation Of Coverage – How Are They Adapting To The Artificial Intelligence (AI)-Triggered Market Shift? – Major Drivers
- This is our first report on high-speed connectivity solutions provider, Credo.
- The company reported Q3 FY24 earnings, with revenue at $53.1 million and non-GAAP gross margin at 62.2%.
- Credo’s results and future growth expectations are being fueled by the growing market for high-speed, energy-efficient connectivity solutions in data infrastructure.
Belden Inc.: Initiation Of Coverage – These Are The 3 Biggest Challenges In Its Path For Success! – Major Drivers
- This is our first report on Belden, a networking, connectivity, and cable products player.
- The company experienced high revenue and EPS in Q4 2023, both exceeding previous guidance.
- The solutions transformation has been cited as driving incremental demand and margin expansion.
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