In today’s briefing:
- FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence
- XPER: The Sense Behind the Cents
- Ocean Power Technologies, Inc. – 2QFY24 Results: Revenue Increases 193%
FedEx (FDX US, BUY, TP:$299): 2QFY24 Will Shed Light on E-Commerce Resurgence
- FedEx Corp (FDX US) (FedEx) will release its 2QFY24 results on 19 Dec after market close. Closely watched as it is the bellwether for global trade and commerce
- Cost reduction initiatives has delivered, and resurgence in e-commerce activities across Asia Pacific could potentially provide positive earnings surprise
- Target price US$299 (7% UPSIDE) based on 15x CY2024 PE (FedEx’s historical mean). Our recommendation is to give FedEx a miss, too little upside for the risk
XPER: The Sense Behind the Cents
- XPER is streamlining its operations by divesting its AutoSense and image sensing product lines to strategically refocus on the burgeoning entertainment sector
- XPER is selling AutoSense and the image sensor business to Tobii for $42.7 million plus a performance fee
- XPER estimates revenue loss from the divesture would be approximately $30 million with adjusted EBITDA moving up
Ocean Power Technologies, Inc. – 2QFY24 Results: Revenue Increases 193%
- Ocean Power Technologies reported 2QFY24 revenue of $0.9 million, up 193% Y/Y from $0.3 million in 2QFY23, driven by sales of WAM-V autonomous vehicles, the contract with the Department of Energy (DOE), and an increase in strategic consulting services.
- The previous quarter had revenue of $0.2 million from leased boats.
- The company reported 2QFY24 gross profit of $0.5 million, compared with a profit of $39,000 in 2QFY23.
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