In today’s briefing:
- StubWorld: LVS Trading “Cheap” As Macau Recovers
- Instacart IPO Preview
- Intel’s Meteor Lake Chips Could Make It ‘Cool’ Again; Will Enable Mass Market Adoption of AI PCs
- Supply Tightness, Robust Demand Could Push Crude Oil Prices Into Triple Digit Territory
- WDFC: A Squeaky Quarter Preview
- Aspira Women’s Health, Inc. – Announces New Chief Scientific Officer
StubWorld: LVS Trading “Cheap” As Macau Recovers
- Las Vegas Sands (LVS US) is coming up “cheap” on my monitor as Macau’s gross gaming revenue touches a new post-Covid high.
- Preceding my comments on LVS are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Instacart IPO Preview
- Instacart is targeting a valuation between US$8.6 billion to US$9.3 billion in its IPO. Instacart’s valuation has declined nearly 77% from its peak levels US$39 billion a few years ago.
- Established in 2012, Instacart is a leading players in North America of delivering online grocery goods to consumers’ homes.
- Instacart generated sales of US$2.6 billion (up 39.1% YoY), gross profit of US$1.8 billion (up 49.3% YoY), and operating profit of US$62 million (turned black YoY) in 2022.
Intel’s Meteor Lake Chips Could Make It ‘Cool’ Again; Will Enable Mass Market Adoption of AI PCs
- Intel’s upcoming Meteor Lake family of chips will include a new specific component specifically for running AI processes locally on PCs.
- Meteor Lake will enable mass market adoption of AI PCs by providing a platform for developers to create more advanced AI PC applications than are currently possible.
- Meteor Lake’s launch could start by end-October. Intel’s Innovation conference September 19-20th will likely add visibility. Intel’s potential supports a Long thesis for Taiwan’s PC supply chain.
Supply Tightness, Robust Demand Could Push Crude Oil Prices Into Triple Digit Territory
- Oil majors to extend voluntary production cuts with an eye to pushing crude oil prices to $100/barrel.
- Demand for oil at record highs, fueled by strong travel, increased oil usage in power production & solid Chinese petrochemicals activity.
- Refiners are reaping near-record profits as their throughputs are set to reach a summer peak of 83.9m bpd in August.
WDFC: A Squeaky Quarter Preview
- WDFC faces continued headwinds with consumer spending remaining limited and distillate prices going up.
- We doubt WDFC would be able to raise prices with higher input costs since their customers were already trying to avoid the last series of price adjustments.
- The consumer is picking where they are spending their finite capital. In recent months it has become clear the consumer is not willing to invest in maintenance around the home
Aspira Women’s Health, Inc. – Announces New Chief Scientific Officer
- Aspira Women’s Health announced it has named Jody Berry, Ph.D as its new Chief Scientific Officer.
- Dr. Ryan Phan, who stepped down from the position, remains as an advisor through the end of the year to help with the transition and provide scientific and operational advice related to ongoing product development programs.
- Dr. Berry is a recognized international expert in immunoassay development, antibody technology, and infectious diseases.
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