In today’s briefing:
- META: Connecting People
- Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred
- TPL: Rising Production, Raising PT
- Laser Photonics Corporation: An Emerging Star In The Laser Cleaning Industry
- American Rebel Holdings Inc.: Interesting Set Of Updates With Respect To The Champion Acquisition & Diversification
- HHC: Q3 Results Affirm MPC Strengths
- HWKN: Moving to Sidelines on Rise of Headwinds
- ECVT: Regenerating Free Cash Flow
META: Connecting People
- A few weeks ago, Altimeter Capital CEO Brad Gerstner and longtime shareholder of Meta wrote an open letter to you and the rest of the team at Meta – humbly requesting that you guys pay more attention to the company’s deteriorating share price, and the gradually hostile investor sentiment towards your company.
- Basically he was telling you to shape up or ship out – with the main vex of his letter being your company’s large cash burn in their Reality Labs segment (i.e. Metaverse).
- As a complete nobody with a net worth of less than $1B, I thought that I should weigh in as well.
Moderna (MRNA US): Q3 Result Misses Expectations; Guidance Slashed As COVID Vax Shipment Deferred
- Moderna Inc (MRNA US) reported Q3 revenue of $3.36 billion, below expectation, representing y/y decline of 35% and q/q decrease of 31%, due to lower sales volume of COVID-19 vaccine.
- Management now expects 2022 vaccine revenue of $18–19 billion, down earlier expectation of $21 billion, following delay of certain deliveries into 2023 due to short-term supply constraints.
- With the continued higher medical burden of COVID relative to flu, Moderna expects the endemic COVID vaccine market could be as large or larger than flu market volumes over time.
TPL: Rising Production, Raising PT
- TPL reported better than expected third quarter results on the heels of production rebounding to a new high compared to the last four quarters
- The availability of fracking sand has been the biggest impediment for energy producers in the Permian Basin. TPL contracting for two mobile sand miners should stabilize production over multiple quarters
- We are raising our price target to $2,750 to better reflect the earnings power TPL’s business has looking ahead to 2023 and 2024 with higher production levels
Laser Photonics Corporation: An Emerging Star In The Laser Cleaning Industry
- This is our first research note on Laser Photonics and we look to provide an overview of the company operations before diving deeper into its valuation with a full-fledged valuation report which will be released soon.
- The automotive, building and metalworking industries’ strong need for these technologies and the growing interest in robotic cleaning technologies all support the market’s growth.
- Laser Photonics is one of the very few American players in the laser blasting space and offers a cutting-edge solution to the significant rust issue that plagues various industries.
American Rebel Holdings Inc.: Interesting Set Of Updates With Respect To The Champion Acquisition & Diversification
- American Rebel is a manufacturer a high-tech safes and vaults provider for the modern American consumer.
- The American Rebel brand has been known for its distinctly American flavor and a strong level of patriotism associated with its practices.
- Over the past months, the management has been extremely active in terms of executing its inorganic growth strategy and also diversifying its offerings.
HHC: Q3 Results Affirm MPC Strengths
- HHC reported third quarter 2022 results validating the real Sim City label we gave the Company upon initiation in 2014.
- HHC reported second quarter revenue of $639.5 million primarily because of condo deliveries. HHC reported condo sales of $418 million as it records condo sales upon delivery of units
- HHC’s operating assets showed resiliency with a new multi-family property coming online in the third quarter resulting in higher NOI
HWKN: Moving to Sidelines on Rise of Headwinds
- HWKN reported better than expected fiscal second quarter (September) results with the caveat it would experience higher costs due to a supplier being offline in the December quarter
- Downgrading from Buy to Neutral as this is the perfect time to move to the sidelines as some of the tailwinds of the last two years could become headwinds.
- The weakness in industrial could become multi-quarter event with demand pressure due to higher prices and increased imports
ECVT: Regenerating Free Cash Flow
- ECVT is benefiting from the continued need for sulfuric acid in multiple industries and catalysts for specialty chemicals
- Gasoline demand is now above 2019 levels with greater need for premium gasoline leading to more alkylate production
- The catalyst business should realize benefits from refineries taking maintenance shutdowns in the first quarter of 2023 due to the current high utilization rates
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