Daily Brief United States: Taiwan Semiconductor (TSMC) – ADR, Ethereum, VanEck Vectors Junior Gold Miners ETF, Hesai Group, Workiva Inc, Choice Hotels Intl, Vontier Corp, On Assignment, Bitcoin Pro, Norwegian Cruise Line Holdings and more

• TSMC’s June 2024 revenue increased by 32.9% YoY, exceeding expectations with $6.42 billion. 
• It dominates with >62% of the global foundry market share, propelled by AI demand. 
• Expansion into the automotive market and new fabs in the U.S. and Japan highlight TSMC’s growth strategy. 

• There is no Crypto Moves today.
• Instead, today’s note marks our first trade for our Crypto Portfolio, along with the rationale behind this decision.
• This trade aims to indirectly benefit from the imminent launch of U.S.-based Ethereum ETFs, without directly increasing our Ethereum exposure.

• Gold currently trades at a historic 50% discount to its long-term value
• Gold miners are trading at a 30-60% discount to gold, presenting an investment opportunity
• Investing in GDXJ and a basket of gold miners can potentially yield high returns due to the supply dynamics of gold

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Hesai Group shares significantly underperformed in 2024 with shares down ~47% over the year versus a ~23% gain on the Nasdaq Composite.
• Moreover, a San Francisco-based Ouster, one of the key competitors among LiDAR makers, outperformed Hesai Group and the NASDAQ on a year-to-date basis.
• I believe Hesai Group should initiate a share buyback program as RoboSense has recently announced on-market share repurchase plan to create value for its shareholders.  

• Workiva’s financial results for the first quarter of 2024 showcased a generally positive trend with several robust aspects in growth and operating metrics, countered by a cautiously optimistic outlook for the rest of the year.
• The company reported a 17% increase in total revenue and a 20% rise in subscription revenue compared to the same period in the previous year, underscoring a resilient performance in the face of an uncertain economic environment.
• 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.

• Choice Hotels International Inc. showed a largely positive outcome in its first quarter of 2024 financial results, demonstrating solid growth trajectories in various aspects of its business.
• The company reported an impressive 17% increase in adjusted EBITDA and a 14% increase in adjusted EPS on a year-over-year basis, achieving record levels for the first quarter.
• This growth was partly fueled by the successful integration of the Radisson Americas, which has substantially broadened the company’s scale and diversified its earnings streams through new non-RevPAR-related avenues.

• Vontier, a prominent player in the mobility infrastructure and technology space, delivered strong performance in the first quarter of 2024, achieving the upper bounds of its core growth guidance while surpassing its profitability targets.
• The company reported a 4% increase in core sales, fueled primarily by volume growth alongside positive pricing impacts.
• Notably, the company achieved a 130 basis point expansion in margins, demonstrating effective execution and financial discipline.

• ASGN Inc. delivered a robust set of results for the first quarter of 2024, demonstrating solid growth in certain areas despite challenges in others.
• With revenue of $1.05 billion and an adjusted EBITDA of $10.3 million, both metrics approached the upper end of the company’s guidance, underscoring management’s effective operational execution and strategic foresight.
• The company’s diverse portfolio, balancing commercial and government segments, has provided a buffer against the cyclical nature of IT spending, particularly amid ongoing economic uncertainties.

• Navigating a challenging macro environment with conflicting signals on Fed policy and inflation risks.
• Global liquidity contractions impact BTC, but future easing could spark a market revival.
• Crypto markets face headwinds, yet long-term growth potential and institutional adoption remain strong.

• Norwegian Cruise Line Holdings Ltd. has reported a strong start to the first quarter of 2024, showcasing significant progress in various operational and financial metrics amidst a robust market demand for cruise vacations.
• The company has continued its trajectory of recovery and growth, driven by strategic investments across its three brands and a focus on sustainable practices.
• The company’s robust performance is highlighted by a record number of bookings and a strong forward booked position indicating ongoing strong demand for cruise travel.