In today’s briefing:
- Crypto Weekly: The Fed, ApeCoin, Coinbase and More
- SSG.Com & 11st: Need to Drastically Cut Their Valuations to Complete Their IPOs in 2022/2023
- ASE Holding (3711.TT): 1Q22 Results/ 2Q22 Outlook- The Hope Might Be in 2H22
- VIX Index on the Move
Crypto Weekly: The Fed, ApeCoin, Coinbase and More
- Crypto complex rose mid-week but ended the week down after Powell confirmed market’s expectation of 50bps hike in May
- Uncorrelated to the rest of market, ApeCoin (APE CURNCY) continues to grind higher in anticipation of Yugalab’s Land mint event on April 30th, possibly the largest NFT mint in history
- Coinbase (COIN US) launched a beta version of its NFT marketplace as direct competition to the $13bn dollar Opensea; and much more
SSG.Com & 11st: Need to Drastically Cut Their Valuations to Complete Their IPOs in 2022/2023
- SSG.com is getting ready for an IPO in 2H 2022/1H 2023. Local media have mentioned that SSG.com is targeting a valuation of 10 trillion won for the company.
- We believe SSG.com would need to cut the valuation by at least 50% (5 trillion won) in order to complete its IPO.
- We believe valuation levels of 11st would need to come down significantly in the 2 trillion won to 3 trillion won range in order for an IPO to be completed.
ASE Holding (3711.TT): 1Q22 Results/ 2Q22 Outlook- The Hope Might Be in 2H22
- ASE Holding revenue was NTD$144.4bn in 1Q22, which was 20.9% YoY and -16.5% QoQ. We expect the GM is 19.5% in 1Q22.
- ASE Holding could target at NTD$148.1bn/20.5% GM in 2Q22. We expect the gross margin of IC ATM and EMS portions are around 26.8%/9.1% respectively.
- We think it should be picking up since 2Q22 because of the seasonality, and it’s likely to peak out until 4Q22.
VIX Index on the Move
- The bullish breakout on the VIX Index looks similar to January
- Further gains are expected, probably this week and as we enter May
- As a consequence expect continued losses on the S&P 500
Before it’s here, it’s on Smartkarma
