In today’s briefing:
- Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback – Letter of Offer Out; TCS Cheap Vs Peers
- Coinbase: Q4 Results KPI Deck
- Q3 FY’22 Earnings Review: Spectacular Revenue Growth Driven By The Cloud Business
- JCET (600584.CN): The 1Q22 Will Be a Lower Season, and the Recent Ukraine Crisis Did Post a Shadow.
Tata Consultancy Services (TCS IN): US$2.4bn Mega Buyback – Letter of Offer Out; TCS Cheap Vs Peers
- In early February 2022, Indian IT giant Tata Consultancy Svcs (TCS IN) officially announced a INR180bn (~US$2.4bn) Buyback which is one of the largest in Indian stock market history.
- Today the company published the Letter of Offer confirming the final details and the expected timeline for this Buyback.
- Below is a closer look at these details and their implications for shareholders.
Coinbase: Q4 Results KPI Deck
- Coinbase reported strong Q4 results mainly driven by a significant increase in its transaction revenue.
- Bearish outlook in Q1’22 and FY22 due to the higher expense guidance from the management and declining crypto asset price and volatility in Q1.
- Albeit the bearish outlook, we continue to view that Coinbase represents one of the best ways for public equity investors to gain exposure to the growing crypto economy.
Q3 FY’22 Earnings Review: Spectacular Revenue Growth Driven By The Cloud Business
- Elastic NV (ESTC US) , a leading search technology company, reported strong Q3 FY’22 results that topped estimates. Cloud revenue surged 79% year-over-year, and free cash flow was ~$3M.
- Elastic NV (ESTC US) shares underperformed in CY’22, with shares down ~37% YTD versus a ~29% loss on the WCLD – WisdomTree Cloud Computing Fund.
- Shares of Elastic jumped to ~$87.00/share after the company reported third-quarter earnings the previous week, but then the stock erased early gains due to broader sell-off in tech shares.
JCET (600584.CN): The 1Q22 Will Be a Lower Season, and the Recent Ukraine Crisis Did Post a Shadow.
- The 1st quarter is relatively a lower season. Therefore, we expect that the revenue/NM is about RMB$8. 7bn/9.0% in 1Q22 respectively, which declines ~10% QoQ and grow 30% YoY.
- To our understanding, QCOM is still the biggest client in JCET. The rest of clients have changing a bit in JCET since Huawei was being driven out.
- Overall speaking, China is devoted in developing OSAT (Outsource Semiconductor Assembly and Packaging) business, and the gap shall be close to ASEH and Amkor.
Before it’s here, it’s on Smartkarma
