The document recommends buying shares of E Ink Holdings Inc. based on three key points:
1) E Ink's chairman reiterated strong 3Q11 revenue guidance and an increasing outlook for the e-reader market, reinforcing the company's structural growth thesis.
2) Strong sales ramp is expected as Amazon launches new Kindle and tablet devices for the holidays.
3) Upside risks remain to analyst earnings estimates as E Ink remains the dominant display supplier for e-readers.
Compal Communications shares fell due to concerns over HP discontinuing its WebOS hardware business. However, the analyst believes this exaggerates the impact on Compal since it has limited exposure to HP/WebOS and has reallocated resources to other projects like Windows Phone.
The analyst reiterates a Buy rating based on Compal's opportunity as the sole ODM partner for Nokia's Windows Phone smartphones. Near-term catalysts include expected sales increases in August-December as new models launch. Upside to the 12-month price target of NT$50 is based on turnaround potential from Nokia's Windows Phone platform.
Risks include market acceptance of Nokia's Windows Phone strategy and outsourcing approach.
It's about the FUTURE and the KSF in the GAMING INDUSTRY. Based on actual market research data (Gardner, PwC, etc.) answers mainly to two questions:
(1) How the ENVIRONMENTAL CHANGE of the gaming industry of the next years will be?
(2) What are the KSFs IN THE GAMING INDUSTRY of tomorrow?
Maroc Telecom reported full-year 2012 results with revenues in line with estimates and EBITDA above expectations. While the company expects EBITDA margins to remain stable in 2013, structural challenges remain due to ongoing price cuts and margin pressure in Morocco. The analyst incorporates the results into estimates and raises 2013-2015 EBITDA forecasts slightly but maintains a Sell rating due to risks from upcoming regulatory changes and competitive pressures that could impact margins. The 12-month price target is lowered to €6.8 based on a dividend yield valuation.
This document upgrades Silitech Technology (3311.TW) to a Buy rating from Sell and raises the target price. While structural concerns remain over its keypad business, Silitech has leveraged its growing metal housing business, securing a key design win with Samsung, to offset headwinds. The analyst expects (1) gradual improvement in year-over-year sales trends, (2) more design wins in metal housing, and (3) new product announcements to drive further growth. The upgraded rating and target price are based on raised earnings estimates through 2013 and an increased price-to-book valuation. Risks include severe competition in metal housing and slow handset demand.
The presentation summarizes Q3 2012 quarterly results for Besi. It highlights that Besi is the number 1 or 2 provider in key assembly equipment products with 27% market share. Besi has undergone a corporate transformation through acquisitions, restructuring, and transferring Asian production. This has improved earnings potential. The financial review shows 2011 revenue of €326.9 million and net income of €26.7 million. Management provides an outlook for continued demand growth.
Compal Communications shares fell due to concerns over HP discontinuing its WebOS hardware business. However, the analyst believes this exaggerates the impact on Compal since it has limited exposure to HP/WebOS and has reallocated resources to other projects like Windows Phone.
The analyst reiterates a Buy rating based on Compal's opportunity as the sole ODM partner for Nokia's Windows Phone smartphones. Near-term catalysts include expected sales increases in August-December as new models launch. Upside to the 12-month price target of NT$50 is based on turnaround potential from Nokia's Windows Phone platform.
Risks include market acceptance of Nokia's Windows Phone strategy and outsourcing approach.
It's about the FUTURE and the KSF in the GAMING INDUSTRY. Based on actual market research data (Gardner, PwC, etc.) answers mainly to two questions:
(1) How the ENVIRONMENTAL CHANGE of the gaming industry of the next years will be?
(2) What are the KSFs IN THE GAMING INDUSTRY of tomorrow?
Maroc Telecom reported full-year 2012 results with revenues in line with estimates and EBITDA above expectations. While the company expects EBITDA margins to remain stable in 2013, structural challenges remain due to ongoing price cuts and margin pressure in Morocco. The analyst incorporates the results into estimates and raises 2013-2015 EBITDA forecasts slightly but maintains a Sell rating due to risks from upcoming regulatory changes and competitive pressures that could impact margins. The 12-month price target is lowered to €6.8 based on a dividend yield valuation.
This document upgrades Silitech Technology (3311.TW) to a Buy rating from Sell and raises the target price. While structural concerns remain over its keypad business, Silitech has leveraged its growing metal housing business, securing a key design win with Samsung, to offset headwinds. The analyst expects (1) gradual improvement in year-over-year sales trends, (2) more design wins in metal housing, and (3) new product announcements to drive further growth. The upgraded rating and target price are based on raised earnings estimates through 2013 and an increased price-to-book valuation. Risks include severe competition in metal housing and slow handset demand.
The presentation summarizes Q3 2012 quarterly results for Besi. It highlights that Besi is the number 1 or 2 provider in key assembly equipment products with 27% market share. Besi has undergone a corporate transformation through acquisitions, restructuring, and transferring Asian production. This has improved earnings potential. The financial review shows 2011 revenue of €326.9 million and net income of €26.7 million. Management provides an outlook for continued demand growth.
The document recommends buying E Ink Holdings Inc. stock, reiterating it as a "Buy". It updates forecasts for the e-reader market, raising volume projections 13% through 2015. Strong 3Q earnings for E Ink highlight its competitive position in e-readers. While near-term growth may slow, expansion by Amazon and others into new markets will enhance the e-book ecosystem and strengthen E Ink. The target price is raised to NT$94, implying 12.7x 2012 P/E, based on higher estimates. Risks include price pressure and customer concentration.
The document recommends buying shares of Compal Communications (8078.TW) and reiterates a "Buy" rating. It raises earnings estimates for 2012-2013 due to stronger expected sales from Nokia's launch of Windows Phone 7 smartphones, which Compal will manufacture. The analyst increases the 12-month price target to NT$70 from NT$52 previously. Key risks include disappointing Nokia smartphone demand and a weak macroeconomic environment.
E Ink Holdings reported September sales of NT$4.6 billion, up 33% month-over-month and 117% year-over-year, ahead of analyst estimates. The report estimates the cost of components for Amazon's new Kindle Fire tablet to be between US$180-190, with the display and touch panel accounting for 38% of costs. It also predicts shipments of Kindle Fire units to be between 3-4 million in 2011. The report maintains an "outperform" rating for E Ink Holdings and raises 2011 earnings per share estimates by 3% based on higher expected third quarter revenue.
I downgrade Compal Electronics to Sell from Neutral due to downside risks to its 2011 notebook shipment target and margin recovery. Compal's 2Q operating profit of NT$1.96 billion missed consensus estimates. It also faces challenges meeting its overly optimistic 20% notebook shipment growth guidance for 2012 given potential order losses. I lower my earnings estimates and cut my target price to NT$25 per share.
(1) The analyst upgrades Silitech Technology (3311.TW) to Buy from Sell and raises the target price to NT$95 from NT$52 based on the company leveraging its metal housing business to offset concerns about its declining keypad business.
(2) Silitech's recent design win for the popular Samsung Galaxy S2 phone provides evidence that its metal housing business can gain more customers and drive further growth in that business.
(3) The analyst expects Silitech's quarterly and yearly sales to improve compared to past declines as the metal housing business expands, helping to boost its share price over the next 2-3 quarters.
1) Finolex Cables reported a 50.4% year-over-year increase in net sales to Rs. 493.1 crore for the first quarter of FY2011, driven by strong growth in the electrical cables segment.
2) Operating margins declined to 8% from 15.2% in the prior year quarter due to higher raw material costs, though margins improved sequentially.
3) Net profit increased 4.5% year-over-year to Rs. 23 crore for the quarter despite margin pressure, with sales growth offsetting higher costs.
Radiant Opto-Electronics is expected to report weaker sales in December 2011 compared to previous guidance due to order delays for tablet components and weaker notebook shipments, leading analysts to lower 2011 and 2012 earnings estimates slightly. However, the analysts maintain a "Buy" rating and see growth resuming in the second quarter of 2012 as tablet orders increase ahead of new product launches and short-term notebook component issues are resolved. The target price is lowered to NT$115 based on revised earnings estimates but the company is still seen as having strong design capabilities and stable revenue contributions long-term.
Intel reported strong third quarter 2009 results with revenue and earnings per share above estimates. Revenue grew 23% from a year ago due to strong demand for notebook processors. Gross margins improved to nearly 58% due to higher sales volumes spreading fixed costs. However, Intel remains closely tied to the global PC market and economic cycles. The analyst maintains a long-term "Core Holding" rating due to Intel's position in portable computing and potential for a corporate refresh cycle in 2010.
Elecon Engineering is a leading provider of material handling equipment and gear solutions in India. It has a 26% market share in the domestic gear market, making it the leader. The company is well positioned to benefit from an estimated Rs32,500 crore of opportunities in the material handling equipment industry over the next few years, driven by growth in core sectors like power, steel, and coal. Elecon's order book and revenues are expected to grow at a CAGR of 40% and 13.5%, respectively, during FY2010-12, supported by a recovery in industrial activity and capital expenditures. The company's strong position in the stable gear market also helps support its profitability.
Elecon Engineering is a leading provider of material handling equipment and gear solutions in India. The company is well positioned to benefit from increasing industrial capital expenditures in sectors like power and steel. The analyst estimates Elecon will grow sales at a CAGR of 13.5% and adjusted profits at 37% over fiscal years 2010-2012 due to improving financials and recovery in the material handling equipment industry. The report initiates coverage on Elecon with a buy recommendation and target price of Rs102 based on attractive valuations and growth opportunities.
Cisco Systems is finding new growth opportunities in bundling voice, video and internet services which could each be worth $10 billion annually to Cisco within five years. Cisco CEO John Chambers notes that Cisco is winning early contracts for these new services and expects Cisco to become the leading network provider as communication increasingly moves online. Analysts have raised their sales growth forecasts for Cisco to over 15% annually through 2008 as demand grows for internet video and emerging markets invest in networking infrastructure.
Goldman Sachs removes Cheng Uei Precision (Foxlink) from its Asia Pacific Conviction Buy List and downgrades the company to Neutral. The analyst sees limited upside potential to the revised target price of NT$85 due to a margin shortfall in the second quarter and expectations of weaker demand and falling prices for DRAM, one of Foxlink's key components. Earnings estimates are reduced for 2011, 2012, and 2013 to account for lower sales growth and net income. While remaining positive on Foxlink's fundamentals long term, the analyst suggests investors lock in gains at the current level.
Deccan Chronicle Holdings (DCHL) reported a 7% year-over-year increase in revenue and an 18.4% increase in profits for the first quarter of fiscal year 2011. Revenue was in line with expectations at Rs231.8 crore, driven by a 7% increase in advertising revenue. Profits increased due to a 281 basis point expansion in operating margins and a lower effective tax rate of 14%. The company continued to benefit from low newsprint prices. While advertising revenue growth was driven by higher rates, management expects advertising volumes to recover going forward. DCHL maintained its buy rating based on attractive valuations and growth prospects.
Areva T&D India reported lower than estimated quarterly results due to pricing pressures and delayed project executions. Revenues grew 10% to Rs885 crore while EBITDA fell 24% and PAT declined 36% due to margin compression from increased competition. Order backlog grew 21% but management sees continued pricing challenges from Chinese and Korean imports. The analyst maintains a Sell rating due to expectations of further margin declines and lower return ratios in the coming years.
Sintex Industries reported strong revenue and profit growth of 29.0% and 54.0% respectively for the second quarter of FY2011, significantly above analyst estimates. Growth was led by the high margin monolithic segment and international subsidiaries. The working capital cycle remained stretched during the quarter due to higher billing from the monolithic segment. Management reiterated its positive outlook for domestic plastic demand and guided potential acquisition in the monolithic segment for the second half of FY2011. Analysts maintain an 'Accumulate' rating on the stock with a revised target price of Rs. 458.
GlaxoSmithKline Pharma reported lower-than-expected 2QCY2010 results with net sales of Rs. 498 cr, up 8.9% YoY, and net profit of Rs. 129 cr, up 3.7% YoY. Sales were impacted by supply constraints in the vaccine segment. While operating margins improved, other income declined by 28.9% YoY. Given the company's rich valuations trading at 31.5x CY2010 earnings, Angel Research maintains a Sell rating with a target price of Rs. 1,700.
GSK Consumer reported a 14.5% year-over-year increase in revenue to Rs537 crore for the second quarter of 2010, below analyst estimates. Earnings grew 30% to Rs71.8 crore, ahead of estimates, driven by margin expansion from lower advertising spending and higher other income. While the company's core brands Horlicks and Boost saw healthy volume growth of 10% and 17% respectively, overall volume growth moderated to around 10%. Looking forward, the company expects advertising spending to increase in the second half of the year with the national rollout of new product Horlicks Foodles.
Larsen & Toubro (L&T) reported a 17.8% year-over-year increase in net sales to Rs. 9,330.8 crore for the second quarter of FY2011, exceeding estimates. However, operating margins of 10.8% were below expectations due to higher staff costs. Net profit of Rs. 650.2 crore was marginally above estimates. While top-line growth was strong, margins were impacted by costs, resulting in net profit slightly surpassing estimates. Order inflows were in line with expectations.
1) KEC International reported a 16.4% year-over-year increase in revenues for the first quarter of FY2011, however profitability declined due to the inclusion of the low-margin cable business from the merger with RPG Cables.
2) EBITDA margins declined 190 basis points to 10% and profit after tax dropped 32.6% for the quarter compared to the previous year.
3) The analyst maintains a "Buy" rating for KEC International, expecting order flows to increase from government investments in transmission projects.
ITNL is an established surface transportation player and market leader in the road BOT sector with a portfolio of over 7,500 lane km of projects spread across India. The company is expected to benefit from the growing opportunities in the road sector in India, with the NHAI targeting to award around 33,500 km of projects over the next 5 years. However, increasing revenue from low-margin EPC contracts is expected to impact ITNL's margins. The analyst values ITNL on an SOTP basis and initiates coverage with an "Accumulate" recommendation and target price of Rs358 per share.
PMI is a Taiwan-based sewing machine manufacturer. In 2014, its quarterly sales growth was between 5-30% year-over-year and its annual net profit increased 47% to NT$316 million. PMI has a strong presence in the Asian sewing machine market with a focus on the Chinese market which accounts for over 50% of its revenue. It expects continued revenue growth over the next two years driven by the implementation of free trade agreements in Asia including the TPP.
The document recommends buying E Ink Holdings Inc. stock, reiterating it as a "Buy". It updates forecasts for the e-reader market, raising volume projections 13% through 2015. Strong 3Q earnings for E Ink highlight its competitive position in e-readers. While near-term growth may slow, expansion by Amazon and others into new markets will enhance the e-book ecosystem and strengthen E Ink. The target price is raised to NT$94, implying 12.7x 2012 P/E, based on higher estimates. Risks include price pressure and customer concentration.
The document recommends buying shares of Compal Communications (8078.TW) and reiterates a "Buy" rating. It raises earnings estimates for 2012-2013 due to stronger expected sales from Nokia's launch of Windows Phone 7 smartphones, which Compal will manufacture. The analyst increases the 12-month price target to NT$70 from NT$52 previously. Key risks include disappointing Nokia smartphone demand and a weak macroeconomic environment.
E Ink Holdings reported September sales of NT$4.6 billion, up 33% month-over-month and 117% year-over-year, ahead of analyst estimates. The report estimates the cost of components for Amazon's new Kindle Fire tablet to be between US$180-190, with the display and touch panel accounting for 38% of costs. It also predicts shipments of Kindle Fire units to be between 3-4 million in 2011. The report maintains an "outperform" rating for E Ink Holdings and raises 2011 earnings per share estimates by 3% based on higher expected third quarter revenue.
I downgrade Compal Electronics to Sell from Neutral due to downside risks to its 2011 notebook shipment target and margin recovery. Compal's 2Q operating profit of NT$1.96 billion missed consensus estimates. It also faces challenges meeting its overly optimistic 20% notebook shipment growth guidance for 2012 given potential order losses. I lower my earnings estimates and cut my target price to NT$25 per share.
(1) The analyst upgrades Silitech Technology (3311.TW) to Buy from Sell and raises the target price to NT$95 from NT$52 based on the company leveraging its metal housing business to offset concerns about its declining keypad business.
(2) Silitech's recent design win for the popular Samsung Galaxy S2 phone provides evidence that its metal housing business can gain more customers and drive further growth in that business.
(3) The analyst expects Silitech's quarterly and yearly sales to improve compared to past declines as the metal housing business expands, helping to boost its share price over the next 2-3 quarters.
1) Finolex Cables reported a 50.4% year-over-year increase in net sales to Rs. 493.1 crore for the first quarter of FY2011, driven by strong growth in the electrical cables segment.
2) Operating margins declined to 8% from 15.2% in the prior year quarter due to higher raw material costs, though margins improved sequentially.
3) Net profit increased 4.5% year-over-year to Rs. 23 crore for the quarter despite margin pressure, with sales growth offsetting higher costs.
Radiant Opto-Electronics is expected to report weaker sales in December 2011 compared to previous guidance due to order delays for tablet components and weaker notebook shipments, leading analysts to lower 2011 and 2012 earnings estimates slightly. However, the analysts maintain a "Buy" rating and see growth resuming in the second quarter of 2012 as tablet orders increase ahead of new product launches and short-term notebook component issues are resolved. The target price is lowered to NT$115 based on revised earnings estimates but the company is still seen as having strong design capabilities and stable revenue contributions long-term.
Intel reported strong third quarter 2009 results with revenue and earnings per share above estimates. Revenue grew 23% from a year ago due to strong demand for notebook processors. Gross margins improved to nearly 58% due to higher sales volumes spreading fixed costs. However, Intel remains closely tied to the global PC market and economic cycles. The analyst maintains a long-term "Core Holding" rating due to Intel's position in portable computing and potential for a corporate refresh cycle in 2010.
Elecon Engineering is a leading provider of material handling equipment and gear solutions in India. It has a 26% market share in the domestic gear market, making it the leader. The company is well positioned to benefit from an estimated Rs32,500 crore of opportunities in the material handling equipment industry over the next few years, driven by growth in core sectors like power, steel, and coal. Elecon's order book and revenues are expected to grow at a CAGR of 40% and 13.5%, respectively, during FY2010-12, supported by a recovery in industrial activity and capital expenditures. The company's strong position in the stable gear market also helps support its profitability.
Elecon Engineering is a leading provider of material handling equipment and gear solutions in India. The company is well positioned to benefit from increasing industrial capital expenditures in sectors like power and steel. The analyst estimates Elecon will grow sales at a CAGR of 13.5% and adjusted profits at 37% over fiscal years 2010-2012 due to improving financials and recovery in the material handling equipment industry. The report initiates coverage on Elecon with a buy recommendation and target price of Rs102 based on attractive valuations and growth opportunities.
Cisco Systems is finding new growth opportunities in bundling voice, video and internet services which could each be worth $10 billion annually to Cisco within five years. Cisco CEO John Chambers notes that Cisco is winning early contracts for these new services and expects Cisco to become the leading network provider as communication increasingly moves online. Analysts have raised their sales growth forecasts for Cisco to over 15% annually through 2008 as demand grows for internet video and emerging markets invest in networking infrastructure.
Goldman Sachs removes Cheng Uei Precision (Foxlink) from its Asia Pacific Conviction Buy List and downgrades the company to Neutral. The analyst sees limited upside potential to the revised target price of NT$85 due to a margin shortfall in the second quarter and expectations of weaker demand and falling prices for DRAM, one of Foxlink's key components. Earnings estimates are reduced for 2011, 2012, and 2013 to account for lower sales growth and net income. While remaining positive on Foxlink's fundamentals long term, the analyst suggests investors lock in gains at the current level.
Deccan Chronicle Holdings (DCHL) reported a 7% year-over-year increase in revenue and an 18.4% increase in profits for the first quarter of fiscal year 2011. Revenue was in line with expectations at Rs231.8 crore, driven by a 7% increase in advertising revenue. Profits increased due to a 281 basis point expansion in operating margins and a lower effective tax rate of 14%. The company continued to benefit from low newsprint prices. While advertising revenue growth was driven by higher rates, management expects advertising volumes to recover going forward. DCHL maintained its buy rating based on attractive valuations and growth prospects.
Areva T&D India reported lower than estimated quarterly results due to pricing pressures and delayed project executions. Revenues grew 10% to Rs885 crore while EBITDA fell 24% and PAT declined 36% due to margin compression from increased competition. Order backlog grew 21% but management sees continued pricing challenges from Chinese and Korean imports. The analyst maintains a Sell rating due to expectations of further margin declines and lower return ratios in the coming years.
Sintex Industries reported strong revenue and profit growth of 29.0% and 54.0% respectively for the second quarter of FY2011, significantly above analyst estimates. Growth was led by the high margin monolithic segment and international subsidiaries. The working capital cycle remained stretched during the quarter due to higher billing from the monolithic segment. Management reiterated its positive outlook for domestic plastic demand and guided potential acquisition in the monolithic segment for the second half of FY2011. Analysts maintain an 'Accumulate' rating on the stock with a revised target price of Rs. 458.
GlaxoSmithKline Pharma reported lower-than-expected 2QCY2010 results with net sales of Rs. 498 cr, up 8.9% YoY, and net profit of Rs. 129 cr, up 3.7% YoY. Sales were impacted by supply constraints in the vaccine segment. While operating margins improved, other income declined by 28.9% YoY. Given the company's rich valuations trading at 31.5x CY2010 earnings, Angel Research maintains a Sell rating with a target price of Rs. 1,700.
GSK Consumer reported a 14.5% year-over-year increase in revenue to Rs537 crore for the second quarter of 2010, below analyst estimates. Earnings grew 30% to Rs71.8 crore, ahead of estimates, driven by margin expansion from lower advertising spending and higher other income. While the company's core brands Horlicks and Boost saw healthy volume growth of 10% and 17% respectively, overall volume growth moderated to around 10%. Looking forward, the company expects advertising spending to increase in the second half of the year with the national rollout of new product Horlicks Foodles.
Larsen & Toubro (L&T) reported a 17.8% year-over-year increase in net sales to Rs. 9,330.8 crore for the second quarter of FY2011, exceeding estimates. However, operating margins of 10.8% were below expectations due to higher staff costs. Net profit of Rs. 650.2 crore was marginally above estimates. While top-line growth was strong, margins were impacted by costs, resulting in net profit slightly surpassing estimates. Order inflows were in line with expectations.
1) KEC International reported a 16.4% year-over-year increase in revenues for the first quarter of FY2011, however profitability declined due to the inclusion of the low-margin cable business from the merger with RPG Cables.
2) EBITDA margins declined 190 basis points to 10% and profit after tax dropped 32.6% for the quarter compared to the previous year.
3) The analyst maintains a "Buy" rating for KEC International, expecting order flows to increase from government investments in transmission projects.
ITNL is an established surface transportation player and market leader in the road BOT sector with a portfolio of over 7,500 lane km of projects spread across India. The company is expected to benefit from the growing opportunities in the road sector in India, with the NHAI targeting to award around 33,500 km of projects over the next 5 years. However, increasing revenue from low-margin EPC contracts is expected to impact ITNL's margins. The analyst values ITNL on an SOTP basis and initiates coverage with an "Accumulate" recommendation and target price of Rs358 per share.
PMI is a Taiwan-based sewing machine manufacturer. In 2014, its quarterly sales growth was between 5-30% year-over-year and its annual net profit increased 47% to NT$316 million. PMI has a strong presence in the Asian sewing machine market with a focus on the Chinese market which accounts for over 50% of its revenue. It expects continued revenue growth over the next two years driven by the implementation of free trade agreements in Asia including the TPP.
1) The document provides financial information and forecasts for a Taiwanese company for 2013-2015. Key metrics like revenue, earnings per share (EPS), and EBITDA are presented on a quarterly and annual basis.
2) EPS is forecast to increase from NT$2.06 in 2013 to NT$2.23 in 2014. Revenue is projected to grow by 6.5% annually from NT$34.7 billion in 2013 to NT$37.9 billion in 2014.
3) EBITDA margins are expected to remain stable around 10% for both 2013 and 2014.
- The document provides financial information and forecasts for a Taiwanese technology company for 3Q13, 4Q13, and 2014.
- For 3Q13, revenue was NT$5.073 billion, a 0.4% QoQ decrease but 5.7% YoY increase. Earnings per share (EPS) was NT$1.15.
- For 4Q13, revenue is forecasted to be NT$5.080 billion, a 0.5% QoQ decrease but 7.3% YoY increase. EPS is forecasted to be NT$1.07.
- For 2014, revenue is forecasted to be NT$12.440 billion and EPS
1) The document discusses KGI Securities' analysis of the compact camera module (CCM) market and key players in 4Q13-1Q14. It forecasts that CCM shipments will decline 15-25% quarter-over-quarter during this period due to seasonality.
2) It provides details on the market share and outlook for major CCM suppliers like TPK, GIS, and LG Innotek, noting that Apple's transition to in-house CCM production for new MacBook lines will significantly impact TPK.
3) The document concludes by reiterating its view that CCM shipments will decline in 1Q14 due to typical seasonal factors but expects growth to resume in 2014
This document provides an analysis of the DRAM market and key memory manufacturers for 2013-2014. It forecasts that DRAM bit shipments will increase 7.4% in 2014 with demand growth from servers, PCs and mobile devices. PC DRAM bit shipments are expected to rise 15.5% in 2014 while mobile DRAM will increase 25.6%. Manufacturers like Samsung and SK Hynix are expected to benefit from this growth in the DRAM market.
Pegatron's stock price is NT$43.80. Macquarie maintains its Outperform rating and raises its 12-month target price to NT$55 from NT$51. Pegatron remains well positioned as the major supplier of Apple's iPhone mini, and iPad mini demand has been better than expected. Macquarie also expects upside from Pegatron's non-core business Casetek and higher-than-expected non-notebook business margins. Macquarie raises its 2013-2014 EPS estimates and sees upside catalysts from new order gains and improving revenue and margins.
Pegatron remains an outperform stock with a 12-month target price of NT$55. The analyst expects solid iPhone mini shipments and margins to drive earnings upside in 2013. Demand for the iPad mini is also better than expected. Rising profits from Casetek also provide upside risk to EPS growth. The consensus EPS estimate for 2013 is conservative and the stock valuation remains attractive.
Let's Integrate MuleSoft RPA, COMPOSER, APM with AWS IDP along with Slackshyamraj55
Discover the seamless integration of RPA (Robotic Process Automation), COMPOSER, and APM with AWS IDP enhanced with Slack notifications. Explore how these technologies converge to streamline workflows, optimize performance, and ensure secure access, all while leveraging the power of AWS IDP and real-time communication via Slack notifications.
Ocean lotus Threat actors project by John Sitima 2024 (1).pptxSitimaJohn
Ocean Lotus cyber threat actors represent a sophisticated, persistent, and politically motivated group that poses a significant risk to organizations and individuals in the Southeast Asian region. Their continuous evolution and adaptability underscore the need for robust cybersecurity measures and international cooperation to identify and mitigate the threats posed by such advanced persistent threat groups.
Cosa hanno in comune un mattoncino Lego e la backdoor XZ?Speck&Tech
ABSTRACT: A prima vista, un mattoncino Lego e la backdoor XZ potrebbero avere in comune il fatto di essere entrambi blocchi di costruzione, o dipendenze di progetti creativi e software. La realtà è che un mattoncino Lego e il caso della backdoor XZ hanno molto di più di tutto ciò in comune.
Partecipate alla presentazione per immergervi in una storia di interoperabilità, standard e formati aperti, per poi discutere del ruolo importante che i contributori hanno in una comunità open source sostenibile.
BIO: Sostenitrice del software libero e dei formati standard e aperti. È stata un membro attivo dei progetti Fedora e openSUSE e ha co-fondato l'Associazione LibreItalia dove è stata coinvolta in diversi eventi, migrazioni e formazione relativi a LibreOffice. In precedenza ha lavorato a migrazioni e corsi di formazione su LibreOffice per diverse amministrazioni pubbliche e privati. Da gennaio 2020 lavora in SUSE come Software Release Engineer per Uyuni e SUSE Manager e quando non segue la sua passione per i computer e per Geeko coltiva la sua curiosità per l'astronomia (da cui deriva il suo nickname deneb_alpha).
Fueling AI with Great Data with Airbyte WebinarZilliz
This talk will focus on how to collect data from a variety of sources, leveraging this data for RAG and other GenAI use cases, and finally charting your course to productionalization.
TrustArc Webinar - 2024 Global Privacy SurveyTrustArc
How does your privacy program stack up against your peers? What challenges are privacy teams tackling and prioritizing in 2024?
In the fifth annual Global Privacy Benchmarks Survey, we asked over 1,800 global privacy professionals and business executives to share their perspectives on the current state of privacy inside and outside of their organizations. This year’s report focused on emerging areas of importance for privacy and compliance professionals, including considerations and implications of Artificial Intelligence (AI) technologies, building brand trust, and different approaches for achieving higher privacy competence scores.
See how organizational priorities and strategic approaches to data security and privacy are evolving around the globe.
This webinar will review:
- The top 10 privacy insights from the fifth annual Global Privacy Benchmarks Survey
- The top challenges for privacy leaders, practitioners, and organizations in 2024
- Key themes to consider in developing and maintaining your privacy program
CAKE: Sharing Slices of Confidential Data on BlockchainClaudio Di Ciccio
Presented at the CAiSE 2024 Forum, Intelligent Information Systems, June 6th, Limassol, Cyprus.
Synopsis: Cooperative information systems typically involve various entities in a collaborative process within a distributed environment. Blockchain technology offers a mechanism for automating such processes, even when only partial trust exists among participants. The data stored on the blockchain is replicated across all nodes in the network, ensuring accessibility to all participants. While this aspect facilitates traceability, integrity, and persistence, it poses challenges for adopting public blockchains in enterprise settings due to confidentiality issues. In this paper, we present a software tool named Control Access via Key Encryption (CAKE), designed to ensure data confidentiality in scenarios involving public blockchains. After outlining its core components and functionalities, we showcase the application of CAKE in the context of a real-world cyber-security project within the logistics domain.
Paper: https://doi.org/10.1007/978-3-031-61000-4_16
In his public lecture, Christian Timmerer provides insights into the fascinating history of video streaming, starting from its humble beginnings before YouTube to the groundbreaking technologies that now dominate platforms like Netflix and ORF ON. Timmerer also presents provocative contributions of his own that have significantly influenced the industry. He concludes by looking at future challenges and invites the audience to join in a discussion.
Building Production Ready Search Pipelines with Spark and MilvusZilliz
Spark is the widely used ETL tool for processing, indexing and ingesting data to serving stack for search. Milvus is the production-ready open-source vector database. In this talk we will show how to use Spark to process unstructured data to extract vector representations, and push the vectors to Milvus vector database for search serving.
For the full video of this presentation, please visit: https://www.edge-ai-vision.com/2024/06/building-and-scaling-ai-applications-with-the-nx-ai-manager-a-presentation-from-network-optix/
Robin van Emden, Senior Director of Data Science at Network Optix, presents the “Building and Scaling AI Applications with the Nx AI Manager,” tutorial at the May 2024 Embedded Vision Summit.
In this presentation, van Emden covers the basics of scaling edge AI solutions using the Nx tool kit. He emphasizes the process of developing AI models and deploying them globally. He also showcases the conversion of AI models and the creation of effective edge AI pipelines, with a focus on pre-processing, model conversion, selecting the appropriate inference engine for the target hardware and post-processing.
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AI 101: An Introduction to the Basics and Impact of Artificial IntelligenceIndexBug
Imagine a world where machines not only perform tasks but also learn, adapt, and make decisions. This is the promise of Artificial Intelligence (AI), a technology that's not just enhancing our lives but revolutionizing entire industries.
Ivanti’s Patch Tuesday breakdown goes beyond patching your applications and brings you the intelligence and guidance needed to prioritize where to focus your attention first. Catch early analysis on our Ivanti blog, then join industry expert Chris Goettl for the Patch Tuesday Webinar Event. There we’ll do a deep dive into each of the bulletins and give guidance on the risks associated with the newly-identified vulnerabilities.
In the rapidly evolving landscape of technologies, XML continues to play a vital role in structuring, storing, and transporting data across diverse systems. The recent advancements in artificial intelligence (AI) present new methodologies for enhancing XML development workflows, introducing efficiency, automation, and intelligent capabilities. This presentation will outline the scope and perspective of utilizing AI in XML development. The potential benefits and the possible pitfalls will be highlighted, providing a balanced view of the subject.
We will explore the capabilities of AI in understanding XML markup languages and autonomously creating structured XML content. Additionally, we will examine the capacity of AI to enrich plain text with appropriate XML markup. Practical examples and methodological guidelines will be provided to elucidate how AI can be effectively prompted to interpret and generate accurate XML markup.
Further emphasis will be placed on the role of AI in developing XSLT, or schemas such as XSD and Schematron. We will address the techniques and strategies adopted to create prompts for generating code, explaining code, or refactoring the code, and the results achieved.
The discussion will extend to how AI can be used to transform XML content. In particular, the focus will be on the use of AI XPath extension functions in XSLT, Schematron, Schematron Quick Fixes, or for XML content refactoring.
The presentation aims to deliver a comprehensive overview of AI usage in XML development, providing attendees with the necessary knowledge to make informed decisions. Whether you’re at the early stages of adopting AI or considering integrating it in advanced XML development, this presentation will cover all levels of expertise.
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Threats to mobile devices are more prevalent and increasing in scope and complexity. Users of mobile devices desire to take full advantage of the features
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Monitoring and Managing Anomaly Detection on OpenShift.pdfTosin Akinosho
Monitoring and Managing Anomaly Detection on OpenShift
Overview
Dive into the world of anomaly detection on edge devices with our comprehensive hands-on tutorial. This SlideShare presentation will guide you through the entire process, from data collection and model training to edge deployment and real-time monitoring. Perfect for those looking to implement robust anomaly detection systems on resource-constrained IoT/edge devices.
Key Topics Covered
1. Introduction to Anomaly Detection
- Understand the fundamentals of anomaly detection and its importance in identifying unusual behavior or failures in systems.
2. Understanding Edge (IoT)
- Learn about edge computing and IoT, and how they enable real-time data processing and decision-making at the source.
3. What is ArgoCD?
- Discover ArgoCD, a declarative, GitOps continuous delivery tool for Kubernetes, and its role in deploying applications on edge devices.
4. Deployment Using ArgoCD for Edge Devices
- Step-by-step guide on deploying anomaly detection models on edge devices using ArgoCD.
5. Introduction to Apache Kafka and S3
- Explore Apache Kafka for real-time data streaming and Amazon S3 for scalable storage solutions.
6. Viewing Kafka Messages in the Data Lake
- Learn how to view and analyze Kafka messages stored in a data lake for better insights.
7. What is Prometheus?
- Get to know Prometheus, an open-source monitoring and alerting toolkit, and its application in monitoring edge devices.
8. Monitoring Application Metrics with Prometheus
- Detailed instructions on setting up Prometheus to monitor the performance and health of your anomaly detection system.
9. What is Camel K?
- Introduction to Camel K, a lightweight integration framework built on Apache Camel, designed for Kubernetes.
10. Configuring Camel K Integrations for Data Pipelines
- Learn how to configure Camel K for seamless data pipeline integrations in your anomaly detection workflow.
11. What is a Jupyter Notebook?
- Overview of Jupyter Notebooks, an open-source web application for creating and sharing documents with live code, equations, visualizations, and narrative text.
12. Jupyter Notebooks with Code Examples
- Hands-on examples and code snippets in Jupyter Notebooks to help you implement and test anomaly detection models.
OpenID AuthZEN Interop Read Out - AuthorizationDavid Brossard
During Identiverse 2024 and EIC 2024, members of the OpenID AuthZEN WG got together and demoed their authorization endpoints conforming to the AuthZEN API
1. August 24, 2011
ACTION
Buy
E Ink Holdings Inc (8069.TWO)
Return Potential: 31% Equity Research
Secular e-reader strength confirmed despite macro; Buy, raise TP
Source of opportunity Investment Profile
Low High
At the investor conference on August 23, E Ink Chairman Scott Liu
Growth Growth
reiterated his guidance for 3Q11 revenues (similar to 1Q11, implying 50%
Returns * Returns *
qoq growth) and a full year e-reader market size of 25-30mn, with rising
Multiple Multiple
confidence in the near term monthly sales ramp. We believe the Chairman’s Volatility Volatility
increasing confidence, amid current macroeconomic weakness, reinforces Percentile 20th 40th 60th 80th 100th
E Ink Holdings Inc (8069.TWO)
our structural thesis, highlighted in our previous research, that: (1) the e-
Asia Pacific Technology Peer Group Average
reader is still in the early stages of adoption; (2) e-reader is not seeing any
* Returns = Return on Capital For a complete description of the
impact from tablet growth; and (3) E Ink remains the dominate display investment profile measures please refer to
the disclosure section of this document.
supplier in the e-reader space. We see upside risk to Street EPS consensus.
Key data Current
Catalyst Price (NT$) 62.50
(1) Strong ramp of its near term monthly sales: as E Ink’s major customer 12 month price target (NT$) 82.00
Market cap (NT$ mn / US$ mn) 65,597.6 / 2,263.7
Amazon could soon launch the next generation Kindle e-reader (potentially Foreign ownership (%) 31.9
with touch) and 7” tablet for the holiday season, we expect the pull-in
demand at E Ink could accelerate in the next few months, potentially 12/10 12/11E 12/12E 12/13E
EPS (NT$) New 3.84 5.91 6.78 8.07
setting record sales in September; (2) Further clarification on Amazon’s EPS revision (%) 0.0 2.8 4.8 3.2
tablet strategy: many investors are still confused by Amazon’s tablet EPS growth (%) 375.2 54.1 14.6 19.0
EPS (dil) (NT$) New 3.84 5.91 6.78 8.07
strategy, and are concerned Amazon may use the tablet to replace Kindle P/E (X) 16.3 10.6 9.2 7.7
P/B (X) 2.7 2.4 2.0 1.7
as the major hardware platform for e-reading. However, the recent EV/EBITDA (X) 9.0 7.7 6.4 5.3
segmentation example of Barnes & Noble’s Nook (e-reader) vs. Nook Color Dividend yield (%) 0.0 3.5 4.7 5.4
ROE (%) 18.2 24.3 23.5 23.8
(7” tablet) may suggest that Amazon could leverage pricing, features, and CROCI (%) 11.5 18.2 17.7 18.7
functionalities to meaningfully differentiate between the two, positioning E
Ink as a major beneficiary when Amazon expands its total business scope. Price performance chart
65 9,500
Valuation 60 9,000
We raise 2011-13E EPS by 3-5% on higher visibility in e-reader strength 55 8,500
and LCD panel upside from Amazon. Our new 12-m TP NT$82 still on 1.5X
50 8,000
NTM EV/GCI (prior NT$78 on CROCI estimate change), implies 13.5X P/E.
45 7,500
Key risks 40 7,000
Aug-10 Nov-10 Mar-11 Jun-11
Price pressure and customer concentration risks.
E Ink Holdings Inc (L) Taiwan SE Weighted Index (R)
INVESTMENT LIST MEMBERSHIP
Asia Pacific Buy List Share price performance (%) 3 month 6 month 12 month
Absolute 4.0 20.7 23.8
Rel. to Taiwan SE Weighted Index 20.5 36.3 30.7
Coverage View: Neutral Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 8/23/2011 close.
Robert Yen Goldman Sachs does and seeks to do business with companies
+886(2)2730-4196 rob.yen@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch
Iris Wu
covered in its research reports. As a result, investors should be
+886(2)2730-4186 iris.wu@gs.com Goldman Sachs (Asia) L.L.C., Taipei Branch aware that the firm may have a conflict of interest that could
affect the objectivity of this report. Investors should consider
this report as only a single factor in making their investment
decision. For Reg AC see the end of the text. For other
important disclosures, see the Disclosure Appendix, or go to
www.gs.com/research/hedge.html. Analysts employed by non-
US affiliates are not registered/qualified as research analysts
with FINRA in the U.S.
The Goldman Sachs Group, Inc. Global Investment Research
5. August 24, 2011 E Ink Holdings Inc (8069.TWO)
Reg AC
I, Robert Yen, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or
companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report.
Investment Profile
The Goldman Sachs Investment Profile provides investment context for a security by comparing key attributes of that security to its peer group and
market. The four key attributes depicted are: growth, returns, multiple and volatility. Growth, returns and multiple are indexed based on composites
of several methodologies to determine the stocks percentile ranking within the region's coverage universe.
The precise calculation of each metric may vary depending on the fiscal year, industry and region but the standard approach is as follows:
Growth is a composite of next year's estimate over current year's estimate, e.g. EPS, EBITDA, Revenue. Return is a year one prospective aggregate
of various return on capital measures, e.g. CROCI, ROACE, and ROE. Multiple is a composite of one-year forward valuation ratios, e.g. P/E, dividend
yield, EV/FCF, EV/EBITDA, EV/DACF, Price/Book. Volatility is measured as trailing twelve-month volatility adjusted for dividends.
Quantum
Quantum is Goldman Sachs' proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for
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GS SUSTAIN
GS SUSTAIN is a global investment strategy aimed at long-term, long-only performance with a low turnover of ideas. The GS SUSTAIN focus list
includes leaders our analysis shows to be well positioned to deliver long term outperformance through sustained competitive advantage and
superior returns on capital relative to their global industry peers. Leaders are identified based on quantifiable analysis of three aspects of corporate
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environmental, social and governance issues facing their industry).
Disclosure Appendix
Coverage group(s) of stocks by primary analyst(s)
Robert Yen: Asia Pacific Technology.
Asia Pacific Technology: AAC Technologies, Acer, Advanced Semiconductor, Advanced Semiconductor (ADR), ASUSTeK Computer, AU Optronics,
BYD Electronic, Catcher Technology, Cheng Uei Precision (Foxlink), Chimei Innolux, China Wireless Technologies, Chipbond Technology Corp.,
Compal Communications, Compal Electronics, Coretronic, Delta Electronics, E Ink Holdings Inc, Epistar, Everlight Electronics, Foxconn Int'l Holdings,
Foxconn Technology, Hon Hai Precision, HTC Corp., Kinsus Interconnect Technology, Largan Precision, Lenovo Group, Lite-On Technology, Nan Ya
PCB, Novatek Microelectronics, Pegatron, Powertech Technology, Quanta Computer, Radiant Opto-Electronics, Siliconware Precision, Siliconware
Precision (ADR), Silitech Technology, SK C&C, TCL Communication, TPK Holding, TPV Technology, Tripod Technology, Unimicron, Wintek, Wistron,
Young Fast Optoelectronics.
Company-specific regulatory disclosures
The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies
covered by the Global Investment Research Division of Goldman Sachs and referred to in this research.
Goldman Sachs expects to receive or intends to seek compensation for investment banking services in the next 3 months: E Ink Holdings Inc
(NT$62.50)
Distribution of ratings/investment banking relationships
Goldman Sachs Investment Research global coverage universe
Rating Distribution Investment Banking Relationships
Buy Hold Sell Buy Hold Sell
Global 32% 54% 14% 52% 41% 37%
As of July 1, 2011, Goldman Sachs Global Investment Research had investment ratings on 3,167 equity securities. Goldman Sachs assigns stocks as
Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for
the purposes of the above disclosure required by NASD/NYSE rules. See 'Ratings, Coverage groups and views and related definitions' below.
Goldman Sachs Global Investment Research 5
6. August 24, 2011 E Ink Holdings Inc (8069.TWO)
Price target and rating history chart(s)
E Ink Holdings Inc (8069.TWO) Stock Price Currency : Taiw an Dollar
Goldman Sachs rating and stock price target history
100 10,000
80 80
50 68
80 47 9,000
42
43
8,000
60
7,000
40 78
82 100 6,000
20 5,000
0 4,000
Apr 15 Sep 13
Stock Price
Index Price
S B
A S O N D J F MA MJ J A S O N D J F MA M J J A S O N D J F MA M J
2008 2009 2010 2011
Source: Goldman Sachs Investment Research for ratings and price targets; FactSet closing prices as of 6/30/2011.
Rating Covered by Robert Yen,
Price target as of Apr 15, 2010
Price target at removal Not covered by current analyst
Taiw an SE Weighted
Index
The price targets show n should be considered in the context of all prior published Goldman Sachs research, w hich may or
may not have included price targets, as w ell as developments relating to the company, its industry and f inancial markets.
Regulatory disclosures
Disclosures required by United States laws and regulations
See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager
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Buy (B), Neutral (N), Sell (S) -Analysts recommend stocks as Buys or Sells for inclusion on various regional Investment Lists. Being assigned a Buy
or Sell on an Investment List is determined by a stock's return potential relative to its coverage group as described below. Any stock not assigned
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Lists to a global guideline of 25%-35% of stocks as Buy and 10%-15% of stocks as Sell; however, the distribution of Buys and Sells in any particular
Goldman Sachs Global Investment Research 6
7. August 24, 2011 E Ink Holdings Inc (8069.TWO)
coverage group may vary as determined by the regional Investment Review Committee. Regional Conviction Buy and Sell lists represent
investment recommendations focused on either the size of the potential return or the likelihood of the realization of the return.
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Not Rated (NR). The investment rating and target price have been removed pursuant to Goldman Sachs policy when Goldman Sachs is acting in
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Goldman Sachs Global Investment Research 7