Hybridan Small Cap Feast - 23 Feb 24

23rd February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...

End of coverage

From 2nd January 2024, we will no longer include in our research universe:HMSBaslerTKH GroupInfineonSTMicroelectronics

STMicroelectronics N.V. - July 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Q2 2023 STMicroelectronics - Model update

Model update

We have updated our estimates ahead of Q3 2023 results. Our estimates change by low-single digits, as detailed in the table below. PT and Buy recommendation unchanged.

STMicroelectronics N.V. - April 2023 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Bryan, Garnier & Co Technology Daily | CPGI, SOW, COP, ALVGV, SEMIS

Bryan, Garnier & Co Technology Daily | ISS, Infineon, CAP, SES, Legran...

Solid Q2 2023 results and FY 2023 guidance revision driven by automoti...

The Automotive segment generated steady results for the group in Q1 2023 with 11% growth qoq, and 31.1% EBITA margin. Even after raising FY 2023 guidance a month ago, Infineon again managed to surprise the consensus on these metrics. For FY 2023, the group now expects EUR16.2bn in sales vs USD16.0b

Bryan, Garnier & Co Technology Daily | WAGA, NEL, STM, SU, ATE, SWP, N...

Sales recede less than expected in Q1 2023

Q1 sales surprised positively, declining by only -4% qoq vs -6% expected by the consensus. STM benefited from its exposure to automotive and industrials (c. 60% in 2022), which offset the strong qoq decline in consumer electronics demand. STM's margins also benefited from a shift in product mix due

Bryan, Garnier & Co Technology Daily | Ekinops, Orange, STMicro, Payme...

Bryan, Garnier & Co Technology Daily | IFX, NHOA, DTE, WLN, SEMIS

IFX revises sales and EBITA guidance upwards

Based on positive business trends observed in the automotive and industrial end-markets, IFX's management has revised its sales guidance for Q2 2022/23 and FY 2022/23 upwards to respectively EUR4.0bn (vs EUR3.9bn prev.) and >EUR15.5bn (+/-EUR500m). While the announcement is a surprise to the con

STMicroelectronics N.V. - December 2022 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

STMicroelectronics N.V.: Update following positive outlook

Our credit view of this issuer reflects its strong liquidity and conservative balance sheet, offset by its risk of inventory correction following the recent upcycle.

European IDMs risk marginalisation in an electric deglobalisation

We initiate coverage of STM with a SELL rating and a PT of EUR32, and of IFX with a BUY rating and a PT at EUR40. European Integrated Device Manufacturers (IDMs) are facing overlooked risks associated with deglobalisation as China is heavily supporting its semiconductor industry with the aim of sub

Bryan, Garnier & Co Technology Daily | Semiconductors, Eutelsat

Infineon: the best bet in tough times

While we remain cautious in view of rising Chinese competition, especially when it comes to European IDMs, we believe that Infineon is best positioned to defend its market share and thus benefit from growth in power semiconductors, MCUs and sensors in the automotive and industrial end-markets (86%

STMicroelectronics : the make-or-break point

While STM has so far clearly benefited from the tremendous opportunity offered by the electrification of society, we believe its strategy, fraught with risk, could adversely impact its future performance. After being completely ejected from the advanced logic segment in 2015, the group has indeed m