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Initial Report: Super Micro Computers Inc. (SMCI), 9% 5-yr Potential Upside (VIP SEA, Siva PALANIVELU)

Company Overview Super Micro is Silicon Valley based provider of accelerated compute platforms that are application-optimized high performance and high efficiency servers and storage systems for a variety of markets, including enterprise data centers, cloud computing, artificial intelligence, 5g and edge computing. Super Micro’s total IT solutions include complete servers, storage systems, modular blade servers, blades, workstations, full rack scale solutions, networking devices, server sub-systems, server management and security software. Server and Storage Systems SMCI sells accelerated compute platforms comprising a combination of server and storage systems in rackmount, blade, multi-node and embedded form factors, which support single, dual, and multiprocessor architectures. Key produc
Initial Report: Super Micro Computers Inc. (SMCI), 9% 5-yr Potential Upside (VIP SEA, Siva PALANIVELU)

Initial Report: Manhattan Associates, Inc. (NASDAQ:MANH), 35% 3-Year Potential Upside

Manhattan Associates, Inc. (NasdaqGS:MANH) deep dive:Company OverviewThe company designs, builds and delivers supply chain commerce solutions globally. The company offers products through direct sales personnel and partnership agreements with various organizations. The company operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Company’s revenue centers around three main buckets – supply chain, omnichannel commerce, and inventory management. 3 products – OMS, TMS, WMS. Customers include Walmart, Loreal, Nike, and Home Depot. Expertise in apparel-based businesses such as Under Armour, Lululemon, Adidas, and Crocs.Business ModelSoftwareSoftware LicenseIndustryManhattan has been recognized as a leader in the Warehouse Management System Gartner Magic Quadrant for t
Initial Report: Manhattan Associates, Inc. (NASDAQ:MANH), 35% 3-Year Potential Upside

Initial Report(part2):Super Micro Computer Inc (SMCI) , 73% 5-yr Potential Upside (EIP, Brian TANG)

ESG understanding Environmental The Innovative Resource-Saving Architecture™, at the heart of Supermicro's commitment, achieves a remarkable 40-45% reduction in hardware refresh costs, contributing to a significant reduction in e-waste and up to 50% reduction in electricity and carbon footprint. Recognized as a pioneer in energy-efficient computing, the firm is committed to achieving Energy Star certification for all solutions by the end of fiscal year 2023, emphasizing environmental, social, and governance (ESG) best practices. Supermicro implements green manufacturing standards in its operations in the United States, Taiwan, and the Netherlands, including factory automation and alternative energy sources like solar. Supermicro places sustainability at the heart of their business processe
Initial Report(part2):Super Micro Computer Inc (SMCI) , 73% 5-yr Potential Upside (EIP, Brian TANG)

Initial Report(Part4): Paypal Holdings Inc (PYPL), 99% 5-yr Potential Upside (EIP, Xinfei TAN)

Terminal Growth rate: I have incorporated a terminal/perpetuity growth rate of 2.1% into my projection, drawing this figure from the International Monetary Fund's data on the real GDP growth rate for the United States. Relative Valuation Method: Employing the exit EV/EBITDA multiple method, I determined the median EV/EBITDA of PayPal's peers through a Comparable Company Analysis, resulting in a figure of 16.5x. The outcomes of this analysis are noteworthy. The implied share price stands at 161.59, indicating an implied upside of 156%. Additionally, the 5-year implied EV/EBITDA is projected to be 38.5x. Risks and mitigation Cryptocurrency Risks: PayPal introduced its own stablecoin (PSYUSD) in the absence of a comprehensive Federal framework for regulating and enforcing such assets. This mo
Initial Report(Part4): Paypal Holdings Inc (PYPL), 99% 5-yr Potential Upside (EIP, Xinfei TAN)

Initial Report(part2): TSMC (TWSE:2330), 70% 5-Year Potential Upside (VIP, Fabian VERA)

Business Model Foundry Model: Unlike integrated device manufacturers (IDMs) like Intel, TSMC operates on a pure-play foundry model. This means it manufactures chips designed by other companies. This model allows it to serve a wide range of customers, including some of the biggest names in the tech industry. Its efficacy as foundry vis-à-vis its competitors has been discussed in the section ‘Competitor Analysis’. Customers: TSMC’s clientele includes major technology companies such as Apple, Qualcomm, Nvidia, AMD, and many others. These companies rely on TSMC for their cutting-edge chip manufacturing capabilities. By serving its clients, the rhetorical question of ,,How effective is TSMC helping its clients?’ deserves an answer Fig. 6 – Multiple Valuation plot of TSMC and its clients, accomp
Initial Report(part2): TSMC (TWSE:2330), 70% 5-Year Potential Upside (VIP, Fabian VERA)

Initial Report(part1): Johnson & Johnson (JNJ), 212.61% 5-yr Potential Upside (EIP, Xinying CHAN)

Executive Summary Founded in 1886 and headquartered in the U.S., Johnson & Johnson (JNJ) is a multinational corporation operating in healthcare, pharmaceuticals, and consumer goods. The company is known for its diverse product range, including prescription drugs, medical devices, and consumer healthcare products. JNJ has recently separated its consumer health segment into a new entity called Kenvue, leaving two main segments: Pharmaceuticals and MedTech, while maintaining a global reputation for innovation, research, and corporate social responsibility with a focus on sustainability initiatives. Company Overview 2.1 Business segments JNJ was originally organised into three business segments: Consumer Health, Pharmaceutical and MedTech. The Consumer Health segment includes a broad range
Initial Report(part1): Johnson & Johnson (JNJ), 212.61% 5-yr Potential Upside (EIP, Xinying CHAN)

Initial Report(part2): The Hershey Company (NYSE: HSY),32% 5-yr Potential Upside (EIP, Trinsy Neoh)

3. Industry Overview US Confectionery market Mars and Hershey’s accounts for half of the total market share. Mars is leading US confectionery market with 25% followed closely by Hershey’s at 23.9%. The remaining players such as Ferrero and Mondelez accounts for 9.7% and 5% respectively. Based on Euromonitor, the top three snacks by brand shares are Reese’s, M&M’s and Hershey’s Chocolate Bar.   US Snacks Market In 2017, the CEO embarked on a journey to transition Hershey into a snacking powerhouse through their savoury and better-for-you product categories. The business diversified out of confections looking into acquiring brands at least $100 million in revenue which people love but needed to leverage on Hershey’s branding to gain more customers. The company owns three of the six
Initial Report(part2): The Hershey Company (NYSE: HSY),32% 5-yr Potential Upside (EIP, Trinsy Neoh)

Initial Report(part1): The Hershey Company (NYSE: HSY),32% 5-yr Potential Upside (EIP, Trinsy Neoh)

              1. Introduction Hershey’s. A company that I’m sure many of us already know. for some, this tasty treat transports us back to our childhood, while for others, it's a delight reserved for festive occasions. Allow me to dive deeper into this case to determine why this could be a sweet opportunity. It all started in 1894 when Milton S Hershey chanced upon a chocolate processing machine at a convention. Taking a leap of faith, he sold his business, Lancaster Caramel Company, to venture into the manufacturing and sale of milk chocolate bars. Today, Hershey’s (NYSE: HSY) operates one of the largest and finest chocolate businesses in North America, boasting over 19,000 employees across 100 brand names. It dominates 45% of the chocolate segment in th
Initial Report(part1): The Hershey Company (NYSE: HSY),32% 5-yr Potential Upside (EIP, Trinsy Neoh)

Initial Report(part2): Nintendo (TSE: 7974), 35% 5-yr Potential Upside (EIP, Huiling KOH)

Valuation Based on a relative valuation method using fwd P/E ratios, my 3-year target price is JPY 7123 (-3% upside) based on an exit multiple of 25x (7-year average, slightly above industry median), and 5-year target price is JPY 9898 (+35% upside) based on an exit multiple of 25x. The 5-year target prices in the successful venture into a new video game console (Nintendo usually creates a new one every ~7-10 years) with the integration of the Dynamo Picture venture. In my opinion, Nintendo could also afford a higher P/E ratio as the company is a rare player in the industry that owns a multitude of successful IPs for its video game production. Risk High exposure to fluctuations in foreign exchange rates. Overseas sales accounts for >70% of its total sales, with majority of transactions
Initial Report(part2): Nintendo (TSE: 7974), 35% 5-yr Potential Upside (EIP, Huiling KOH)

Initial Report(part1): Nintendo (TSE: 7974), 35% 5-yr Potential Upside (EIP, Huiling KOH)

Nintendo (TSE: 7974) Summary of the Key Information Company overview Nintendo (TSE: 7974) develops, manufactures, and sells entertainment products globally. It offers video game platforms, playing cards, handheld and home console hardware systems, and related software. The company was formerly known as Nintendo Playing Card Co., Ltd. and changed its name to Nintendo Co., Ltd. in 1963. Nintendo Co., Ltd. was founded in 1889 and is headquartered in Kyoto, Japan. In FY23, overseas sales accounted for >70% of total sales. Business segments Nintendo operates through 3 main segments: 1. Dedicated video game platforms (96.5% of FY23 revenue) 2. IP related income (3.2% of FY23 revenue) 3. Playing cards (0.4% of FY23 revenue). The dedicated video game platform segment is split into 2 main compon
Initial Report(part1): Nintendo (TSE: 7974), 35% 5-yr Potential Upside (EIP, Huiling KOH)

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