• 3Q22 results were in line with expectations. 9M22 revenue/PATMI was at 74%/75% of our FY22e forecasts. Total revenue grew 13% YoY to US$4.4bn, driven by 13%/14% YoY increases in Digital Media and Digital Experience revenues.
• Adobe agreed to acquire collaborative design software firm Figma in a cash-and-stock deal worth US$20bn. The company is acquiring Figma for 50x its FY22e annual recurring revenue (ARR) of US$400mn. The transaction is expected to close in FY23e and aims to expand tools for creative professionals. We believe that the deal would take out an emerging competitor as Figma poses a potential threat standalone.

Report type: Weekly Strategy “Annotations on Factors for the Plunge on the 14th, Ukraine Recovery Demand and Benefits of the Weak Yen” In last week’s issue (12th September 2022 issue), we mentioned noting a trend in the Nikkei average where the market price has soared from around the “Major SQ” date in September since 2016 except in the presidential election year. Although the autonomous rebound (rebound) from the 8th last week prompted suspicions of a reoccurrence of that “anomaly” (a...
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China SSS growth returned to positive in June Chow Tai Fook Jewellery (CTF) announce certain unaudited key operational data of the Group for the three months ended 30 June 2022 (1QFY2023), with both Mainland China and Hong Kong and Macau recorded negative SSSG. Retail Sales Value (RSV) decreased 3.7% YoY, due to the resurgence of the pandemic and a high base of comparison. 1QFY2023, by region, Mainland China RSV recorded –2.8% YoY, with contribution to group RSV 89.9%. Same Store...
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