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HSBC Global Research Downgrades SENSETIME-W (00020.HK) to Hold, Axes TP to $1.7
2023/09/06
HSBC Global Research released a report, highlighting that the 1H23 revenue of SENSETIME-W (00020.HK) has grown 1% YoY to RMB1.433 billion, 24% below the broker's estimate.
The company's smart city and smart car revenues fell 58% and 31% respectively due to stringent AI upgrade budgets by local governments and the completion of R&D contracts with Japanese customers.
SENSETIME's gross profit margin for 1H23 was under pressure and exceeded general expectations, falling 20.7 ppts YoY to 45.3%, mainly due to an increase in hardware and AI data centre-related costs as a percentage of revenue.
The group expected gross margins to remain stable in 2H23, which the broker expected to reach 45.6%.
HSBC mentioned that SENSETIME has significantly lowered its guidance and is now expecting revenue to grow by 15% to 20% YoY in 2H23, compared with the broker's expectation of 16% growth.
Revenue is guided to grow at a CAGR of about 20% to 23% from 2023 to 2027.
The broker has also chopped the company's 2023 to 2025 revenue CAGR forecast to 28% from the original 62%, and its revenue forecast by 17% to 48% to reflect growth normalisation and uncertainty in generative AI monetisations.
Gross margin forecasts were lowered by 9.5 ppts, 8.5 ppts and 6 ppts for 2023/24/25 respectively to account for increased competition in generative AI and revenue growth in AI smart computing centres.
HSBC axed its target price from $3 to $1.7 and downgraded its rating to Hold.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Sensetime 0020
Re: Sensetime 0020
by winston » Thu Sep 07, 2023 4:00 pm
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Re: Sensetime 0020
by winston » Tue Nov 28, 2023 2:37 pm
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SENSETIME-W (00020.HK) Blasts Short-selling Report as Meritless, Reserves Rights to Take Appropriate Actions
SENSETIME-W (00020.HK) issued an announcement in response to the report released by Grizzly Research, a short-seller, today (28 Nov).
SENSETIME believes the report is without merit and contains unfounded allegations and misleading conclusions and interpretations.
It also shows a lack of understanding of the company’s business model and financial reporting structure, and a lack of thorough reading of the company’s public filings.
The author of the report did not contact the group to verify the relevant information or gain any understanding of the group's financial statements.
SENSETIME’s board of directors is reviewing the allegations and considering the appropriate course of action to take to safeguard the interests of all shareholders.
The company reiterates its continued and unwavering commitment to maintaining high standards of corporate governance, as well as transparent and timely disclosure in compliance with applicable rules and regulations.
The company has rigorous internal controls in place to ensure the financial statements of the Group are prepared in compliance with the applicable IFRS.
SENSETIME reserves all rights to take appropriate actions to protect the rights of the company and those of its shareholders.
Shares of the company crashed 9.7% to $1.3 this morning. It closed for the noon at $1.36, down 5.56%. The volume is 367 million shares, involving $500 million.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
SENSETIME-W (00020.HK) Blasts Short-selling Report as Meritless, Reserves Rights to Take Appropriate Actions
SENSETIME-W (00020.HK) issued an announcement in response to the report released by Grizzly Research, a short-seller, today (28 Nov).
SENSETIME believes the report is without merit and contains unfounded allegations and misleading conclusions and interpretations.
It also shows a lack of understanding of the company’s business model and financial reporting structure, and a lack of thorough reading of the company’s public filings.
The author of the report did not contact the group to verify the relevant information or gain any understanding of the group's financial statements.
SENSETIME’s board of directors is reviewing the allegations and considering the appropriate course of action to take to safeguard the interests of all shareholders.
The company reiterates its continued and unwavering commitment to maintaining high standards of corporate governance, as well as transparent and timely disclosure in compliance with applicable rules and regulations.
The company has rigorous internal controls in place to ensure the financial statements of the Group are prepared in compliance with the applicable IFRS.
SENSETIME reserves all rights to take appropriate actions to protect the rights of the company and those of its shareholders.
Shares of the company crashed 9.7% to $1.3 this morning. It closed for the noon at $1.36, down 5.56%. The volume is 367 million shares, involving $500 million.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Re: Sensetime 0020
by winston » Tue Nov 28, 2023 2:44 pm
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SENSETIME, Raided by Short Seller, Last Slides 5%+
Grizzly Research, a short seller, slammed SENSETIME-W (00020.HK) of inflating its revenue.
After the news broke out, the stock price of SENSETIME was under pressure. It last posted at $1.36, down 5.56%, on volume of 120 million shares and turnover of $167 million.
Grizzly Research elaborated in a report that SENSETIME appeared to have been falsifying its revenue, following two court cases that revealed it did so by, for example, providing funds to customers directly or through intermediaries, which in turn were used to buy goods from the company that may never have been delivered.
The report also mentioned the discovery of a number of undisclosed related parties controlled by senior management of the company, and that the company deliberately kept these entities off its balance sheet.
The report furthered that despite attempts to stem losses by dismissing employees, SENSETIME's cash burn was expected to continue unabated, and that it had a humungous and growing number of accounts receivable, suggesting that the company was failing to collect payments and, at worst, was faking its revenues.
Source; AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
SENSETIME, Raided by Short Seller, Last Slides 5%+
Grizzly Research, a short seller, slammed SENSETIME-W (00020.HK) of inflating its revenue.
After the news broke out, the stock price of SENSETIME was under pressure. It last posted at $1.36, down 5.56%, on volume of 120 million shares and turnover of $167 million.
Grizzly Research elaborated in a report that SENSETIME appeared to have been falsifying its revenue, following two court cases that revealed it did so by, for example, providing funds to customers directly or through intermediaries, which in turn were used to buy goods from the company that may never have been delivered.
The report also mentioned the discovery of a number of undisclosed related parties controlled by senior management of the company, and that the company deliberately kept these entities off its balance sheet.
The report furthered that despite attempts to stem losses by dismissing employees, SENSETIME's cash burn was expected to continue unabated, and that it had a humungous and growing number of accounts receivable, suggesting that the company was failing to collect payments and, at worst, was faking its revenues.
Source; AAStocks Financial News
http://www.aastocks.com/en/stocks/analy ... stock-news
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Re: Sensetime 0020
by winston » Wed Nov 29, 2023 8:50 am
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Short-seller attack stuns SenseTime
Source: The Standard
https://www.thestandard.com.hk/section- ... -SenseTime
Short-seller attack stuns SenseTime
Round-tripping, where it allegedly financed companies that in turn fed business to SenseTime.
Blacklisted by the US government in 2019 on accusations related to human rights violations in China's far-western region of Xinjiang. That has restricted its access to capital and crucial US tech components,
Source: The Standard
https://www.thestandard.com.hk/section- ... -SenseTime
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Re: Sensetime 0020
by winston » Sat Dec 02, 2023 10:00 am
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China AI champion SenseTime mulls separate fundraising for auto and healthcare units, people say
The Hong Kong-listed firm has approached potential investors about the funding plans, people familiar say
SenseTime specialises in AI-powered facial recognition technology and works with law enforcement bodies
Source: Bloomberg
https://www.scmp.com/tech/article/32435 ... people-say
China AI champion SenseTime mulls separate fundraising for auto and healthcare units, people say
The Hong Kong-listed firm has approached potential investors about the funding plans, people familiar say
SenseTime specialises in AI-powered facial recognition technology and works with law enforcement bodies
Source: Bloomberg
https://www.scmp.com/tech/article/32435 ... people-say
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Re: Sensetime 0020
by winston » Sun Dec 17, 2023 8:45 am
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Tang Xiao’ou, the CUHK professor and founder of the artificial intelligence giant SenseTime, dies at age 55
Tang passed away at close to midnight on December 15 after succumbing to an undisclosed illness, according to SenseTime
The entrepreneur will continue to serve as an inspiration to others to ‘complete his unfinished business’, the company said
by Ann Cao
Source: SCMP
https://www.scmp.com/tech/big-tech/arti ... e=homepage
Tang Xiao’ou, the CUHK professor and founder of the artificial intelligence giant SenseTime, dies at age 55
Tang passed away at close to midnight on December 15 after succumbing to an undisclosed illness, according to SenseTime
The entrepreneur will continue to serve as an inspiration to others to ‘complete his unfinished business’, the company said
by Ann Cao
Source: SCMP
https://www.scmp.com/tech/big-tech/arti ... e=homepage
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Re: Sensetime 0020
by winston » Mon Dec 18, 2023 8:11 am
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Torch passed to co-founder as SenseTime chairman dies
SenseTime (0020) announced that its co-founder and chief executive Xu Li, will assume the role of executive chairman of the board, following the passing of its chairman Tang Xiao'ou due to illness.
Xu is a Chinese computer scientist who received his doctorate in computer science from the Chinese University of Hong Kong.
Tang was an information engineering professor at the CUHK, who had a 21 percent stake in SenseTime, according to the firm's 2022 annual report.
Before founding SenseTime with his teacher Tang, Xu worked at Lenovo (0992).
He was also a visiting researcher at Motorola China R&D Institute, Omron Research Institute, and Microsoft Research.
SenseTime, best known as a leader in computer vision, was among the first Chinese tech firms to receive government approval to publicly roll out its own ChatGPT-like services.
Last month, short-seller Grizzly Research released a report accusing the artificial intelligence company of inflating its revenues, sending its shares plummeting.
Source: Bloomberg
https://www.thestandard.com.hk/section- ... irman-dies
Torch passed to co-founder as SenseTime chairman dies
SenseTime (0020) announced that its co-founder and chief executive Xu Li, will assume the role of executive chairman of the board, following the passing of its chairman Tang Xiao'ou due to illness.
Xu is a Chinese computer scientist who received his doctorate in computer science from the Chinese University of Hong Kong.
Tang was an information engineering professor at the CUHK, who had a 21 percent stake in SenseTime, according to the firm's 2022 annual report.
Before founding SenseTime with his teacher Tang, Xu worked at Lenovo (0992).
He was also a visiting researcher at Motorola China R&D Institute, Omron Research Institute, and Microsoft Research.
SenseTime, best known as a leader in computer vision, was among the first Chinese tech firms to receive government approval to publicly roll out its own ChatGPT-like services.
Last month, short-seller Grizzly Research released a report accusing the artificial intelligence company of inflating its revenues, sending its shares plummeting.
Source: Bloomberg
https://www.thestandard.com.hk/section- ... irman-dies
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Re: Sensetime 0020
by winston » Wed Mar 27, 2024 7:27 am
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SenseTime's loss widens 6pc to 6.4b yuan
Chinese artificial intelligence firm SenseTime (0020) said its net loss widened by 6.6 percent to 6.44 billion yuan (HK$6.98 billion) last year from a year ago, as revenue from the non-generative AI business dropped.
Revenue during the period decreased 10.6 percent to 3.4 billion yuan from the previous year due to a drop in sales from its non-generative AI business, or so-called traditional AI businesses, according to the company.
SenseTime grouped its businesses including the smart city projects that utilize its surveillance tech as traditional AI businesses.
The traditional AI business posted a 41.1 percent decline in sales to 1.84 billion yuan last year.
Its proportion in the firm's total revenue decreased to 53.9 percent in 2023 from 81.9 percent in 2022.
Its generative AI revenue increased by 199.9 percent to 1.18 billion yuan in 2023 thanks to strong demand.
The firm said it has begun to commercialize its generative AI-related application products, supported by its AI model.
Source: The Standard
https://www.thestandard.com.hk/section- ... -6.4b-yuan
SenseTime's loss widens 6pc to 6.4b yuan
Chinese artificial intelligence firm SenseTime (0020) said its net loss widened by 6.6 percent to 6.44 billion yuan (HK$6.98 billion) last year from a year ago, as revenue from the non-generative AI business dropped.
Revenue during the period decreased 10.6 percent to 3.4 billion yuan from the previous year due to a drop in sales from its non-generative AI business, or so-called traditional AI businesses, according to the company.
SenseTime grouped its businesses including the smart city projects that utilize its surveillance tech as traditional AI businesses.
The traditional AI business posted a 41.1 percent decline in sales to 1.84 billion yuan last year.
Its proportion in the firm's total revenue decreased to 53.9 percent in 2023 from 81.9 percent in 2022.
Its generative AI revenue increased by 199.9 percent to 1.18 billion yuan in 2023 thanks to strong demand.
The firm said it has begun to commercialize its generative AI-related application products, supported by its AI model.
Source: The Standard
https://www.thestandard.com.hk/section- ... -6.4b-yuan
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Re: Sensetime 0020
by winston » Thu Mar 28, 2024 4:32 pm
CMBI Axes TP of SENSETIME-W (00020.HK) to $1.25; Monetisation of Generative AI Hastens
CMBI mentioned in a report that SENSETIME-W (00020.HK)'s total revenue for 2023 declined 11% YoY, below consensus expectations.
This is mainly due to a decline in the traditional AI business as the company shifts the focus of its development strategy to generative AI.
The broker expected SENSETIME to further accelerate the monetisation of its generative AI services this year and predicted the related direction of development to support a rebound in revenue.
At the same time, however, the company will cut back on its non-core businesses this year to improve operational efficiency and cash flow conversion.
Related NewsS: ENSETIME-W Annual Loss Widens to RMB6.44B
The broker believed the company's gross margins will remain stable from 2024 to 2026.
Adjusted net loss margins for 2024 and 2025 were forecasted at -71% and -42% respectively, an improvement from -157% in 2023.
CMBI also expected SENSETIME's adjustments to its traditional AI business to weigh on the company's overall revenue growth performance in the near term.
Therefore, the broker lowered its revenue forecasts for 2024 and 2025 by 24% each, correspondingly axed its target price from $2.3 to $1.25, and maintained its Buy rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
CMBI mentioned in a report that SENSETIME-W (00020.HK)'s total revenue for 2023 declined 11% YoY, below consensus expectations.
This is mainly due to a decline in the traditional AI business as the company shifts the focus of its development strategy to generative AI.
The broker expected SENSETIME to further accelerate the monetisation of its generative AI services this year and predicted the related direction of development to support a rebound in revenue.
At the same time, however, the company will cut back on its non-core businesses this year to improve operational efficiency and cash flow conversion.
Related NewsS: ENSETIME-W Annual Loss Widens to RMB6.44B
The broker believed the company's gross margins will remain stable from 2024 to 2026.
Adjusted net loss margins for 2024 and 2025 were forecasted at -71% and -42% respectively, an improvement from -157% in 2023.
CMBI also expected SENSETIME's adjustments to its traditional AI business to weigh on the company's overall revenue growth performance in the near term.
Therefore, the broker lowered its revenue forecasts for 2024 and 2025 by 24% each, correspondingly axed its target price from $2.3 to $1.25, and maintained its Buy rating.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
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Re: Sensetime 0020
by winston » Tue Apr 02, 2024 3:01 pm
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CLSA Axes SENSETIME-W (00020.HK) TP to $0.75; Expansion in Generative AI
In a recent report, CLSA chopped its target price on SENSETIME-W (00020.HK) from $1.59 to $0.75, which is equivalent to 5x 2024 forecasted P/S ratio.
The broker maintained its Underperform rating.
According to the broker, SENSETIME's revenue fell 11% YoY last year, and its net loss widened 7% YoY to RMB6.4 billion, dragged down by its smart city business.
The company has restructured its revenue streams to focus on generative AI, and management expected revenue to grow at a compound annual growth rate of 30% between 2023 and 2028.
Related News: CMBI Axes TP of SENSETIME-W (00020.HK) to $1.25; Monetisation of Generative AI Hastens
CLSA noted that SENSETIME's computing power rental-related business is seeing rapid growth, but it will take time for the company's generative AI application-related business to catch up.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
CLSA Axes SENSETIME-W (00020.HK) TP to $0.75; Expansion in Generative AI
In a recent report, CLSA chopped its target price on SENSETIME-W (00020.HK) from $1.59 to $0.75, which is equivalent to 5x 2024 forecasted P/S ratio.
The broker maintained its Underperform rating.
According to the broker, SENSETIME's revenue fell 11% YoY last year, and its net loss widened 7% YoY to RMB6.4 billion, dragged down by its smart city business.
The company has restructured its revenue streams to focus on generative AI, and management expected revenue to grow at a compound annual growth rate of 30% between 2023 and 2028.
Related News: CMBI Axes TP of SENSETIME-W (00020.HK) to $1.25; Monetisation of Generative AI Hastens
CLSA noted that SENSETIME's computing power rental-related business is seeing rapid growth, but it will take time for the company's generative AI application-related business to catch up.
Source: AAStocks Financial News
http://www.aastocks.com/en/stocks/news/ ... -news/AAFN
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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