Technology
Kulicke & Soffa Reports Fourth Quarter 2024 Results
Published
2 weeks agoon
By
SINGAPORE, Nov. 13, 2024 /PRNewswire/ — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa,” “K&S,” “our,” or the “Company”), today announced the financial results of its fourth fiscal quarter ended September 28, 2024. The Company reported fourth quarter net revenue of $181.3 million, net income of $12.1 million, representing EPS of $0.22 per fully diluted shares, and non-GAAP net income of $18.5 million, representing non-GAAP EPS of $0.34 per fully diluted share.
Quarterly Results – U.S. GAAP
Fiscal Q4 2024
Change vs.
Fiscal Q4 2023
Change vs.
Fiscal Q3 2024
Net Revenue
$181.3 million
down 10.4%
down 0.2%
Gross Margin
48.3 %
up 90 bps
up 170 bps
Income from Operations
$2.7 million
down 86.2%
down 67.5%
Operating Margin
1.5 %
down 810 bps
down 310 bps
Net Income
$12.1 million
down 48.1%
down 1.2%
Net Margin
6.7 %
down 480 bps
down 10 bps
EPS – Diluted
$0.22
down 46.3%
up 0%
Quarterly Results – Non-GAAP
Fiscal Q4 2024
Change vs.
Fiscal Q4 2023
Change vs.
Fiscal Q3 2024
Income from Operations
$12.7 million
down 51.7%
down 20.2%
Operating Margin
7.0 %
down 600 bps
down 170 bps
Net Income
$18.5 million
down 37%
down 4.1%
Net Margin
10.2 %
down 430 bps
down 40 bps
EPS – Diluted
$0.34
down 33.3%
down 2.9%
A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of non-GAAP Financial Results” section.
Fusen Chen, Kulicke & Soffa’s President and Chief Executive Officer, stated, “We continue to drive market adoption of our advanced packaging and assembly solutions including vertical wire, high-power interconnect (HPI), advanced dispense and fluxless thermo-compression (FTC). Demand for these solutions is anticipated to accelerate along with coordinated General Semiconductor and Automotive market recovery through fiscal year 2025.”
The transition to emerging chiplet and heterogeneous applications — which are enabling new levels of performance and transistor density — position Kulicke & Soffa for additional share gains within leading-edge logic. Beyond this emerging FTC solution which is supporting leading-edge assembly transitions; high-volume memory, automotive and LED applications are also requiring new assembly solutions which can deliver package-level transistor density improvements. These growing market needs are being directly supported through Kulicke & Soffa’s portfolio of vertical wire, advanced dispense and advanced display solutions.
Fiscal Year 2024 Financial Highlights
Net revenue of $706.2 million.Gross margin of 38.1%.Net loss of $69.0 million or $(1.24) per fully diluted share; non-GAAP net income of $1.6 million or $0.03 per fully diluted share.GAAP cash from operations of $31.0 million; Adjusted free cash flow of $14.9 million.The Company repurchased a total of 3.2 million shares of common stock at a cost of $151.0 million.Cash, cash equivalents, and short-term investments were $577.1 million as of September 28, 2024.
Fourth Quarter Fiscal 2024 Financial Highlights
Net revenue of $181.3 million.Gross margin of 48.3%.Net income of $12.1 million or $0.22 per fully diluted share; non-GAAP net income of $18.5 million or $0.34 per fully diluted share.GAAP cash from operations of $31.6 million; Adjusted free cash flow of $29.2 million.The Company repurchased a total of 1.0 million shares of common stock at a cost of $42.7 million.
First Quarter Fiscal 2025 Outlook
The Company currently expects net revenue in the first fiscal quarter of 2025, ending December 28, 2024, to be approximately $165.0 million, +/- $10 million, GAAP diluted EPS to be approximately $1.45 +/- 10%, and non-GAAP diluted EPS to be approximately $0.28, +/- 10%. This outlook includes favorable claim/proceeds relating to cessation of business due to the cancellation of Project W – which was disclosed on March 11, 2024.
A reconciliation between the GAAP and non-GAAP financial outlook is provided in the financial tables included at the end of this press release.
Earnings Conference Webcast
A webcast to discuss these results will be held tomorrow, November 14, 2024, beginning at 8:00am EST. The live webcast link, supplemental earnings presentation, and archived webcast will be available at investor.kns.com. To access the audio-only portion of the live webcast, parties may call +1-877-407-8037 or internationally +1-201-689-8037.
A replay will be available from approximately one hour after the completion of the call by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13743544.
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains the following non-GAAP financial results: income from operations, operating margin, net income, net margin, net income per fully diluted share and adjusted free cash flow. The Company’s non-GAAP results exclude amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation, acquisition and integration cost, impairment relating to assets acquired through business combinations, long-lived asset impairment relating to business cessation or disposal, impairment relating to equity investments, income tax expense arising from discrete tax items triggered by acquisition, disposal of business (both via a sale or an abandonment), restructuring and significant changes in tax laws, gain/loss on disposal of business, as well as tax benefits or expenses associated with the foregoing non-GAAP items. The non-GAAP adjustments may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.
Management uses both U.S. GAAP metrics as well as non-GAAP metrics to evaluate the Company’s operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors’ ability to view the Company’s results from management’s perspective. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure discussed in this press release is contained in the financial tables at the end of this press release.
About Kulicke & Soffa
Founded in 1951, Kulicke & Soffa specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smart and more sustainable future. Our ever-growing range of products and services supports growth and facilitates technology transitions across large-scale markets, such as advanced display, automotive, communications, compute, consumer, data storage, energy storage and industrial.
Caution Concerning Results and Forward Looking Statements
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, including the importance and competitiveness of our thermo-compression products and other emerging technology transitions, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the persistent macroeconomic headwinds on our business, actual or potential inflationary pressures, disruptions, breaches or failures in our information technology systems and network infrastructures, interest rate and risk premium adjustments, falling customer sentiment, or economic recession caused directly or indirectly by geopolitical tensions, our ability to develop, manufacture and gain market acceptance of new products, our ability to operate our business in accordance with our business plan and the other factors listed or discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed on November 16, 2023, and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contacts:
Kulicke and Soffa Industries, Inc.
Joseph Elgindy
Finance
P: +1-215-784-7518
KULICKE AND SOFFA INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(In thousands, except per share and employee data)
(Unaudited)
Three months ended
Twelve months ended
September
28, 2024
September
30, 2023
September
28, 2024
September
30, 2023
Net revenue
$ 181,319
$ 202,320
$ 706,232
$ 742,491
Cost of sales
93,662
106,481
437,478
383,836
Gross profit
87,657
95,839
268,754
358,655
Operating expenses:
Selling, general and administrative
42,645
37,380
155,142
145,493
Research and development
38,763
37,616
151,214
144,701
Impairment charges
—
—
44,472
21,535
Acquisition-related cost
—
13
—
511
Amortization of intangible assets
1,266
1,356
5,188
6,099
Restructuring
2,294
—
5,234
879
Total operating expenses
84,968
76,365
361,250
319,218
Income/(loss) from operations
2,689
19,474
(92,496)
39,437
Other income / (expense):
Interest income
7,423
9,500
34,230
32,906
Interest expense
(29)
(26)
(89)
(142)
Income/(loss) before income taxes
10,083
28,948
(58,355)
72,201
Income tax (benefit) / expense
(2,034)
5,591
10,651
15,053
Net income / (loss)
$ 12,117
$ 23,357
$ (69,006)
$ 57,148
Net income / (loss) per share:
Basic
$ 0.22
$ 0.41
$ (1.24)
$ 1.01
Diluted
$ 0.22
$ 0.41
$ (1.24)
$ 0.99
Cash dividends declared per share
$ 0.20
$ 0.19
$ 0.80
$ 0.76
Weighted average shares outstanding:
Basic
54,368
56,442
55,613
56,682
Diluted
54,871
57,408
55,613
57,548
Three months ended
Twelve months ended
Supplemental financial data:
September
28, 2024
September
30, 2023
September
28, 2024
September
30, 2023
Depreciation and amortization
$ 4,839
$ 8,111
$ 24,735
$ 28,857
Capital expenditures
3,091
4,217
13,736
47,702
Equity-based compensation expense:
Cost of sales
240
289
1,277
1,192
Selling, general and administrative
4,441
3,841
18,524
16,239
Research and development
1,758
1,311
7,090
5,313
Total equity-based compensation expense
$ 6,439
$ 5,441
$ 26,891
$ 22,744
As of
September 28,
2024
September 30,
2023
Number of employees
2,746
3,025
KULICKE AND SOFFA INDUSTRIES, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
(Unaudited)
As of
September 28,
2024
September 30,
2023
ASSETS
CURRENT ASSETS
Cash and cash equivalents
$ 227,147
$ 529,402
Short-term investments
350,000
230,000
Accounts and notes receivable, net of allowance for doubtful accounts of $49 and $49 respectively
193,909
158,601
Inventories, net
177,736
217,304
Prepaid expenses and other current assets
46,161
53,751
TOTAL CURRENT ASSETS
994,953
1,189,058
Property, plant and equipment, net
64,823
110,051
Operating right-of-use assets
35,923
47,148
Goodwill
89,748
88,673
Intangible assets, net
25,239
29,357
Deferred tax assets
17,900
31,551
Equity investments
3,143
716
Other assets
8,433
3,223
TOTAL ASSETS
$ 1,240,162
$ 1,499,777
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
58,847
49,302
Operating lease liabilities
7,718
6,574
Accrued expenses and other current liabilities
90,802
103,005
Income taxes payable
26,427
22,670
TOTAL CURRENT LIABILITIES
183,794
181,551
Deferred tax liabilities
34,594
37,264
Income taxes payable
31,352
52,793
Operating lease liabilities
33,245
41,839
Other liabilities
13,168
11,769
TOTAL LIABILITIES
$ 296,153
$ 325,216
SHAREHOLDERS’ EQUITY
Common stock, no par value
596,703
577,727
Treasury stock, at cost
(881,830)
(737,214)
Retained earnings
1,242,558
1,355,810
Accumulated other comprehensive loss
(13,422)
(21,762)
TOTAL SHAREHOLDERS’ EQUITY
$ 944,009
$ 1,174,561
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$ 1,240,162
$ 1,499,777
KULICKE AND SOFFA INDUSTRIES, INC.
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three months ended
Twelve months ended
September
28, 2024
September
30, 2023
September
28, 2024
September
30, 2023
Net cash provided by operating activities
$ 31,619
$ 77,492
$ 31,037
$ 173,404
Net cash (used in) / provided by investing activities, continuing operations
(117,983)
70,386
(138,501)
(91,338)
Net cash used in financing activities, continuing operations
(54,371)
(19,518)
(196,100)
(111,876)
Effect of exchange rate changes on cash and cash equivalents
965
(764)
1,309
3,675
Changes in cash and cash equivalents
(139,770)
127,596
(302,255)
(26,135)
Cash and cash equivalents, beginning of period
366,917
401,806
529,402
555,537
Cash and cash equivalents, end of period
$ 227,147
$ 529,402
$ 227,147
$ 529,402
Short-term investments
350,000
230,000
350,000
230,000
Total cash, cash equivalents, and short-term investments
$ 577,147
$ 759,402
$ 577,147
$ 759,402
Reconciliation of U.S. GAAP Income from Operating
to Non-GAAP Income from Operation and Operating Margin
(In thousands, except percentages)
(unaudited)
Three months ended
September 28,
2024
September 30,
2023
June 29,
2024
Net revenue
$ 181,319
$ 202,320
$ 181,650
U.S. GAAP income from operations
2,689
19,474
8,277
U.S. GAAP operating margin
1.5 %
9.6 %
4.6 %
Pre-tax non-GAAP items:
Amortization related to intangible assets
$ 1,266
$ 1,356
1,250
Acquisition-related costs
—
13
—
Equity-based compensation
6,439
5,441
6,363
Restructuring
2,294
—
—
Non-GAAP income from operations
$ 12,688
$ 26,284
$ 15,890
Non-GAAP operating margin
7.0 %
13.0 %
8.7 %
Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and
U.S. GAAP net income per share to Non-GAAP net income per share
(in thousands, except per share data)
(unaudited)
Twelve months ended
Three months ended
September 28,
2024
September 28,
2024
September 30,
2023
June 29,
2024
Net revenue
$ 706,232
$ 181,319
$ 202,320
$ 181,650
U.S. GAAP net income
(69,006)
12,117
23,357
12,264
U.S. GAAP net margin
(9.8) %
6.7 %
11.5 %
6.8 %
Non-GAAP adjustments:
Amortization related to intangible assets
$ 5,188
$ 1,266
$ 1,356
1,250
Restructuring
5,234
2,294
—
—
Acquisition-related costs
—
—
13
—
Equity-based compensation
26,891
6,439
5,441
6,363
Impairment charges
44,472
—
—
—
Income tax benefit – US one-time transition tax
(6,461)
(6,461)
—
—
Net income tax (benefit)/expense on non-GAAP items
(4,752)
2,866
(758)
(568)
Total non-GAAP adjustments
70,572
6,404
6,052
7,045
Non-GAAP net income
1,566
18,521
29,409
19,309
Non-GAAP net margin
0.2 %
10.2 %
14.5 %
10.6 %
U.S. GAAP net income per share:
Basic
(1.24)
0.22
0.41
0.22
Diluted(a)
(1.24)
0.22
0.41
0.22
Non-GAAP adjustments per share:(b)
Basic
1.27
0.12
0.11
0.13
Diluted
1.27
0.12
0.10
0.13
Non-GAAP net income per share:
Basic
$ 0.03
$ 0.34
$ 0.52
$ 0.35
Diluted(c)
$ 0.03
$ 0.34
$ 0.51
$ 0.35
Weighted average shares outstanding:
Basic
55,613
54,368
56,442
55,280
Diluted
55,613
54,871
57,408
55,724
(a)
GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock, but that effect is excluded when calculating GAAP diluted net loss per share because it would be anti-dilutive.
(b)
Non-GAAP adjustments per share includes amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, acquisition and integration cost, equity-based compensation expenses, impairment relating to business cessation or disposal, income tax benefit from the U.S. Tax Court opinion in Varian Medical Systems, Inc. v. Commissioner related to the U.S. one-time transition tax and income tax effects associated with the foregoing non-GAAP items.
(c)
Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock.
Reconciliation of U.S. GAAP Cash provided by Operating Activities
to Non-GAAP Adjusted Free Cash Flow
(In thousands, except percentages)
(unaudited)
Twelve
months ended
Three months ended
September 28,
2024
September
28, 2024
September
30, 2023
June 29,
2024
U.S. GAAP net cash provided by operating activities
$ 31,037
$ 31,619
$ 77,492
$ 26,897
Expenditures for property, plant and equipment
(16,148)
(2,468)
(9,281)
(2,683)
Proceeds from sales of property, plant and equipment
27
27
273
—
Non-GAAP adjusted free cash flow
14,916
29,178
68,484
24,214
Reconciliation of U.S. GAAP to Non-GAAP Outlook
(In millions, except per share data)
(Unaudited)
First quarter of fiscal 2025 ending December 28, 2024
GAAP Outlook
Adjustments
Non-GAAP Outlook
Net revenue
$165 million
+/- $10 million
—
$165 million
+/- $10 million
Operating expenses
$4.0 million
+/- 2%
$(66.5) million B,C,D,E
$70.5 million
+/- 2%
Diluted EPS(1)
$1.45
+/- 10%
$(1.17) A,B,C,D,E,F
$0.28
+/- 10%
Non-GAAP Adjustments
A. Equity-based compensation – Cost of sales
0.5
B. Equity-based compensation – Selling, general and
administrative and Research and development
6.3
C. Amortization related to intangible assets
1.4
D. Restructuring expenses
0.8
E. Claim/proceeds relating to cessation of business
(75.0)
F. Net income tax effect of the above items
2.4
(1)
GAAP and non-GAAP diluted EPS based on approximately 54.2 million diluted weighted average shares outstanding.
The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, strategic investments and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
View original content:https://www.prnewswire.com/news-releases/kulicke–soffa-reports-fourth-quarter-2024-results-302304678.html
SOURCE Kulicke & Soffa Industries, Inc.
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About Mirae Asset Global Investments Group
Mirae Asset Global Investments Group (the “group”) is an asset management organization with over US$272 billion in assets under management as of Sep 30, 2024[1]. The organization provides a diverse range of investment products including mutual funds, exchange traded funds (“ETFs”), and alternatives. Operating out of 25 offices worldwide, the group has a global team of more than 1,000 employees, including more than 200 investment professionals.
The group’s global ETF platform features a line-up of 601 ETFs that offer investors high quality and cost-efficient exposure to newly emerging investment themes and disruptive technologies in the global markets.[2] The group’s ETFs have combined assets under management of US$137 billion and are listed in Australia, Canada, Colombia, Europe, Hong Kong (SAR), India, Japan, Korea, Vietnam, the United Kingdom, and the United States.[3]
About Global X ETFs
Global X ETFs was founded in 2008. For more than a decade, our mission has been empowering investors with unexplored and intelligent solutions. Our product line-up features over 384 ETF strategies and over $92 billion in assets under management.[4] While we are distinguished for our Thematic Growth, Income, and International Access ETFs, we also offer Core, Commodity, and Alpha funds to suit a wide range of investment objectives. Global X is a member of Mirae Asset Financial Group, a global leader in financial services, has a presence in 19 global markets and the group’s managed assets exceed US$606 billion in assets under management worldwide.[5]
Mirae Asset Global Investments Hong Kong: https://www.am.miraeasset.com.hk/
Global X ETFs Hong Kong: www.globalxetfs.com.hk
Important Information
Global X India Sector Leader Active ETF
Investors should not base investment decisions on this document alone. Please refer to the Prospectus for details including product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:
Global X India Sector Leader Active ETF (the “Fund”)’s investment objective is to achieve long term capital growth by primarily investing in equities and equity-related securities of sector leading companies domiciled in or exercising a large portion of their economic activity in India.The Fund will invest primarily (i.e. at least 70% of its net asset value (the “Net Asset Value”) in equities and equity-related securities (such as common shares, preferred stock as well as American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and participation notes) of sector leading companies domiciled in or exercising a large portion of their economic activities (e.g., having investments, production activities, trading or other business interests) in India.The Fund employs an actively managed investment strategy. The Fund does not seek to track any index or benchmark, and there is no replication or representative sampling conducted by the Manager. It may fail to meet its objective as a result of the Manager’s selection of investments, and/or the implementation of processes which may cause the Fund to underperform as compared to other index tracking funds with a similar objective.The Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.The Fund is an FPI registered with the SEBI. The applicable laws, rules and guidelines on FPI impose limits on the ability of FPI to acquire shares in certain Indian issuers from time to time and are subject to change. This may also adversely affect the performance of the Fund.The FPI status of the Sub-Fund may be revoked by the SEBI under certain circumstances. In the event the Fund’s registration as an FPI is cancelled, revoked, terminated or not renewed, this would adversely impact the ability of the Fund to make further investments, or to hold and dispose of existing investment in Indian securities. The Fund may be required to liquidate all holdings in Indian securities acquired by the Fund as an FPI. Such liquidation may have to be undertaken at a substantial discount and the Fund may suffer significant/substantial losses.The Fund’s investments are concentrated in securities in India. The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Indian market.High market volatility and potential settlement difficulties in the equity market in India may result in significant fluctuations in the prices of the securities traded on such market and thereby may adversely affect the value of the Fund. The BSE has the right to suspend trading in any security traded thereon. The Indian government or the regulators in India may also implement policies that may affect the Indian financial markets. There can be no assurance that the Indian government will not impose restrictions on foreign exchange and the repatriation of capital.The taxation of income and capital gains in India is subject to the fiscal law of India. The tax rate in respect of capital gains derived by an FPI on transfer of securities will vary depending upon various factors. Any increased tax liabilities on the Fund may adversely affect the Net Asset Value of the Fund. For details, please refer to the section headed “Taxation in India” in the Prospectus. Any shortfall between the provision and the actual tax liabilities, which will be debited from the assets of the Fund, will adversely affect its Net Asset Value.Underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. In addition, the base currency of the Fund is USD but the trading currency of the Fund is in HKD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner or at all. The Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests.The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the Fund’s Net Asset Value.Investors should note that where a unitholder holds Listed Class of Units traded under the USD counter, the relevant unitholder will only receive distributions in HKD and not USD.Payments of distributions out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions involving payment of dividends out of capital or effectively out of capital of the Fund may result in an immediate reduction in the Net Asset Value per Unit of the Fund and will reduce the capital available for future investment.
Global X Emerging Markets Asia Active ETF
Investors should not base investment decisions on this document alone. Please refer to the Prospectus for details including product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:
Global X Emerging Markets Asia Active ETF (the “Fund”)’s investment objective is to achieve long term capital growth by primarily investing in equities and equity-related securities of companies domiciled in or exercising a large portion of their economic activities in emerging markets in Asia.The Fund will invest primarily (i.e. at least 70% of its net asset value (the “Net Asset Value”) in equities and equity-related securities (such as common shares, preferred stock as well as American depositary receipts (“ADRs”), global depositary receipts (“GDRs”) and participation notes) of companies domiciled in or exercising a large portion of their economic activities (e.g., having investments, production activities, trading or other business interests) in emerging markets in Asia, such as India, Indonesia, Korea, Malaysia, Philippines, Taiwan and Thailand, Vietnam, Bangladesh, Pakistan and Sri Lanka, but excluding Mainland China.The Fund employs an actively managed investment strategy. The Fund does not seek to track any index or benchmark, and there is no replication or representative sampling conducted by the Manager. It may fail to meet its objective as a result of the Manager’s selection of investments, and/or the implementation of processes which may cause the Fund to underperform as compared to other index tracking funds with a similar objective.The Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.The Fund invests in the emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.The Fund may invest in stocks of small-capitalisation/mid-capitalisation companies. The stock of small-capitalisation/mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.Underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. In addition, the base currency of the Fund is USD but the trading currency of the Fund is in HKD. The Net Asset Value of the Fund and its performance may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner or at all. The Fund may as a result suffer from a loss or delay when recovering the securities lent out. This may restrict the Fund’s ability in meeting delivery or payment obligations from realisation requests.The trading price of the Units on the SEHK is driven by market factors such as the demand and supply of the Units. Therefore, the Units may trade at a substantial premium or discount to the Fund’s Net Asset Value.Investors should note that where a unitholder holds Listed Class of Units traded under the USD counter, the relevant unitholder will only receive distributions in HKD and not USD.Payments of distributions out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions involving payment of dividends out of capital or effectively out of capital of the Fund may result in an immediate reduction in the Net Asset Value per Unit of the Fund and will reduce the capital available for future investment.
Disclaimer
This document is for Hong Kong investors only. This document is provided for information and illustrative purposes and is intended for your use only. It is not a solicitation, offer or recommendation to buy or sell any security or other financial instrument. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated services.
Certain of the statements contained in this document are statements of future expectations and other forward-looking statements. Views, opinions and estimates may change without notice and are based on a number of assumptions which may or may not eventuate or prove to be accurate. Actual results, performance or events may differ materially from those in such statements.
Investment involves risk. Past performance is not indicative of future performance. It cannot be guaranteed that the performance of the Funds will generate a return and there may be circumstances where no return is generated or the amount invested is lost. It may not be suitable for persons unfamiliar with the underlying securities or who are unwilling or unable to bear the risk of loss and ownership of such investment. Before making any investment decision, investors should read the Prospectus for details and the risk factors. Investors should ensure they fully understand the risks associated with the Funds and should also consider their own investment objective and risk tolerance level. Investors are advised to seek independent professional advice before making any investment.
Information and opinions presented in this document have been obtained or derived from sources which in the opinion of Mirae Asset Global Investments (Hong Kong) Limited (“MAGIHK”) are reliable, but we make no representation as to their accuracy or completeness. We accept no liability for a loss arising from the use of this document.
Products, services and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries and/or distributors of MAGIHK as stipulated by local laws and regulations. This document is not directed to any person in any jurisdiction where the availability of this document is prohibited. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this document. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction.
This document is issued by MAGIHK (Licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance). This document has not been reviewed by the Securities and Futures Commission or the applicable regulator in the jurisdiction in which this article is posted and no part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of MAGIHK.
Copyright © 2024 Mirae Asset Global Investments. All rights reserved.
[1] Source: Mirae Asset Global Investments, Sep 30, 2024.
[2] Source: Mirae Asset Global Investments, Sep 30, 2024.
[3] Source: Mirae Asset Global Investments, Sep 30, 2024.
[4] Source: Mirae Asset Global Investments, Sep 30, 2024.
[5] Source: Mirae Asset Financial Group, Jun 30, 2024.
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SOURCE Mirae Asset Global Investments (Hong Kong) Limited
Technology
PRIVACY ALERT: RRCA Accounts Management Under Investigation for Data Breach of Over 115,000 Patient Records
Published
10 minutes agoon
November 26, 2024By
SAN FRANCISCO, Nov. 25, 2024 /PRNewswire/ — Schubert Jonckheer & Kolbe LLP is investigating a data breach impacting the private personal and health information of 115,837 patients held by RRCA Accounts Management, Inc., an Illinois-based collection agency.
On or about October 18, 2024, RRCA notified patients that it experienced a ransomware attack on its systems. During that attack, the Play ransomware group infiltrated its systems and accessed and stole their records, including their clients’ customers’ personal information.
RRCA recently informed patients that the following private information may have been stolen in the breach: names, addresses, dates of birth, phone numbers, emails, Social security numbers or taxpayer IDs, driver’s license numbers, passport numbers, health insurance information, health data (such as medical record numbers and places of treatment and doctors), health payment information (such as billing and insurance claims and payment card and account numbers), usernames or IP addresses, and potentially some demographic information (such as genders, religious views, or races).
If your personal information was impacted by this incident, you may be at risk of identity theft, healthcare fraud, and other serious violations of your privacy. As a result, you may be entitled to money damages and an injunction requiring changes to the company’s cybersecurity practices.
If you received notification of this data breach from RRCA or an identity protection service and wish to obtain additional information about your legal rights, please contact us today or visit our website at https://www.classactionlawyers.com/rrca.
About Schubert Jonckheer & Kolbe LLP
Schubert Jonckheer & Kolbe represents consumers, employees, and shareholders in class actions and shareholder derivative actions against corporate defendants, focusing on data privacy. The firm is based in San Francisco, and with the help of co-counsel, litigates cases nationwide.
Contact
Amber L. Schubert
Schubert Jonckheer & Kolbe LLP
aschubert@sjk.law
Tel: 415-788-4220
View original content:https://www.prnewswire.com/news-releases/privacy-alert-rrca-accounts-management-under-investigation-for-data-breach-of-over-115-000-patient-records-302315931.html
SOURCE Schubert Jonckheer & Kolbe LLP
AsiaPay Champions Women-Led Ventures Across APAC with A$40K in Prizes
Mirae Asset Expands Active ETF Product Line with the Launch of Global X India Sector Leader Active ETF (3084) and Global X Emerging Markets Asia Active ETF (3104)
PRIVACY ALERT: RRCA Accounts Management Under Investigation for Data Breach of Over 115,000 Patient Records
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