Financial Data and Key Metrics Changes - Revenue for Q1 2026 was $3.19 billion, representing a 59% increase compared to the same period last year [10][13] - Non-GAAP operating margin was 6.0%, up 40 basis points year-over-year [14] - Non-GAAP diluted earnings per share reached $2.38, a 66.1% increase from the previous year [14] Business Line Data and Key Metrics Changes - IMS revenue was $2.79 billion, up 72% year-over-year, driven by growth in communications networks and cloud and AI infrastructure [15] - CPS revenue was $434 million, a 4.3% increase year-over-year, but lower than recent performance due to investments for new programs [16] Market Data and Key Metrics Changes - Communication networks, cloud, and AI infrastructure accounted for approximately 62% of total revenue, with core business growing about 20% year-over-year [28] - Industrial, energy, medical, defense, aerospace, automotive, and transportation represented 38% of revenue, slightly down 3% year-over-year [28] Company Strategy and Development Direction - The company aims to double revenue in the next two years, targeting $16 billion by calendar year 2027, focusing on AI opportunities [35] - Strategic investments are planned in technologies and capabilities to strengthen market position and support growth expectations [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across most end markets and expects continued growth in fiscal 2026 [29][38] - The company is focused on maintaining a healthy balance sheet while investing in future growth opportunities [20][22] Other Important Information - Cash flow from operations was $179 million, with capital expenditures of $87 million for the quarter [20][21] - The company has a strong balance sheet with cash and cash equivalents of $1.42 billion and no outstanding borrowings [17][19] Q&A Session Summary Question: Can you help me parse through the sequential revenue guidance for the March quarter? - Management indicated that the business is improving and expects core Sanmina to grow quarter-over-quarter and double digits year-over-year [42][44] Question: Can you clarify the revenue contributions from different parts of the ZT business? - Management confirmed that the transition is ongoing and they are focused on future business opportunities, with strong demand expected [47][49] Question: How do you see the communications market recovering? - Management noted strong demand in the communications sector and expects continued strength throughout the year [56][58] Question: Where was the pocket of weakness in the industrial, medical, auto, and defense segments? - Management identified automotive and transportation as areas of recent weakness but expects stabilization and recovery in the future [84][86]

SAN JOSE, Calif., Jan. 26, 2026 /PRNewswire/ -- Sanmina Corporation ("Sanmina" or the "Company") (NASDAQ: SANM), a leading integrated manufacturing solutions company, today reported financial results for the first quarter ended December 27, 2025 and outlook for its second fiscal quarter ending March 28, 2026. First Quarter Fiscal 2026 Financial Highlights Additional Highlights See Schedule 1 below for information regarding the items excluded from and our use of non-GAAP financial measures. A reconciliation ...

Earnings Expectations - Steel Dynamics Inc. (NASDAQ:STLD) is expected to report quarterly earnings of $1.69 per share on revenue of $4.57 billion [1] - Nucor Corp. (NYSE:NUE) is anticipated to post quarterly earnings of $1.91 per share on revenue of $7.87 billion [1] - W R Berkley Corp. (NYSE:WRB) is projected to report quarterly earnings of $1.13 per share on revenue of $3.66 billion [1] - Sanmina Corp. (NASDAQ:SANM) is expected to report quarterly earnings of $2.13 per share on revenue of $3.08 billion [1] Recent Performance - Baker Hughes Co. (NASDAQ:BKR) reported adjusted earnings of 78 cents per share, exceeding market estimates of 67 cents per share, with quarterly sales of $7.386 billion, surpassing expectations of $7.068 billion [1] - Steel Dynamics shares rose 1.4% to close at $181.32 on Friday [1] - Nucor shares increased by 0.8% to close at $181.65 on Friday [1] - W R Berkley shares fell 0.6% to close at $67.12 on Friday [1] - Sanmina shares decreased by 0.9% to close at $177.83 on Friday [1] - Baker Hughes shares fell 1.2% to close at $53.80 on Friday [1]

Core Insights - AEM Holdings and Venture Corporation represent two distinct approaches within the Singapore technology manufacturing sector, with AEM focusing on semiconductor testing solutions and Venture Corporation providing broader electronics manufacturing services [1] AEM Holdings - AEM is a provider of test solutions for semiconductors and electronics, achieving a compound annual growth rate (CAGR) of 23.4% in turnover from S$70.4 million in 2016 to S$380.4 million in 2024 [2] - Net income for AEM grew at a CAGR of approximately 12%, increasing from S$4.7 million to S$11.4 million during the same period [2] - Future growth for AEM is anticipated to be driven by rising demand for testing solutions due to AI advancements in semiconductors and potential new customer partnerships, positioning the company for a strong performance in 2026 [3] - AEM's revenue is highly cyclical, closely linked to the semiconductor capital expenditure cycle, with a significant decline in revenue and earnings observed between 2022 and 2024, dropping 56.2% and 91% respectively [4] - AEM's financials are heavily reliant on a single customer, Intel, which accounts for an estimated 60% to 70% of its revenue, creating a concentrated customer risk [5] Venture Corporation - Venture Corporation operates as an electronics manufacturing services (EMS) company with a diverse focus across various industries, including MedTech and Life Sciences, resulting in greater stability compared to AEM [6] - The company's revenue has ranged from S$2.6 billion to S$4 billion over the past decade, with net income growing at a steady CAGR of 5.2% to S$245 million by 2024 [7] - Venture Corporation has consistently distributed dividends to shareholders, increasing from S$0.50 in 2016 to S$0.75 in FY2024, and maintains a strong balance sheet with zero debt and over S$1 billion in cash [7] - The company is well-positioned to benefit from the ongoing trend of outsourcing manufacturing responsibilities to specialist EMS partners [8] Comparative Analysis - AEM offers higher growth potential linked to the semiconductor cycle but is subject to significant volatility, while Venture Corporation provides stability and consistent dividends with slower growth potential [10][11] - The choice between AEM and Venture Corporation depends on the investor's risk appetite, with AEM appealing to those seeking aggressive growth and Venture Corporation to those valuing stability [12][13]

Core Viewpoint - Huqin Technology Co., Ltd. has submitted an H-share listing application to the Hong Kong Stock Exchange, marking a significant step in building its "A+H" dual capital platform, which is crucial for enhancing its global presence and competitive strength [1] Group 1: Business Strategy - The company adheres to a "3+N+3" business strategy, focusing on three mature businesses (smartphones, laptops, data centers) and their derivative products, while also incorporating robotics into its core layout alongside automotive electronics and software [2] - Huqin Technology has become a leading ODM platform globally, maintaining the top position in smartphones, tablets, and wearables, and holding the number one spot in the Chinese mainland laptop market [2] - The company expects to achieve an operating revenue of 170 billion to 171.5 billion yuan in 2025, representing a year-on-year growth of 54.7% to 56.1%, and a net profit of 4 billion to 4.05 billion yuan, with a growth of 36.7% to 38.4% [2] Group 2: Future Growth and Innovation - The company is experiencing a second growth curve with its automotive electronics, software, and robotics businesses, which are achieving scale production and rapid growth [3] - The H-share listing will facilitate strategic investments and vertical integration within the industry, enhancing the value of the "3+N+3" platform strategy [3] Group 3: Competitive Advantage - Huqin Technology has developed a unique "ODMM" global core competitiveness through vertical integration across operations, development, manufacturing, and mechanical precision [4] - The company has established a global manufacturing and supply chain network, including VMI in Vietnam, Mexico, and India, to enhance responsiveness and local delivery while mitigating supply chain risks [4] Group 4: Capital and Governance - The H-share listing is a strategic milestone that will broaden the company's global capital access, supporting technology R&D and global manufacturing investments [5] - It will enhance the company's international brand credibility, improving trust among global clients and partners, and facilitating international business expansion [5] - The listing will also optimize governance and talent mechanisms, aiding in attracting and retaining top technical and management talent globally [6]

Core Insights - Sanmina Corporation is a significant player in the Electronics Manufacturing Services (EMS) market, providing solutions to OEMs across various sectors including industrial, medical, defense, automotive, communications, and cloud infrastructure [1] Financial Performance - Sanmina is expected to report quarterly earnings on January 26, 2026, with an anticipated EPS of $2.15 and revenue of approximately $3.09 billion, aligning closely with the Zacks Consensus Estimate of $3.1 billion in sales [2][6] - The company has historically exceeded earnings expectations, with an average earnings surprise of 5.35% over the last four quarters [2] Strategic Initiatives - The recent acquisition of ZT Systems' data center business is aimed at enhancing Sanmina's capabilities in the Cloud and AI sectors, alongside a collaboration with Konar to co-design a medium-voltage transformer, strengthening its position in energy manufacturing [3][6] Valuation Metrics - Sanmina's financial metrics indicate a strong market position, with a P/E ratio of 39.14, a price-to-sales ratio of 1.21, and an enterprise value to sales ratio of 1.13, reflecting its valuation relative to revenue [4] - The enterprise value to operating cash flow ratio stands at 14.77, indicating efficient cash flow generation [4] Financial Health - The company maintains a solid financial foundation with a debt-to-equity ratio of 0.13, suggesting low debt levels compared to equity [5] - A current ratio of 1.72 indicates a strong ability to cover short-term liabilities with short-term assets, underscoring robust financial health and growth potential [5]

Core Viewpoint - Taiwanese contract electronics manufacturer Pegatron is set to complete its first U.S. factory by the end of March, with trial production expected to commence shortly thereafter [1] Group 1 - The factory's completion is anticipated by the end of March [1] - Trial production is projected to begin around the same time or in April [1]

Core Viewpoint - Celestica Inc. (CLS) shares have experienced significant growth over the past 12 months due to increased demand for AI, but the stock is declining in trading following a report related to Alphabet (GOOG) [1] Group 1 - Celestica's operating results have improved significantly due to the rising demand for AI technologies [1] - The stock's recent decline indicates potential market volatility or investor reaction to external reports [1]

Group 1 - The global AI spending is projected to increase by 44% in 2026, reaching $2.5 trillion, with AI infrastructure comprising 54% of this expenditure [1] - Celestica's stock has surged 177% over the past year, positioning the company as a potential major beneficiary of the anticipated AI spending growth [2] - The company's connectivity and cloud solutions (CCS) segment has experienced significant growth, with a 43% year-over-year revenue increase in Q3 2025, amounting to $2.4 billion, and representing 76% of Celestica's total revenue [6] Group 2 - Celestica's revenue guidance for 2025 is $12.2 billion, indicating a 26% increase from the previous year, with non-GAAP earnings expected to rise by 52% to $5.90 per share [7] - The company anticipates a 31% revenue growth and a 39% increase in earnings to $8.20 per share in 2026, reflecting continued strong performance [7] - Celestica is gaining market share in the data center networking space, benefiting from the expansion of AI data centers and partnerships with major AI chip manufacturers [8]

Core Insights - The collaboration between SGX and Nasdaq to launch a Global Listing Board is expected to enhance Singapore's market structure, allowing Asian companies with a market capitalization of at least S$2 billion to access US liquidity without regulatory barriers [1] SGX (Singapore Exchange) - SGX is a direct beneficiary of the SGX-Nasdaq partnership, being the sole integrated securities and derivatives exchange operator in Singapore, which operates a diversified marketplace [2] - For FY2025, SGX reported an 11.7% year-on-year revenue increase to just under S$1.3 billion, with net profit after tax rising 8.4% to S$648 million, driven by growth across equities, currencies, and derivatives [3] - SGX's total dividend for FY2025 was S$0.375 per share, a 9% increase year-on-year, with a payout ratio of 65.8% [3] - Dividends are projected to increase by S$0.0025 each quarter from FY2026 to FY2028, contingent on earnings growth [4] - SGX's unique position allows it to benefit from every listing through the liquidity generated by trades [5] ST Engineering (STE) - STE operates in diversified sectors including Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom, with a revenue growth of 9% to S$9.1 billion for the first nine months of 2025 [6] - The company secured S$14 billion in new contracts and unlocked S$594 million from recent divestments, enhancing its cash position [6] - STE's proposed total dividend for 2025 is S$0.23 per share, reflecting a 35.3% year-on-year increase [7] - STE aims for a revenue target of S$17 billion by 2029, with net profit growth expected to outpace revenue growth by up to 5% [7] - STE's strong credit ratings (Aaa by Moody's and AA+ by S&P Global) position it as a quality industrial stock appealing to global investors [8] Venture Corporation - Venture Corporation differentiates itself with its "EMS++" strategy, focusing on high-mix, complex manufacturing processes [9] - For 3Q2025, revenue was S$627.2 million, a 2.8% decrease quarter-on-quarter, attributed to reduced demand in the Lifestyle Consumer technology sector [10] - Despite a 3% drop in earnings per share to S$0.192, Venture maintained a resilient net margin of 8.9% and paid dividends of S$0.30 per share, a 20% increase year-on-year [11] - The company has over S$1 billion in net cash as of 3Q2025, even after accounting for dividends and share buybacks [11] - Future growth is expected from data center connectivity and contract wins in semiconductor, automation, and life sciences [12] - Venture trades at a P/E of 20.4, which is undervalued compared to the NASDAQ 100 index's P/E of 32.7, making it attractive to NASDAQ investors [12] Investment Implications - The three companies, each with a market capitalization exceeding S$2 billion, are positioned to benefit from the SGX-Nasdaq dual listing, providing diverse sector exposure [13] - The SGX-Nasdaq partnership represents a structural shift that could enhance the valuation of Singapore companies, particularly those with solid dividend payouts and global growth prospects [14] - SGX offers increased liquidity in the local stock market, while STE provides exposure to global industrial growth, and Venture represents a tech-driven value play [16]