Hexatronic (HTRO SS) Sweden
Technology
Vision’s Apr 23 short report on HTRO focused on exposure to boom-bust Tier 2/3 fibre builders, risk of slowdown in key markets and customers, early signs of small customer stress, balance sheet and channel inventory builds, and widespread signs of moderating telecom capex spend. Management updated sales guidance last week and the shares were down over 20%, pushing the total decline since initiation to over 50%. In the past month, Vision has initiated 3 new European shorts: a $20bn+ consumer staple, a $5bn+ consumer/industrial and a $2bn+ industrial.
Edition: 170
- 29 September, 2023