TopPicks from Kim Bolton, president and portfolio manager at Black Swan Dexteritas
Kim Bolton, president and portfolio manager at Black Swan Dexteritas, discusses his top picks: Equinix, Cisco Systems, and Check Point Software.There are five reasons to be bullish on data centre REITs, and especially Equinix. Firstly, it has relentless growth of cloud . Secondly, it has secular growth still in early innings. Thirdly, scale becomes a competitive advantage. Fourthly, network effects and high switching costs. Lastly, hybrid work, blockchain, IoT, AI, and 5G.
Net income and net income per share: Equinix's net income increased significantly by 41 per cent from the previous year, reaching $705 million. Net income per share also showed a strong increase of 39 per cent, amounting to $7.67. Growth outlook remains strong, despite a broader slowdown in IT spending. EQIX continued its strong execution in fourth quarter 2022, achieving its seventh consecutive quarter of record channel bookings and highlighted its solid pipeline of new deals. Furthermore, management expects core revenue growth of between nine and 10 per cent in 2023 versus 10 per cent in 2022, and plans on investing in its quota-bearing salesforce in 2023.
Cisco has the widest offering of networking solutions among any of its key competitors, cementing its role as a trusted networking solutions provider, as well as a key procurement partner for its suppliers. Cisco's deep product backlog and growing annual recurring revenue provides revenue visibility, as well as enabling Cisco to grow revenue beyond its normal range in F2023 and in early F2024.The network equipment provider announced its quarterly earnings, reporting $0.88 earnings per share.
Analysts predict that the company's earnings will grow by 2.33 per cent in the upcoming year, increasing from $3.43 to $3.51 per share.CHKP is an IT security solutions provider focusing on areas such as network security, endpoint security, mobile security, and security management. It is considered one of the legacy players in the security market and has faced intense competition over the past few years.
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