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There is a paywall in place. Could you please cut and paste ? Thanks
Surely the SP would need to be around 30p for a 40p + bid…..sadly quite a way to go yet
It is O.K for SmartEye to win business, I don’t know why there is so much negative sentiment just because they have achieved some success. The RedEye update states that this win for them holds large potential, both within the same platform but also towards more OEMs within the same group.
At least their SP jumps 10% on positive news. SEE falls.
lets hope someone doesn't know more than we do...
A 1m sell today, along with lots of smaller sells which pushed us momentarily back into single digits. Seems like this share is sadly going in only one direction right now
Are Luminar Technologies one of our serious competitors ?
What does this article say exactly ?
Would you please copy and paste here ? Thanks!
Could you please post a link to this Stifel report that you are citing from because I never realised that a new broker report had ever been published. Thanks
25p with a 29p spike by Dec '22
*really* hoping we get to 30p before a bid comes in.......
Seeing Machines Ltd
Another hardware provider onboard
Seeing Machines has announced a collaboration with Ambarella Inc to bring integrated Advanced Driver Assistance System (ADAS) and occupant and driver monitoring system (OMS and DMS) solutions to the market on Ambarella's CV2x CVflow® family of edge AI perception systems on chip (SoCs). Ambarella's SoCs will target both standalone and integrated DMS, OMS and forward-facing ADAS cameras. As part of this collaboration, Seeing Machines will enable its embedded Driver Monitoring Engine software to provide a highly optimised, accelerated back end which will utilise the CVflow acceleration engine inside Ambarella's SoCs. This will allowing forward-facing ADAS camera designers to seamlessly integrate Seeing Machines' OMS and DMS technology for OEMs and Tier 1 suppliers.
Comment: We believe this news is significant as Ambarella has previous relationships with DMS suppliers Eyesight/Cipia (announced June-2019) and Smart Eye (announced Jan-2019). We believe the addition of a new strategic relationship with Seeing Machines at this stage implies that Ambarella sees the need to be able to offer its customers a Seeing Machines solution. We believe this is also indicative of the market pull by OEMs who are demanding the highest performing Driver Monitoring System software available as DMS is a primary safety system. It also demonstrates that Seeing Machines software is not just hardware agnostic but that in order to be able to provide a cost effective high performance DMS solution to the industry that the software has to be optimised for hardware platforms. We believe Seeing Machines now has the widest range of hardware solutions for its DMS software including Ambarella, OminiVision, TI, Renensas, NXP and Xilinx. This depth of options for OEMs and Tier 1 suppliers will, in our view, increase the chances of greater RFQ wins and market share in the adoption of DMS across the automotive industry. We iterate our buy recommendation and 19.5p valuation.
Seeing Machines
A highly compelling new solution
Seeing Machines + semiconductor partner OMNIVISION have announced the automotive industry's first dedicated driver monitoring system (DMS) and occupant monitoring system (OMS) application-specific integrated circuit (ASIC). It combines an image signal processor (ISP) and is powered by Seeing Machines' Occula® Neural Processing Unit (NPU). The OAX4600 is capable of high resolution processing up to 5 megapixels (industry is at HD or 2MP) with RGB-IR, cyber security, compliance with Automotive Safety Integrity Level (ASIL) advanced (B) safety standards. It is based on a deep level of partnership with ecosystem vendors and the solution is ideal for space-constrained automotive integrations, such as in rear view mirrors, and will be available in the second half of this year. OMNIVISION has been working with Seeing Machines for over 5 years with the companies announcing in Jan 2021 the world's first dedicated DMS ASIC with an integrated AI NPU, ISP and DDR3 memory (called the OAX8000).
Comment: We believe this news is highly significant as it further raises the bar from the competition in automotive DMS and increases the likelihood of greater adoption of Seeing Machines software globally. The ability to perform accurate DMS and OMS with one 5MP RGB-IR sensor and a low cost and low power ASIC processor in a small package such as the rear view mirror is, in our view, one of the most compelling DMS solutions in the market because it is both highly cost effective but also easy to integrate into existing cabin designs across a wide range of vehicle types. However, the rear view mirror is a challenging area to operate in with difficult optical angles requiring highly refined algorithms and intensive vision processing to enable automotive expectations of availability and reliability for a primary safety system. It also requires very low power consumption due to the limited space and limited ability to dissipate heat. The low power/heat performance in this new product is achieved through significant hardware optimisation with OmniVision including the use of AI Machine Learning (Neural Processing). With QC’s Snapdragon ****pit (with Seeing Machines DMS embedded) looking like a very strong contender to win good market share in higher end vehicle infotainment systems, and Qualcomm announcing this week new digital ****pit wins with Volvo, Honda, and Renault to complement its existing customer such as GM and BMW. This new OmniVision solution is likely to provide the most complete and cost effective DMS/OMS solution in the industry for non-embedded solutions for mid-range vehicles, we are increasingly confident of the strength of Seeing Machines position to win more RFQs and new OEM nominations. This will in turn lead to highly significant software royalties throughout this decade, the value of which we believe are far from being reflected in the current valuation. We iterate our buy recommendation + 19.5p valu
It was great to read the RNS today - although I confess that probably like most investors I only understood the sentiment of the text rather than the detail - but it does seem extremely positive and further evidence of SEE's overwhelmingly dominant position in the sector. Two major questions occur to me however, on which it would be interesting to hear other contributors views as sadly we won't get a response from the company:-
1. If as PM stated in the investor presentation, there is huge institutional investor interest in the company, which could if he allowed it absorb 50% of all his time, why do we see no institutional sized purchases on a daily basis where almost every trade is clearly small to medium private investor transaction ?
2. SEE is collaborating / partnering with several companies all of which have market capitalisations counted in many billions of US dollars and it is difficult to understand why one or more of those businesses doesn't seek to acquire SEE now, even at a substantial premium to today's very modest market capitalisation, rather than wait until the value has escalated.
Perhaps QC hasn't delivered the "expected" volumes that SM has anticipated and that's why there are no new announcements, as I see no reason whatsoever why SEE wouldn't want to announce wins
Very frustrating. Why exactly do SEE want to underplay their wins ? Doesn’t make much sense for anybody…
Hopefully Nasdaq will come later this year!
Well done Wilson63! So what’s your prediction for 2022?
Should we be concerned that our Chief Executives target price to achieve bonus in 2023 is a SP of 15p ??
CENKOS NOTE TODAY:
EU-NCAP specifications - good news
Euro-NCAP have now finally released the technical paper covering the expectations and scoring for automotive Driver Monitoring Systems. The technical expectations for DMS are relatively sophisticated with DMS systems needing to measure not just head position but eye gaze and eye aperture. The expectations cover both a wide range of driver types that must be recognised (gender, age, ethnicity) but also levels of occlusion (ie availability) in real world applications. Specifically, the paper highlights that system performance must not be degraded in certain conditions which include sunglasses and facial hair. Further to this the system performance must either not be degraded (or warn the driver of degraded performance) under more advanced conditions: Facial occlusion, face-mask, hats, long head hair fringe obscuring eyes - eyewear sunglasses with a <15% transmittance, Eyelash makeup Thick eyelash makeup, facial hair, long facial hair (>150mm in length. Technical specifications are also well defined for Downness (Karolinska Sleepiness Scale 7) which must be detected as well as a micro-sleep of 1-2 seconds. ?
CENKOS COMMENT: We see this technical specification as good news for Seeing Machines and Smart Eye who are probably the only suppliers that can meet the advanced occlusion targets. Whilst the advanced occlusion targets are not mandatory, we fail to see why any sensible OEM would risk selling a car that warn you every 10 seconds the system is not working if, for example, you are wearing a face mask. It also now looks clear that Tesla will have to source Seeing Machines or Smart Eye relatively promptly or face a poor Euro-NCAP safety rating. We also see a potential for these standards to be copied by European Commission as a mandated safety specifications, although the expectation is for this to be watered down with the EC likely focussing more on basic occlusion and not advanced occlusion. These standards may also help accelerate activity in other markets such as Japan, where the recognition of Eye by Japanese OEMs has been slow, but the Japanese New Car Assessment Programme (JNCAP) rarely deviates from EU standards. We maintain our 19.5p valuation and Buy recommendation.
Hello Mr BB, Pleased to say that I received all my new shares to my account today and although it's now a very big punt for me, I still don't have a notifiable stake. Working on it though...!
Since Monday when the SP hit a recent high of 12.26p, we have seen the following:
1. An RNS that confirms a verbal commitment to a $120m contract with Magna who have also invested $10m into the company;
2. The company has successfully raised cash via an oversubscribed share sale which now means they have $70m on the balance sheet
3. SEE have confirmed that current trading is in advance of expectations and that the majority of their $1.1bn pipeline has already been quoted with results expected within the next 2 quarters
The result of these substantial and brilliant news items is that the SP is down 5% from Monday and one is left wondering what other news investors need from a company that still has a market cap of under $500m. If this doesn't move the SP even 5% then I do question what it will take to do so...