Odaily News: "White-haired Stock God" Serenity has questioned the development strategy of Sivers Photonics (SIVE), stating that the company remains overly focused on the Swedish market, while US investors may be more interested in its future growth potential and the actual economic value brought by orders.
Serenity noted that US analysts are more likely to focus on what the two recent wafer fab capacity allocations mean for Sivers, and how much revenue and operating leverage these capacities will correspond to amid supply bottlenecks and rising ASPs (average selling prices). Additionally, topics such as the ramp-up of NPO/CPO, pluggable optical modules, and CPO manufacturers like Ayar in 2028, the collaboration on ELS products with O-Net, and the scale and potential TAM (total addressable market) of the six new pluggable customers are also worth deeper discussion.
In contrast, local market concerns are centered on "how to stop the bleeding," why private customers cannot be disclosed, why the focus is on transceivers, and what the "business opportunity pipeline" really means. This forces management to spend considerable time responding to doubts rather than discussing future growth.
Serenity believes that the more time Sivers spends in the Swedish market, the more its valuation will be constrained by Swedish market investment logic. Therefore, it needs to more actively showcase future growth opportunities and the economic value behind them to US investors.