Sign in

    Hendi Susanto • Gabelli Funds

    Hendi Susanto's questions to CTS Corp (CTS) leadership

    Hendi Susanto's questions to CTS Corp (CTS) leadership • Q2 2025

    Question

    Hendi Susanto of Gabelli Funds sought deeper insights into the medical market's mix, asking about the sustainability of large therapeutic orders and the expected duration of diagnostic softness. He also requested historical revenue for SciQuest, clarification on the size of the China transportation business, and details on the specific products driving the transportation pipeline.

    Answer

    CEO Kieran O’Sullivan projected the diagnostic softness could last another one to two quarters but affirmed long-term confidence, while therapeutic growth is expected to continue through 2025. CFO Ashish Agrawal declined to provide pre-acquisition revenue for SciQuest but noted that China's transportation revenue as a percentage of total sales is similar to the overall transportation segment's mix, referencing the prior year's total China revenue of over $80 million from the 10-K. Mr. O'Sullivan highlighted accelerator modules, passive safety sensors, and motor position sensing as key products in the transportation pipeline, noting the largest opportunities are in North America.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to CTS Corp (CTS) leadership • Q1 2025

    Question

    Hendi Susanto of Gabelli Funds asked for details on the company's manufacturing footprint and its positioning against potential tariffs, including the process for customer requalification if production moves. He also inquired about the timing of the defense and SyQwest pipeline, the outlook for the commercial vehicle segment, the key drivers for expected margin improvement, and the company's sales exposure to the automotive market in China.

    Answer

    CEO Kieran O'Sullivan explained that production is largely regional and the main tariff watch is on imports from Mexico, which are currently helped by the USMCA exemption. He noted that any manufacturing move would require customer requalification. CFO Ashish Agrawal added that CTS is the importer of record for USMCA products. Regarding the defense pipeline, management indicated some impact this year but most in subsequent years. O'Sullivan confirmed a next-gen commercial vehicle product is launching in Q2. Agrawal stated that the primary driver for margin improvement is the mix shift towards higher-margin diversified markets, supplemented by operational efficiencies.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to CTS Corp (CTS) leadership • Q4 2024

    Question

    Hendi Susanto of Gabelli Funds asked for details on the gradual recovery in the industrial market, questioning its timing relative to peers, and requested more color on the eBrake product, including its sales ramp-up, dollar content, and regional adoption prospects.

    Answer

    CEO Kieran O'Sullivan explained that the inventory destocking in the industrial market took longer than anticipated but that levels are now normalized, leading to a gradual recovery as evidenced by a 2% sequential sales increase. Regarding the eBrake, O'Sullivan confirmed a predevelopment award with a premium European OEM and reiterated a revenue timeline around 2027-2028, with initial sales of $5-$10 million. He noted this timeline is subject to change based on OEM decisions and that the product's initial focus is on the light vehicle market, driven by electrification.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to CTS Corp (CTS) leadership • Q3 2024

    Question

    Hendi Susanto of Gabelli Funds inquired about growth opportunities with local Chinese OEMs in the transportation market, the typical product development timelines in China, the expected revenue run rate for SyQwest, and the appropriate interest expense rate to use for modeling.

    Answer

    CEO Kieran O'Sullivan acknowledged the competitive headwinds in China but stated the company is selectively working with local OEMs it believes will be long-term winners, especially in electrification. He noted that development timelines in China can be 18 months or less, significantly faster than the 2-3 years seen elsewhere. Executive Ashish Agrawal reiterated the SyQwest revenue guidance of $10 million to $14 million for its period of ownership in 2024 and advised using an interest expense rate of 5% to 6% for financial modeling.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to Kimball Electronics Inc (KE) leadership

    Hendi Susanto's questions to Kimball Electronics Inc (KE) leadership • Q3 2025

    Question

    Hendi Susanto asked a series of detailed questions, starting with the automotive business in China and its product mix. He inquired about the number of customers for the braking programs, the status of the industrial segment's recovery, and the low-hanging fruit for its growth. He also sought clarification on the consigned inventory sale's revenue impact, the timing of remaining costs for the Tampa closure, and management's view on customer-side inventory digestion.

    Answer

    CEO Richard Phillips explained that steering systems represent a higher percentage of the auto business in China (around 80%) and that the company works with 2-3 customers in braking. He stated that the climate control and public safety portions of the industrial business have likely bottomed, but smart metering is not expected to be a significant future contributor. CFO Jana Croom clarified the $24M consigned inventory sale impacted the medical vertical by 22% and total sales by 6%, and that the bulk of the remaining Tampa closure costs will be incurred in Q4. Phillips believes the significant customer inventory destocking period is largely past.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to Kimball Electronics Inc (KE) leadership • Q2 2025

    Question

    Hendi Susanto of Gabelli Funds asked for details on the China automotive market exposure, the new braking program in Romania, and how tariff negotiations would work. He also inquired about the qualification timeline for moving production to Thailand if necessary.

    Answer

    Chief Operating Officer Steve Korn stated that growth in China is primarily with local OEMs and expressed confidence in their China-for-China operations. He detailed that the new Romania braking program, which launched in January, serves the European market for a German manufacturer, mostly for ICE vehicles. Regarding tariffs, he explained customers would be responsible for costs on finished goods exported to the U.S., while component costs are negotiable. He estimated a production move to Thailand would take approximately three months to qualify.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to A10 Networks Inc (ATEN) leadership

    Hendi Susanto's questions to A10 Networks Inc (ATEN) leadership • Q1 2025

    Question

    Hendi Susanto asked for clarification on the product refresh cycle, the reason for emphasizing enterprise AI inferencing opportunities outside the U.S., and how A10 might approach pricing negotiations with customers if tariffs are imposed.

    Answer

    Executive Brian Becker clarified that the 'product refresh' refers to normal customer-driven upgrade cycles for end-of-life hardware, not a major A10 product line revamp. Executive Dhrupad Trivedi explained that the opportunity for enterprise AI outside the U.S. is distinct due to data sovereignty laws, which drive demand for private cloud and private LLM build-outs. Regarding potential tariffs, Trivedi stated A10 would aim to work with customers to share the cost burden, but concrete discussions are not possible until the actual impact is known.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to Bel Fuse Inc (BELFA) leadership

    Hendi Susanto's questions to Bel Fuse Inc (BELFA) leadership • Q1 2025

    Question

    Hendi Susanto asked about the status of inventory correction and market recovery given the new tariff challenges, the nature of the 10% sales exposure to China, Enercon's specific tariff exposure, and lessons learned from past tariff negotiations.

    Answer

    CFO Farouq Tuweiq stated that the underlying business recovery outlook remains intact, but Q2 faces uncertainty from the tariff-related pause. He clarified the 10% China exposure is a mix of sole-sourced, custom products and more commodity-like items. Lynn Hutkin, VP of Financial Reporting and Investor Relations, and Tuweiq explained that Enercon's tariff exposure is manageable as it's largely intercompany and passed on in the high-switching-cost defense market. Tuweiq added that for about 70% of U.S. imports, the customer is the importer of record, which shifts the direct handling of tariffs.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to Bel Fuse Inc (BELFA) leadership • Q4 2024

    Question

    Hendi Susanto of Gabelli Funds asked about the business areas impacted by global tariffs, the company's mitigation strategies, and its M&A capacity following the Enercon acquisition.

    Answer

    Executive Farouq Tuweiq identified the main tariff exposures as imports to the U.S. from China (12-13% of 2024 revenue) and potentially Mexico (under 4%). The strategy is to manufacture locally and pass on costs where possible. Regarding M&A, Tuweiq stated that while leverage is higher, Bel remains 'open for business' but will be more selective on the quality and size of deals.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to Bel Fuse Inc (BELFA) leadership • Q2 2024

    Question

    Hendi Susanto followed up on the market recovery timeline, asking if it was another 6-month delay and which markets might recover first. He also asked about inventory levels, trends in China, Q2 eMobility sales, and whether customers in networking and distribution were under-shipping end demand.

    Answer

    Executive Daniel Bernstein clarified that the '6 months' recovery timeline from distributors is a standard line that lacks credibility. He identified networking as the hardest-hit market. Executive Farouq Tuweiq added that customers are meeting end demand by drawing down their existing inventory, not by placing new orders. Executive Lynn Hutkin confirmed Q2 eMobility sales were $4 million with no expedite fees. Regarding China, Bernstein noted it is not a primary market for Bel due to its focus on higher-margin, niche opportunities.

    Ask Fintool Equity Research AI