Sign in

    Hendi Susanto

    Research Analyst at Gabelli Funds

    Hendi Susanto is the Vice President of Equity Research and Portfolio Manager at Gabelli Funds, specializing in technology equities with a focus on sectors such as semiconductors, cybersecurity, electronics, IT infrastructure, and software. He is a research analyst and co-portfolio manager of The Gabelli Global Mini Mites Fund and has covered major public companies including Universal Display Corp, Arista Networks, CTS Corp, Hewlett Packard Enterprise, Motorola Solutions, and VMware, consistently demonstrating an in-depth approach to micro-cap technology value investing. Susanto joined Gabelli in 2007 after roles at Silicon Laboratories and JDA Software, leveraging his technical and operational background; he also serves as Independent Director at M-tron Industries, Inc. and previously sat on the board of The LGL Group, Inc. He holds a BS in Chemical Engineering (summa cum laude) from the University of Minnesota, an MS and post-master’s engineering degree from MIT, an MBA in Finance from Wharton, and is affiliated with FINRA through Gabelli’s registered broker-dealer.

    Hendi Susanto's questions to CTS (CTS) leadership

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

    Hendi Susanto's questions to Kimball Electronics (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 (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 (ATEN) leadership

    Hendi Susanto's questions to A10 Networks (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 /NJ (BELFA) leadership

    Hendi Susanto's questions to BEL FUSE INC /NJ (BELFA) leadership • Q1 2025

    Question

    Hendi Susanto of Gabelli Funds asked for an update on inventory correction and market recovery expectations given the new tariff challenges. He also inquired about the 10% of sales exposed to China tariffs, asking for insight into Bel's sole-supplier positioning and whether competitors face similar challenges. Finally, he asked about the tariff exposure for the Enercon business and lessons learned from past tariff negotiations with customers.

    Answer

    CFO Farouq Tuweiq reiterated that the underlying business recovery outlook from February remains intact, with the main uncertainty stemming from the 10% of sales exposed to China tariffs. He explained this exposure runs the gamut from sole-sourced, custom products to more commodity items. Tuweiq and VP Lynn Hutkin clarified that Enercon's tariff exposure is manageable as it's largely intercompany and for high-switching-cost defense products where tariffs are passed on. Tuweiq stated Bel's general policy is to pass on tariffs, noting that for about 70% of U.S. imports, the customer is the importer of record, handling the tariffs directly.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to BEL FUSE INC /NJ (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 /NJ (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

    Hendi Susanto's questions to IVAC leadership

    Hendi Susanto's questions to IVAC leadership • Q3 2024

    Question

    Inquired about HDD business seasonality, upgrade order patterns, and the risk and value of the remaining TRIO inventory.

    Answer

    The HDD business is expected to be smooth through 2025 without major cyclicality. Upgrade orders are based on long-lead forecasts. The company holds $1.6M in TRIO inventory and hopes to sell it for R&D use in 2025, so no write-off is being taken.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to IVAC leadership • Q1 2024

    Question

    Asked about the ramp-up timeline for the new HAMR customer, the nature of the additional TRIO systems planned for 2024, the specific end-market for TRIO (smartphones vs. wearables), the resolution of payment terms with their largest HDD customer, the status of canceled orders, and the source of income from discontinued operations.

    Answer

    The company cannot comment on the new HAMR customer's specific strategy but sees it as a positive development. The additional TRIO systems for 2024 are ready to ship from inventory and are also targeted at the consumer device market. The payment term issue with the major HDD customer was resolved in Q1 and accounts are now current. For the canceled order, Intevac has no financial exposure due to a cash deposit. The income from discontinued operations stemmed from the portion of an employee retention credit claim related to the former Photonics business.

    Ask Fintool Equity Research AI

    Hendi Susanto's questions to IVAC leadership • Q4 2023

    Question

    Inquired about the 2024 HDD market, the cyclicality and financial details of HAMR upgrades, inventory management, and the factors influencing the number of TRIO systems a customer might purchase. In a follow-up, he asked about the timing of TRIO sales post-negotiation and potential public filings.

    Answer

    Executives stated the HAMR opportunity is large but will be lumpy quarter-to-quarter, and the current focus is on resolving customer payment issues before resuming shipments. They confirmed about 15-16 upgrades were done in 2023, valued at $1-2 million each. For TRIO, they expect to ship multiple systems in 2024 but won't comment on negotiation specifics. Post-agreement, they will follow standard practice and issue press releases for new orders.

    Ask Fintool Equity Research AI