S

Summary * S posted an unexpected poor 1Q24 result, with growth decelerated further from 4Q23. Accounting errors and guidance slippage have generated mass panic and deep analyst scrutiny into the business. * After a bottom-up review, we standby our previous fundamental views on S, albeit with cautions about greater competition, the demand landscape, and executive turnover. * Overall, we remain cautiously optimistic about the long term future of S, and we believe the market overreaction has cr