Jan. 15 at 8:40 PM
$ATEN 🐂 While
$FTNT and
$PANW face pressure after Beijing’s move to blacklist U.S. cybersecurity software, ATEN stands apart. For those that may not be aware, A10 shut down its China operations in 2021 a move that in hindsight, materially de-risked the biz well before China’s policy escalation. With no meaningful direct exposure to upcoming bans ATEN avoided the disruption now hitting peers.
That decision also explains why U.S. and Americas rev continues to grow significantly (now 65% of total rev). Instead of competing for lower margin gov contracts overseas, ATEN focused on higher-value U.S. AI data centers and high-packet AI workloads for the Thunder series. Despite this pivot, the stock still trades significantly cheaper than its peers on an EV/EBITDA basis. Time for the market to wake is ass up. LOL It will eventually imo:)
