Equity Bottom-Up

• Whether Intel can achieve Process or Foundry leadership in a credible timeframe is something Mr. Tan has relatively little control over in the short term.
• His most pressing challenge will be to address the corporate culture of entitlement that’s rife throughout the company, starting with the BoD
• Measure his success by the number of high profile resignations we see in the coming months. Those who created Intel’s problems cannot be the ones to fix them. 

• Huang throws cold water on a potential TSMC led deal for INTC fab business, saying he ‘wasn’t invited’ to any discussions. 
• Micron guidance beats consensus which should be a positive for related names such as Micronics. 
• CoWoS and advanced packing maker Shibaura Mechtronics raised guidance on Wednesday ahead of street, yet stock still trading around recent lows points to further upside.

• Ambuja Cements (ACEM IN), established in 1983 by traders Narotam Sekhsaria and Suresh Neotia, leveraged strategic foresight to become a premier Indian cement giant within the diversified Adani Group.
• In 2022, Adani acquired Ambuja Cement at INR 385/share, valuing it at INR 49,620 crore ($6.4 billion), at EBITDA/ton levels (INR900-INR1,000) similar to the company’s current performance.
• Ambuja Cement is strategically positioned to achieve a substantial 44% increase in its cement production capacity by FY28, reaching a total of 140 MTPA from the current 97 MTPA.

• Watsco is North America’s largest distributor of HVAC equipment, serving as a crucial link between manufacturers and contractors.
• They offer a wide range of equipment and parts, technical expertise, and value-added services to their contractor customers.
• Watsco’s transformation from manufacturer to distributor in 1989 led to significant growth, with consistent annualized shareholder returns over the years.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Bajaj Finance Ltd (“BAF”) reported a strong Q3FY25 led by good volume growth and AUM growth. It saw highest ever new loans at 12.06mm. AUM growth was INR 24119cr. 
• Despite elevated credit costs for peers, BAF has been relatively insulated and reported steady asset quality. ROA and Opex were also steady at around 4.5% and 33%, respectively.
• In line with BAF’s long-range strategy, BAF is increasingly adopting AI to improve productivity. As part of this, BAF unveiled a BFL 3.0 FINAI company.

• Micron’s strong HBM and Data Center growth has nearly offset low revenues in the remainder of the company’s business.
• This HBM growth depends heavily upon continued strength in hyperscale data center AI CapEx
• Micron outlined means to maintain stability in its industry, but China semiconductor goals are in conflict with these measures

• The largest REIT in Asia, with enough liquidity for most funds. Has a great set of neighborhood malls across Hong Kong enjoying recurring income from food & beverage, restaurants, etc
• Suffered during the COVID-19 pandemic but DPU has started growing again. Rights issue a misstep but the leverage is now acceptable. New Blackrock CIO bodes well for M&A. 
• REIT trades at 7% yield vs 4% historically. Essentially an interest rate bet. Will probably be included in the Stock Connect program soon, expect an announcement on 19 April. 

• Taiwan server revenue and shipment forecast for 2025 is expected to increase, reflecting growth in the IT industry.
• Japanese government plans to invest $1 billion in Space Strategy Fund projects, highlighting a push for innovation and exploration in the aerospace sector.
• SoftBank’s $6.5B Ampere acquisition is a strategic move in the AI chip market with Arm, positioning the company for future technological advancements.

• PDD’s total revenue grew by 24% YoY in 4Q24, with advertising up by 17% YoY and commission up by 33% YoY.
• The gross margin declined YoY, but we still believe PDD has advantage in the low price market.
• We conclude an upside of 71% and a price target of US$215 for the next twelve months.

• Total revenue increased by 34% and total sales volume increased by 32%.
• The operating margin improved to 4% in 2024, compared to 2% in 2023.
• We conclude an upside of 51% and a price target of HK$28.00. Buy.

• The growth rate of total revenue came back to two digits in 4Q24.
• The growth rate of game revenue reached 20% YoY in 4Q24.
• The gross margins of all business lines improved YoY in 4Q24.

• Historical results as expected with a sales and profit decline
• The first 2 months of the year show a positive trend
• Market reaction to the results should highlight low investor expectations 

• Anta Sports Products (2020 HK)‘s strong FY24 result is masked by one-offs and Amer Sports (AS US). Without them, its earnings would have declined by an alarming 5.4% in 2H24. 
• Its ANTA and FILA brands have seen YoY operating profit drop in 2H24, with heavy margin pressure. Their revenue growth has also showed meaningful slowdown sequentially.
• The 18.6x PER for FY25 is at a 50% premium to the sector, but the market expectation of 15% growth looks challenging. The YTD rally has opened room for profit-taking.

• The latest TSMC taking over Intel Foundry was on 13 March and involved joint investments by AMD, Broadcom, Nvidia, Qualcomm. Complicated.
• Yesterday, TSMC Board member and Taiwan Minister of National Development Paul LIU flatly denied: “such a topic has never been discussed at the board level”.
• As a result, Intel stock declined -6% yesterday. TSMC has corrected by -16% since early Feb. The stock is at average valuations, no obvious upside to Consensus.

• Adobe’s Q1 fiscal year 2025 financial results have demonstrated a robust performance, with the company reporting a record $5.71 billion in revenue, marking an 11% year-over-year increase.
• The company also achieved a notable growth in its GAAP and non-GAAP earnings per share, which rose by 13% year-over-year.
• Adobe’s results underscore the essential role its products play in the global digital economy, reaffirming its fiscal ’25 targets in light of the strong quarterly performance.

• Ownership levels in AIA Group Ltd (1299 HK) and HDFC Bank (HDFCB IN) have started to reverse from the highs. 
• SK Hynix, Meituan and Mediatek Inc all make recent gains in fund ownership, while HDFC Bank and AIA Group see closures.
• UBS in AIA Group and TT International in HDFC Bank lead the fund-level closures.

• Invesco makes investment in Korea senior living portfolio by acquiring local operator Caredoc.
• KKR, Gaw, Alyssa Partners collaborate to host forum discussing Japan multi-family housing on Wednesday.
• Thailand approves funding of $2.7B for data centers with a total capacity of 347MW.

• Dell Technologies Inc. recently reported its fiscal year 2025 fourth-quarter financial results, demonstrating a mixed performance that offers both opportunities and challenges for investors.
• The company recorded $95.6 billion in revenue for the fiscal year, reflecting an 8% increase, and achieved an operating income of $8.5 billion.
• Notably, Dell achieved a record EPS of $8.14, an increase of 10%, attributing this success to efficiency improvements and cost reductions, with operating expenses decreasing by 4% year-over-year.

• Ecolab has reported another record-setting year with impressive growth in sales, earnings, margins, and free cash flow in 2024, amid a steady organic sales growth of 4% in the last quarter.
• The firm sees consistent success in its largest and most profitable market, the United States, where organic sales increased by mid-single digits.
• Nonetheless, geographic variations persist, with other global regions experiencing low single-digit growth, affected by mixed macroeconomic trends.

• Broadcom’s stock surged following its impressive fiscal first-quarter earnings, signaling resilience in the artificial intelligence trade despite recent market volatility.
• The company reported revenue of $14.92 billion, surpassing Wall Street’s expectation of $14.62 billion, while adjusted earnings of $1.60 per share exceeded analysts’ estimates of $1.51.
• Additionally, Broadcom projected $14.9 billion in revenue for the current quarter, above the consensus estimate of $14.71 billion.

• TME’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.
• The operating margin reached its historical high, which means music’s margin is high than game’s.
• We believe the stock price will be double at the end of 2025.

• TSMC: +19.4% Premium; Consider Shorting if Spread Rises Above 20%
• ASE: +0.5% Premium; Ideally Wait for Lower Level But Near-Zero Still a Long Opportunity
• ChipMOS: -0.8% Discount; Wait for More Extreme Levels; Short Interest Spiking in Local Shares

• In 4Q24, all business lines grew even faster than we expected in the preview note.
• We are confident in its revenue growth and operating margin in 2025.
• We however still believe the market overvalues its electric vehicle business.

• Change in earnings estimate directions, especially when estimates start increasing after a long period of decline, are what we call “inflections”. These, we believe, are the strongest share price catalysts. 
• We identify nine market-sectors across Asia ex Japan exhibiting upward earnings inflections. Four are from financials, two from telecoms and one each from utilities, consumer durables and industrials.
• These market-sectors are from HK/China (3), Korea (1), ASEAN (5). Financials’ domination indicates that a broader Asian macroeconomic recovery could be under way. Eight companies are primarily driving the upgrades.

• While Vesync (2148 HK)‘s net profit grew 20.1% in FY24, there is a marked slowdown in 2H24 (+7.4%) vs. 1H24 (+37.5%), suggesting increased operating pressure. 
• North American sales slowed to 10.7% growth in 2H24, from 13% in 1H24. The deteriorating financial and operating performance affirmed that privatisation is an exit opportunity.
• Its PER discount (on privatiation price) to peers has widened to 35-38%, compared with 25-30% in Dec. Its US exposure makes it unable to reap benefits from China market stimulus.

• Palantir,  the secretive US tech giant, has dropped 30% in the past month, but with a PER of over 150 times, it could well have much, much further to fall.
• In the past year, no company executives have bought shares in this firm. Plenty have sold, though. In fact, as a group, they’ve dumped $3 billion worth of the stock.
• Here’s what Palantir does, what it should earn, its current valuation – and what all of that should tell you as an investor.

• Ramelius and Spartan announce a transformational combination deal
• Deal includes 25 cents cash kicker and 0.6957 Ramelius shares for Spartan shareholders
• Top three Spartan shareholders, excluding Ramelius, support deal with combined 19% ownership stake

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Google Diversifying from Broadcom to Mediatek for Next Generation AI Chip
• Hon Hai CEO: Clients’ U.S.-Based Tech Manufacturing Set To Expand
• Memory Monitor: Multiple Reports Indicate Rising NAND & DRAM Prices

• Li Auto (LI) reported C4Q24 revenue 2.1%/in-line vs. estimate/consensus, and non-GAAP net income is 8.4%/10.3% vs. our estimate/consensus, thanks to OPEX savings which we believe may not be sustainable
• We cut 2025 vehicle delivery estimates by 7% and slashed net income forecasts by 33% due to delayed model launches and intensified competition
• We cut LI’s TP from US$25 to US$20 and keep at SELL.

• Key Memory Names Have Rebounded; Micron and SK Hynix Lead
• NAND Flash Memory Prices to Increase; NAND Flash Pricing to Improve in 2H25E
• Memory Monitor Universe: NAND Flash Price Improvement Favors Long SK Hynix and Micron vs. Short Nanya Tech

• After dropping by half, Tokyo Electron’s share price has bounced. But it is still vulnerable to cutbacks in AI-related investments and tariff-induced recession.
• A positive scenario has net profit rising by 8% in FY Mar-26. In a negative scenario, it drops by 25%. We take the positive view.
• Innovations in manufacturing point toward a big step up in profit margins by the end of the decade. But watch out for a cyclical downturn between now and then.

• Bangkok Dusit Medical Services (BDMS TB) posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.
• EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.
• COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.

• Hyundai Motor India (HYUNDAI IN) has proposed seven related-party transactions worth over INR 31,500 crore, just months after its record-breaking IPO.
• Proxy advisors are sharply divided, with concerns around valuation, transparency, and fairness, raising governance red flags for a newly listed company.
• Despite likely approval due to promoter holding, investor trust hinges on how Hyundai communicates and ensures accountability post-IPO.

• WuXi AppTec (2359 HK) has reported 2024 result, with revenue reaching RMB39.2M, in-line with guidance of RMB38.3–40.5B. Excluding Covid-19 commercial project, 2024 revenue represents 5% YoY growth.
• The company has announced a cash dividend of RMB9.8 and a special dividend of RMB3.5 for every 10 shares. Wuxi AppTech has also proposed RMB 1B buyback plan (for A-shares).
• Based on the current backlog, Wuxi AppTech expects continuing operations revenue to resume double-digit growth of 10–15% YoY in 2025, targeting to deliver a total revenue of RMB41.5–43.0B.

• Tesla has strengthened ties with Baidu amid the US-Sino tech crossfire, showcasing the complex dynamics between the two countries.
• China achieves a breakthrough in semiconductor technology with EUV, while lawmakers propose anonymous semiconductor purchases to secure the industry.
• VCI Global’s plan to establish India’s first semiconductor wire plant in Chennai marks a significant milestone for the tech industry in the country, with Alibaba’s Tongyi Qianwen aiming to revolutionize China’s AI.

• Monster Beverage Company’s recent quarterly and full-year earnings provide insight into both the strengths and challenges faced by the company in a dynamic and competitive market.
• The company reported record quarterly net sales of $1.81 billion, reflecting a 4.7% increase over the prior year, or 7.8% on a foreign currency-adjusted basis.
• This growth was fueled by a strong performance in the global energy drink market, with particular strength in regions like EMEA and Asia-Pacific, where growth rates reached double digits.

• Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.
• Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.
• The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.

• UnitedHealth Group’s fourth quarter and full year 2024 results were characterized by resilience and strong operational execution despite significant challenges.
• Revenues exceeded $400 billion, with an adjusted earnings per share of $27.66, aligning with the company’s projections.
• Notably, the medical care ratio was 150 basis points above the initial outlook, mainly due to a mix change of the people served, a more rapid acceleration in certain high-cost medication prescriptions, and coding intensity shifts in hospitals.

• We are reiterating our Buy rating, projections and $20 price target for Lands’ End after reviewing the March catalog.
• With the March “The Power of Pretty” theme, Lands’ End has taken the next major step in creating a lifestyle driven catalog which can serve as a guide for multiple categories, offerings and looks for the Lands’ End shopper.
• Focusing on both “The Power” and “The Pretty” of many categories, the March catalog offers multiple complete looks.

• Emphasizing sales volume expansion – Q1-3 FY4/25 results indicated strong sales volume growth at 32.2% YoY, as the company continued diversifying into market sectors such as medical, recruitment and finance.
• Although prioritizing growth has meant a shift in the customer mix away from traditionally high margin brick-and-mortar in-store experiences, we believe this strategic shift is positive given their larger addressable markets.
• The company revised its FY4/25 guidance, providing greater clarity over the short term, and highlighted its medium-term expectations for sustained double-digit growth.

• A meeting with CP ALL (CPALL TB) management revealed some interesting new initiatives to drive growth as the company remains upbeat about its store expansion for 2025. 
• The company is moving towards opening larger-sized stores, with more RTE and RTD offerings and some parking and food vendors outside, which will help diversify merchandise offerings..  
• It is unclear what direction Seven & I’s restructuring will take, but looking through that, the company is trading on historically attractive valuations.

• The NHSA has issued clear instructions for VBP in 2025, including two batches of national VBP of drugs and one batch of medical consumables VBP. TCM will also be included.
• The sales growth of GLP-1s has entered a turning point, it will be far from the previously high expectations. The actual market size of GLP-1s could be only US$100 billion.
• Rapid sales growth of Efgartigimod is the key factor for Zai Lab to narrow the losses.But whether it can be breakeven relies on the decline of cost/expenses, not revenue growth.

• City Developments (CIT SP) aka CDL’s boardroom battle, framed as a family feud, grabbed media attention and overshadowed more serious, long-ignored corporate governance issues.
• Despite prolonged underperformance and founder-family control controversies, CDL’s board have failed to enact decisive reforms to restore shareholder value.
• The CDL saga exposes systemic risks in family-run, publicly listed firms where often corporate governance gets compromised and  minority shareholder interests are undermined.

• Seven & I continues to seek shareholder approval for its own path, offering not just improved efficiency but a massive ¥2 trillion buyback albeit one over a long time frame.
• This is a lot, especially when the core Seven Eleven chain in Japan is still struggling to keep up with its peers on monthly growth rates.
• But this forgets retail media which is set to become a major new income stream for CVS and, judging by forecasts, would help pay for a chunk of that buyback.

• Salesforce delivered a strong financial performance for fiscal year 2025, showcasing significant progress in its AI and Data Cloud initiatives.
• The company reported annual revenue of $37.9 billion, reflecting a 9% increase from the prior year, with fourth-quarter revenue reaching $10 billion—its first-ever $10 billion quarter.
• Subscription and support revenue grew by 10% in constant currency, indicating continued demand for its enterprise software solutions.

• Hindustan Zinc (HZ IN) is set to see significant earnings upgrades driven surge in silver prices (40% EBITDA share), local currency weakness and benign costs.
• Planning for major US$2-2.5b growth expenditure to double output over next 3=5 years.
• Valuations: Entering a strong earnings upgrades cycle. Stock can re-rate despite trading at slight premium to historic averages. Stake sales by key holders is a risk.

• Earnings Momentum in 2025 – Canon expects 5% revenue growth and 17% EBIT expansion this year, driven by high-margin segments like semiconductor lithography, medical devices, and network cameras.
• Aggressive Shareholder Returns – With ¥350 billion in planned buybacks and dividends in 2024, Canon’s 6.8% TSR and strong free cash flow offer a compelling value proposition.
• De-Risked Upside – 2025 guidance provides earnings visibility, while valuation suggests ~40% upside, supported by resilient end-markets and an under-leveraged balance sheet.

• Home Depot’s latest financial results presented a mixed picture, with some encouraging signs of recovery despite a cautious outlook for the coming year.
• Total sales for fiscal 2024 rose 4.5% to $159.5 billion, though comparable sales for the year declined by 1.8%.
• However, fourth-quarter same-store sales showed improvement, rising 0.8%—breaking an eight-quarter streak of declines and exceeding analysts’ expectations of a 1.5% drop.

• PAGD’s 2024 performance beat expectations. The support of Ping An Group remains the key for PAGD to turning losses into profits. A breakthrough point is the Senior care services business.
• The CAGR of PAGD’s revenue could be 12%-15% from 2025 to 2027, and revenue in 2027 may reach RMB6.5-7 billion. The peak revenue scale could be just about RMB8 billion.
• Adjusted net profit could reach RMB250-300 million in 2025 and exceed RMB400 million in 2027.If based on P/S of 2-3x, revenue of RMB6.5-7 billion in 2027, valuation is RMB13-21 billion.

• The TJX Companies, Inc. reported robust financial performance in the fourth quarter of fiscal 2025, exceeding expectations in multiple areas.
• With net sales of $16.4 billion, which marks a 5% increase over last year’s adjusted figures, the company demonstrated consistent strength across all divisions.
• The driving factor was a 5% increase in consolidated comparable store sales, which stemmed from increased customer transactions.

• In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 17 March. 
• Some of the top 10 Korean stock picks in the bi-weekly (starting 17 March) include Kepco Plant Service & Engineering, Hyundai Wia, Poongsan, and Doosan Enerbility. 
• The biggest near-term negative catalyst on the Korean stock market remains tariffs.  The final legal outcome on President Yoon Seok-Yeol is expected to be made by the end of March.

• Legend Biotech Corp (LEGN US) reported better-than-expected 4Q24 result, with revenue and adjusted EPS beating consensus. With 2024 annual revenue of $963M (up 93% YoY), Carvykti nearly achieved blockbuster status.
• With manufacturing capacity, indication, and geography expansion, Carvykti should be on accelerated growth path. Annual manufacturing capacity of Carvykti is expected to expand to 10,000 doses to meet demand.
• Thus far, more than 5,000 patients have been treated with Carvykti. The drug has an estimated market opportunity of treating 150,000 MM patients eligible for CAR-T therapy.

• Rates fell by -24% Q/Q in Q424, but ZIM exceeded consensus Q4 revenue & earnings targets
• Management guidance & commentary regarding 2025 profitability paints a bleak picture
• In our view, investors in container carriers would do well to heed these clear warnings

• Boss Energy has acquired a stake in Laramide, filling a gap in their listed investments
• Laramide’s flagship asset is the Westmoreland Uranium project in Queensland, with potential in New Mexico as well
• Boss Energy’s acquisitions suggest a shift in narrative towards exploring potential projects beyond just production

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Eicher Motors (EIM IN), through its brand Royal Enfield, is experiencing strong export performance driven by strategic global expansion in the middleweight motorcycle segment. 
• The unit in Thailand, serves as a key manufacturing hub, with a CKD assembly facility supporting both local and Asia-Pacific markets.
• Royal Enfield’s focus on retro design and competitive pricing attracts customers in Europe and Brazil, filling a niche left by premium brands.

• Post COVID investors have been monitoring Keisei Electric Railway Co (9009 JP) as part of the shareholder activism program. 
• Recently, the management has announced a share buyback of up to 8 million shares. In 2022, they bought back 5 million shares, and the share price rallied 21% that year. 
• It currently trades at 6x PER while Topix trades at 14x PER. 

• Intuit, a prominent player in the financial technology sector, recently reported its second quarter earnings for fiscal year 2025, showcasing a robust performance across various segments.
• The company reported a substantial 17% increase in total revenue, reaching $4 billion, and demonstrated significant profitability with a 61% rise in GAAP operating income.
• Non-GAAP operating income also saw an impressive increase of 26%, highlighting operational efficiencies.

• W.R. Berkley Corporation concluded 2024 with record-breaking financial performance in both revenue and profit metrics.
• The key highlights from the earnings discussion reveal that the company achieved a remarkable return on equity of 23.6% for the year, with operating return on equity at 22.4%.
• The fourth quarter operating earnings increased by 15.5% to $453 million, translating to $1.13 per share, highlighting strong overall business performance.

• Molina Healthcare’s fourth-quarter and full-year 2024 results present a mixed picture, reflecting both challenges and prospects for future growth.
• The company reported an adjusted EPS of $5.05 for the fourth quarter and $22.65 for the full year, which represents an 8.5% year-over-year growth.
• However, the fourth-quarter results did not meet the company’s internal expectations due to higher-than-anticipated medical cost pressure in the Medicaid and Medicare segments, leading to a consolidated medical care ratio (MCR) of 90.2% for the quarter, which was above forecasts.

• Centene Corporation’s recent performance exhibited both strengths and areas for careful attention.
• The company’s financial results for the fourth quarter of 2024 demonstrated solid earnings power, with adjusted diluted earnings per share (EPS) of $0.80 and a full-year EPS of $7.17.
• This growth is attributed to robust performance across its business lines, including Medicare and Medicaid, and significant operational improvements.

• Hindustan Copper (HCP IN) India’s only pure-play copper miner – could see earnings surge >60% if current price buoyancy sustains.
• Copper rally appears drive by fundamentals with several large miners such as Freeport Mcmoran (FCX US)BHP Group Ltd (BHP AU) and Anglo American (AAL LN) guiding declines.
• Mining costs are largely location-specific and track inflation trends, supporting significant topline buoyancy.

• Keysight Technologies delivered a strong fiscal first-quarter 2025 performance, underpinned by robust revenues and profitability that exceeded the high-end of its guidance.
• The company reported revenues of $1.3 billion and earnings per share of $1.82, both above expectations, marking the first core revenue growth in six quarters driven by the Communications Solutions Group and stabilization in the Electronic Industrial Solutions Group.
• Orders saw a year-over-year increase for the second consecutive quarter, highlighting improving sales funnels and customer engagements.

• First Solar presented a mixed set of results for its financial performance in 2024 and discussed objectives for 2025.
• The company recorded 2024 net sales of $4.2 billion, a 27% increase from the previous year, reflecting robust demand marked by the sale of a record 14.1 gigawatts of modules.
• However, full-year diluted earnings per share of $12.02 missed the lower end of guidance, largely influenced by unexpected costs and operational inefficiencies.

• Valuations across Asia are mean reverting – expensive markets derating and the cheap ones rerating. We think this is likely to continue somewhat longer.
• We think HK/China could rerate more; India and Taiwan could derate slightly further. India looks interesting. Valuation range has structurally shifted upwards. But another 5-10% relative valuation correction is warranted.
• Principal stock choices in HK/China, Korea and India pertain to themes of domestic consumption, AI resilience and unloved sectors. Some of the companies have mitigating strategies for the tariff war.

• Satyam’s chairman and founder confessed in January 2009 to misappropriating about $1.5 billion of company funds
• Scandal shook confidence in Indian corporate governance and the country’s IT services industry
• Transparently.ai’s AI tools detected accounting red flags in Satyam as early as 1998

• BYD will release its 2025 annual results on March 24.
• The stock price has risen by 38% since our last buy rating on January 6.
• However, we believe there is still an upside of 19% for the next twelve months.

• Lip-Bu Tan, former CEO of Cadence and founding partner at Walden Catalyst Ventures, will become Intel’s ninth CEO effective March 18
• Mr. Tan is an extremely impressive technology leader, speaker, & influencer with many and varied interests. He is an excellent choice for the most important CEO role in Intel’s history
• Press releases seem to emphasise Products over Foundry but any decision in this regard will take time so it doesn’t appear that Mr. Tan is simply following the board’s orders.

• The return of Mr. Tan as CEO suggests that spinning off or selling  Intel Foundry will accelerate, Intel’s focus should improve.
• It probably also means scaling down considerably Intel manufacturing plans and outsourcing more to TSMC. If you can’t beat them, join them.
• Now is not a good time to buy Semiconductor stocks. It will take a couple of years to fix Intel’s problems. TSMC will benefit.

• Google’s full stack approach to AI, led by Nobel Prize winner Demis Asabas, includes talent, models, platforms, and chips
• Generative AI is being used to enhance search and enterprise solutions, providing monetization opportunities
• Google prioritizes quality and safety in AI development, ensuring no margin for error in critical situations like medical queries

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• GFL is executing a INR 6,000 crore capex plan through FY28 to expand into battery materials, fluorospecialties etc. with commercial production of Battery Chemicals expected to start in Q4 FY25. 
• This marks a strategic shift from a cyclical chemicals business to a high-margin, clean energy materials play positioning GFL at the core of the EV value chain as China+1 sourcing.
• Company is becoming a structural clean-tech growth story. The business could double its revenue base and become global EV materials supplier over the next 3-4 years.

• We conducted a drill exercise in which BIDU’s search revenue will shrink to 1/3 of its size while its AI cloud
• Our key concern is margin compression as search’s high margin as a result of browser infrastructure and monopolistic status aren’t repeatable in AI;
• We raise the TP from US$80.0 to US$92.5 and maintain SELL.

• ArcelorMittal (MT US) reported an EBITDA decline for the third year in a row to US$7b in CY24. Targets $0.4b/0.6b of $1.9bn of planned strategic EBITDA growth in 2025/2026.
• Management has guided a slightly positive apparent global demand growth 2.5-3.5% ex China. Expects restocking demand in Europe. 
• Trades at 0.5x P/B vs 2-3x P/B for Indian steel mills JSW Steel Ltd (JSTL IN) , Tata Steel Ltd (TATA IN) , Jindal Steel & Power (JSP IN) 

• By 2025, AI server to be developed by Intel for BBU and Taiwanese players, aiming to enhance performance and innovation in the market.
• Nvidia visits Samsung amidst supply uncertainty of HBM3E, highlighting the importance of partner collaboration in the semiconductor industry.
• Intel’s unveiling of Panther Lake, powered by 18A core ultra chips, signals a new era of technology advancement in the company’s product lineup.

• TSMC: +14.1% Premium; Given Latest Market Weakness, Safest to Wait for a Slightly Lower Premium Before Going Long
• ASE: -1.8% Discount; Good Level to Go Long the Spread
• ChipMOS: -6.8% Discount: Long the Spread, Historical Extreme Discount Level

• Semiconductor industry set to see significant growth by 2025 due to technology advancements and global demand for electronic devices.
• TSMC proposes joint venture with Intel’s foundry division, showcasing industry collaboration for mutual benefit and innovation.
• Huawei takes action against recruitment fraud, penalizing 72 employees, while Altera CEO highlights FPGA advantages over ASIC in AI technology.

• TSMC Eyes Intel Foundry Joint Venture: Strategic Expansion or Risky Bet?
• TSMC Addresses U.S. Expansion Concerns: Strengthens TSMC Position & Positive for Semi Industry Capex 
• MWC Barcelona Showcased The 6G Showdown: MediaTek Vs. Qualcomm in the Race for Wireless Supremacy 

• BP will increase oil and gas spending to USD 10 billion annually through 2027, comprising 66%-70% of total capex, while slashing renewable energy investments by over USD 5 billion. 
• BP reduced its quarterly buybacks to USD 0.75–1 billion from USD 1.75 billion and lowered annual capex to USD 13–15 billion through 2027.  
• Elliott Investment Management is reportedly dissatisfied with BP’s strategy reset, criticizing it for lacking urgency and ambition, potentially prompting further strategic adjustments from the company. 

• Industry sales of wheel loaders and excavators surged 16.5% and 27.2% in 2M25. For Feb alone, the growth rates are even more impressive at 34.4% and 52.8%, respectively.
• Post-CNY, the utilisation hours and rates of construction machinery rose 70.3% YoY and 12.3pp. Market share gain in developing countries will drive exports.
• Government supportive policies announced in NPC will provide support to demand. Current consensus forecasts for profit decline in FY25 are disconnected from industry data.

• MORESCO Corporation (hereinafter referred to as “MORESCO” or “the Company”) is a R&D-oriented company that has developed products boasting market-leading shares in Japan, such as fire-resistant hydraulic fluid for the steel and automotive industries and liquid paraffin used as ingredients in cosmetics, with the aim of achieving domestic production of special lubricants.
• In recent years, the Company has successfully brought to market water soluble die casting lubricants and environmentally friendly hot melt adhesives.
• In addition, it has also gained a leading global share in synthetic lubricants such as high temperature greases and hard disk surface lubricants. 

• We stay negative on Nubank, even after the recent share correction; our rationale is tough competition, especially in Mexico, and worsening credit quality to remain a key risk in Brazil
• We believe that the fundamental outlook for Bradesco should improve further, supported by its strong insurance operations; conservatively, we estimate insurance could account for two thirds of group value
• Our neutral on Banco do Brasil is due largely to heightened political risk; holding company Itausa is the best indirect vehicle through which to gain equity exposure in Banco Itaú

• FY 2025 guidance exceeds previous expectations, with cloud revenues expected to grow 26-28%, and profit to rise 26-30%. Cloud revenues are expected to reach 70% by 2027. 
• SAP optimises its cloud offerings and Opex, with a focus on driving long-term growth through its ‘land and expand’ strategy and AI. Recent senior appointments aim to support operational efficiency. 
• SAP expands AI capabilities, with 50% of deals involving AI use cases. It is aiming to enhance AI agents while positioning itself to benefit from lower AI costs.

• The return of Mr. Tan as CEO suggests that spinning off or selling  Intel Foundry will accelerate, Intel’s focus should improve.
• It probably also means scaling down considerably Intel manufacturing plans and outsourcing more to TSMC. If you can’t beat them, join them.
• Now is not a good time to buy Semiconductor stocks. It will take a couple of years to fix Intel’s problems. TSMC will benefit.

• BYD will release its 2025 annual results on March 24.
• The stock price has risen by 38% since our last buy rating on January 6.
• However, we believe there is still an upside of 19% for the next twelve months.

• Taking advantage of a doubling in its share price over the last year, Austal is tapping the market to fund the expansion of its US facilities to fulfil US Navy contracts.
• Austal is placing out 52.6mn new shares (non-underwritten) at A$3.80/share – ~A$200mn all-in – a 15.6% discount to last close, and effectively tapping out its annual placement capacity.
• Provided the placement is squared away, founder John Rothwell will unload $50mn of his own stock. As such, any M&A activity is now firmly on the backburner. 

• Defense Windfall: JSW dominates Japan’s artillery market, set to benefit as defense spending triples, driving a 232% surge in defense sales to 80 billion yen by 2028.
• Strategic Expansion: Exclusive forging capabilities secure JSW’s artillery monopoly, while investments in railguns and next-gen armoured vehicles fuel long-term growth.
• Energy Tailwinds: JSW’s nuclear and offshore wind expertise ensures stable revenue, with reactor restarts and turbine foundations boosting its power segment’s profitability.

• Cambridge, a Singapore-based firm, purchases a Sydney office block for $70M from a former Tysan boss, expanding its real estate portfolio
• Hong Kong Land reports a significant increase in losses, totaling $1.4B, attributed to challenges within its Central Portfolio
• M&G Real Estate invests $62M in student housing in Melbourne, Australia, highlighting their focus on the Australian real estate market. Warburg Pincus forms a partnership with SK Group to develop Korean senior living facilities, tapping into the growing demand for elderly care in South Korea.

• In recent years, Goldlion is facing performance headwinds. Both revenue and net profit have shown a downward trend due to declining consumption, real estate crisis and unfavorable external factors.
• In short term, the weak consumer confidence and market momentum are unlikely to improve. Goldlion’s performance may gradually pick up in 2026 and 2027 but is still in downward trend.
• Considering the low trading liquidity, weak fundamentals, uncertainties on performance brought by Goldlion’s potential strategic transformation and  the concerns on the outlook, we think the Cancellation Price is acceptable.

• IndusInd Bank recently disclosed a significant accounting discrepancy in its derivatives portfolio, estimated to impact its net worth by INR 1,580 crore (~2.35%). 
• The issue pertains to internal trades executed over the past 7–8 years, now identified through a detailed internal review initiated following regulatory changes.
• This development, when viewed alongside the abrupt CFO exit, regulatory pushback on CEO tenure, and existing operational challenges, raises concerns around internal controls, risk governance, and management credibility.

• Following Broadcom CEO saying “no” and TSMC investing another US$100bn in Arizona, speculations of an Intel takeover have subsided.
• On the increase, rumors of further Intel 18A delays and production push out. This means more outsourcing to TSMC for longer as mentioned by Intel’s IR last week.
• Now is not a good time to buy Semiconductor stocks, but AMD and TSMC will benefit.

• Narayana Hrudayalaya Ltd (NARH IN) is a prominent player in the Indian healthcare sector, distinguished by its commitment to providing affordable, high-quality medical services.
• The company established its first international hospital in the Cayman Islands in 2014, targeting patients from the Americas and Caribbean regions by offering competitively priced medical services
• Management has outlined a capex guidance of around INR 4,000 crores over the next 3 to 4 years, funded by healthy cash flows and stable operating margins.

• Palladyne AI sells real-time learning and reasoning AI software platforms for robots, drones, and smart industrial systems.
• The company engages in the design, development, and manufacturing of industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity.
• Its mobile robotic systems include the Guardian S, Guardian GT, Guardian XO, and Guardian XT. Palladyne AI was founded in 2015 and is headquartered in Salt Lake City, Utah.

• Shilpa Medicare (SLPA IN) will begin commercializing new molecules across segments, driving growth to new heights as older products are phased out, ensuring sustained progress and innovation in its business.
• In recent years, the company has experienced growth stagnation and declining profitability due to US FDA issues affecting both the company and its key client in the API segment.
• The company’s pipeline of new molecules offers significant growth potential, with a single successful molecule poised to elevate the company to unprecedented levels over the next five years.

• GiG Works reported a revenue of JPY5.9bn, an 8.6% YoY decline, with all profit categories turning to losses.
• The On-demand Economy business, accounting for 42% of Q1 revenue, saw a YoY decline in revenue and profit.
• The Sharing Economy business achieved YoY revenue and profit growth, with a 10.8% revenue increase to JPY1.2bn.