Equity Bottom-Up

• Intel reported Q125 revenues of $12.7 billion, down 0.4% YoY, down 11% QoQ but still $500 million above the guided midpoint, precisely the same beat as in the prior quarter.
• Looking ahead, Intel forecasted current quarter revenues of $11.8 billion at the midpoint, this time extending the range from $1 billion in the prior quarter to $1.2 billion
• LBT is in the process of undertaking sweeping changes to his ELT, flattening its structure, taking on multiple additional reports and showing many senior executives the door. That’s good.

• The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
• DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant’s brands. Sheng Siong group said it will carefully monitor this development.
• Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.

• Keyence stands to benefit from a rising return on its large holdings of cash and securities, which are also available for investment and higher dividends.
• The company’s engineering-service business model should keep gross and operating margins high while it continues to expand overseas.
• Projected valuations at the low end of their 5-year ranges. Recession and abrupt appreciation of the yen are the primary risks.

• The offer price of HK$3.28 by Ant Financial is attractive – 2.9x P/B and 8.3x PER, both on 12-month forward basis. It is also appealing relative to peers.
• Bright Smart Securities (1428 HK)‘s massive outperformance against the HSI showed its strong marketing and execution capabilities. Ant Financial will bring many synergies to it.  
• Risk-Averse investors may take this opportunity to cash out, but we are on the long-term bull camp and prefer to hold for further upside. 

• GPIL operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.
• Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.
• Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.

• China New Higher Education (2001 HK)‘s gearing (including contract liabilities) has come down to 61.2% in 1H25, from 69.9% in FY24 and 84.1% in FY23 – an encouraging trend. 
• Net profit grew 8.6%, even faster than the full-year consensus forecast of 3.5% growth. There are multiple drivers that support its medium-term outlook.
• CNHE trades on 1.7x PER and 0.3x P/B, but the FY25 ROE is a solid 16.6%. Should the payout ratio remain unchanged, its yield will reach 28.4%.

• PAGD achieved a dual increase in revenue and profit in 25Q1, which was mainly driven by the revenue from F-end business and B-end corporate health management business (up 43% YoY).
• We always question PAGD’s capability of expanding new customers and business externally, apart from relying on the resource support of Ping A Group.This makes PAGD difficult to match high valuations.
• Our forecast for 2025 revenue is RMB5.1 billion.If based on P/S of 3x, market value is RMB15.3 billion. Market value of RMB24 billion could be the peak of PAGD’s valuation

• Revenue in FY03/25 grew 10.4% YoY, with operating profit increasing 41.8% YoY, driven by generative AI demand.
• Net income surged 188.1% YoY due to gains on the sale of shares, despite slowing automotive sales.
• JPC anticipates steady demand for AI-related applications and expects revenue growth in FY03/26 despite higher expenses.

• Revenue increased by 3.5% YoY to JPY99.5bn, driven by demand in the Furniture business for office relocations.
• Operating profit rose by 14.4% YoY to JPY13.5bn, with a 1.6pp increase in GPM due to price revisions.
• Net income attributable to owners of the parent decreased by 16.4% YoY, despite increases in operating and recurring profits.

• Revenues are still declining by ~teens% YoY but margins shows signs of improvements as end-demand improves and utilization is low. 
• Renesas doesn’t have an inventory problem and increasing revenues will lead to higher utilization and higher margins. 
• As Renesas is showing signs of a bottom, the stock is very cheap, trading at -2 standard deviations or 11x 2025 EPS, 9x 2026 EPS.

• March demand growth improved vs weak February, but Q125 showed clear slowdown vs trend
• Relatively strong demand growth for outbound travel is no longer lifting airline load factors
• Near-Term, we no longer view Chinese travel as attractive, as stocks appear to lack catalysts

• Sumber Alfaria Trijaya booked a slower-than-expected finish to FY2024, with some compression to margins, but mainly due to the temporary impact of investment in the business and higher promotions.  
• The company has seen a strong start to FY2025, with SSSG growing at a faster pace than FY2024, with a strong performance over the run-up to Ramadan.  
• Alfamart will continues to expand its store network in 2025, with Lawson under AMRT to bring future synergy benefits. Valuations look attractive with a more positive outlook for earnings.

• In 1Q25, BYD’s revenue increased by 36% YoY and sales volume increased by 60% YoY.
• We believe BYD’s scale advantage will help cashflow and the competition in the coming market concentration.
• The P/E band suggests an upside of 59% for the end of 2025.

• Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024. 
• The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability. 
• Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore

• Sage Group PLC recently reported a successful year, demonstrating notable growth and a solid financial performance.
• The company’s annual recurring revenue (ARR) increased for the third consecutive year, with a 11% rise to GBP 2.3 billion.
• This growth was balanced between new and existing customers, reflecting effective customer retention strategies and upsell accomplishments.

• Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company’s operational and financial stability amidst a challenging market environment.
• The company reported a net income of $217 million or $1.44 per diluted share, supported by adjusted EBITDA of $448 million.
• Total revenue rose to $4.4 billion, showing a 13% increase from the previous quarter, largely due to record steel shipments.

• Intuitive Surgical Inc.’s recent earnings reveal a mixed performance with both strengths and challenges.
• Positively, the company reported strong operational outcomes in the first quarter of 2025.
• Da Vinci procedures saw a substantial 17% growth, driven predominantly by robust performances in general surgery across the US and certain international markets, such as India and Korea.

• NEXT, a prominent UK-based retail company, has reported its latest financial results, demonstrating both strengths and challenges in its operations.
• This summary captures the core aspects of NEXT’s performance, the strategic decisions made, and the roadmap ahead as outlined in their recent earnings call.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• The rise of innovative drugs in China is actually in line with the interests of large pharmaceutical companies and MNCs. The only ones get “hurt” are small overseas startups/small biotech.
• BeiGene’s turnaround from losses to profits has entered the countdown.However, investors may not be happy with the net profit margin brought by single revenue driver Brukinsa based on our calculation.
• Fosun has increased its stake in Henlius by acquiring additional shares at HK$24.6/share, bringing its total ownership to 63.43%.This sends positive signals. A falling stock price is a buying opportunity.

• In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 28 April.
• Our top 10 picks in Korea were up on average 5.1% (from 11 to 25 April), outperforming KOSPI which is up 4.7% in the same period. 
• Our top 10 picks in this bi-weekly include Hanwha Systems, Hyundai Elevator, HD Hyundai, Hyundai Rotem, SK Telecom, Samyang Foods, KT&G, Posco, SK Inc, and Korea Investment Holdings.

• Kyoto Financial’s president has hinted at increasing disposals in strategic equity holdings; the prior target was a JPY100bn reduction in holdings by March 2029, now there is talk of JPY200-300bn
• We estimate Kyoto Financial’s equity holdings relative to market cap at 140%+, well above its peer banks; yet, until very recently, the president had been against meaningfully reducing equity holdings
• The president’s change of view leads us to upgrade Kyoto Financial to a buy; the change in outlook means that there is real potential to extract value for shareholders

• STMicroelectronics reported its financial results for the fourth quarter and the fiscal year 2024, showcasing notable operational challenges within a volatile market environment.
• The company experienced significant revenue declines amidst broader industry downturns particularly in its Industrial and Automotive segments.
• For the fourth quarter, STMicroelectronics saw a year-over-year decline in net revenues by 22.4%, landing at $3.32 billion, but managed a slight sequential increase of 2.2%.

• Chip design has long been a paradoxical craft.
• On one hand, engineers must trust sophisticated software to help them craft circuits of mind-boggling complexity; on the other, they maintain a healthy skepticism, knowing a single flaw can doom a chip.
• The old mantra “trust, but verify” could well have been coined for this process.

• Safran’s financial results show a strong performance in 2024, with record highs in revenue, profit, and cash flows.
• Revenue increased by 18% to €27.3 billion, largely driven by a 25% growth in civil aftermarket activities.
• Operating margin improved by 150 basis points to 15.1%, supported by operational excellence and strong aftermarket demand.

• Vinci, a global leader in concessions, construction, and energy, reported its financial performance for the fiscal year 2024, showcasing both achievements and challenges that frame its investment outlook.
• Positively, Vinci demonstrated robust revenue growth, achieving a 4% overall increase to reach record levels despite economic headwinds.
• This growth stemmed from significant contributions across its diverse business segments—Concessions, Energy, and Construction.

• Capgemini’s full-year 2024 results reflect a mixed performance against a backdrop of continued market challenges.
• The company’s revenues saw a decline of 2% at constant currency to EUR 22,096 million, evidencing the broader economic pressures and restrained client spending, especially in sectors like Manufacturing and regions such as France.
• This drop was somewhat mitigated by resilience in segments such as Financial Services and Public Sector, and geographic improvement in North America, the U.K., Asia Pacific, and Latin America.

• Legrand, a French multinational company specializing in electrical and digital building infrastructure, concluded 2024 with noteworthy results, achieving its stated financial targets.
• The company reported a combined sales growth of 3.9%, driven by organic expansion and acquisitions, despite facing headwinds such as currency fluctuations and reduced contributions from Russia.
• Most prominently, Legrand’s data center segment and strategic M&A activities contributed significantly to its performance.

• Very poor 1Q25, operating profit close to zero. 2Q a bit better with lower revenue decline, but OP still close to zero.  
• Management claims 1Q is the bottom for revenues, its possible, but 2 large risks: restructuring costs and very high inventories.
• Consensus expects a slow recovery into 2026, the stock looks cheap at 11x 2026 EPS. However, given the firm’s track record and the risks mentioned, lets wait 1 more quarter.

• Waaree Energies posted exceptional Q4 and FY25 results, reporting a 72.6% YoY increase in EBITDA and a robust order book of INR 47,000 crores.
• The company continues to ramp up its manufacturing capacities, with a focus on solar cells, modules, and energy storage, positioning itself as a leader in India’s solar transition.
• Strong operational performance, strategic investments in green energy, and a solid order book enhance confidence in Waaree’s growth prospects for FY26 and beyond.

• Pop Mart International Group L (9992 HK) ’s stock has nearly doubled in three months, fueled by surging revenue and the breakout popularity of its Labubu dolls.
• Driven by strong international expansion and solid omni-channel demand in its home market, Pop Mart reported over 165% revenue growth in 1Q2025 compared to the same period last year.
• Investors remain split on whether Pop Mart’s unconventional products and marketing are driven by lasting fandom or just a passing trend.

• Apeejay Surrendra Park Hotel (PARK IN), With a sharp pivot post-IPO, it has deleveraged, scaled Flurys to 100 outlets, and launched ARR-led palace properties, all while staying asset-light and cash-smart.  
• F&B now contributes nearly half of revenues, ARRs are climbing, and legacy land is being monetised to fund INR 500 crore of capex without debt. 
• Earlier seen as a traditional hotel chain, Park now to be looked as a brand with strong visibility, smart capital use, and fresh retail momentum.

• SAMHI Hotels (SAMHI IN) has entered into a strategic partnership with GIC, a global institutional investor, to establish a joint venture platform for upscale and higher hotel assets in India.
• This transaction will significantly reduce SAMHI’s debt, enhance its financial flexibility, and provide access to up to $300 million in future capital for further expansion in high-demand upscale hotel sector.
• The partnership with GIC strengthens SAMHI’s growth outlook, boosts profitability through debt reduction, and positions the company to capitalize on the rapidly expanding upscale hospitality market in India.

• 1Q miss on non-ops and it’s the bottom for margins. Strong 2Q guidance but very low visibility into 2H: tariff uncertainty.  
• The JV with Intel for 12nm is proceeding well and demand is strong for Made in US 12nm. Some upside here for 2027
• Consensus is probably a tad too low but the stock trading at average PEx ~12x. No arbitrage here.

• Demand for Auto & Industrial Semis was weak in 2024, Semi inventories remain high. But TXN beats 1Q guidance handsomely, 2Q is above expectations. TXN is back to YoY growth.
• Critically, the Industrial market is recovering rapidly, Auto is back to modest growth. Management has some concerns that there could be re-stocking ahead of US import tariffs. 
• Consensus is too low but the stock is not cheap, has deflated from bubble levels but still not cheap.

• Nidec beat Q4 expectations but offered muted FY3/26 guidance, with flat sales and modest profit growth amid macro and tariff uncertainty.
• New CEO Kishida shifts focus from top-line ambition to margin discipline, targeting ¥150bn in cost cuts over three years.
• Once a high-growth play, Nidec now trades at value multiples — 1.5x book — offering a more grounded path to shareholder returns.

• SK hynix announced their second-highest revenue and operating profit for the first quarter of 2025
• Much of the company’s performance is the result of its first-mover advantage and excellent execution in the HBM market
• Two issues threaten the company: AI growth may stall, and tariff changes could interfere with the company’s global supply chain

• Intuitive Surgical (ISRG US) revenue grew 19% YoY to $2.3B in 1Q25.  Procedures volume grew ~17% YoY, which boosted instruments and accessories revenue.
• The company placed 367 da Vinci surgical systems, compared with 313 in 1Q24. It included 147 da Vinci 5 systems, compared with 8 in the same period last year.
• Intuitive has raised the procedure growth guidance range from 13–15% to 15–17%, while trimming down gross margin to the range 65–66.5% from 67–68%, due to tariffs.

• Kaiser Reef Ltd (ASX:KAU) is undergoing a transformation as it acquires the Henty Gold mine from Catalyst Minerals (ASX:CYL) which should drive a step change in the production profile of the company from <12kozpa to 37kozpa (proforma) with scope to increase to 50kozpa+ in the medium term.
• Post the funding package completed alongside the acquisition, KAU has $27.2m in cash which can support the incremental investments into its mining operations to achieve the stated production targets.
• Post the Henty Gold acquisition, Kaiser Reef Ltd (ASX:KAU) has the potential to become a 50kozpa+ producer over the medium term with 30kozpa+ from the Henty mine and 20kozpa+ from the A1 Gold mine.

• Revenue increased by 21.4% YoY to JPY29.7bn, with operating profit rising 53.1% YoY to JPY12.5bn.
• Capital gains reached JPY12.7bn, a 60.0% YoY increase, driven by IPO-related share sales and unlisted shares.
• Total assets under management stood at JPY458.4bn, with JPY198.5bn subject to management fees as of end-March 2025.

• Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.
• If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected. 
• We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months. 

• Jafco divests overseas operations to focus on domestic capital markets
• The company continues to focus on shareholder returns in a meaningful way
• Domestic venture capital returns exceed overseas returns historically and the future looks bright

• Fanuc returns to revenue growth, driven by robomachine demand in Asia, but core robot sales remain weak after last year’s EV-driven surge.
• Management offered no guidance for FY3/26, citing tariff and FX uncertainty; we cut forecasts, with downside risk still looming large.
• A ¥50bn buyback provides limited support, but shares may stay stuck until global capex trends and trade policy clarify.

• Shimano beat Q1 profit expectations but stuck to cautious full-year guidance, signalling stabilisation in bike markets rather than a real recovery.
• Margins improved, inventories stabilised — but Shimano’s profitability remains well below historic highs, with recovery likely to stay slow and steady.
• Strong balance sheet, resilient pricing, limited US exposure: Shimano looks a defensive bet, even if management’s guidance ends up on the optimistic side.

• Fujifilm announced today that the company has entered into a 10-year manufacturing supply agreement valued over US$3bn with Regeneron Pharma to provide US-based production to Regeneron’s biologic medicines.
• Fujifilm’s Bio CDMO business, operating through FUJIFILM Diosynth Biotechnologies, has achieved significant success and growth, driven by a combination of strategic investments/acquisitions, with a focus on expanding its capabilities.
• Bio CDMO business has achieved rapid expansion over the years, and aims to generate revenues of ¥200bn for FY03/2025 and reach ¥500bn by FY03/2028E which seems attainable to us.

• Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.
• Lee Jae-Myung has pledged providing a “basic loan” of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks. 
• There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.

• Timee Inc (215A JP) ’s share price has been volatile during the last few months despite the company reporting a strong set of results for 1QFY10/2025. 
• Timee is the market leader in Japan while Mercari Hallo is still attempting to build its business. Our analysis shows that there is further room for Timee’s earnings to expand. 
• Some of Japanese high-growth companies (incl. Monotaro, GMO Payment and Shift) have traded at exorbitant multiples during their high growth phase and we think Timee’s valuation multiples are justified.

• Talos’ current ~$2.5 billion enterprise value (EV) reflects a 23% discount to the ~$3.2 billion PV-10 of company’s year-end 2024 proved developed reserves using flat prices of $65/bbl for oil and $3/MMBtu for natural gas.
• Total proved reserves at year-end were 194 MMBoe (74% oil/81% liquids). Estimated probable reserves at year-end 2024 were 125.3 MMBoe, having a PV-10 on the same flat pricing of ~$2.7 billion.
• On a proved plus probable basis, the discount widens to 58%. Under SEC pricing ($76.32/bbl and $2.13/MMBtu), the discount was 41% for total proved and 66% for proved plus probable.

• 2Q25 guidance: Wafer shipments: increase 5~7%, ASP in USD: flat, GM: About 30%.
• The US tariffs affect customer outcome visibility in 2Q25 and 2H25 is limited. 
• UMC is seeking a strategic plan to enhance shareholder value, and there is no ongoing merger plan at the moment, which implies no merger plan with GF. 

• Robert Ng, a significant figure at Sino, is implicated in Singapore’s foreign political interference law due to his involvement with children.
• Cuscaden Peak secures approval for the $2.1B privatization deal of Singapore’s Paragon REIT, marking a significant milestone in the real estate industry.
• PAG DCU appoints Sanjay Goel, formerly of American Tower, as their new CEO, signaling a strategic move in their leadership team.

• Spindex is an illiquid but well managed company listed in Singapore
• It trades at less than 2X EV/EBDITA multiple  while its competitor Innovalues got privatised at 9 X EV/EBDITA
• With 60% of market cap in cash, ex-cash current assets are more than total liabilities, offering limited downside

• China announced game approval for the April batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• While Netease received one game approval for its domestic game, Tencent received an approval for an imported game.

• Lagged results: Q1 EPS surged 171% QoQ on aluminum price strength, offsetting alumina softness; EBITDA rose to $855M despite weaker volumes.
• Tariff overhang: $105M quarterly drag from Section 232 now embedded; net annual impact ~$100M—yet Midwest premium offsets buffer U.S. exposure.
• Trading near book at 1.04x P/B—cycle pessimism and policy risks may present contrarian upside.

• Wanda sells hotel business to Tencent-backed firm for $347M, indicating a strategic shift in their business operations.
• Keppel raises $1.5B for data centre, education funds, and urban renewal, showing a focus on diverse investments.
• Cushman & Wakefield appoints Matthew Bouw as APAC CEO for EMEA, highlighting leadership changes in the real estate industry.

• Shilchar’s focus on Inverter Duty Transformers positions it to capitalize on the booming renewable energy sector, especially solar, supporting long-term growth and profitability.
• Shilchar’s recent capacity expansion, with a potential to scale further, ensures it can meet increasing domestic and export demand for transformers, positioning it for sustained market leadership.
• Shilchar’s debt-free balance sheet and strong cash reserves enable strategic reinvestment in capacity and technology, ensuring continued growth in the competitive transformer industry.

• Danish Power (DANISH IN) stands to benefit from India’s aggressive shift towards renewable energy, particularly solar, supported by strong product offerings like Inverter Duty Transformers, which drive substantial revenue growth.
• DPL’s strategic shift to higher-margin products, improved operating leverage, and expanded capacity should fuel margin expansion and support sustained profitability, positioning it well for continued growth and competitiveness.
• With a robust order book exceeding INR 400 crore and an active pipeline, DPL has solid revenue visibility supported by strong demand in domestic and international markets.

• Shakey’s Pizza (PIZZA PM) delivered FY24 revenue/profit growth of 13%/11% YoY.  This was due to a turnaround of 9MFY24 revenue/profits from-10%/10% YoY, with Q4FY24 high season revenue/profits growing 19%/57% YoY.
• The company is experiencing a sequential improvement in its SSSG, which is continuing into Q1 FY25. It has guided double-digit growth in revenues and profits in FY25.
• Trading at 11.5x/10.2x PE for FY24/25e, with low expectations, we believe there could be a good rally post the results.

• We interacted with Microfinance BU (Business Unit) managers of Bandhan Bank Ltd (BANDHAN IN) across major states in India. 
• Our objective was to understand the current collection trends and asset quality issues especially in the Microfinance Portfolio. 
• Based on our interactions, we would like to put a case for declining provisions going ahead. 

• Sysmex Corp (6869 JP) earns 26% of total revenue from Americas. During 9MFY25, revenue from Americas increased 13% YoY to ¥96B.
• The U.S. President Trump has proposed 10% baseline import tariffs on medical devices. Although Trump announced a 90-day pause on most reciprocal tariffs, the respite seems to be temporary.
• Sysmex is exposed to tariff for instruments only as reagents are produced locally. Instrument sales in the Americas account for 5–6% of revenue, so tariff impact would be negligible.

Vietnam Holding (VNH) delivered solid net asset value (NAV) per share growth of 16.5% in 2024, ahead of the Vietnam All-Share Index (VNAS), which rose 10.2%. The fund has outperformed the market over the long term, highlighting the manager\’s stock selection expertise, which is supported by the fund’s relatively small size, allowing for great flexibility and nimbleness. After introducing the tender offer mechanism, the discount to NAV had largely closed by late 2024. In the first quarter of 2025, the political turmoil caused by US tariff announcements weighed on valuations across emerging markets, especially exporters to the US like Vietnam (the VNAS was down by 17% in a week). We note that Vietnam has undertaken a series of steps aimed at avoiding the worst-case scenario, and we believe VNH’s agile investment approach may allow it to capture opportunities as they arise. At the same time, VNH’s shares are currently available at a 7% discount, despite the already depressed NAV.

• The growth rate of sales volume slowed down in March 2025.
• Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.
• We set a downside of 18% and a price target of HK$300 for the next twelve months.

• There has been a big crypto money move in Korea. Market cap of crypto currencies held in crypto exchanges in Korea nearly doubled from October to November 2024. 
• We discuss 8 major listed companies in Korea that are major beneficiaries (directly and indirectly) of this big move into crypto currencies in Korea. 
• Some of the major beneficiaries include Kakao Corp, KT Corp, Hanwha Securities, Woori Technology Investment, and Vidente.

• Market leader with 55% share in seamless pipes, Rs2,400 Cr net cash, and stable Rs15,000–17,000/ton EBITDA backed by strong oil & gas demand. 
• Efficient capital allocator delivering 20%+ ROCE, with consistent insider buying reflecting high promoter confidence.
• 26% profit CAGR over 5 years, yet trades at ~12x P/E, offering value in a structurally growing industry.

• ENN Energy (2688 HK) is not required to submit a merger control filing to the SAMR, suggesting it is making a step ahead in meeting the pre-conditions. 
• The use of onshore bank loans and cash balance as a refinancing source and consideration payment will lower financing costs, boosting the value of ENN Natural Gas H-share.
• The current share price is 9.3 and 17.7% below the low-bound and high-bound of our estimated value range. It is also less vulnerable to the current tariff war.

• In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and March 2025).
• These 10 companies in KOSPI 200 that have announced their Corporate Value Up plans are down on average 1.3% versus KOSPI which is down 2% in the same period.
• Three companies that have outperformed KOSPI (since their Corporate Value Up report announcement) include Hanmi Semiconductor, Hyundai Engineering & Construction, and Samyang Foods. 

• The Mahadev Betting Scam exposed the infiltration of illegal gambling money into the stock market, manipulating small-cap stocks through offshore shell companies and pump-and-dump strategies.
• This scandal demonstrates how vulnerable markets are to operator-driven speculation, leading to artificial stock price surges, which mislead investors and undermine market integrity, creating systemic risks.
• The episode emphasizes the need for heightened due diligence, transparency, and scrutiny of foreign portfolio investors, encouraging investors to be more cautious of unexplained stock movements and shell company involvement.

• Adastria’s “5th CHANGE” outlines a strategic pivot from specialty retail to a platform model aimed at scaling across brands, categories, and geographies while navigating domestic headwinds and evolving consumer behaviors.
• While Adastria Co Ltd (2685 JP)’s narrative emphasizes transformation, actual targets for user growth and GMV expansion appear modest, suggesting limited operational changes.
• Despite mixed views on the mid-term plan, we remain optimistic on Adastria. Gross margin normalization could drive meaningful OP upside, potentially surpassing mid-term plan targets.

• Based on our forecast, growth may be under pressure in 2025, but would recover in 2026/2027.The Cancellation Price is attractive for investors who want to cash out in short term.
• Some long-term investors may hope to see an improvement in Fengxiang’s fundementals and long-term performance after PAG/Abu Dhabi Investment step in. Their attitude may bring uncertainties to the privatization.
• The business logic of PAG is not a simple financial investment, but a higher pursuit. Fengxiang is a high-quality asset for PAG.Share Alternative Offer could help increase the success rate

• Mapletree, a real estate firm, has sold Scottish student housing to a Dutch fund manager, expanding its international portfolio.
• Shanghai office rents have decreased for the 12th consecutive quarter, reflecting a downward trend in the local real estate market.
• Central Tokyo office rents have increased due to rising construction costs, impacting rates for new supply and attracting investor interest.

• Eli Lilly & Co (LLY US) has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.
• At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.
• Once approved and commercialized, orforglipron should provide a long-term revenue visibility for Chugai Pharmaceutical (4519 JP) through milestone and royalty receipts from Lilly.

• TSMC’s Arizona Yield Success Silences Doubts: Management confirmed first U.S. fab has achieved yields comparable to Taiwan, validating global replication model and reinforcing alignment with U.S. clients like Apple, Nvidia. 
• U.S. Buildout Anchoring TSMC’s Long-Term Dominance: With 30% of N2 and beyond capacity to be in USA, TSMC building footprint across fabs, packaging, and R&D competitors will struggle to match. 
• Margins Resilient, AI Demand Accelerating: 1Q25 beat on AI strength despite smartphone softness and earthquake disruption. 2Q25E revenue guidance of +13% QoQ reflects continued momentum in advanced nodes and HPC.

• TSMC: 16.5% Premium; Short Interest Remains Near Historical Highs for ADR and Local
• ASE: +2.2% Premium; Wait for Closer to Par Before Going Long; Short Interest in Local Shares at Highs
• ChipMOS: +1.1% Premium; Short Interest in Local Shares Hits New Highs

• DISCO Mar-25 results beat Consensus by ~12%. Jun-25 guidance is very weak but DISCO always under-guides egregiously. But it’s weak.
• Consensus has revised down its Jun-25 revenue forecast from 12% YoY growth to 6% but left Sept-Dec-25 unchanged at ~10% YoY growth. The odds are that Consensus is too high.
• The stock is down -39% since end Dec-24 but still trading at 20x EPS in the face of downside risks to Consensus. Not appealing.

• TSMC’s Arizona fab hits Taiwan-level yields, easing replication concerns and reinforcing its global leadership across N2 and advanced packaging. 
• AI demand offsets smartphone softness in 1Q25; TSMC guides +13% QoQ revenue for 2Q25 as margins hold firm despite tariff and earthquake headwinds. 
• Faraday and UMC results ahead this week — Key readouts on Taiwan’s ASIC, mature node, and design service momentum amid U.S.-China tech decoupling.

• For the first time since Q322, our price momentum index flipped to negative
• We see few signs of US tariff impacts in the March data — not surprising
• New US levies on China-built ships unhelpful, but most carriers can adjust

• American Data Centers, after a one-month stint as a joint venture between bush league broker Dominari Holdings (NASDAQ: DOMH) and Eric and Donald Trump Jr., is now becoming a bitcoin miner and hoping for a Nasdaq IPO.
• ADC is doing this in tandem with a public company that already failed at mining. We strongly doubt that either ADC, in its shape shift to miner, or its public sponsor will be a good bet for investors. 
• On March 31, 2025, Eric Trump announced plans for a joint venture bitcoin mining company with Hut 8 Corp (NASDAQ: HUT).

• NQXT brings structural leverage: 35 MMT of throughput, 65% EBITDA margin, and zero-debt funding makes this a clean, long-cycle infrastructure asset. Pro forma FY27E EV/EBITDA compresses to 12.6x; P/E 19x.
• FY25 guidance upgraded: Revenue now pegged at Rs29,000–31,000 Cr (vs Rs26,000–27,000 Cr earlier), EBITDA at Rs18,800–18,900 Cr, and cargo volume at 460–480 MMT — upper band implies a strong Q4.
• Trades at 12.6x FY27E EV/EBITDA, APSEZ offers growth, operating leverage, and global strategic footprint and ramping port utilization. Likely disruptions in trade flows post Trump tariffs is a risk.

• After the new CEO, Mr. Lip-Pu Tan, took office at the chip giant Intel Corp (INTC US), he initiated a large-scale restructuring of the executive team and organization.
• Intel Corp (INTC US) to sell 51% share of Altera to Silver Lake, a global leader in technology investing. This deal is further to deal with non-performing assets.
• Now, the critical question is, who are the clients of Intel Corp (INTC US) IFS (Intel Foundry Service)?  

• Aeon will turn Aeon Mall and its facilities management business, Aeon Delight, into subsidiaries.
• The move is part of plans to rationalise and inject new momentum into its shopping building business, including new types of neighbourhood mall.
• It will also use Aeon Mall’s overseas network to scout for promising tenants for its malls and GMS stores.

• We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
• We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
• We add ICTSI (ICT PM)  and Asian Terminals (ATI PM) to our Philippines high-conviction list, which we will be initiating coverage on shortly. 

• TSMC offered a surprisingly robust outlook for the current quarter with revenues expected to rise 13% QoQ to $28.8 billion at the midpoint, their highest ever quarterly revenue.
• No change to the previous full year 2025 guidance of mid-20% growth in US$ terms
• It’s likely too early to see the full impact of tariffs and further China restrictions in TSMC’s outlook, but the second half will likely be a different story

• Sartorius AG (SRT GR) reported 21% YoY increase in net profit for 1Q25 on 7% YoY growth in sales. Growth was driven by Bioprocessing Solutions division, which facilitates biopharma manufacturing.
• The company expects sales to increase by ~6%, with EBITDA margin of 29–30% (2024: 28.0%) for 2025. Bioprocess Solutions division is projected to grow ~7% in 2025.
• With Sartorius reporting a strong 1Q25 result, we are upbeat on the 1Q25 performance as well as near-term growth prospects of two major biopharma CDMO players, Samsung Biologics and Lonza.

• We remain impressed with Hyundai Rotem’s aggressive new orders for defense and railway systems.
• Defense exports as a percentage of total sales increased from 0% in 2021 to 6.1% in 2022, 19% in 2023, and 36.4% in 2024.
• Hyundai Rotem had an order backlog of 14.1 trillion won at the end of 2024. Order backlog/sales ratio was 3.2x in 2024. 

• Morgan Stanley purchases 50% stake in $380M Frasers Australian warehouse portfolio, expanding its real estate holdings.
• CapitaLand seeks $380M China Mall REIT listing in Shanghai, showing confidence in China’s retail market.
• China experiences moderate home price growth in March, with some cities showing signs of recovery after recent slowdowns.

• Time Technoplast (TIME IN) holds a dominant position in the industrial packaging sector, with leadership in composite cylinders, IBCs, plastic drums, benefiting from a strong global presence& high entry barriers.
• TTL is increasingly focusing on higher-margin segments like CNG cylinders, hydrogen storage, and composite products. These initiatives offer significant scalability and margin expansion, setting up strong long-term revenue growth.
• With strategic R&D investments, TTL is entering emerging sectors like e-mobility (e-rickshaw batteries) and hydrogen fuel cylinders, tapping into new high-growth markets that could diversify revenue and fuel sustainable growth.

• Vinati Organics (VO IN) dominates the global market with a 65% share in ATBS and IBB, offering strong profitability driven by high-demand sectors like water treatment and pharmaceuticals.
• With a INR570 crore capex investment, Vinati is expanding its ATBS capacity by 50%, diversifying into high-growth segments such as MEHQ, Guaiacol, and Antioxidants, positioning itself for long-term revenue growth.
• Vinati is strategically increasing its domestic revenue share (45% of FY24 sales), while strengthening its export presence, capitalizing on India’s “Make in India” initiative and reducing currency volatility risks.

• Mani Inc (7730 JP) H1FY25 revenue rose 6.5% YoY, mainly driven by surgical segment, eyeless needles segment, while margins remained under pressure.
• Despite the underperformance of dental segment, management reiterated FY25 guidance. Expecting Yen appreciation against the USD, the company expects just mid-single-digit sales and operating income growth for FY25.
• Mani shares plunged 5% since it published its H1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.