In today’s briefing:
- Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
- Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?
- Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 31 March 2025)
- Hygeia Healthcare Group (6078 HK): Slower Revenue Growth and Margin Deterioration Are Worrisome
- [Miniso Group (MNSO US, SELL, TP US$16) TP Change]: C4Q24 Review: Downside Not yet Fully Priced In
- Lululemon 4Q’24 Update
- Innova Captab’s Jammu Expansion Update
- Cyberdyne (7779 JP) – Renewed Efforts to Drive Profitability
- Tech Supply Chain Tracker (29-Mar-2025): Smart cars use DeepSeek apps.
- IMNN: Protocol in Place for Phase 3 Trial of IMNN-001 in Ovarian Cancer
Daihatsu Diesel (6023) – Is Not Directly Auto-Tariff-Related
- Daihatsu Diesel Mfg (6023 JP) is down sharply today – much more than indices – as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well.
- A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US.
- The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.
Analog Devices Pushing For Increased Industrial Automation With An Interesting Power-Saving Tech – What Does This Mean For Investors?
- Analog Devices, Inc. (ADI) reported its financial results for the first quarter of fiscal year 2025, showing better than-anticipated performance despite prevailing macroeconomic and geopolitical challenges.
- Revenue reached $2.42 billion, surpassing the midpoint of its outlook, although this marked a 4% year-over-year decline.
- When adjusted for an extra week in the comparable period last year, sales represented a 4% year-over-year increase.
Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (Starting 31 March 2025)
- In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 31 March.
- The top 10 picks in this bi-weekly include Orion Holdings, Hyundai Wia, KEPCO KPS, Samsung Electronics, KT, Emart, CJ Logistics, APR, Doosan Enerbility, and HD Hyundai Marine Solution.
- 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 April.
Hygeia Healthcare Group (6078 HK): Slower Revenue Growth and Margin Deterioration Are Worrisome
- Hygeia Healthcare Group (6078 HK) reported revenue growth of 9% YoY to RMB4,446 million, mainly driven by a 11% YoY growth in hospital business.
- Hygeia’s gross profit margin contracted 170bps YoY to 29.9%. Net profit decreased 13% on higher finance cost despite of income tax expenses being lower.
- Accelerated organic growth and strengthening of margins are crucial to boost valuation.
[Miniso Group (MNSO US, SELL, TP US$16) TP Change]: C4Q24 Review: Downside Not yet Fully Priced In
- MNSO reported C4Q24 rev.1.6%/2.0%, and non-GAAP EBIT 3.4%/2.0% below our est./cons.. What concerns us more is the quality of the growth;
- In our view, MNSO’s slow same-store-sales-growth (SSSG), overseas investment, and Yonghui’s integration haven’t fully reflected in the price;
- We cut the TP to US$16 and maintain the SELL rating to reflect slower profit growth. The stock trades at 14x 25E P/E vs. a 12% 3 Yr. NI CAGR
Lululemon 4Q’24 Update
- Since its IPO back in 2007, Lululemon always posted double-digit revenue growth every single year.
- While there was plenty of skepticism throughout 2024, they managed to eke out double digit growth last year.
- But 2025 topline guidance of 5-7% implies the era of persistent double digit growth regardless of the economy is likely behind us!
Innova Captab’s Jammu Expansion Update
- Innova Captab (1605221D IN) has commissioned a new 11-acre manufacturing facility in Jammu, with capacity for 10.7 bn tablets and 562 mn LVP/respules.
- The plant adds new dosage forms and therapy areas (Penicillin, Penum) and enables strategic domestic-export capacity balancing, with potential ROIC >20%.
- This is not just a capacity bump, it positions Innova for premium exports, higher utilization, and long-term revenue scale-up to INR 14–16Bn from Jammu alone.
Cyberdyne (7779 JP) – Renewed Efforts to Drive Profitability
- Cost-saving initiatives and divestment – Q1-3 FY3/25 results indicated continued traction for Treatment service in the Americas with 8.6% sales growth, but Product rental sales grew 0.6% YoY (-2.4% YoY under constant currency).
- Operating losses are narrowing YoY, with the positive impact from cost reduction initiatives at Head Office costs as well as R&D.
- We view the announcement to divest the 63.6%-owned subsidiary LeyLine GmbH as a positive surprise, as this will assist in narrowing operating losses further YoY into FY3/26.
Tech Supply Chain Tracker (29-Mar-2025): Smart cars use DeepSeek apps.
- DeepSeek app revolutionizes smart vehicles with advanced technology for a seamless driving experience and enhanced safety features.
- Primarius enhances EDA consolidation in China through the acquisition of Actt, accelerating innovation and growth in the semiconductor industry.
- SMIC experiences record revenue growth in 2024, but sees a 23% decline in profit, highlighting the challenges faced by the company in a competitive market. Trend Micro warns of AI security risks and ‘grandma prompt’ threat at the AI Expo 2025. Uni-President Group strengthens e-commerce presence through strategic acquisitions and investments in Yahoo Taiwan and PChome Online.
IMNN: Protocol in Place for Phase 3 Trial of IMNN-001 in Ovarian Cancer
- On March 25, 2025, Imunon, Inc. (IMNN) held a conference call to discuss the finalized protocol for a Phase 3 clinical trial of IMNN-001 in patients with newly diagnosed ovarian cancer.
- The study will mirror the Phase 2 OVATION 2 trial that reported benefits in both progression-free and overall survival.
- It will initially focus on those patients who are positive for homologous recombination deficiency (HDR) positive, including BRCA1 and BRCA2 mutations.
Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
Unlock all research summaries