In today’s briefing:
- [KE Holdings (BEKE US, BUY, TP US$25) Earnings Review]: Housing Inventory Resolution Drives Recovery
- Deckers Outdoor: Ugg’s Profit Machine and Hoka’s Expansion—What Investors Need to Know!
- EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?
- Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!
- Alphabet’s $32 Billion Bet On Wiz: A Desperate Move or a Strategic Masterstroke?
- Mayora (MYOR): Indo Sugar Tax – A Negative
- Intloop (9556 JP) – Demonstrating Operational Leverage
- Autodesk Under Seige: Activist Starboard’s Proxy Battle & What It Means for Shareholders!
- Edwards Lifesciences: Inside the High-Stakes Race for the Next Big Cardiac Breakthrough!
- Q3 Follow-Up: Japan System Techniques (4323 JP) – March 11, 2025
[KE Holdings (BEKE US, BUY, TP US$25) Earnings Review]: Housing Inventory Resolution Drives Recovery
- Beike reported C4Q24 revenue beat our estimate/consensus by 8.4%/7.4%, non-GAAP OP miss our estimate/consensus by 37.5%/21.6%, due to front-loading expansion cost.
- We expect Beike to take 2-3ppt of market share in a rebalancing property market in 2025.
- We keep the stock as BUY and keep TP at US$25.
Deckers Outdoor: Ugg’s Profit Machine and Hoka’s Expansion—What Investors Need to Know!
- Deckers Brands delivered a robust performance in its third quarter of fiscal 2025, signaling both high levels of growth and notable profitability.
- The company’s revenue increased by 17% compared to the previous year, reaching $1.83 billion, with significant contributions from the UGG and HOKA brands.
- The gross margins improved to 60.3%, and diluted earnings per share rose by 19% to $3.
EPAM Systems: AI, Cloud & Expansion—Is This the Next IT Powerhouse?
- EPAM Systems Inc. reported its fourth quarter and full-year 2024 performance showing mixed results, noting both achievements and challenges.
- During the fourth quarter, the company experienced revenue growth of 7.9% on a reported basis, including the effects of recent acquisitions, NEORIS and First Derivative.
- On an organic constant currency basis, revenue grew a modest 1% year-over-year, marking a return to organic growth for the first time since early 2023.
Fortive Corporation: How Its 2025 Spin-Off Could Reshape the Business!
- Fortive Corporation recently presented their fourth-quarter and full-year results, highlighting a combination of strengths and challenges that investors might consider when evaluating the company’s investment potential.
- Positive aspects of Fortive’s performance include a strong track record of financial accomplishments in 2024.
- The company reported better-than-expected core growth, adjusted earnings, and free cash flow, capping a robust year.
Alphabet’s $32 Billion Bet On Wiz: A Desperate Move or a Strategic Masterstroke?
- Alphabet Inc., Google’s parent company, has officially announced its largest acquisition to date, agreeing to purchase cybersecurity startup Wiz for $32 billion in cash.
- The move comes after Wiz rejected a $23 billion offer from Alphabet last year, opting instead to explore an IPO.
- However, with the regulatory landscape shifting under U.S. President Donald Trump’s administration, Wiz’s leadership reconsidered the deal, ultimately securing an extra $9 billion from Google in less than a year.
Mayora (MYOR): Indo Sugar Tax – A Negative
- The sugar tax in Indonesia is plan to be introduced July this year, around Rp 1500/liter for sweetened packaged drinks including soft drinks, bottled tea.
- Mayora Indah (MYOR IJ) tea product is Teh Pucuk Harum, that is widely sold in hypermarts and convenience stores, while Unilever Indonesia (UNVR IJ) no longer owns Teh Sosro.
- Expecting sentiment to be better, Short Mayora and Long Unilever.
Intloop (9556 JP) – Demonstrating Operational Leverage
- We believe the key highlight of Q1-2 FY7/25 results is OPM expansion YoY from 4.7% to 6.6%.
- The company aims to secure high-margin projects aligned with its strategic aims while maintaining business investment in new hires to grow.
- Business expansion via strategic alliances is bearing fruit with Itochu Corporation (8001), with other initiatives being unveiled in the food and logistics sectors to expand and diversify the solutions portfolio and accelerate growth.
Autodesk Under Seige: Activist Starboard’s Proxy Battle & What It Means for Shareholders!
- Autodesk Inc. is at the center of a high-stakes battle as activist hedge fund Starboard Value LP moves forward with a proxy fight, citing financial underperformance and management credibility concerns.
- After months of behind-the-scenes pressure, Starboard has decided to nominate a minority slate of directors to Autodesk’s board, setting the stage for a potential leadership shake-up.
- The move comes after a series of turbulent events at Autodesk, including an accounting investigation that led to a CFO replacement, a shift in the company’s sales model, and a recent decision to cut 9% of its workforce.
Edwards Lifesciences: Inside the High-Stakes Race for the Next Big Cardiac Breakthrough!
- Edwards Lifesciences Corporation recently reported its financial results for the fourth quarter and the full year of 2024, providing an insight into its strategic performance and outlook.
- The company, solely focused on structural heart solutions after divesting its Critical Care segment in the third quarter of 2024, recorded robust financial performance, consistent with its expectations and strategic focus.
- For the full year 2024, Edwards Lifesciences reported a 9% increase in sales, reaching $5.4 billion.
Q3 Follow-Up: Japan System Techniques (4323 JP) – March 11, 2025
- Japan System Techniques (hereafter, the Company) announced its Q3(9M)
- Key consolidated figures net sales of JPY 20,549 mn (+10.9% YoY), operating profit of JPY 2,041 mn (+26.5% YoY), ordinary profit of JPY 2,116 mn (+28.4% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 1,417 mn (+28.9% YoY).
- Higher sales and profits in the DX&SI business and Package business contributed in Q3 earnings growth.
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