In today’s briefing:
- Tencent/Netease: One Game Approved Each in March
- Tech Supply Chain Tracker (25-Mar-2025): DeepSeek impacts chip demand globally.
- What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?
- StoneCo Ltd.: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
- Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators
- Hansoh Pharmaceutical (3692 HK): Innovative Drugs Drive 2024 Performance; Outlook Is Positive
- Torikizoku (3193 JP): Coverage Initiation,1H FY07/25 flash update
- BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year.
- [PDD Holdings Inc. (PDD US, BUY, TP US$146) Review]: A New PDD Focusing on Low Tier and Non-US
- Docusign Inc.: Will Its Emphasis On The Expansion of Identity and Access Management (IAM) Pay Off?
Tencent/Netease: One Game Approved Each in March
- China announced game approval for the March 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. We see pick up in approval rate this month.
- Both Tencent and Netease received approval for one game. In addition, Kingsoft received approval for its legendary Sword Heroes series.
Tech Supply Chain Tracker (25-Mar-2025): DeepSeek impacts chip demand globally.
- DeepSeek is a significant factor driving global chip demand with implications for various industries including automotive.
- Tesla and Tata are in talks regarding the sourcing of EV components, highlighting the growing importance of electric vehicles in the market.
- Tim Cook’s visit to China to discuss collaboration with DeepSeek signals potential advancements in the supply chain and technology sectors.
What Does Adani’s Foray into Wires & Cables Mean for Investors and the Industry?
- Investors should keep a close eye on Adani’s execution timeline, the impact on valuations in the sector, and the fundamentals of existing players in the C&W industry.
- While Adani’s entry may bring some disruption, the sector’s strong growth prospects and the resilience of leading players suggest that there is still value to be found.
- In the end, long-term success in this industry will depend on a combination of strategic vision, operational excellence, and the ability to adapt to changing market dynamics.
StoneCo Ltd.: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
- StoneCo Ltd. recently shared its fourth-quarter and full-year 2024 earnings, demonstrating a period marked by robust strategic execution and notable financial outcomes, despite facing macroeconomic challenges.
- The company’s strategy is focused on three core objectives: leadership in the MSMB (micro, small, and medium businesses) market, enhanced client engagement, and scalable platform growth.
- In 2024, StoneCo’s MSMB operations saw a 15% year-over-year increase in card total payment values (TPV), although this fell short of guidance due to the rapid adoption of PIX, the Brazilian instant payment system, which continued to encroach on traditional debit and cash transactions.
Taiwan Tech Weekly: Delta At Nvidia GTC 2025; Foxconn EV Strategy Win; Key Semi Industry Indicators
- NVIDIA GTC 2025 Last Week — Delta Electronics Expands Role in Nvidia Ecosystem Showcasing AI-Centric Power Solutions
- Foxconn’s Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come
- Semiconductors. Key Indicator Updates, 2024 In Review, and 2025 Forecasts
Hansoh Pharmaceutical (3692 HK): Innovative Drugs Drive 2024 Performance; Outlook Is Positive
- Hansoh Pharmaceutical Group (3692 HK) reported 33% YoY net profit growth to RMB4.4B on 21% YoY revenue growth to RMB12.3B in 2024. Oncology revenue jumped 32% YoY to RMB8.1B.
- Revenue from innovative drugs zoomed 38% YoY to RMB9.5B and its proportion to total revenue increased to 77.3% in 2024 from 67.9% in 2023.
- In 2024, three key innovative drug candidates entered the phase 3 clinical stage for the first time. Hansoh will continue to focus on R&D of innovative drugs and internationalization strategy.
Torikizoku (3193 JP): Coverage Initiation,1H FY07/25 flash update
- Revenue increased by 10.7% YoY to JPY22.2bn, driven by inbound tourism recovery and new restaurant openings.
- Operating profit declined 20.5% YoY to JPY1.3bn due to higher SG&A expenses from overseas expansion and wage increases.
- Gross profit margin decreased to 69.1%, while SG&A ratio rose to 63.1%, impacting operating profit margin.
BYD (1211): Encouraging 2024 Result, But Close to Our Target After Two Buy Suggestions This Year.
- We believe the stock’s upside is very limited after two buy rating this year.
- In 2024, total revenue grew by 29% and total automobile sales grew by 41%.
- The gross margin of automobile improved more than one percentage point.
[PDD Holdings Inc. (PDD US, BUY, TP US$146) Review]: A New PDD Focusing on Low Tier and Non-US
- PDD reported C4Q24 top line 1.1%/(6.1%) vs. our est./cons. and non-GAAP operating income (5.4%)/(5.6%) vs. est./cons.,
- PDD rose to prominence by optimizing the value chain built/inherited by Alibaba/eBay in China and Amazon/eBay in US.
- As these two “bonuses” coming to an end, PDD must build its own. While growth shall normalize, China low tier cities and global developing markets shall sustain its growth.
Docusign Inc.: Will Its Emphasis On The Expansion of Identity and Access Management (IAM) Pay Off?
- DocuSign, Inc. delivered a noteworthy performance in the fourth quarter of Fiscal Year 2025, underpinned by both strategic pivots and operational efficiency gains.
- The company reported a revenue of $776 million, marking a 9% year-over-year rise, culminating in an annual revenue of $3 billion—an 8% increase over the prior year.
- This growth trajectory underscores a positive momentum, primarily fueled by the launch of Intelligent Agreement Management (IAM), a comprehensive AI-driven platform focused on transforming how businesses manage agreements.
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