In today’s briefing:
- Tokyo Electron (8035 JP): Buy if You’re Not Afraid of Recession
- Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth
- Hyundai India’s ₹31,500 Cr Related-Party Deal Sparks Governance Debate
- WuXi AppTec (2359 HK): In-Line 2024 Performance; Announces Dividend and A Share Buyback Plan
- Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.
- Monster Beverage Corporation: An Insight Into Its Market Share Dynamics
- Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!
- UnitedHealth: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!
- LE: Snapping the Catalog: Reaching the Next Level; Reiterate Buy, $20 PT
- Macbee Planet (7095 JP) – Focus on Volume-First Growth Strategy
Tokyo Electron (8035 JP): Buy if You’re Not Afraid of Recession
- 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 (BDMS TB): Stable 2024 Performance as International Patients Drive Growth
- 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 India’s ₹31,500 Cr Related-Party Deal Sparks Governance Debate
- 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): In-Line 2024 Performance; Announces Dividend and A Share Buyback Plan
- 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.
Tech Supply Chain Tracker (18-Mar-2025): Tesla strengthens ties with Baidu amid US-China tech tensions.
- 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 Corporation: An Insight Into Its Market Share Dynamics
- 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 Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!
- 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: The Expansion of Optum’s Integrated Healthcare Services Might Just Be The Single Most Important Catalyst For Them Today!
- 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.
LE: Snapping the Catalog: Reaching the Next Level; Reiterate Buy, $20 PT
- 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.
Macbee Planet (7095 JP) – Focus on Volume-First Growth Strategy
- 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.
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