In today’s briefing:
- TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly
- Grab Holdings (GRAB US) – New Products with a Heavy Hint of AI
- TSMC 1H25 Revenue up 37% YoY. Upside to Full Year Outlook. AI and CoWoS Revenue Double in 2025.
- Wintermar Offshore Marine (WINS IJ) – Ahoy! Recovery Ahead
- A Visit to Inspire Integrated Resort in Incheon, South Korea
- [Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs
- [JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil
- Nauticus Robotics, Inc.: On the Anvil of Commercialization
- DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations
- What’s New(s) in Amsterdam – 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)
TSMC (2330.TT; TSM.US): No Clients Have Reacted to the Tariff Changes Since Trump Reacted so Quickly
- Revenue expected to be USD$28.4-29.2 bn (+13% QoQ/38% YoY), with gross margin projected to be 57-59% and operating profit margin at 47-49%.
- Tariffs still have uncertainties, so our current capability to share is expected to maintain 24-26% YoY.
- Taiwan Semiconductor (TSMC) – ADR (TSM US) plans to build 6 Fabs in Arizona, with 2nm being the main focus there, hence 30% will be allocated there.
Grab Holdings (GRAB US) – New Products with a Heavy Hint of AI
- Grab hosted “GrabX” in Singapore and online to showcase a range of AI-driven product offerings that promise to be future growth drivers for the company.
- GrabFood For One and Shared Saver both have the potential to attract significant new business, but there was also the launch of AI-assistant Maya for Merchants to drive orders.
- Additionally, Grab Unlimited continues to grow and be transformed into a fully-fledged loyalty program. Valuations are attractive, and Grab is set to make a net profit this year.
TSMC 1H25 Revenue up 37% YoY. Upside to Full Year Outlook. AI and CoWoS Revenue Double in 2025.
- 2Q25 strong revenue. Full year outlook (revenue up mid-20% YoY) looks a bit low since 1H25 is growing at ~37%. CoWoS and AI revenues still expected to double in 2025.
- Revenue and capacity outlook: very confident. US capacity is accelerating. But margins dilution warning, part of this is US import tariffs uncertainty. Strong denial on any Intel linkup.
- The stock is cheap at 14.7x 2025 EPS (consensus probably a bit low) and 12.5x 2026 EPS. The market might still be in correction mode, but TSMC is nicely discounted.
Wintermar Offshore Marine (WINS IJ) – Ahoy! Recovery Ahead
- Wintermar Offshore Marine booked a strong set of FY2024, confirming the ongoing recovery of the offshore oil & gas shipping segment and especially demand for higher-tier vessels.
- The company continues to build its fleet with several vessels coming on stream in FY2025 and FY2026, driven by optimism around ongoing investments in offshore oil & gas in Indonesia.
- Wintermar Offshore Marine intends to sell its low-tier vessels and invest in more high-tier vessels this year, helping to drive future growth.
A Visit to Inspire Integrated Resort in Incheon, South Korea
- I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family.
- Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.
- The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming & Entertainment (MGE) in February 2025.
[Earnings Preview] Halliburton Pressured by North American Slowdown and Tariffs
- Halliburton’s Q1 revenue is set to drop 9.1% YoY, with EPS down 21.1%, driven by soft North American activity and weak oil prices.
- Halliburton has underperformed the S&P 500, XLE, and peers SLB and Baker Hughes, weighed down by its greater U.S. shale exposure and rising input costs.
- Despite near-term headwinds, analysts retain a “Buy” rating on Halliburton, citing strong cash flows, a solid balance sheet, and strategic investments.
[JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil
- We expect JD to report C1Q25 revenue/adjusted net income growth of 13%/21% YoY, both in-line with consensus, boosted by gov’t subsidies.
- We see further catalysts from C2Q25 onward, driven by absorption of export-turned orders, helped by additional policy stimulus, which we believe will mainly augment on margins.
- We keep JD as the TOP BUY and raise TP from US$52to US$ 60.
Nauticus Robotics, Inc.: On the Anvil of Commercialization
- Last year was transformational for KITT, with its strategy shifting to commercializing its technology from its prior focus on research and development.
- The company expects 2025 “will continue to be a year of change.”
- On the earnings call and callback, our focus was on sizing the opportunity, the outlook for the year given long lead times and seasonality in the business, and the competitive landscape.
DKSH Malaysia Stable Free Cash Flow Generating Business Available at Attractive Valuations
- It has stable free cash flow generating business which involves own marketing own brands, distributing consumer and healthcare products in Malaysia
- The company has double digit ROE and trades below Book Value per Share
- Trades at significantly lower valuations to its parent and other Malaysian consumer stocks
What’s New(s) in Amsterdam – 17 April (Heineken | Basic-Fit | InPost | Sligro Food Group)
- In this edition: • Heineken | main takeaways earnings call • Basic-Fit | solid start of the year – reiterates FY25 guidance – secures EUR 200m RCF • InPost | acquisition of Yodel a real opportunity • Sligro Food Group | modest revenue growth when adjusted for exceptionals
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