In today’s briefing:
- TSMC Q125 Earnings Preview
- Taiwan Tech Weekly: TSMC 1Q25 Results & The 2nm Frontline; Mediatek Vs. TSMC Valuation; PC 1Q25 Data
- China Healthcare (Apr.13) – Trump’s Tariffs on Pharmaceuticals, NSCEB’s Report, RemeGen’s Pain Point
- Nippon Parking Development (2353 JP): Irreplaceable Assets with +12% Historical EPS CAGR at 13x P/E
- Adastria: ¥500 Billion Through New Brands – Signs UK’s Karrimor
- Kinatico Ltd – SaaS revenue now 50% of total revenue
TSMC Q125 Earnings Preview
- TSMC reported March 2025 revenues of NT$285.96 billion, up 10% MoM and up 46.5% YoY.
- Revenue for January through March 2025 totaled NT$839.25 billion, an increase of 41.6% YoY.
- At the forecasted exchange rate of NT$32.8 to the US$, this translates into Q125 revenues of $25.58 billion, marginally above the guided midpoint of $25.4 billion
Taiwan Tech Weekly: TSMC 1Q25 Results & The 2nm Frontline; Mediatek Vs. TSMC Valuation; PC 1Q25 Data
- TSMC’s Next Leap: 1Q25 Earnings Ahead and the 2nm Frontline
- Is the Valuation Divergence Justified? Mediatek Vs TSMC Valuation Compared
- PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue
China Healthcare (Apr.13) – Trump’s Tariffs on Pharmaceuticals, NSCEB’s Report, RemeGen’s Pain Point
- Trump’s administration will soon impose tariffs on pharmaceuticals. Chinese API companies will be hit the most. Pharmaceutical companies that mainly focus on domestic market could be better investment options.
- NSCEB released “Changing the Future of Biotechnology”, among which WuXi AppTec was named again. Chinese CXO’s performance this year could be lower than expected due to geopolitical conflicts.
- RemeGen’s 2024 results improved, but concerns remain due to its “disorganized” pipeline layout and uncompetitive products. The reasonable market value of Remegen is about RMB10 billion to RMB15 billion.
Nippon Parking Development (2353 JP): Irreplaceable Assets with +12% Historical EPS CAGR at 13x P/E
Nippon Parking Development (2353 JP — US$477 million) — also known as “NPD” — is a Japanese lessor of parking spaces and an operator of ski resorts and theme parks.
It’s the brainchild of lifelong entrepreneur Kazuhisa Tatsumi, who literally built the company in his garage in the early 1990s.
In Japan, developers are generally required to build 1/3 parking space per 100 square meters of floor area for any large building. This is known as “legally mandated parking space”.
Adastria: ¥500 Billion Through New Brands – Signs UK’s Karrimor
- Adastria (soon to be And ST) is Japan’s biggest multi-chain clothing retailer and fourth largest overall.
- As well as investing in core brands like Global Work, the former wholesaler is now expanding through new segments – including Forever 21 despite its US bankruptcy
- In a sign of further diversification, it will now move into the very buoyant outdoor market having just acquired the Asian rights to UK outdoor brand, Karrimor.
Kinatico Ltd – SaaS revenue now 50% of total revenue
- Kinatico Ltd (ASX:KYP) is a ‘Know Your People’ regtech company providing workforce compliance monitoring and management technology and services.
- The company has announced that total revenue in Q3 increased 15% to $8.1m, with higher-margin SaaS (Software as a Service) revenue making up 50% of the total.
- SaaS revenue grew 60% in the quarter on the previous corresponding period (pcp) to $4m and is tracking at $16m on an annualised basis.
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