Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>  and <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> dominate the compact lens module market, but analysis of data from technical publications suggests very different strategies.</li>
<li>After lagging Largan significantly till 2016, Sunny Optical now leads in number of innovations, though the impact and quality of the innovations still materially lags Largan</li>
<li>Besides overcapacity the primary risk for the industry is whether at some some stage the benefits of "next-gen" lens modules fall below the "Noticeable Difference" threshold.</li>
</ul>



Sunny Optical (2382 HK)  and Largan Precision (3008 TT) dominate the compact lens module market, but analysis of data from technical publications suggests very different strategies.
After lagging Largan significantly till 2016, Sunny Optical now leads in number of innovations, though the impact and quality of the innovations still materially lags Largan
Besides overcapacity the primary risk for the industry is whether at some some stage the benefits of "next-gen" lens modules fall below the "Noticeable Difference" threshold.


Sunny Optical & Largan - Innovation Quantity Versus Quality

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Equity Bottom-Up

<ul><li>Origin story of the book: Becoming interested in Apple's Achilles heel in China after being too bullish on the company's success</li><li>Focus on the role of manufacturing design engineers in custom manufacturing and orchestration of Apple's supply chain in China</li><li>Thesis of the book: Exploring Apple's strategic positioning in China and the symbiotic relationship between economic scale and customer allure in the luxury market</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Origin story of the book: Becoming interested in Apple's Achilles heel in China after being too bullish on the company's successFocus on the role of manufacturing design engineers in custom manufacturing and orchestration of Apple's supply chain in ChinaThesis of the book: Exploring Apple's strategic positioning in China and the symbiotic relationship between economic scale and customer allure in the luxury marketThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 117: Talking Apple in China with Patrick McGee

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Apple reported strong financial results for Q2 of the fiscal year 2025, achieving revenue of $95.4 billion, which represents a 5% increase compared to the previous year.</li><li>This growth was at the high end of the company's guidance range, and the diluted earnings per share stood at $1.65, marking an 8% year-over-year increase and setting a record for the March quarter.</li><li>The company's Services segment achieved an all-time revenue high, with a 12% growth year-on-year, indicating robust performance across Apple’s diverse service offerings.</li></ul>

Apple reported strong financial results for Q2 of the fiscal year 2025, achieving revenue of $95.4 billion, which represents a 5% increase compared to the previous year.This growth was at the high end of the company's guidance range, and the diluted earnings per share stood at $1.65, marking an 8% year-over-year increase and setting a record for the March quarter.The company's Services segment achieved an all-time revenue high, with a 12% growth year-on-year, indicating robust performance across Apple’s diverse service offerings.

Apple Faces Crosswinds: $900M Tariff Hit, Legal Storms, and AI Lag – What’s Next?

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> started a mild pullback after releasing its earnings on May 1st. We think this pullback may be a BUY opportunity.
</li>
<li>Some analysts believe the Trump administration’s tariffs will ultimately prove transitory. While near-term impacts are surely expected for <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> , they’re probably short-term in nature.</li>
<li>Our model suggests a potential buying opportunity in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> may be approaching. This insight outlines the tactical considerations behind that view.</li>
</ul>



Apple (AAPL US) started a mild pullback after releasing its earnings on May 1st. We think this pullback may be a BUY opportunity.

Some analysts believe the Trump administration’s tariffs will ultimately prove transitory. While near-term impacts are surely expected for Apple (AAPL US) , they’re probably short-term in nature.
Our model suggests a potential buying opportunity in Apple (AAPL US) may be approaching. This insight outlines the tactical considerations behind that view.


APPLE (AAPL US) Post-Earnings Outlook: A Potential Tactical Buy

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Sunny Optical & Largan - Innovation Quantity Versus Quality

Since 2016 Sunny Optical has ramped up innovations in compact lens modules at an exhilarating pace, but in terms of impact the innovations lag that...

Pyari Menon

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Episode 117: Talking Apple in China with Patrick McGee

The author's experiences covering the Umbrella Revolution, German auto industry, and Apple led to a deep dive into the tech giant's supply chain,...

The Circuit

Apple Faces Crosswinds: $900M Tariff Hit, Legal Storms, and AI Lag – What’s Next?

Apple reported strong financial results for Q2 of the fiscal year 2025, achieving revenue of $95.4 billion, which represents a 5% increase...

Baptista Research

APPLE (AAPL US) Post-Earnings Outlook: A Potential Tactical Buy

Apple's mild pullback post-earnings presents a potential buying opportunity, despite concerns over Trump administration tariffs.

Nico Rosti

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sunny Optical & Largan - Innovation Quantity Versus Quality

Since 2016 Sunny Optical has ramped up innovations in compact lens modules at an exhilarating pace, but in terms of impact the innovations lag that...

Pyari Menon

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Episode 117: Talking Apple in China with Patrick McGee

The author's experiences covering the Umbrella Revolution, German auto industry, and Apple led to a deep dive into the tech giant's supply chain,...

The Circuit

Apple Faces Crosswinds: $900M Tariff Hit, Legal Storms, and AI Lag – What’s Next?

Apple reported strong financial results for Q2 of the fiscal year 2025, achieving revenue of $95.4 billion, which represents a 5% increase...

Baptista Research

APPLE (AAPL US) Post-Earnings Outlook: A Potential Tactical Buy

​Apple's mild pullback post-earnings presents a potential buying opportunity, despite concerns over Trump administration tariffs.

Nico Rosti

Apple's mild pullback post-earnings presents a potential buying opportunity, despite concerns over Trump administration tariffs.