
In today’s briefing:
- Fast Retailing (9983) | Japan Delivers as Tariffs Start to Impact
- TSMC (2330.TT; TSM.US): Brace Yourself for US Tariff! (II)
- PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue
- [BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise
- #134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale
- Chord Energy Corporation: Leveraging Simul-Frac Technology To Up Their Game!
- Merit Medical Systems: An Insight Into Its Product Innovation & Clinical Advancements!
- Haemonetics Corporation: Diversification Into High-Margin Med-Surg Offerings As A Critical Growth Lever!
- MSC Industrial Direct Battles Tariffs with Bold Pricing Moves—Will It Pay Off?
- Noble Corporation: An Insight Into Market Demand, Growth Prospects & Key Growth Drivers!

Fast Retailing (9983) | Japan Delivers as Tariffs Start to Impact
- Strong Q2 beat: Revenue rose 14% YoY and OP jumped 33%, driven by Japan strength and solid winter sales, offsetting China’s continued weakness.
- Guidance tweak: FY business profit raised to ¥540bn, though H2 expectations effectively lowered due to anticipated US tariff impact.
- US expansion continues: 69 stores now open; North America accounts for 7.5% of sales, with future margin mitigation via supply chain shifts and EU/Asia growth.
TSMC (2330.TT; TSM.US): Brace Yourself for US Tariff! (II)
- Under the US tariffs, we have to seriously consider whether Taiwan Semiconductor (TSMC) – ADR (TSM US) can achieve 25% growth in 2015.
- We have conducted two scenario analyses and anticipate a likely loss of above 8.5% in 2025 revenue for TSMC, especially related to Apple (AAPL US).
- The stock price of Taiwan Semiconductor (TSMC) – ADR (TSM US) is expected to be somewhat reshuffled in the current US-China tariff environment.
PC 1Q25: 5% YoY Growth but Shipments Inflated Ahead of US Tariffs. Dream of a Refresh Cycle Continue
- PC units grew by 1% in 2024, accelerating to 5% YoY in 1Q25. Best performers: Apple, Lenovo. Higher shipments to the US ahead of potential import tariffs but flat end-demand.
- ~70% of Computers are Made in China, US consumes 25% of total PC. The supply chain is accelerating relocating US-purchased PC out of China, this should be done by end-2025.
- There is a risk of over-built and over-stocking in my view if PC Brands are too optimistic on Windows 10 end-of-support and AI PC upgrades.
[BYD Company (1211 HK, BUY, TP HK$400) TP Change]: Better than Expected ASP Is the Positive Surprise
- BYD reported C1Q25 net profit up 86%-119% YoY, with the midpoint exceeds our estimate/consensus by 12%/20%.
- We believe this driven by better ASP mix of its products, among other factors;
- We believe a possible China-EU deal on EV market access can be positive for BYD. We raise the TP to HK$400 and place BYD back to TOB BUY.
#134 India Insight: EU 0% Auto Tariff; Warburg ₹800cr Bailout; PAG Plans ₹2.2kcr Nuvama Stake Sale
- The EU is negotiating with India to remove the 100% import duty on fully built cars under FTA.
- Warburg Pincus plans to lead a INR600 – 800 crore rights issue to rescue troubled Fusion Micro Finance (FUSION IN).
- PAG has hired JP Morgan and Morgan Stanley to sell its INR 2.2k crore controlling stake in Nuvama Wealth Management (NUVAMA IN).
Chord Energy Corporation: Leveraging Simul-Frac Technology To Up Their Game!
- Chord Energy reported a transformational year in 2024, significantly strengthened by its strategic combination with Enerplus.
- This merger, completed in May 2024, positioned the company as a leading entity in the Williston Basin.
- The integration was marked by operational and corporate synergies, enhancing Chord Energy’s scale and efficiency.
Merit Medical Systems: An Insight Into Its Product Innovation & Clinical Advancements!
- Merit Medical Systems reported robust financial performance in the fourth quarter of 2024, displaying notable revenue and profit growth.
- The company recorded total revenue of $355.2 million for Q4, reflecting a 9% increase year-over-year on a GAAP basis and 10% on a constant currency basis.
- This exceeded Merit Medical’s growth expectations, which it had projected at 6% to 9%.
Haemonetics Corporation: Diversification Into High-Margin Med-Surg Offerings As A Critical Growth Lever!
- Haemonetics Corporation reported its third-quarter fiscal 2025 financial results, indicating both strengths and challenges within its various business segments.
- The company achieved a revenue of $349 million, reflecting a 4% increase on a reported basis but remaining flat organically.
- Adjusted earnings per share improved by 14% to $1.19.
MSC Industrial Direct Battles Tariffs with Bold Pricing Moves—Will It Pay Off?
- MSC Industrial Supply reported a mixed set of results for its fiscal second quarter of 2025.
- The company faced challenges in the current quarter, underscored by a decline in average daily sales by 4.7% year-over-year, indicating a soft demand environment.
- This decline, however, showed slight improvements towards the end of the quarter, with January and February outperforming historical trends.
Noble Corporation: An Insight Into Market Demand, Growth Prospects & Key Growth Drivers!
- Noble Corporation’s fourth-quarter 2024 earnings call provided a comprehensive overview of its operational and financial performance while highlighting key strategic initiatives and market outlook.
- The company recently completed the acquisition of Diamond Offshore, enhancing its positioning in the deepwater drilling market.
- This integration is progressing well, with $50 million of the targeted $100 million synergies already realized, reflecting operational efficiencies.