Equity Bottom-Up

• After an 18-month saga, the Burman family has taken control of REL, acquiring 25.16% equity and planning a INR 2,000 crore capital infusion.
• This takeover ends promoter-less governance, injecting fresh strategic capital to transform Religare into a competitive NBFC and drive long-term recovery.
• Investors should now view Religare as a turnaround story, with robust governance reforms, lower debt, and renewed focus on core financial services promising sustainable growth.

• BIDU reported C4Q24 top line, non-GAAP op. profit and GAAP net income in-line, (22%) and (7.0%) vs. our est. and (3.7%), (24%) and in line vs. cons. 
• While monetization on a largely in-house app repertoire can ensure AI revenue to start kicking in in C2H25, we are concerned on the size of this revenue, 
• We maintain our SELL but raise TP to US$80 to reflect a short-term trading opportunity around AI monetization.

• Royalty Pharma has reported robust financial results for the fourth quarter and full year 2024, underscoring its position as a leading funder of innovation within the life sciences sector.
• With a significant emphasis on strategic capital deployment, Royalty Pharma achieved portfolio receipts of $2.8 billion, marking a commendable 13% growth and surpassing initial guidance expectations of 5% to 9%.
• This financial performance reflects the company’s adept management and its capacity to expand its portfolio effectively.

• Confluent, Inc. exhibited several key strengths and challenges in its recent financial performance.
• The company’s subscription revenue for the fiscal year grew by 24% to $250.6 million, driven by a 38% increase in Confluent Cloud revenue and a 10% growth in Confluent Platform revenue.
• This reflects continued strong demand for enterprise-grade data streaming solutions, particularly in regulated industries.

• SK Hynix CEO remains bullish on semiconductor industry growth, highlighting new opportunities amidst challenges like DeepSeek.
• Oppo forges ahead with release of Find N5 foldable phone, undeterred by market slowdown in pursuit of growth and innovation.
• EU greenlights funds for Infineon’s Dresden fab in chip incentive effort, signaling continued support for semiconductor sector. Samsung exec receives sentence for leaking 18nm DRAM tech to CXMT, highlighting importance of protecting intellectual property.

• World may finally have found the key to real growth after years of trying to build a fashion retail business in shopping centres, but with limited success.
• The big problem was that it didn’t have the supply chain skills to compete with the big retailers like Uniqlo and Adastria.
• Buying the supplier that helped grow those same chains means World now has a real chance to enter the big leagues.

• Tyler Technologies’ fourth-quarter results reflect a period of strong financial performance, characterized by significant growth and expansion across its key operational pillars.
• The company experienced 12.5% revenue increase, largely spurred by a 21.9% jump in subscription revenues, particularly within their SaaS offerings which saw close to 23% growth.
• This rise in subscription income underscores a strategic pivot towards cloud-based solutions, which remained a focal point in Tyler’s strategy, evident by accelerated SaaS adoption and a reduction in on-premise license revenues.

• Allied Blenders & Distillers (9844250Z IN) ‘s Q3 FY25 results showed robust growth in revenue at Rs. 2,346 crores (up 15.5% sequentially, 12.9% YoY) and strong premiumisation with expanded export reach.
• Enhanced margins driven by effective cost optimization and profitable state brand mix highlight ABDL’s resilience and ability to capture premium market trends, strengthening its competitive position in India’s spirits industry.
• The company aims to grow the aggregate market share of its four millionaire brands and consolidate its position in the P&A whisky segment through its three millionaire brands

• BlackLine, a cloud-based platform for finance and accounting professionals, reported its Q4 2024 earnings with mixed performance metrics.
• The company achieved 9% revenue growth despite the adverse impact of a strong U.S. dollar, which added currency headwinds.
• Non-GAAP operating margin was recorded at 18%, and the revenue renewal rate showed improvement, positioning at 96%—a significant metric in customer retention and satisfaction.

• Fidelity National Information Services, Inc. (FIS) presented its financial results for the fourth quarter and full year 2024, outlining a strategic focus on driving commercial excellence, targeting growth vectors, and enhancing profitability.
• The company reported overall revenue growth for 2024 and noted that its growth trajectory is set to accelerate in 2025.
• In 2024, FIS reported a revenue growth rate between 3% to 4%, slightly below the company’s initial expectations due to one-time items affecting the quarter.

• Total revenue growth rate continued to rise in 3Q25 ending March 2025.
• Also, the growth rate of the largest business line, customer management, was close to double digits.
• The upside for the next twelve months was narrowed to 18%, as Alibaba’s stock surged after our preview note.

• TSMC: +22.2% Premium; Wait for Higher Level Before Fresh Short of Spread
• UMC: 0% Premium (Parity) — Massive Increase in ADR Headroom
• ChipMOS: +0.5% Premium; Wait for More Extreme Levels; Earnings Ahead

• Hong Kong’s secular bull market continues this year with record buying from mainland investors through the Southbound Connect platform.
• AAC Technologies Holdings (2018 HK) announced a positive profit alert of of 150% increase in profit for 2024.  The AI, phone and auto segments saw value content increases.
• Hua Hong Semiconductor (1347 HK) is well-positioned to cater to China’s increasing demand for locally designed and produced chips, especially in the EV, smart home appliances and wearables industries.

• After rallying ~50% from its lows, Alibaba rallied another ~10% after reporting in-line result, despite saying it would spend more capex in the next 3 years than the previous 10; 
• Behind this performance is a sudden clarification of AI’s monetization future in China. Alibaba’s vision certainly has itself at the center of beneficiary, but a few other readings also exist;
• Alibaba suggested that partial replacement of human worker is possible in a platform with structured workflow, allowing AI users to reap benefits earlier than we have anticipated. 

• Amazon.com reported a strong fourth quarter for 2024, with a revenue of $187.8 billion, reflecting a year-over year growth of 10%.
• Notably, this growth was primarily driven by the company’s strategic focus on expanding its product selection, competitive pricing, and enhanced delivery services, which significantly boosted customer engagement and unit sales, especially in the North American and International segments.
• The company’s operating income also saw a substantial improvement, reaching $21.2 billion, marking a 61% increase from the previous year, further supported by effective cost management and productivity improvements throughout its distribution network.

• Softbank’s investment in Arm, valued at around USD 148 billion, is its new NAV driver, after its 300% rally post its IPO.
• Despite an ongoing share buyback and an LTV near 12.9%, Softbank is still trading around a 59% discount to its net asset value. 
• Softbank looks like a good proxy for investing in Arm and being long Softbank and Short Arm looks like reasonable risk/reward at current levels. 

• We believe Kalyan Jewellers (KALYANKJ IN) ‘s FOCO (Franchise Owned, Company Operated) model warrants deeper attention
• Our casual checks question the company’s store expansion narrative vs on ground reality. 
• Our conversation seems to indicate franchisees are financial partners only.

• One of the big thematic events on the Korean stock market has been the expectation that China could lift ban on Korean popular culture (Hallyu) as early as May 2025. 
• China’s President Xi recently stated “Cultural exchanges are a valuable part of our bilateral relations [between China and Korea]. We should avoid any problems occurring in handling such matters.”
• We provide a list of 40 stocks in Korea that could most benefit from the end of lifting ban of Korean popular culture. 

• Adani Energy Solutions (ADANIT IN) Q3 FY25 shows 15% revenue growth to Rs. 6,000 crores, an 80% PAT increase, and aggressive capex investments, driven by robust transmission and smart metering initiatives.
• Strong financial performance, combined with increased capex and operational efficiency in transmission and smart metering, signals enhanced market positioning and long-term growth potential in a supportive energy sector.
• AESL significantly increases its capex ramp-up by around 3 times driven by unparallel project and operating excellence coupled with robust capital management program. 

• Honda-Nissan merger and Renault-Geely alliance shake up auto industry landscape, causing speculation and uncertainty.
• AI technology leading to increased demand for edge computing and device upgrades due to affordable costs and improved efficiency.
• Liquid-cooled fast charging technology set to revolutionize EV charging by 2025, allowing for ultrafast charging speeds. Tesla’s India factory plans criticized by Trump. Grok 3 drives spike in AI server demand.

• Discussion on recent acquisitions and earnings highlights in the resource sector
• Focus on BHP’s South Australian copper business and potential growth opportunities
• Analysis of return on capital employed for different assets within BHP’s portfolio

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• Carving out IFS & taking it private is the most likely outcome for Intel. However, it’s complicated by the SCIP deals and restrictions attached to the CHIPS money.  
• Intel Products Group most likely stays with Intel, maintaining the iconic brand and doubling down on efficiency and innovation. I don’t think it gets sold. 
• TSMC is unlikely to have any technical role in a spun out Intel Foundry due to a myriad of reasons including monopoly, conflict of interest, insufficient bandwidth etc.

• Tam Jai’s performance in recent years has been consistently below expectations. Its fundamentals have undergone negative changes after IPO. Consumers’ preference change may disrupt Tam Jai’s business model.
• Based on our forecast and the Cancellation Price of HK$1.58/share, P/E will be higher than the industry average. Considering the low trading liquidity and concerns on outlook, HK$1.58/share is acceptable.
• The fundamentals/prospects of Tam Jai are different from the situation of Henlius’ privatization.We recommend investors not reject the privatization easily because internationalization won’t bring significant positive changes in short term.

• On 19 February, it was reported that Rainbow Robotics’ VP Kim In-Hyeok sold 30,000 of his 55,000 shares (0.28% stake) on the 14th. Disposal price was 413,796 won per share.
• At end of 2024, Samsung Electronics announced that it will become the largest shareholder of Rainbow Robotics which has been the key reason why Rainbow Robotics’ share price has surged.
• Despite Samsung Electronics becoming the largest shareholder of Rainbow Robotics, the overly stretched valuations could result in higher downside risk ahead. It is trading at P/S of 106x in 2026.

• China Education Group (839 HK)‘s plunge in share price is due to management’s guidance for a 10-15% drop in adjusted net profit, significantly lower than the current consensus.
• Its decision to pause dividends for the foreseeable future on debt repayment burden and tight offshore refinancing environment for the sector has further disappointed the market.
• Based on guidance, its PER of 3.7x and nil dividend yield for FY25 make it unattractive relative to peers (1.7-2.9x PER). We shy away until things improve.

• We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
• Our top picks are Perfect Medical Health (1830 HK), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and Ginebra San Miguel (GSMI PM).
• We provide updates on Taste Gourmet (8371 HK) / Perfect Medical Health (1830 HK) ,the Philippine Stock Exchange (PSE PM), and Sai Gon Cargo Service (SCS VN) .

• Deep Industries (DEEPI IN) Q3 & 9M FY25 revenue surged 47% and EBITDA grew 53%, driven by robust order book (Rs. 2,701 crore) and major contracts like the ONGC PEC order.
• Robust growth underscores Deep Industries strategic positioning in the energy sector, with record profitability and order book expansion paving the way for long-term value creation amid favorable government initiatives.
• Company is anticipating a growth of more than 30% year-on-year for the next 3 years with target revenue of 800Cr in FY26 and margin of 45-47%.

• Incyte Corporation’s recent financial and corporate update for the fourth quarter and full year 2024 showcases a year of significant growth and strategic progress.
• The company achieved a 15% increase in total revenues, reaching $4.2 billion for the year, driven by a robust 8% growth in Jakafi sales and a 50% surge in Opzelura revenues.
• The financial health of Incyte remains strong, with $2.2 billion in cash reserves and no debt, allowing the company to complete a $2 billion share repurchase program.

• Negara’s attractive valuations, its low PEG ratio and efficiency ratio should drive the share re-rating; pre- and post-provision were flat QoQ, but profitability ratios edged higher over the medium term
• We like Mandiri for its attractive PE multiples and its robust credit quality, despite the 4Q24 returns blip; Mandiri has the second-best efficiency ratio and with further scope for gains
• Rakyat’s high structural cost of risk remains a drag on its post-provision returns, with eroded further in 4Q24; although declining, returns are high but Rakyat valuations are not yet compelling

• Kauntam Papers (KAUN IN)‘s Q3 & 9M FY25 results show revenue and EBITDA declines, yet steady sales volumes, cost optimization initiatives, and ongoing mill expansion efforts.
• Strategic cost management and mill expansion position the company to mitigate revenue challenges, ensuring long-term competitiveness in a dynamic paper industry.
• Industry is also asking for anti-dumping duty on some set of paper, especially copier, to make a level playing field with imported products.

• TSMC & Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space
• Taiwan AI Server Leader Expanding to Texas with New Production Hub
• Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where’s The AI Effect? 

• The resumption of short selling in Korea will start again on 31 March. There has been a ban on short selling in Korea since November 2023.
• We provide some short selling candidates in Korea. Their sharply increasing share prices in the past five years have resulted in much more burdensome valuations.
• Despite their burdensome valuations and sharply higher share prices, the remains high risk of some of these stocks that could overshoot to the upside.

• We expect BIDU to post C4Q24 top line,non-GAAP operating profit and GAAP net income (5.1%), (7.7%) and (8.7%) vs. consensus.We expect BIDU to issue C1Q25 top line guidance (1.2%) vs.consensus;
• BIDU’s problem is not only manifested in the loss of the Apple contract,it is also the loss of first mover advantage in both Generative Artificial Intelligence and Autonomous Driving Services. 
• Losing traffic advantage, BIDU has become a self-containing app ecosystem but all pillars of this ecosystem is facing intensifying competition. SELL @US$78.

• Tam Jai International (2217 HK)‘s privatisation price is lower than we expected, based on 1.37x 12-month forward P/B, against our expectation of 1.63x (the historical average).
• The PER of 21.1x for CY25, a premiuim to sector average of 13.7x, however, looks attractive enough for investors that entered in the last 12 months. 
• The 52.6% discount to IPO price (HK$3.33) and huge net cash have made some early investors unhappy. There is already letter from a minority shareholder calling to vote against it.

• Singapore’s Premier Marina Operator. SUTL Enterprise is a leading Singapore-based marina developer, operator, and consultant, specializing in integrated luxury marina projects under its proprietary ONE°15 brand.
• The company operates its flagship ONE°15 Marina Sentosa Cove and extends its expertise to third-party marinas through long-term management contracts and consultancy services. With a strong brand position and established industry leadership, SUTL is expanding across Asia-Pacific, capitalizing on growing demand for luxury yachting and premium marina infrastructure.
• Diverse and Resilient Revenue Streams. SUTL generates revenue through recurring membership fees, marina management contracts, and sales of goods and services.

• Midea is a sound equity investment which is a market leader in the electronics products with just 12.8 trailing PE. 
• China newly launched consumer trade-in policy could become the new driver of Midea’s revenue stream. 
• Overseas business expansion could become the new game changer to re-rate the company’s valuation in the longer term.

• Kiri Industries (KIRI IN) ’s Q3/9M FY25 results show revenue growth, operational enhancements, and a legal victory in the DyStar case, alongside a strategic shift in joint venture accounting.
• The legal win and growth in high-margin segments signal improved profitability and future revenue potential, bolstered by a robust copper project on track for 2028.
• The new copper unit: Company investing close to 8000Cr in the new copper business, In first phase co will invest near to 1100Crs.

• New Toyo International, established in 1975, is a leading producer of specialty packaging materials in the Asia Pacific Region. Its operations span across Singapore, Malaysia, Vietnam, Dubai, Indonesia and China. 
• The Group has two core business divisions. Its Specialty Papers division focuses on the production of laminated foil paper, and coated paper and metalized paper, while the Printed Carton and Labels division offers mainly gravure and lithography or offset printing of packaging materials for cigarettes and fast-moving products. In addition, the Group has a trading business that focuses on tobacco packaging-related materials, as well as a corrugated cartons production operation.
• For specialty paper, which is one-third of its revenues, but more than two-thirds of its profitability the company has maintained margins through active cost management and inventory control despite the recent decline in the revenues due to destocking.

• Cytokinetics Inc. reported its third quarter 2024 results, highlighting significant developments across its pipeline and commercial readiness efforts.
• A notable achievement was the completion of the rolling submission and the new drug application to the FDA for aficamten, a cardiac myosin inhibitor targeting obstructive hypertrophic cardiomyopathy (HCM).
• This represents a key milestone in Cytokinetics’ efforts to bring potentially transformative therapies to market.

• Papa John’s International recently announced their third-quarter 2024 financial results, delineating a mixedperformance.
• The company’s primary focus is set on improving execution, profitability, and sustainable shareholder value.
• Todd Penegor, the recently appointed President and CEO, along with a restructuring inthe leadership team, emphasizes a strategic drive toward refining product propositions, marketing strategies, and technology infrastructure.

• Himax 4Q24 Results Show Auto Display Surge — Structural Growth Story Visible with Touch Panel Usage in Vehicles Soaring
• China vs. the Rest of the World: Who’s Moving Faster? China Automakers Far Ahead in Display Sophistication
• Himax on Co-Packaged Optics (CPO) — A Critical New Technology for AI and HPC Processing

• In China, travelers grew by 13% YoY in 4Q24 and 15% in 2024, according to the National Bureau of Statistics.
• We expect total revenue will grow by 19% YoY in 4Q24 and 2024.
• We are confident in the company’s financial performance, but the stock price is overvalued.

• Groupon is a lead generation tool for local service businesses that offers discounted deals.
• The speaker, from the hedge fund Windward, believes Groupon presents a highly asymmetric and convex investment opportunity with potential for a 5 to 1 risk-reward ratio.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Illumina, a leading genomic sequencing company, reported its financial results for the fourth quarter of 2024, marking a slight revenue increase of 1% year-over-year to $1.1 billion.
• This growth was primarily driven by high throughput sequencing consumables as the company continues to shift its customer base towards its new NovaSeq X series of instruments.
• The company placed 91 NovaSeq X instruments in the quarter, reaching an installed base of 630, and enjoyed a robust pull-through performance, averaging $1.3 million per system in 2024.

• Genpact Limited reported a strong performance in the fourth quarter of 2024, with revenue reaching $1.25 billion, reflecting a 9% year-over-year increase.
• The company showcased a particularly impressive growth in their Data-Tech-AI segment, which rose by 12% year-over-year, showcasing the potential and growth of this sector within the organization.
• Additionally, Digital Operations saw a 6% year-over-year increase, indicating strong demand across their business segments.

• Apple may move iPhone assembly to Indonesia to comply with local content rules and sales ban, shifting focus from Vietnam to India
• India’s AI ambitions hindered by GPU shortages and high costs, while 5G market projected to grow significantly by 2025
• BYD reveals ‘God’s Eye’ smart driving system with budget-friendly aims, as Micron set to challenge Samsung in HBM3E market

• Bank Rakyat Indonesia management painted a relatively positive picture of improvements across its microloan portfolio in 2H2024, with strong growth in recoveries during the year.  
• Loan growth was driven by corporate and consumer loans, as the bank slowed micro and small-sized loan growth with ongoing restructuring, which will continue in 2025 and front-loaded in 1Q2025. 
• Bank Rakyat Indonesia remains unique in its exposure to micro and ultra-micro lending in Indonesia, where growth should resume in 2025. Foreign ownership and valuations stand at 15-year lows. 

• Kilburn Engineering’s Q3 FY25 revenue rose 25.1% YoY to ₹911 million with EBITDA up 30.1%, driven by strategic acquisitions and a robust order backlog exceeding ₹3,600 million.
• Robust financials, an expanding order book, and targeted acquisitions enhance growth prospects and operational efficiency, solidifying Kilburn Engineering’s market position.
• Investors gain confidence as Kilburn Engineering’s disciplined execution and diversified strategy signal sustainable long-term revenue and margin expansion.

• Ralph Lauren’s third-quarter fiscal year 2025 results reflect a blend of positive momentum and strategic growth, tempered by an acknowledgment of ongoing market challenges.
• The company reported a double digit revenue increase, significantly surpassing its own expectations across all geographies, indicating robust brand momentum and effective strategic investments, particularly noticeable during the peak holiday season.
• This was facilitated by an agile global supply chain that successfully met heightened consumer demand.

• We have visited three supermarkets in Shanghai, looking for Haitian Sauces.
• We believe Haitian is obviously the top brand among soy sauces.
• However, there are many competitors and Lee Kum Kee is the most important.

• We believe the recent launches of AI Model will challenge the assumptions of AI training costs, and we are still in early stages of AI revolution
• It will maintain a sustainable growth of AI infrastructure like data centers, instead of reducing the demand. GDS and VNET are well positioned to capture this tailwind
• VNET and GDS were up 303% and 268% for last 12 months, we think it is not too late to chase the rally

• Freee KK (4478 JP) reported 2QFY06/2025 results on Friday which beat consensus estimates. The company also reported a second consecutive quarter of operating profits in 2Q.
• Despite cutting down significantly on selling and marketing, freee has managed to maintain growth. The company also has revised upwards its OP guidance and expects positive adj. free cashflows.
• Though freee’s share price has moved up 35% YTD, strengthening profitability and its solid business model vs Money Forward (3994 JP) should further drive share price up.

• Thai Beverage (THBEV SP)  reported marginal revenue growth and a slight decline in EBITDA for the December quarter (1QFY25), even as its spirits segment experienced a sharper drop in both.
• With its primarily Thailand-based spirits segment seemingly in a structural decline, growth in other segments must offset the impact on overall sales.
• With limited potential to unlock value from its beer division, particularly amid the sharp decline in BeerCo’s valuations, Thai Bev seems increasingly off investors’ radar.

• We are gradually building a high-conviction coverage of ideas for the mid and small-caps in the Philippines.
• We set criteria for high ROCE, reasonable growth (10-15% YoY), strong balance sheets, and reasonable capital allocation (dividend yields), all ingredients for being multi-baggers.
• Figaro Coffee (FCG PM) has been added due to its >20% ROCE, 7x PE, and strong growth potential. We will initiate coverage on it shortly with an insight.

• Revenue increased by 2.9% YoY to JPY338.2bn, with net income rising 14.3% YoY to JPY21.8bn.
• The FY12/25 forecast predicts revenue of JPY366.0bn (+8.2% YoY) and operating profit of JPY24.0bn (+9.0% YoY).
• The company plans an annual dividend per share of JPY91.0, targeting a consolidated payout ratio of 50.1%.

• Operating revenue reached JPY128.2bn, a 12.2% YoY increase, driven by growth in financial and real estate businesses.
• Profit attributable to owners decreased 63.0% YoY to JPY6.0bn, impacted by deferred tax liabilities reversal from a merger.
• FY12/25 forecasts JPY135.1bn operating revenue, JPY11.1bn operating profit, and JPY6.5bn profit attributable to owners.

• In FY12/24, Soliton’s revenue was JPY18.6bn (-2.4% YoY), with operating profit at JPY2.0bn (-21.7% YoY).
• Soliton forecasts FY12/25 revenue of JPY19.5bn (+4.8% YoY) and operating profit of JPY2.2bn (+7.7% YoY).
• Personnel expenses are expected to rise, with JPY50mn planned for office improvements, including SG&A and fixed assets.

• Nickel Asia is market leader for Philippines nickel ore and will remain a top player with decades of reserves leaving it well-positioned for the country’s move up the value chain  
• However, short-term its share price has slumped on continued weakness in nickel, from a global oversupply and weakening demand, but also its removal from the PSEi 
• While the 2025E P/B at 0.85x on a 6.4% ROE is likely near cyclical lows and the valuation is inexpensive for such a major player, there are few immediate catalysts 

• Apple Inc. has teamed up with e-commerce giant Alibaba Group Holding Ltd. to develop artificial intelligence (AI) features for iPhones in China, sources familiar with the matter told Caixin.

• The iPhone maker is intensifying its collaboration with Alibaba on AI large model technology, but it remains unclear whether Apple will work exclusively with a single company, according to three sources.

• Apple and Alibaba haven’t replied to Caixin’s inquires.

• In our view, China’s biotech companies have sold their core pipelines/products too early, resulting in the loss of opportunities to gain much greater benefits in the future.
• We summarized the impact of tariff policy implemented by the US on China’s healthcare industry. Short-term headwinds are inevitable, but in long term, it helps force the industry to upgrade.
• After Spring Festival, the acquisition progress of Tasly by CR Sanjiu has significantly accelerated – SASAC/SAMR approvals have been received. It’s possible for the deal to be completed in 25Q1.

• For 2025, Otsuka Holdings (4578 JP) is looking for 2% YoY revenue growth to ¥2,380B. However, net profit is expected to decline 20% YoY to ¥275B.
• Even upon a massive impact from LoE of Jinarc/Jynarque, total revenue will grow in 2025. Excluding one-time of impact of the tax adjustments, 2025 net profit guidance implies 6% growth.
• Otsuka intends to reduce buyback to create a more investable environment, encourage individual investors to participate in the market, and revitalize the stock market.

• Cloudflare Inc. concluded 2024 with a robust performance, reporting notable financial and operational achievements for the fourth quarter.
• Revenue reached $459.9 million, marking a 27% increase compared to the previous year.
• The company reported significant growth in its large customer segment—those contributing over $100,000 annually—with a year-over-year uptick of 27% in this segment, representing 69% of total revenue, up from 66% the previous year.

• Yum!
• Brands’ recent earnings presentation offers insights into the company’s performance and strategic trajectory, highlighting both strengths and challenges.
• The company, encompassing renowned brands like KFC, Taco Bell, and Pizza Hut, presented a mixed set of results for the latest financial year, characterized by robust digital growth, strategic expansions, and cost management, contrasted by varied performance across different market segments.

• China smartphone market in 4Q 2024 expected to see growth, intensifying competition among top brands.
• GlobalWafers remains stable despite uncertainty around US CHIPS Act funding.
• Yageo surprises with Shibaura Electronics takeover bid, Foxconn proposes partnership with Nissan, Forces Mos wins patent case against Asus.

• Fortinet Inc.’s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.
• Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.
• The company’s strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company’s business.

• Hilton Worldwide Holdings Inc. provided a comprehensive overview of its performance in the fourth quarter and full year of 2024, demonstrating robust growth and strategic expansion across its hotel portfolio.
• The company reported strong financial results, including record unit growth, significant increases in revenue per available room (RevPAR), and notable expansion in strategic partnerships and brand diversity.
• For 2024, Hilton achieved a system-wide RevPAR increase of 2.7% compared to the previous year, showing growth across all segments and major regions.

• Q1-2 FY6/25 results showed the core Optical business experienced sales growth and generated segmental profits, which was positive.
• Focusing on developing the Life Science & Equipment segment involving upfront investment resulted in flattish operating losses YoY overall.
• FY company guidance has been maintained, implying an earnings recovery HoH driven by the Optical segment experiencing order visibility and new customer acquisition. 

• Lupin Ltd (LPC IN) has reported solid set of numbers for Q3FY23, with revenue increasing 11% YoY, EBITDA growing 32% YoY, and net profit improving 39% YoY.
• North America revenue increased 12% YoY and 8% QoQ to record high of INR21B. Strong momentum in complex portfolio and continued cost optimization are driving consistent profitable growth in U.S.
• Complex generics are expected to contribute 50%+ of revenue in the next couple of years. This calls for accelerated growth and better margin.

• Revenue increased by 24.7% YoY to JPY7.6bn, with operating profit rising 10.6% YoY to JPY1.6bn.
• Medical Platform business achieved 18.9% YoY revenue growth, with average contract unit price at JPY1.4mn (-0.2% YoY).
• Smart Clinic business saw 45.1% YoY revenue growth, with hardware and software services contributing 64.0% and 36.0% respectively.

• Harley-Davidson’s recent performance reflects a mixed bag of operational and strategic shifts amid challenging macroeconomic conditions.
• The company’s 2024 fourth-quarter results exhibited a significant decline, with consolidated revenue decreasing by 35% compared to the previous year.
• This decline was primarily driven by the Harley-Davidson Motor Company (HDMC) segment, which saw revenue drop by 47% as a result of a 53% decrease in wholesale shipments.

• Kalbe Farma (KLBF IJ) booked an impressive set of FY2024 results, booking healthy growth driven by pharmaceuticals, distribution & Logistics, and consumer health, with slower growth from its nutritionals segment. 
• The company continues to pursue growth in oncology and biologic drugs in its pharmaceutical segment, whilst pursuing strategic collaborations and pursuing National Health exposure. 
• Kalbe Farma is pursuing wellness products in consumer health and repositioning toward more affordable products in the nutritional space. Valuations are attractive on 17x FY2025E PER. 

• Piolax Inc (5988 JP) is a small, low ROE, over-capitalised autoparts maker mostly making low-moat parts, but they sell A LOT of them. About a gajillion. 
• They started 100% div payout ratios 3yrs ago, and last year started a new MTMP to pay out 100% and then buy back a lot of stock. Murakami bought 10%.
• In November they launched a big buyback. Now they are launching a 23.78% Tender Offer Buyback where Murakami-san will sell. Big accretion on forward expectations downgrades. Hmmm… 🤨

• We believe in 2025 HK/China shall outperform EM. While the undervalued and under-owned characteristic of the China market is well-known, monetizability of China’s technological capabilities has become apparent only recently.
• Policy stimuli during the upcoming NPC could catalyze consumer sentiment and market performance. China’s structural hurdles, Debt, Demographics and Deflation, remain. But correct stock and sector selection can generate alpha.
• We prefer the internet platforms, consumer discretionary and high dividend yield, the latter largely SOEs. Our “China Twelve” are mostly reasonably valued (low teen PE), with double digit EPS growth.

• Jack Dorsey’s interest in understanding what was happening in neighborhoods led him to programming
• The original vision for Twitter was simply to be able to see what friends were doing and share updates
• The development of new features on Twitter, such as replies, hashtags, and retweets, was driven by how people were using the platform and their needs for public conversation and sharing information.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• 4Q24 IC ATM sales recorded NT$162bn, up 1% QoQ, GM: 16.4%, down 0.1% QoQ. EMS sales were NT$74.9bn, down 1% QoQ mainly due to seasonality. 
• 1Q25 EMS sales will decline slightly YoY, and OPM is down 0.13ppts YoY. IC-ATM sales will decline mid-single-digits QoQ and GM is down slightly more than 1% QoQ.
• Believes it will bring upside from new US BIS policy to ban non-listed OSAT vendors (especially China vendors) to produce US-related chip, but can’t quantify at this moment.

• Link REIT’s HK manager is starting a private funds venture in the market, showcasing a new area of investment and growth potential.
• Yanlord is looking to sell a half-stake in an Anson Road project for $240M, indicating a strategic move in their property portfolio.
• Weave Living is expanding its presence in Singapore with 2 new locations, adding a total of 330 units to their portfolio.

• Revenue rose 37.5% YoY and 9% QoQ, boosted by Decision Point contributions and a major deal win.
• Robust growth in revenue and EBITDA underscores Latent View’s ability to secure strategic client wins, strengthening its competitive edge in data analytics.
• Company is tracking towards its $ 100-110 Mn, where they have plan to reach upto $200 Mn in next 3 years.

• Media reports of a sharp decline in profit linked to trade tensions are not correct. Gross, operating and total net profit all increased from 1Q to 4Q of 2024.
• Management’s guidance for 1Q of 2025 has sales growth accelerating to 6% to 8% and the gross margin remaining relatively high at 19% to 21%. This looks reasonable.
• But the shares are near their all-time high and too expensive to chase given the potential negative impact of President Trump’s trade policy. Take profits.

• Ametek is a niche manufacturer of highly engineered products across a broad range of end markets
• Ametek’s major end markets include Medtech, aerospace/defense, power, automotive, semis/RD, and industrial, with significant diversification

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• Dye and Durham is a Canadian-listed real estate and business law service provider with a market cap of $1.3 billion
• Investigation into the company revealed issues such as misleading revenue pull forwards, high churn rates, and a significant drop in log-in traffic
• Former employees raised concerns about financials, governance issues, and unhappy customers with price increases, leading to a drop in market share.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• There will be significant drop in revenue in FY26 due to the loss of exclusivity of the key product, but company is looking for acquisition & doing R&D.  
• Natco is focusing on launching the oral version of Semaglutide in the Indian market and is awaiting regulatory approvals for clinical trials.
• Primary reason of fall in revenue was the absence of sales from a key product.

• TSMC: +24.7% Premium; Can Consider Shorting the Spread At Current Level
• ASE: +2.6% Premium; Wait for Closer to Parity Before Going Long Again
• ChipMOS: +1.8% Premium; Can Continue to Consider Shorting at Current Level

• Granular data from DBS shows worsening credit metrics in Greater China and in Hong Kong.
• We use DBS and other banks, as a window on credit metrics for China banks and HK local banks.
• The NPL ratio for its HK business moved from 1.1% to 1.7% YoY, while Pillar 3 data shows sharp rise in New NPLs in 2H24

• Cautious but Credible – FY25 guidance underwhelms, but Shimano’s realism is justified. The bike market is recovering, even if 2025 will be a grind.
• Sitting on a Cash Pile – ¥530 billion in net financial assets, yet capital returns remain restrained. Investors will be watching for bolder moves.
• Quality Wins – mid-cycle ROIC north of 20% and end-market inventories normalising – a long-term winner at a fair price.

• Action Construction Equipment (ACCE IN)’s Q3/9M-FY25 performance shows strong revenue growth (up 16.6% in Q3, 15.2% over nine months), improved EBITDA margins, and robust unit sales in key equipment segments.
• Improved product mix and a focus on high-value equipment drive operational efficiency, boosting profitability amid increasing infrastructure and capital expenditure trends.
• In the next 2 years, company will increase the proportion of exports that will drive the revenue growth.

• Recruit Holdings (6098 JP) reported 3QFY03/2025 results today which were in line with estimates. Despite labour markets cooling off, Recruit managed to report a strong set of results.
• The company also has provided revised guidance for full-year FY03/2025 with an upward revision to revenues while Adj. EBITDA is forecast to be above the midpoint of the previous range.
• Despite the slowdown in labour markets, Recruit’s monetisation efforts have paid off, however, we would not rush to make an entry.

• Foxconn chairman emphasizes collaboration with Nissan, denies interest in takeover, focusing on their partnership.
• SMIC targets automotive growth, facing competition in China’s chip market, seeking to expand market share.
• Microip sees 489% revenue growth post-CES success, expanding ‘designless’ strategy, fueling January success.

• In Q4, TotalEnergies beat adjusted net income forecasts by 4.8% and revenue projections by 11%. Adjusted net income and EPS rose by 8.1% QoQ and 9.2%, respectively.
• TotalEnergies’ average gas price realisation rose 8.3% QoQ, European refining margins surged by 68.2% QoQ, while LNG price realisation rose 4.6%.
• TotalEnergies’ hydrocarbon production rose 0.7% QoQ to 2.43 mboepd, as a 4.5% gas output increase offset a 2.4% oil production decline.

• AIG has completed efforts to reposition itself as a leader in the insurance industry
• The company has a renewed strategy for growth and improved financial performance
• A strong leadership team and clear vision for the future position AIG to deliver value for customers and shareholders

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• US-China trade war has led to tariff uncertainties. China’s subsidy program has stimulated pre-purchasing by customers in 1Q25, resulting in increased demand for televisions, tablets, phones, and IT products. 
• All three major product lines have shown seasonal growth. which LDDI has shown the largest growth, SoC follows closely, and SMDDI has lower growth.
• DeepSeek will accelerate the implementation and popularization of AI applications, benefiting the company.

• LaSalle appoints Japan, Korea-based APAC Co-Heads as Tang heads to Rava, highlighting leadership changes within the company.
• Dash Living’s expansion in Japan to 19 locations through partnerships with BlackRock and Greystar reflects their growth strategy in the region.
• Swire Properties expecting a $103M loss as Pacific Place rents drop 16% due to markdowns, showcasing the impact of market changes on the company.