TMT/Internet

• Constituent changes to the S&P500 INDEX and capping changes will result in a round-trip trade of US$16.3bn across the Select Sector indices and the S&P500 Equal Weight Index.
• The Select Sector index trackers and S&P500 Equal Weight trackers will need to buy the adds to the S&P500 INDEX and sell the deletes, further increasing flow for the stocks.
• The flows will change over the next week as stock prices move around, and final capping is done after the close on 14 March.

• We believe all business, including smartphone and vehicle, will grow strongly in 4Q24 and 2025.
• We expect EPS will increase by 15% YoY in 4Q24 and 41% in 2025.
• However, we believe the market overvalues the newly launched vehicle business.

• Sea Ltd booked a blowout set of results, with strong growth and profitability across all three divisions, surpassing previous guidance and bringing about the second profitable year for the company. 
• E-Commerce was the key feature, with GMV surpassing US$100bn with increasing take rates, with core marketplace GAAP Revenues booking nearly +50% YoY growth in 4Q2024, confirming Shopee’s lead position. 
• Digital Financial Services and Digital Entertainment also booked strong growth, with management highlighting a positive outlook for all three segments in 2025. Sea Ltd remains a core holding. 

• Global smartphone market expected to see substantial growth in 4th quarter of 2024, indicating a positive trend for the industry.
• TSMC experiences a drop in revenue in Q1, as AI sector continues to expand and company addresses discrimination allegations.
• AMD CEO recognizes value of open-source technology in DeepSeek, while HP announces plans to reduce workforce by cutting 2,000 jobs, reflecting industry challenges.

Bharti Airtel is the second-largest telecom player in India, with a c. 30% market share. It also has significant operations in Africa, and to a smaller extent Bangladesh and Sri Lanka. The largest shareholders are Bharti Enterprises (42%) and Singtel (14%). Bharti Enterprises was founded/owned by Sunil Bharti Mittal. It is one of India’s first conglomerates, with interests in telecommunications, space, insurance, real estate, hospitality and food.

We view Bharti Airtel as “Low Risk” on the LARA scale, mainly given its strong market position as the second-largest player in India’s telecom industry. The company owns robust network infrastructure across the country, with a broad customer base. We also note positively the improving industry outlook, with rationalising competition and industry consolidation benefiting Bharti Airtel, along with improving regulatory conditions. The company is committed to prudent balance-sheet management and stable leverage. However, capex requirements will likely remain substantial given Bharti Airtel’s 5G rollout, with a risk that capex will be higher than projected.

• Xiaomi Corp. aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its other consumer electronics, company president William Lu said at the Mobile World Congress (MWC) in Barcelona on Monday.
• During the event, Xiaomi unveiled its high-end Xiaomi 15 Ultra smartphone series to the global market, priced at 1,499 euros. The company also showcased its premium electric sedan, the SU7 Ultra, and the Xiaomi SU7, though these vehicles have yet to be launched outside China.
• “After MWC, I plan to visit several European countries with the goal of officially introducing Xiaomi cars overseas by 2027,” Lu said on the sidelines of the event. He revealed that Xiaomi will begin offering its home appliance products in international markets next year.

• The blockchain technology Company announced that it entered into a non-binding term sheet for up to $40m in senior secured convertible loans on 25 February 2025.
• The initial tranche of the Financing would be $15m with follow on tranches of up to $25m advanced over the next 18 months.
• The proceeds of the Financing are to be used to refresh Argo’s Baie Comeau, Quebec mining fleet, to strengthen the balance sheet, and to assess a pipeline of merger and acquisition possibilities. 

• Greenidge pre-announced solid 4Q24 results, beating on both revenue ($14.8 million versus consensus of $13.6 million) and adjusted EBITDA ($3.1 million at the midpoint versus consensus of $1.0 million).
• CEO Jordan Kovler said, “Throughout 2024, we took significant steps to further right-size the business and stabilize our operations, reducing SG&A expenses by almost $9 million.
• We also implemented important new growth strategies, including the acquisition and successful buildouts of sites in Mississippi and North Dakota that represented 15MW of additional mining capacity.”

• Geniee delivered accelerating double-digit growth in sales (+40.6% YoY) and normalized OP (+50.8% YoY) with its Q1-3 FY3/25 results.
• The new Digital PR business (formed following the Social Wire acquisition) is in its early days, but there are signs that it is performing above. forecasts.
• Coupled with accelerating growth and improving profitability in the Company’s Overseas and Marketing SaaS segment, we think Geniee is turning a corner on its growth trend. 

• Gross SOUTHBOUND volumes dropped somewhat but still high. NET buying by SOUTHBOUND was HK$35bn which is still quite strong. Round-tripping volume down 20% week-on-week.
• The flows here are still striking. >20% of the top 100 most liquid Southbound eligible stocks saw SOUTHBOUND buy more than 10% of weekly volume. 
• It feels like there is some common understanding among SOUTHBOUND investors which I do not understand. The numbers are big/growing.

• Apple’s AI struggle. Google’s Gemini has won? TSMC ex-Chairman is joining Micron’s board
• SK Hynix out of image sensors. Korean Gvt launch US$100bn fund for strategic industries
• Stargate first data center is under way. Close to 100k Nvidia GPU in 2026. Hon Hai makes the servers.

• A dramatic shift saw stocks surge as market sentiment reversed week over week.
• Single stock option volumes were significantly lower vs prior two weeks.
• We highlight stocks that have had unusual moves in price, volume and implied volatility.

• Dropbox’s recent earnings report paints a complex picture of the company’s transitionary phase as it continues to navigate a shifting business environment and adapt to evolving market demands.
• The company finished 2024 with revenues slightly topping guidance, reflecting a modest growth trajectory.
• The year ended with a focus on transformative strategies aimed at transitioning from its foundational file sync and share (FSS) business to capably leverage areas poised for significant growth potential.

• Frontier Communications delivered a mixed set of results in its Second Quarter 2024 earnings announcement, marked by notable strengths in fiber broadband expansion, customer acquisition, and operational efficiency but offset by certain financial challenges and competitive industry dynamics.
• Starting with the positives, Frontier Communications reported its fastest quarter of organic revenue growth in more than a decade and the second consecutive quarter of revenue growth, substantiating its ongoing operational momentum.
• The company added a record high of 92,000 new fiber broadband customers, reflecting a 37% increase from the previous year, and achieved its highest penetration milestone, with the base fiber markets reaching over 45% market share.

• Universal Display Corporation has reported record financial performance for 2024, with revenues reaching $648 million, an increase of 12% from the previous year.
• The revenue growth was driven by material sales amounting to $365 million and royalty and license revenues of $267 million.
• The company achieved a net income of $222 million or $4.65 per diluted share, although earnings per share were partially offset by restructuring costs related to the closure of its OVJP California location and foreign currency exchange losses.

• Coforge (COFORGE IN)‘s $1.56 billion deal with Sabre positions it as a major player in travel technology, but concerns over Sabre’s financial stability create potential risks for long-term execution.
• Acquisitions of Rythmos and TMLabs align with Coforge’s strategy to enhance cloud, data, and enterprise IT capabilities, strengthening its market position in airline and ServiceNow implementation services.
• While analysts recognize strong revenue visibility, Sabre’s $5.1 billion debt and negative net worth raise cash flow concerns, leading to a divided outlook on Coforge’s future profitability and risk exposure.

• One of the most anticipated IPOs of 2025 has officially filed its S-1 — CoreWeave (CRWV US) . 
• Their revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.
• According to sources, the debut on CoreWeave Inc. is tentatively scheduled for the last week of March.

• Unity Technologies has managed to deliver a notable performance in the latest quarter, surpassing its guidance on both revenue and adjusted EBITDA.
• The revenues from its strategic portfolio increased, and its adjusted EBITDA not only beat the high end by 26% but was also supported by a solid free cash flow showing a 74% increase from the previous year.
• A significant advancement was seen in Unity’s Create solutions, with revenues rising by 9% year-over year, fueled by a 15% increase in subscriptions.

• Alarm.com Holdings, Inc. recently reported its financial outcomes for the fourth quarter and full year of 2024.
• The company, which provides security and smart home solutions, showed strong performance and delivered results above expectations.
• In the fourth quarter, Alarm.com recorded SaaS and license revenue of $165.7 million, marking an 11.7% rise year-over-year.

• For FY25/9, JBS is forecasting OP to increase +24.1% YoY (OPM 3.3% → 3.8%), in large part driven by a recovery in profitability for Cloud Integration including NEXTSCAPE, addressing rectification of unit prices and NEXTSCAPE project delays which depressed GPM, and also recouping leading investment in personnel, new HQ, etc.
• Q1 FY25/9 consolidated net sales increased +7.9% YoY, operating profit +61.7%, and profit attributable to owners of parent +96.9%.
• Profitability improved sharply, where Q1 GPM rose 1.8pp from 13.4% → 15.2%, the ratio of SG&A expenses declined 0.4pp from 8.8% → 8.4%, and OPM increased 2.3pp from 4.5% → 6.8%, in large part due to the recovery in profitability of Cloud Integration business, which accounted for nearly two-thirds of the total increase in consolidated OP, a solid result kicking off the new fiscal year.

• The fourth quarter earnings results of Akamai Technologies, Inc. reveal a mixed performance with notable strengths and areas of concern.
• Akamai reported revenue of $1.02 billion for Q4 2024, marking a 3% increase both on a reported and constant currency basis.
• Non-GAAP earnings per share exceeded guidance at $1.66.

• NetEase, a major player in the global gaming industry, delivered a mixed set of results for its fourth quarter and full fiscal year 2024.
• Total net revenue reached RMB 105.3 billion ($14.4 billion), a 2% increase year-over-year, driven primarily by their online games segment which contributed RMB 83.6 billion of the total.
• Despite the growth, the increase was modest, reflecting challenges in certain areas of the company’s operations.

• RingCentral’s recent financial performance for the fourth quarter of 2024 reflects both positive growth trajectories and several challenges that provide a mixed picture for potential investors.
• The company reported a total revenue of $615 million for the quarter, which exceeded their guidance and contributed to an annual revenue increase of 9% to $2.4 billion.
• This is supported by a strong operating margin of 21.3%, slightly up from 19.1% in the previous year, and a notable free cash flow of $112 million in the fourth quarter.

• Since its transition to a public company, UL Solutions has made significant strides, especially highlighted during the discussion about its 2024 financial results and its outlook for 2025.
• The company, historically recognized as a global leader in safety science and driven by its mission in the testing, inspection, and certification industry, reported substantial growth in revenue and profitability in its first year as a public entity.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• Altair Engineering, Inc. recently reported their performance for the second quarter of 2024, presenting a mix of positive developments and ongoing strategic initiatives.
• The company delivered total quarterly revenue of $148.8 million, with software revenue accounting for $135.4 million, both numbers exceeding the high end of their guidance.
• The robust growth in software revenue, which increased by 10.6% on a constant currency basis, highlights the strong demand for Altair’s technological solutions across various sectors, particularly aerospace and defense.

• Constituent changes to the S&P 500 INDEX (SPX INDEX), S&P Midcap400 Index and S&P SmallCap600 Index for the March rebalance will be announced after market close on Friday.
• There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.
• The largest inflows will be in Amazon.com, Tesla, Microsoft, NVIDIA, Alphabet (GOOGL US) and Electronic Arts. Largest outflows are from Broadcom, Meta Platforms, Linde, Mcdonald’s Corp and Take Two Interactive.

• TSMC just held a press conference this evening in Taiwan regarding its expanded U.S. investment plans. TSMC said it won’t impact Taiwan investments; it is actually accelerating its Taiwan investments.
• Additionally, we see TSMC’s aggressive U.S. expansion significantly weakening Intel’s ability to compete, as it removes one of Intel’s major differentiators–domestic U.S. production.
• Maintain Structural Long rating on TSMC — Expanded U.S. investment fortifies the company’s global leadership. ALSO — Positive news for semiconductor manufacturing equipment companies internationally and in Taiwan. ASML, etc.

• Tencent’s stock price has risen by 35% since our last buy rating. Downgrade to Hold.
• Our EPS estimate for 2025 is 12% over the market consensus.
• We believe both revenue growth and margin will improve in the coming 4Q24 results.

• TSMC’s first 3 Fabs (capacity 80k wafer/month for US$65bn) start production from 2025 to 2030. The newly announced next 3 Fabs (90k, $100bn) should roll  out over 2030-35.
• Given Capex in the US is 70% higher than in Taiwan, wafer price will be ~45% higher.
• That’s probably why only 12% of TSMC EUV capacity will be in the US by 2030. Customers want more supply security but cost matters.

• TSMC Chairman Dr. CC Wei pointed out that TSMC builds production lines everywhere to meet customers’ demands. TSMC has never gone against this principle.  
• On the 3rd of March, U.S. President Trump and TSMC Chairman jointly announced at the White House that TSMC would reinvest at least $100 billion in the U.S.
• Regarding concerns from the public that TSMC might gradually shift its production focus to the U.S., TSMC made it clear that this would not happen.

• There is speculation about Deepseek’s wafer manufacturing yield issue at Semiconductor Manufacturing International Corp (SMIC) (981 HK) these days.  
• The potential concern serves as a signal for a hot topic within the company, carrying two underlying meanings.
• Although NVIDIA Corp (NVDA US) is making waves in AI applications, we must not overlook the potential for continued creative developments in the world, such as Deepseek’s solution.  

• AGS Transact Technologies (AGSTRA IN)‘ stock plunged 85% in six months due to loan defaults, delayed payments, and severe cash flow issues.
• The company is on the verge of insolvency as debt defaults, SLA breaches, and auditor concerns mount. Independent directors, executives, and key employees are resigning, signaling deep-rooted financial instability.
• The management’s revival plan, including selling subsidiaries and restructuring loans, may be too late. The cash management business is highly sensitive to disruptions, making recovery uncertain. 

• Trimble Inc. concluded its fiscal year with robust performance, exceeding the midpoint of its guidance.
• The company reported fourth-quarter revenue of $983 million, ARR of $2.26 billion, and EPS of $0.89.
• On an as adjusted basis, the fourth-quarter revenue increased by 9%, while gross margins significantly exceeded 70% for the first time.

• iQIYI reported a mixed set of results for the fourth quarter and fiscal year 2024.
• The company observed significant improvements in several operational metrics towards the end of the quarter, fueled by the strong performance of its top-tier content.
• This uptick in content performance led to an increase in subscribing members and higher user engagement.

• The Stakes in the 6G Race: 100x Data Speeds & AI-Driven Networks
• Qualcom’s Strategy vs. Mediatek’s Gameplan to Win the 6G Battle — Takeaways from MWC 2025 in Barcelona
• Investment Takeaways: MediaTek vs. Qualcomm — Maintain Structural Long for Mediatek but Qualcomm Could Offer Near-Term Relative Value Play

• Nvidia’s stock has underperformed this year due to intense scrutiny and high expectations
• Despite strong fundamentals, it is difficult for Nvidia to surprise investors and move the stock price
• Potential for upside lies in Blackwell demand and upcoming announcements, but meaningful surprises may be limited due to the company’s high level of scrutiny and public knowledge

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

• The huge rally in SUNeVision Holdings (1686 HK) will bring passive inflows to the stock after being added to a global sector index.
• Estimated passive buying is 19.4m shares (US$22m; 0.55x ADV) with implementation scheduled for the close of trading on 21 March.
• Shorts have risen sharply in the last couple of weeks and cumulative excess volume has jumped too. But we see a similar pattern in a close peer.

• PC Partner (1263 HK) reported FY24 results which showed a strong finish to the year
• Relisting on SGX on track to complete by 3Q25. If this completes it should allow the company to finally access NVDA’s AI chips.
• Better availability of RTX5090 and RTX5080 in 2Q25 and potential AI chips could turbocharge 2H25 results.

• All but one of the Magnificent 7 stocks have seen their rallies collapse, breaking their long-term uptrends. The lone exception? Meta Platforms (META US).
• Mark Zuckerberg’s company is the only Magnificent 7 stock that has pulled back yet may still be holding its uptrend intact.
• Our model has identified a tactical BUY opportunity in the support price area around 640. Keep reading for the details…

For our next Corporate Webinar, we are glad to welcome MoneyHero Group’s CEO and Director, Mr Rohith Murthy.

In the upcoming webinar, Rohith will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Monday, 17 March 2025, 11:00 SGT. 

About MoneyHero Group

MoneyHero Group connects people to a better financial future. The mission at MoneyHero Group is to make all of life’s financial decisions a time saving and rewarding experience. MoneyHero Group educates consumers about personal finance, helps them decide which products are best suited for their needs, and facilitates getting the product. They connect financial institutions with their target customers and help them achieve their customer acquisition objectives.

• Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range). 
• Our base case target price is based on P/E of 25.3x (20% premium to comps’ average valuation multiple) using our estimated net profit of 17 billion won in 2025. 
• This valuation premium is appropriate due to Dozn’s higher sales growth rate, higher net margins, and higher ROE versus the comps. 

• TSMC’s expansion in US poses a challenge to Trump’s labor strategy, according to DIGITIMES analyst.
• Tesla leads in AI technology for electric vehicles and robots, pushing the boundaries of innovation.
• European telecoms shift focus to AI as 5G deployment faces delays, while Indian mobile market shows growth potential in 2025.

• Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures.
• HK SDRs offer cost-effective access to Hong Kong stocks with lower brokerage fees, no forex fees, and SGD settlements.
• Since October 2024, HK SDRs’ daily turnover increased eightfold to S$4 million, with significant trading in Tencent, BYD, and Alibaba.

• On February 14, 2025, Geechs Inc. (hereafter, “the Company”) announced its Q3(9M) FY2025/3 earnings results.
• Net sales rose 5.2% YoY to JPY 18,705 mn, EBITDA rose 67% YoY to JPY 440 mn, and operating profit rose 503% YoY to JPY 348 mn.
• This reflected steady growth in the core IT freelance matching business (Japan), reduced losses in the IT freelance matching business (Overseas), improved profitability in the Seed Tech business, and an end to losses from G2 Studios (formerly the Game business) following its sale at the end of FY2024/3. 

• Regarding global silicon wafer market prices, Globalwafers (6488 TT) noted that the Long-Term Agreement (LTA) for 12-inch wafers primarily focuses on advanced process nodes, with prices remaining stable.
• In December 2024, Globalwafers (6488 TT) signed a final agreement with the U.S. Department of Commerce, expecting to receive a maximum subsidy of USD$406mn.  
• Globalwafers (6488 TT) has not received any notifications regarding adjustments to chip policies.

• On March 1, ex Intel CEO Craig Barrett posted a rebuttal of his former board members opinion piece on the subject of the company’s future
• He claims that Intel is back, the company must not be broken up, the board should be fired and Mr. Gelsinger should be rehired to finish the job he started
• Meanwhile, Intel has put its Ohio fab on hold until the end of the decade, its German fab on hold for two years, both damning indictments of Mr Gelsinger’s strategy

• TSMC plans to invest $100 billion in the US to build three new fabs, two new advanced packaging facilities and establish an R&D centre, all in Arizona
• During the press conference at the White House, Mr Wei received fulsome praise from President Trump and was careful to thank him for his vision and support on multiple occasions
• The announcement lacked key details such as construction timelines and which process technologies would be deployed but it would still appear to have done the trick, at least for now.

• On March 4th, Taiwan Semiconductor (TSMC) – ADR (TSM US) announced that the company will further increase its investment up to $100 billion in the US.
• The restructured case of Intel Corp (INTC US) has elicited different opinions, but a few companies may consider trying out Intel Foundry Service.
• Currently, we find these developments acceptable, although we view them as the result of political interference, and time will tell.

• TSMC’s Latest Global Expansion Plans, Visualized; Taiwan Manufacturing Will Continue to Remain One Generation Ahead of Overseas
• TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
• Memory Monitor: Nanya Tech Soared on DRAM Recovery and Custom HBM News 

• TSMC: +18.5% Premium; Wait for Lower Premium Before Going Long
• ASE: +0.2% Premium; Near-Parity Premium is Opportunity to Long the Spread
• ChipMOS: -3% Discount; Rare Discount is Opportunity to Long the Spread

• Kospi records one of its five largest declines of the past year on Friday.
• Volatility responded sharply to the accelerating selloff, closely tracking the market’s downward momentum.
• With the sharp decline and surge in implied volatility, hedging considerations are explored.

• Rakuten is utilizing AI and O-RAN to lower telecom costs and broaden its global footprint in the industry, focusing on efficiency and expansion.
• IBM has launched Granite 3.2, an advanced AI platform that incorporates on-demand reasoning and vision-language model to bolster its AI capabilities, fostering innovation in the field of artificial intelligence.
• The GSMA has revealed the four key pillars that will shape the future of 5G technology at MWC 2025, highlighting the importance of advancements in connectivity for the development of mobile networks.

• In this edition: • KPN | plans to increase broadband line tariffs by 3.3% on 1 July 2025 • Shell | believed to be exploring sale of Chemical business in Europe and the USA • InPost | completes refinancing and increases financial flexibility • TKH Group | next phase of focus and optimization – focus on Automation and Electrification, implying divestment of Digitalization • PostNL | EUR 10m earmarked for deployment of APMs

• Baidu’s fourth-quarter and full-year 2024 financial results reveal a company navigating both challenges and opportunities, driven by its ongoing transformation into an AI-centric entity.
• The reported total revenues for the fourth quarter amounted to RMB 34.1 billion, a 2% decrease year-over-year, while full-year revenues were down by 1%, at RMB 133.1 billion.
• Despite these slight declines, Baidu Core’s revenue performance was stable, increasing by 1% for both the fourth quarter and full year.

• With the averaging period for the April rebalance commencing today, we forecast 2 changes for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.
• Based on the passive assets tracking the index, there will be between 0.65-1x ADV to buy in the adds and between 0.5-1.7x ADV to sell in the deletes.
• The big rally has taken Gemvax & Kael into inclusion zone while underperformance leads to ISC Co and Techwing dropping out of inclusion zone.

• Plover Bay Technologies (1523.HK , “Plover Bay”) with a market cap of approximately USD 739 million, experienced another stellar year with its FY24A annual results, showcasing a notable 24% revenue increase, exceeding the USD 100 million threshold (also known as the “valley of death ”) to reach USD 117 million, while also realizing a 36% YoY growth in net profit, amounting to USD 38 million.
• This success is complemented by strategic partnerships, and ongoing innovation.
• With deepening collaborations, an expanding product line-up, and an emphasis on recurring revenues, Plover Bay is well-positioned for sustained growth in 2025 and beyond.

• Oneconnect Financial Technology (6638 HK) disclosed a preliminary non-binding privatisation offer from Ping An Insurance (H) (2318 HK) at HK$2.068 (US$7.98 per ADS), a 72.33% premium to the undisturbed price.
• Despite the hefty premium, the offer is opportunistic as it values OneConnect around net cash and is at a material discount to historical trading ranges. 
• If a binding proposal materialises, the offer price will not be increased. A high minority participation rate could be an issue for the vote.  

• Dual-Listed OneConnect Financial Technology (6638 HK/OCFT US), a digital retail banking/commercial banking/ digital insurance play, has announced a non-binding proposal from Ping An, OneConnect’s controlling shareholder with 32.12%.
• Ping An is offering, by way of a Scheme, HK$2.068/share, or US$7.98/ADS, a 72.33% premium to last close, and a 131.66% premium to the 30-day average. The price is final. 
• What now? Back in OneConnect’s boards’ court whether to engage or not. Which they should. No competing Offer will emerge.

• Arista Networks’ results for the fourth quarter of 2024 reflect significant strides and some challenges in various segments.
• The company reported revenue of $1.93 billion for the quarter, contributing to an annual growth of approximately 19.5%, surpassing its initial forecast of 10-12% amidst robust AI-related demand.
• This performance helped achieve a non-GAAP operating margin of 47.5%, marking a solid financial standing.

• We Doctor’s business structure has undergone significant changes. Its positioning has become the AI-enabled healthcare solutions provider. The current business model of We Doctor is To G (To Government) model.
• Whether We Doctor can replicate Tianjin model in other cities is uncertain because it may not have deep connections/resources in new cities/regions. Profit model of AI+ healthcare isn’t yet clear.
• We Doctor’s Pre-IPO valuation has reached US$6.7 billion, which is too expensive. Reasonable valuation could be just US$1-2 billion, and should be lower than Ping An Good Doctor.

• HP plans to cut 2,000 jobs and shift 90% of its manufacturing from China to North America by the fourth quarter of 2025.
• Hushan successfully transforms car door handles into profitable aftermarket products, carving out a niche in the market.
• IBM closes its research facility in China and lays off 1,800 employees, while companies like Jabil, Aequs, and Tata export Indian-made Apple components to China and Vietnam.

• Shift4 Payments Inc. reported robust financial results for the fourth quarter of 2024, setting records across several key performance indicators.
• The company announced a 49% year-over-year increase in end-to-end payment volumes to $47.9 billion and a 50% rise in gross revenue less network fees, amounting to $405 million.
• Adjusted EBITDA increased by 51% to $205.9 million, while adjusted free cash flow saw a significant rise of 78% to $134 million.

• Cadence Design Systems Inc. reported strong results for the fourth quarter of 2024, with notable achievements in revenue and operating margins.
• The year concluded with a record backlog of $6.8 billion, reflecting heightened demand for Cadence’s AI-driven chip-to-systems portfolio and the expanded application of its AI solutions in semiconductor innovation.
• The company observed exceptional momentum in its partnerships, including with NVIDIA, Qualcomm, and Marvell, highlighting increased adoption of its AI-powered products such as Cadence Cerebrus, SimAI, and Allegro X AI.

• Put trading as a percentage of total volume continues to increase and coupled with a shift in the skew highlights changing sentiment.
• Volatile price action this week with Wednesday and Friday both moving ~3.50%.
• Implied and historic volatilities were all up on the week and seasonal setup over next two weeks not favorble. 

• Pentamaster International (1665 HK)‘s Scheme overwhelmingly gets up after a wild week of trading.
• After touching an intra-day low of HK$0.78/share on the 25th Feb – 28% adrift of the HK$1.00/share terms – shares closed at HK$0.97/share prior the results of the Scheme Meeting. 
• 58.2% of disinterested shareholders opted to vote. Just 0.5% of those shareholders present voted against the Scheme; or just 0.29% of total disinterested shareholders. Not even close.

• Broad based weakness, less than ½ of optionable stocks were up on the week with the average size of losses larger than average size of gains.
• Total single stock Put option volume the highest in the past 4 months pushing the Put/Call ratio to a local extreme. 
• Laggards from the rally holding on, rally leaders broadly weak.

• HSI down 1.64% on the week but under the hood volatility was percolating with a larger weekly range and 2 daily moves > 3%.
• Volatilities rise across the board and shift in the skew favoring Puts.
• Trading dynamics between spot and implied vol continue to evolve and seasonal setup over the next two weeks not favourable for HSI.

• Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
• ART’s reported H1 FY25 results are messy, with a number of non-cash items including media capital spend distorting reported numbers.
• On an adjusted basis revenue growth was 11%, with Airtasker marketplace growth closer to 15%.

• Plover Bay Technologies (1523 HK) reported FY24 revenues/profits up 23.9%/35.4% YoY. H2 FY24 revenue/profit growth was steady at 20%/20% YoY.
• On the conference call, the company did not provide explicit guidance for FY25 but mentioned that growth has been healthy for the six weeks of FY25 and will continue. 
• Trading at 19x/16.4x FY24/25e (assuming 20% growth and flat margins), with a dividend yield of 5.8% and 10% of the market cap in net cash, the stock is worth exploring.

• CSI announced the changes for the March rebalance after market close on 28 February and the changes will be effective after the close of trading on 14 March.
• As expected, Shenzhen Bluetrum Technology (688332 CH) will be added to the index while JoulWatt Technology Co (688141 CH) will be deleted.
• Shenzhen Bluetrum Technology (688332 CH) outperformed JoulWatt Technology Co (688141 CH) in the last quarter of 2024 and there has been a reversal of fortunes this calendar year.

• Several US tariffs are expected in March, but their implementation remains uncertain and is part of ongoing negotiations.
• Central banks in India, Japan, and the US will announce rate decisions in March, with India possibly cutting rates by 0.25%.
• Major HK stocks are set to announce earnings in March, and index changes will occur in the S&P 500, Nifty 50, S&P/ASX 200, and HSCEI indices.

• For the month of February 2025, 14 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$5bn.
• The average premium for the new transactions announced (or first discussed) in February was ~55%, with a year-to-date average also of 56%. 
• The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31% .

• Monthly deep-dive into price and vol metrics across Asian indexes as well as macro assets.
• Provides an in-depth look at the current state of the markets as well as how volatility and price are likely to unfold for March.
• HSI, Nifty, SP500, SPASX200 and Gold are all highlighted as having tradeable patterns in March.