In today’s briefing:
- Intel 18A: Cracks in the Wall. Good for TSMC.
- Appier (4180 JP) | AI Marketing Leader Positioned for Long-Term Growth
- Paramount Bed Holdings (7817 JP): Demand to Remain Sluggish; Margins to Hold, For Now
- Tata Motors Q4 & FY25 Update: Strong Financial Performance with Focus on EV Growth
- Asics (7936) | Q1 Earnings Impress, But Market Reacts to Unchanged Guidance
- A Pair Trade (Basket) Of Korean Banks Vs Securities
- Intel. From Copy Exactly To Copy TSMC?
- High Conviction 2025 – Freee: Robust Business Model Supports Stable Margins; Further Upside Ahead
- Fast Fitness Japan Inc (7092 JP): Full-year FY03/25 flash update
- Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside
Intel 18A: Cracks in the Wall. Good for TSMC.
- Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is “not significant”, limited to packaging only.
- Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.
- Clear admission that Intel Foundry won’t be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.
Appier (4180 JP) | AI Marketing Leader Positioned for Long-Term Growth
- Solid Q1 and reaffirmed guidance: Appier delivered 27% organic growth in Q1, maintained FY targets, and continues to benefit from resilient demand for AI marketing solutions.
- Strategic acquisition of AdCreative.ai: The deal expands Appier’s AI portfolio, enhances creative automation capabilities, and supports cross-sell potential, despite short-term margin pressure from integration.
- Attractive valuation with upside: Despite strong fundamentals, shares trade below 3x EV/sales; H2 seasonality and AI adoption present a compelling re-rating opportunity.
Paramount Bed Holdings (7817 JP): Demand to Remain Sluggish; Margins to Hold, For Now
- In FY25, Paramount Bed Holdings Co Lt (7817 JP) reported 2% YoY revenue growth to ¥109B, mainly driven by the nursing care business.
- Due to higher SG&A expenses, operating profit decreased 6% YoY to ¥13B and net profit was down 15% YoY to ¥9B.
- Paramount guided FY26 revenue to grow 4% YoY to ¥113B and also trimmed FY27 targets in mid-term plan.
Tata Motors Q4 & FY25 Update: Strong Financial Performance with Focus on EV Growth
- Tata Motors posted its highest-ever annual revenue and PBT for FY25, with strong sequential growth in Q4 driven by robust performance in both commercial and passenger vehicle segments.
- The company successfully managed to navigate global trade and tariff challenges, improved its profitability through cost-saving measures, and expanded its leadership in electric mobility.
- The results demonstrate Tata Motors’ resilience and long-term growth strategy, especially with a continued focus on electric vehicles and new product innovations.
Asics (7936) | Q1 Earnings Impress, But Market Reacts to Unchanged Guidance
- Asics reported its first-quarter results during trading hours, with the stock closing down 8.6% on the day.
- While headline numbers were strong, investors may have been disappointed by the lack of upward revision to full-year guidance.
- Our positive view on Asics remains unchanged. The company is successfully navigating geopolitical and macro uncertainties while strengthening its brand.
A Pair Trade (Basket) Of Korean Banks Vs Securities
- In this insight, we propose a pair trade between a basket of major securities stocks (long) versus banking stocks (short) in Korea.
- We believe the five major securities stocks in Korea could continue to outperform the five major banking stocks in Korea over the next 6-12 months.
- We present 3 major headwinds on the Korean banking sector and 4 major tailwinds on the Korean securities sector.
Intel. From Copy Exactly To Copy TSMC?
- Intel has signalled a shift from its long held Copy Exactly strategy to a “democratization of innovation between Technology Development & High Volume Manufacturing
- This may be more akin to how TSMC operates. Some hail this as a positive, others are not quite so convinced, but it’s a seismic shift at a critical juncture
- If Intel is indeed switching from CE to CT, it needs to be a carefully thought out, well planned transition to succeed. But that’s not what what we see happening.
High Conviction 2025 – Freee: Robust Business Model Supports Stable Margins; Further Upside Ahead
- Freee KK (4478 JP) reported 3QFY06/2025 results today. Revenue for the quarter was marginally below consensus despite increasing 27% YoY, while GAAP OP beat consensus by a huge margin.
- Due to the tax filing season, freee’s S&M costs tends to be higher during 3Q which led to slightly lower Adj. OP during the quarter. Price revisions have improved ARPU.
- Freee’s share price has been up more than 40% YTD, strengthening profitability and its solid business model vs Money Forward (3994 JP) mean there is further upside.
Fast Fitness Japan Inc (7092 JP): Full-year FY03/25 flash update
- FY03/25 revenue increased 13.8% YoY to JPY18.0bn, driven by membership growth in domestic Anytime Fitness clubs.
- Operating profit decreased 4.7% YoY to JPY3.3bn due to higher costs, despite revenue growth and cost-curbing efforts.
- FY03/25 saw 71 club openings and 11 closures, ending with 1,194 clubs and 974,000 members.
Geely (175 HK): Revenue Up by 25% in 1Q25 and Deliveries Up by 53% in April – 26% Stock Upside
- Geely announced that total revenue increased by 25% YoY in 1Q25.
- Sales volume continued to grew strongly by 53% YoY in April 2025.
- The operating margin improved YoY for the third quarter in 1Q25.
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