In today’s briefing:
- JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
- Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.
- Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning
- China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
- Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract
- Amaero International Ltd – New five-year contract kicks off commercialisation push
- Airtasker Ltd – Key RaaS KPIs heading in the right direction
JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated
- Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
- Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
- Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.
Vanguard (5347.TT): 2Q25 Outlook Slightly Upbeat; US Tariffs Remain a Negative Factor.
- We assume that Vanguard Intl Semiconductor (5347 TT) will see an upside in its 2Q25 outlook by a few percentage points.
- The DDIC (Display Driver IC) segment appears relatively flat, while PMIC (Power Management IC) may experience slight growth.
- Vanguard Intl Semiconductor (5347 TT) and other Taiwanese semiconductor Fabs are not subject to the 125% tariff imposed by Beijing on U.S. products.
Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning
- SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.
- SIMO’s MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.
- Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.
China Healthcare Weekly (May.4)-HK Stock Is About to Soar, Mindray’s Trouble,Views on Akeso’s Plunge
- The HKD hit its upper limit of 7.75/USD. Capital inflows are expected post–Labor Day, likely boosting Hong Kong stock prices.
- Mindray faces headwinds. A turnaround may come in 25Q3–Q4, but the market seeks a new growth story. A 20–25x TTM P/E reflects fair value, not undervaluation.
- Akeso’s high valuation leans on HARMONi-3 and HARMONi 7 over HARMONi-2. Final OS data raises concerns, as MRCT is challenging and the safety margin is lower than expected.
Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract
- SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest
- Only these two express firms reported margin expansion in Q125 — how’d they do it?
- Q125 results suggest two very different paths toward improved express profitability
Amaero International Ltd – New five-year contract kicks off commercialisation push
- Amaero Ltd (ASX:3DA) is a global specialist in advanced materials manufacturing for the defence, aerospace and other industrial sectors, developing a critical metals alloy powder manufacturing facility in Tennessee, USA.
- The company has announced it has signed a five-year, exclusive supply agreement with US-based metal additive manufacturing technology company Velo3D (OTC:VLDX) for mission-critical parts in the defence, space and aviation industries (ASX release 29 April).
- Amaero said, based on demand estimates from Velo3D, revenue from C103 and titanium alloy powder sales over the five-year agreement are expected to equal approximately US$22m (A$35m).
Airtasker Ltd – Key RaaS KPIs heading in the right direction
- 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 has reported its Q3 FY25 trading update with key RaaS KPIs all heading in the right direction.
- Another quarter of positive cash flow was achieved, resulting in a stable net cash position of $18.3m.
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