In today’s briefing:
- Keisei Railway (9009) Gets Bad Advice from Activists, Which Is Good for The Rest of US
- Former CEO Claims Intel Is Back & Says Can We Please Stop Talking About Breaking It Up?
- TSMC To Invest A Further $100 Billion In Arizona
- TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
- Sinfonia Technology (6507): A Strategic Asset in Japan’s Defence Ecosystem
- Taiwan Tech Weekly: TSMC’s Expansion Visualized; Implications of New U.S. Investment; New HBM Memory
- Taiwan Dual-Listings Monitor: TSMC’s Range Declining; ASE Near Parity; ChipMOS Rare Discount
- Ping An Good Doctor (1833 HK) – The Mandatory General Offer and DeepSeek Story May Not Turn the Tide
- Tech Supply Chain Tracker (05-Mar-2025): Rakuten uses AI and O-RAN to save on telecom costs, targets global growth.
- Philippines Exchange (PSE PM): Steady FY24 Sets The Stage For Catalyst-Filled FY25
Keisei Railway (9009) Gets Bad Advice from Activists, Which Is Good for The Rest of US
- Activist investors, confusing market price with intrinsic value, have shot themselves in the foot by offering terrible advice to Keisei Railway’s management.
- When Keisei followed advice from the activist, selling just 1% of the shares of Oriental Land, Keisei’s share price collapsed, proving market price has nothing to do with intrinsic value.
- Keisei’s revenue growth and return on investment are stronger than most of its peers, and the crash in its stock price caused by activists might create an opportunity for others.
Former CEO Claims Intel Is Back & Says Can We Please Stop Talking About Breaking It Up?
- 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 To Invest A Further $100 Billion In Arizona
- 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.
TSMC (2330.TT; TSM.US): Invest Further in US up to 100bn; Intel Foundry Service Gets Direct Clients.
- 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.
Sinfonia Technology (6507): A Strategic Asset in Japan’s Defence Ecosystem
- Sinfonia Technology is strategically positioned to benefit from Japan’s rising defence and semiconductor investments, leveraging its expertise in precision motion systems and power electronics.
- The company holds a leading market share in aerospace and semiconductor handling, underpinned by robust financial performance and a well-defined strategy for future growth.
- Amid increasing geopolitical tensions, Sinfonia’s integral role in space and defence applications enhances its long-term growth potential, making it a noteworthy player in Japan’s industrial expansion.
Taiwan Tech Weekly: TSMC’s Expansion Visualized; Implications of New U.S. Investment; New HBM Memory
- 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
Taiwan Dual-Listings Monitor: TSMC’s Range Declining; ASE Near Parity; ChipMOS Rare Discount
- 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
Ping An Good Doctor (1833 HK) – The Mandatory General Offer and DeepSeek Story May Not Turn the Tide
- Recent surge of share price is driven by the craze for DeepSeek/AI in digital healthcare, not the improvement of fundamentals or effective validation of business model.So, the rally won’t last.
- Although AI is a great story, the extent to which DeepSeek can bring substantial benefits to PAGD remains to be verified. Small revenue scale may lead to low valuation premium.
- PAGD is expected to turn loss into profits in 2024. Short-term valuation should be lower than peers. When PAGD achieve profitability/revenue in large scale, P/B would approach the industry average.
Tech Supply Chain Tracker (05-Mar-2025): Rakuten uses AI and O-RAN to save on telecom costs, targets global growth.
- 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.
Philippines Exchange (PSE PM): Steady FY24 Sets The Stage For Catalyst-Filled FY25
- We summarize the Philippine Stock Exchange (PSE PM) earnings for FY24. Revenues/core earnings declined 1.2%/2.9% YoY. Inclusive of the gain in the stake of PDS, profits were up 56% YoY.
- The outlook for 2025 is strong, bolstered by the completed acquisition of a 78.3% stake in PDS and a 75% increase in listing maintenance fees, which contribute 18% of revenues.
- With a FY25 PE of 13.6x, over 10% cash in the market, more than 50% EBITDA, and a 7.4% dividend yield, the stock presents an attractive investment opportunity.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
