In today’s briefing:
- Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business
- AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
- Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins
- Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits
- Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear
- Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
- RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading
- What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)
- UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q
- 3 D Matrix Ltd (7777 JP): Full-year FY04/25 flash update
Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business
- The separation will occur via a two step transaction – an initial minority IPO carve-out followed by a split-off of the remaining stake.
- Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time. Diabetes business could be valued between $8-$11B.
- The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.
AMD Claims Its New GPU Is on Par with Nvidia, Its Software Platform ROCm Beats CUDA for Inference.
- AMD launched MI300-355. AMD claims that for training MI355 is on par with Nvidia’s B200. For inference MI355 generates more token per $, has a better TCO. MI350 shipped May-25
- AI addressable market: AMD maintains its $500bn by 2028 estimate, 60% Cagr “or exceeding that”. Inference will grow faster, over 80% Cagr.
- AMD stock is cheap, has bottomed out, the roadmap is more competitive, etc. For investors looking for an alternative to Nvidia and TSMC, AMD is the best alternative imo.
Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) – Scaling Production and Enhancing Margins
- EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.
- Shandong Gold aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth & higher prices.
- Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.
Bloks Group (0325.HK): Six-Month IPO Lock-Up Will Expire In July, Time To Take Profits
- Bloks Group is one of the top performing stocks in Hong Kong this year, with shares up 186% over the year versus a ~19% gain on the HSI.
- Chinese assembly character toy maker priced its offering at HK$60.35 per share in January, top of a range, and raised ~HK$1.8B of the net proceeds.
- The offering was 5,000+ times oversubscribed and Bloks Group IPO attracted a surge of retail investors. The company’s six-month IPO lockup will expire on July 9, 2025.
Memory Monitor: Soaring DRAM Prices and Enterprise Flash Shifts – The Memory Market Finds a New Gear
- DRAM — Global Memory Market Has Regained Momentum in Mid-2025, Driven by a Sharp Upswing in Spot Prices.
- NAND Flash — Strategic Outsourcing, High ASP Segments Drive Memory Controller Specialist Gains
- Conclusion — Short-Term Gains vs. Long-Term Growth in Memory Markets
Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS)
- Past Growth: Oswal scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.
- Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.
- Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.
RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading
- Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.
- The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.
- Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.
What’s New(s) in Amsterdam – 13 June (KPN | Odido | Triodos Bank)
- In this edition: • KPN | more behind the VodafoneZiggo / Delta Fiber access deal than meets the eye?
- • Odido | IPO expected to be postponed until after the summer • Triodos Bank | intends to focus more on the Netherlands
UHAL: U-Haul Holding Company Reports 4Q and full-year FY2025 Results. Revenues were above expectations in the seasonally slow 4Q
- U-Haul Holding Company is the parent company of U-Haul International, the world’s largest consumer truck and trailer rental company.
- U-Haul is also the third largest self-storage operator in North America.
- U-Haul benefited from a step up in top-line demand for self-moving services during the pandemic, namely in FY2021 & FY2022.
3 D Matrix Ltd (7777 JP): Full-year FY04/25 flash update
- Operating revenue increased 51.1% YoY to JPY6.9bn, driven by strong sales of absorbable local hemostat TDM-621.
- The company reported an operating loss of JPY1.2bn, narrowing by JPY961mn YoY, with a recurring loss of JPY2.5bn.
- FY04/26 forecast anticipates JPY9.3bn operating revenue, JPY400mn operating profit, and JPY301mn net income attributable to owners.
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