In today’s briefing:
- My Take on Samsung’s Big Foundry Deal with Tesla
- Samsung Electronics Clinches a Huge Chip Contract from Tesla
- Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?
- Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition
- NSDL IPO Analysis: India’s First & Largest Depository
- APR: Time To Take Profits (Three Major Reasons)
- CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?
- Imdex Ltd – The Overnight Report: Tariff Reality Bites
- Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift
- Japan Pure Chemical (4973 JP): Q1 FY03/26 flash update
My Take on Samsung’s Big Foundry Deal with Tesla
- The A16 chip Samsung fabs is mainly for real-time inference in Tesla’s FSD cars, not data-center training, which remains dominated by Dojo and NVIDIA hardware.
- If Tesla’s deal includes AI chips with HBM, it’s a major catalyst; if just A16, it’s not proof HBM yield issues are solved.
- Tesla’s deal isn’t a sure sign Samsung’s HBM4 passed NVIDIA’s qual tests, but it’s a key reference boosting market hype—time to consider a Samsung long, SK Hynix short setup.
Samsung Electronics Clinches a Huge Chip Contract from Tesla
- On 28 July, it was reported that Samsung Electronics (005930 KS) clinched a huge chip contract worth $16.5 billion from Tesla (TSLA US).
- This is a major win for Samsung Electronics since it is one of the largest foundry orders for the company from a single customer in the past decade.
- Samsung Electronics is trading at attractive valuations. It is trading at P/E of 12.3x, P/B of 1.0x, and EV/EBITDA of 3.6x in 2026, based on consensus estimates.
Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?
- Laopu Gold (6181 HK)’s stock has fallen nearly 30% since its July 8 peak and declined another 4% yesterday despite an upbeat 1H2025 profit update.
- The company’s positive profit alert reported revenues and profits up more than 2.5x year-on-year, exceeding market expectations.
- The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and broader fundamental concerns.
Anta (2020 HK): Company Estimates Higher Growth Due to Acquisition
- Anta expects “other brands” revenue will increase by “60-65%” YoY in 1H25.
- We believe Anta finished the consolidation of Jack Wolfskin within June.
- We conclude the stock will have an upside of 28% for the next twelve months.
NSDL IPO Analysis: India’s First & Largest Depository
- NSDL (NSDL IN)‘s IPO is an OFS priced at INR 760-800 per share, targeting an issue size of INR 3,810-4,011 crore
- As India’s pioneering SEBI-registered MII, company is the largest depository, serving 79,773 issuers as of March 2025, driven by market growth and innovation.
- Valuation indicators suggest a fair assessment relative to industry peers, underscored by a robust issuer base and inherent financial stability.
APR: Time To Take Profits (Three Major Reasons)
- There are three major reasons why we would take profits on APR (278470 KS) at current levels.
- They include lofty valuations, increased competition, and share price decline post large scale dividend payout announcement.
- APR could be facing especially tough competition for the beauty device products from Amorepacific, LG H&H, and others especially starting in 4Q 2025.
CNI – Will Its Recent Strategic CapEx Investment Help Sustain Profitability In The Long-Term?
- Canadian National Railway Company (CN) presented its financial and operational results for the second quarter of 2025, reflecting a cautiously optimistic outlook amidst challenging external conditions.
- The company reported a 2% growth in adjusted earnings per share (EPS), despite a static year-over-year carload count and a 1% reduction in revenue ton miles (RTMs).
- Key highlights and challenges from the earnings call offer insights into CN’s operational strategy and market conditions.
Imdex Ltd – The Overnight Report: Tariff Reality Bites
- European markets turned negative as sentiment following the US trade tariiff deal moved to ‘not great’ from ‘better than expected’.
- The Nasdaq edged to a new high, but enthusiasm across the board was weak.
- ASX futures are suggesting a soft start as Australia and other countries remain in the US line of sight for blanket 15%-20% tariffs.
Memory Monitor: SK Hynix Vs. Micron — Different Speeds & Focus, Same Structural Shift
- From Cycles to Systems: Memory’s Pivot to Strategic AI Infrastructure
- SK Hynix Leads in HBM4 Execution Thus Far; But How This Next HBM Advancement is Carved Up Remains to Be Seen
- Conclusion: Memory Market Becoming Less Commoditized and More Specialized into Advanced Categories
Japan Pure Chemical (4973 JP): Q1 FY03/26 flash update
- Revenue increased by 10.7% YoY to JPY3.4bn, while operating profit decreased by 37.8% YoY to JPY93mn.
- Sales for AI servers and data centers remained strong, but consumer product demand stalled due to US-China tensions.
- Revenue from semiconductor packages grew 24.1% YoY, while automotive-related sales declined slightly due to inventory adjustments.
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