Daily Brief Equity Bottom-Up: Taiwan Tech Weekly: OpenAI Developing Alternative to Nvidia with TSMC; Hon Hai Guides Strong 1Q25E and more

• OpenAI Joins the AI Chip Race — Partnering with TSMC and Broadcom to Reduce Nvidia Reliance
• TSMC January Revenue Rises 35.9% — But Reduces 1Q25E Expectations Due to Quake Impact
• Hon Hai Guides for 1Q25E Growth to Be Above Average and ‘Strong’

• Borosil Renewables (BRSL IN) is India’s largest solar glass manufacturer having c apacity of 1000TPD in India and 350TPD in Germany. 
• With the rising demand and government anti-dumping duty support company is increasing 50% capacity in India to 1500TPD in the upcoming 18 Months. 
• Company also raised INR 700Crs of funds via preferential, 100Crs via equity from promoter and 600Crs via warrants from HNIs and family offices for capex and loan repayment.

• On Sunday 9th of February, the people of Ecuador headed to the polls to elect a new president. The first round was narrowly won by incumbent Noboa.
• A run-off between Noboa and Gonzalez is planned for April 13th. A victory for either candidate is bullish Ecuador mining companies as both have a pro-mining stance.
• Solaris Resources has been often targeted by anti-mining protestors in the past but a new stable government and a new Solaris CEO could catapult stock higher.

• Cirrus Logic recently reported its financial performance for the third quarter of the fiscal year 2025, revealing both opportunities and challenges.
• The company announced revenues of $555.7 million, surpassing the upper limit of its guidance range due to stronger-than-anticipated demand in the smartphone sector.
• However, this quarter represented a 10% decline in sales year-over-year, attributed largely to a decrease in smartphone volumes and adjustments in the fiscal calendar.

• VET is undervalued, trading at a price target of C$26.00/share with a 20% yield on 2025E levered free cash flow
• The company plans to grow production and sustain cash flow for another decade, with a strong balance sheet and attractive reinvestment opportunities
• VET has exposure to European gas pricing, high netbacks, and slow decline rates, with management committed to returning 50% of free cash flow to shareholders through dividends and share buybacks

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Samsung Electronics (005930 KS)’s shares were up 3.5% (55,600 won) while KOSPI was down 0.3% today. We believe there were two major reasons for this.
• First, there was a recent meeting among Lee Jae Yong (Samsung Electronics), Masayoshi Son (Softbank), and Sam Altman (Open AI) regarding a potential alliance regarding the new Stargate Project.
• Second, there has been increased speculation regarding additional total shareholder returns measures by Samsung Electronics that could be announced in the coming weeks. 

• Columbia Sportswear Company’s fourth quarter and full-year financial performance for 2024 presented a mixed picture rooted in market dynamics and strategic initiatives.
• On the earnings call, the company leadership, including CEO Tim Boyle, highlighted achievements in inventory management, cost savings, and international market growth, while acknowledging challenges faced in North American market conditions.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• M3 Inc (2413 JP) reported 3QFY03/2025 earnings today. Both revenue and OP grew YoY as well as beat consensus estimates. Most of revenue growth came from the ELAN acquisition.
• Medical Platform’s earnings have continued to decline as a result of spending cuts by pharmaceutical companies while there has been a slight improvement in Overseas earnings during the quarter.
• Though the overall declining trend in m3’s earnings has eased, we expect the earnings growth to remain weak. ELAN’s margins have continued to deteriorate.

• We present our outlook for Taste Gourmet’s (8371 HK) FY25 earnings, which will be announced in mid-June. We estimate revenue growth of 21% and net profit growth of 13%.
• The mainboard listing catalyst is still in play with the company at the query stage with the SFC Taste Gourmet (8371 HK): GEM to Mainboard Listing Catalyst in Play.
• Based on our earnings preview, the stock trades at 5.5x FY25PE, 2x EV-EBITDA, with 35% of the market cap in cash and a 10% dividend yield. 

• DXC Technology showed promising third-quarter fiscal year 2025 results, driven by effective operational changes and strategic initiatives.
• The company reported revenue, adjusted EBIT margin, and non-GAAP EPS above its forecast expectations.
• Revenue declined by 4.2% year-over-year on an organic basis, while the adjusted EBIT margin increased to 8.9%, reflecting a year-over-year expansion.