In today’s briefing:
- Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications
- Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates
- [Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse
- Tam Jai Intl (2217 HK): It Seems like Quite Some People Are Unhappy
- SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
- Midea IPO Re-Evaluation
- Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project
- New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company
- Cytokinetics Back In The Spotlight Amid Fresh Takeover Speculation: Why Big Pharma May Be Eyeing This Biotech Gem?
- Papa John’s Takeover Bid? Why This Pizza Chain Could Be A Prime Target For Irth Capital!
Taiwan Tech Weekly: TSMC & Broadcom Exploring Intel Acquisition — Implications
- TSMC & Broadcom Exploring Intel Acquisitions; Potential Major Consolidation in the Foundry Space
- Taiwan AI Server Leader Expanding to Texas with New Production Hub
- Semi WFE Revenues Increase ~7% YoY In 2024. 2025 Looks Much The Same. So, Where’s The AI Effect?
Resumption of Short Selling in Korea on 31 March and Potential Short Selling Candidates
- The resumption of short selling in Korea will start again on 31 March. There has been a ban on short selling in Korea since November 2023.
- We provide some short selling candidates in Korea. Their sharply increasing share prices in the past five years have resulted in much more burdensome valuations.
- Despite their burdensome valuations and sharply higher share prices, the remains high risk of some of these stocks that could overshoot to the upside.
[Baidu, Inc. (BIDU US, SELL, TP US$78) Preview]: Baidu’s Problem Is Deep Rooted and Getting Worse
- We expect BIDU to post C4Q24 top line,non-GAAP operating profit and GAAP net income (5.1%), (7.7%) and (8.7%) vs. consensus.We expect BIDU to issue C1Q25 top line guidance (1.2%) vs.consensus;
- BIDU’s problem is not only manifested in the loss of the Apple contract,it is also the loss of first mover advantage in both Generative Artificial Intelligence and Autonomous Driving Services.
- Losing traffic advantage, BIDU has become a self-containing app ecosystem but all pillars of this ecosystem is facing intensifying competition. SELL @US$78.
Tam Jai Intl (2217 HK): It Seems like Quite Some People Are Unhappy
- Tam Jai International (2217 HK)‘s privatisation price is lower than we expected, based on 1.37x 12-month forward P/B, against our expectation of 1.63x (the historical average).
- The PER of 21.1x for CY25, a premiuim to sector average of 13.7x, however, looks attractive enough for investors that entered in the last 12 months.
- The 52.6% discount to IPO price (HK$3.33) and huge net cash have made some early investors unhappy. There is already letter from a minority shareholder calling to vote against it.
SUTL Enterprise (SGX: SUTL SP): A Leading Luxury Marina Developer for Asia Pacific
- Singapore’s Premier Marina Operator. SUTL Enterprise is a leading Singapore-based marina developer, operator, and consultant, specializing in integrated luxury marina projects under its proprietary ONE°15 brand.
- The company operates its flagship ONE°15 Marina Sentosa Cove and extends its expertise to third-party marinas through long-term management contracts and consultancy services. With a strong brand position and established industry leadership, SUTL is expanding across Asia-Pacific, capitalizing on growing demand for luxury yachting and premium marina infrastructure.
- Diverse and Resilient Revenue Streams. SUTL generates revenue through recurring membership fees, marina management contracts, and sales of goods and services.
Midea IPO Re-Evaluation
- Midea is a sound equity investment which is a market leader in the electronics products with just 12.8 trailing PE.
- China newly launched consumer trade-in policy could become the new driver of Midea’s revenue stream.
- Overseas business expansion could become the new game changer to re-rate the company’s valuation in the longer term.
Kiri Industries Q3FY25 Update: Legal Case Win & Copper Project
- Kiri Industries (KIRI IN) ’s Q3/9M FY25 results show revenue growth, operational enhancements, and a legal victory in the DyStar case, alongside a strategic shift in joint venture accounting.
- The legal win and growth in high-margin segments signal improved profitability and future revenue potential, bolstered by a robust copper project on track for 2028.
- The new copper unit: Company investing close to 8000Cr in the new copper business, In first phase co will invest near to 1100Crs.
New Toyo International Holdings Limited (SGX: N08): A Stable Specialty Paper And Packaging Company
- New Toyo International, established in 1975, is a leading producer of specialty packaging materials in the Asia Pacific Region. Its operations span across Singapore, Malaysia, Vietnam, Dubai, Indonesia and China.
- The Group has two core business divisions. Its Specialty Papers division focuses on the production of laminated foil paper, and coated paper and metalized paper, while the Printed Carton and Labels division offers mainly gravure and lithography or offset printing of packaging materials for cigarettes and fast-moving products. In addition, the Group has a trading business that focuses on tobacco packaging-related materials, as well as a corrugated cartons production operation.
- For specialty paper, which is one-third of its revenues, but more than two-thirds of its profitability the company has maintained margins through active cost management and inventory control despite the recent decline in the revenues due to destocking.
Cytokinetics Back In The Spotlight Amid Fresh Takeover Speculation: Why Big Pharma May Be Eyeing This Biotech Gem?
- Cytokinetics Inc. reported its third quarter 2024 results, highlighting significant developments across its pipeline and commercial readiness efforts.
- A notable achievement was the completion of the rolling submission and the new drug application to the FDA for aficamten, a cardiac myosin inhibitor targeting obstructive hypertrophic cardiomyopathy (HCM).
- This represents a key milestone in Cytokinetics’ efforts to bring potentially transformative therapies to market.
Papa John’s Takeover Bid? Why This Pizza Chain Could Be A Prime Target For Irth Capital!
- Papa John’s International recently announced their third-quarter 2024 financial results, delineating a mixedperformance.
- The company’s primary focus is set on improving execution, profitability, and sustainable shareholder value.
- Todd Penegor, the recently appointed President and CEO, along with a restructuring inthe leadership team, emphasizes a strategic drive toward refining product propositions, marketing strategies, and technology infrastructure.
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