Daily Brief Equity Bottom-Up: Technically Speaking and more

• Hong Kong continues its secular bull market and has now reached its first significant resistance in the 24k to 25k.  Growth factor investing is leading in long-only investing.
• Mainland buyers continue buying Hong Kong stocks at a historic rate with buying focused in the tech sector and specifically in AI-related companies.
• Zoomlion Heavy Industry H (1157 HK) has broken its double-top formation and is at a new high.  Vtech Holdings (303 HK) broke out to a new high with improving momentum.

• BHP stock affected by fat finger incident causing rapid drop in share price
• Ex dividend date for BHP, investors may miss out on dividend payment if purchased on or after ex dividend date
• Order for 750,000 BHP shares at higher price causes market disruption, shows impact of large trades on stock price fluctuations.

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• Cochlear Ltd (COH AU) now expects FY25 underlying net profit to be at the lower end of A$410–430M guidance range due to lower services revenue and higher cloud-related investment.
• Despite 5% growth in H1FY25, Cochlear reiterated that “solid market growth rates to drive cochlear implant unit growth of around 10% in FY25.”
• Cochlear is expected to release next-generation cochlear implant in mid-2025. The introduction of the new off-the-ear Nucleus Kanso 3 sound processor is expected to contribute to services revenue from FY26.

• Mahindra & Mahindra (MM IN)growth has been an outlier in the intensely competitive Indian passenger car industry.We share insights on how this trend has evolved over the past several months.
• This insight provides detailed analysis of sales performance of key players-Maruti Suzuki India (MSIL IN) ,Mahindra & Mahindra (MM IN),Tata Motors Ltd (TTMT IN) & Hyundai Motor India (HYUNDAI IN) 
• Various initiatives introduced in the recent Union Budget are expected to boost demand for passenger cars in the medium term.

• Central Pattana is Thailand’s largest retail property developer that operates its own ecosystem across retail, office, residential and hotel
• We think Central Pattana has maintained sound and solid capital management strategies to drive shareholders returns, including increasing dividend payout, de-leveraging as well as M&As
• The macro outlook for Thailand is mixed, but we think post-covid tourism is undergoing recovery and this will support CPN’s key operating businesses

• Texas Roadhouse, Inc. reported robust financial and operational metrics for the fiscal year 2024, marking it as another successful year for the company.
• The restaurant chain achieved a revenue milestone, nearing $5.4 billion, driven by positive traffic growth across its brands.
• The average unit volume exceeded $8 million for the first time in the company’s history, thanks to double-digit growth in restaurant margin dollars, income from operations, and earnings per share for a consecutive year.

• Insulet Corporation concluded a robust fiscal year 2024 with notable achievements in both the fourth quarter and the full year.
• The company achieved a milestone by surpassing $2 billion in revenue, marking its ninth consecutive year with at least 20% constant currency revenue growth.
• Key drivers of this growth include the strong performance and adoption of the Omnipod 5 insulin delivery system, both in the U.S. and expanding international markets.

• Floor & Decor Holdings has presented its fourth quarter and full-year results for fiscal 2024.
• The results include positive developments as well as several challenges facing the company.
• Key highlights of the performance include solid sales growth, market share expansion, and effective cost management strategies amid a contracting flooring industry.

• Japan’s elderly population is projected to continue to grow through 2040, and Pharmarise HDS will benefit from the corresponding increase in the number of prescriptions.
• However, there are expected to be revisions to national health insurance (NHI) drug prices , one measure to restrain medical spending, and revisions to dispensing fees, which are made once every two years.
• Among the industry, the company is keen on preparing to counter downward pressure on prices by focusing on capturing technical fees, including community support system premiums and family pharmacist guidance fees. 

• Copart, Inc. reported its results for the second quarter of fiscal 2025, demonstrating strong operational and financial performance.
• The company showed robust growth in both its domestic and international segments, driven by strategic initiatives and the expansion of its service offerings.
• Copart’s extensive network allows it to effectively manage and capitalize on fluctuations in total loss frequency, a measure that hit an all-time high in the U.S. during the fourth quarter.