In today’s briefing:
- TSMC (2330.TT; TSM.US): 2nm Production Schedule in US Could Be One Year Ahead of Previous Schedule.
- Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead
- iFAST Corporation Limited: Breaking Out
- The Mosaic Company: Riding The Fertilizer Boom With Pricing Power & Market Edge!
- A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan’s UMC
- KS / Kuaishou (1024 HK): 2Q25, Op Profit Up by 35% YoY, 91% Upside
- 2025 High Conviction – Freee: 4Q Setback Is Only Temporary
- Masa’s AI Double Down: Masterstroke or Misstep?
- CRM US – Salesforce Bets On Agentic Automation: What The Regrello Acquisition Could Unlock!
- The Beat Ideas: Lumax Auto Technologies – Accelerating Ahead with the 20.20.20.20 Strategy
TSMC (2330.TT; TSM.US): 2nm Production Schedule in US Could Be One Year Ahead of Previous Schedule.
- TSMC Chairman C.C. Wei previously emphasized that customer demand for 2nm technology surpasses that for 3nm, and the company is actively working to expand production capacity.
- For 2nm technology, we expect production to take place at the Tainan fab, ahead of the U.S. Arizona fab and earlier than the previously anticipated 2028 timeline.
- Taiwan Semiconductor (TSMC) – ADR (TSM US)’s next generation 2nm development is actively progressing.
Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead
- Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
- Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
- The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.
iFAST Corporation Limited: Breaking Out
- IFAST SP has risen 28% since our initiation and has seen net institutional outflows of S$50m in the first week of the month.
- We see further upside of 12%, as the value in terms of P/AUM is not reflected in the price.
- Recent private transactions such as the Chocolate Finance Series A+ deal round indicate that iFAST is cheap relative to its assets. There is a strong chance of a buy back in 2026.
The Mosaic Company: Riding The Fertilizer Boom With Pricing Power & Market Edge!
- The Mosaic Company recently shared its financial results for the second quarter of 2025, showcasing a mixed performance largely characterized by operational challenges but an optimistic future outlook.
- The company’s efforts to enhance operating efficiencies and asset reliability are starting to bear fruit, though certain operational interruptions have impacted short-term outcomes, particularly in the phosphates segment.
- For the quarter, The Mosaic Company reported net income of $411 million, a significant turnaround from last year’s net loss of $162 million.
A Defining Bet: Intel’s New Capital and the Case for Buying a Stake in Taiwan’s UMC
- A major Intel balance sheet boost, backed by SoftBank, the U.S. government, and leading institutions, would enhance the company’s capacity to make bold bets on regaining global chip manufacturing leadership.
- UMC’s market valuation is less than the capex for just one advanced fab. Intel would likely make a gain on its investment since it would cause UMC shares to rally.
- For less than the cost of a single advanced fab, a large company could acquire UMC and gain chipmaking expertise approaching TSMC’s level; boosting returns across an entire fab network.
KS / Kuaishou (1024 HK): 2Q25, Op Profit Up by 35% YoY, 91% Upside
- The growth rate of GMV (Gross Merchandise Value) rose to 18% YoY in 2Q25 from 15% YoY in 1Q25.
- The operating margin improved to 13% in 2Q25 from 11% in 2Q24 so that operating profit increased by 35% YoY in 2Q25.
- We conclude an stock upside of 91% for the next twelve months. Buy.
2025 High Conviction – Freee: 4Q Setback Is Only Temporary
- Freee KK (4478 JP) reported 4Q and full-year FY06/2025 results last week which disappointed the market leading to a sell-off.
- After reporting 3-consecutive quarters of Adj. OP, profitability dipped in 4Q due to higher advertising and D&A costs. However, freee expects to return to profits in the current fiscal year.
- Following 4Q results, premium over Money Forward has disappeared and Freee is currently trading at a huge discount to MF which seems unwarranted
Masa’s AI Double Down: Masterstroke or Misstep?
- SoftBank widens its AI bet with a $2B stake in Intel, suffers a 12% dip over two consecutive days.
- Nvidia’s dominance has hyperscalers wary of lock-in. With Amazon and Microsoft building their chips, SoftBank’s move lands right as the market searches for alternatives.
- Can Son replicate Intel’s historic design-fab alignment in AI, or would execution risk outweigh his ecosystem-diversification logic?
CRM US – Salesforce Bets On Agentic Automation: What The Regrello Acquisition Could Unlock!
- Salesforce is charging deeper into the AI frontier.
- On August 18, 2025, the CRM titan announced a definitive agreement to acquire Regrello, an AI-native startup that specializes in transforming fragmented business processes into orchestrated, automated workflows.
- The deal, expected to close in Salesforce’s fiscal Q3 2026, underscores the company’s commitment to building out its “agentic enterprise” vision—where human workers and AI agents collaborate in real time.
The Beat Ideas: Lumax Auto Technologies – Accelerating Ahead with the 20.20.20.20 Strategy
- Lumax’s strong product portfolio, global partnerships, and 80% market share in key segments position it as a dominant player in India’s automotive component industry.
- Lumax’s strategic acquisitions, including IAC India and GreenFuel Mobility, and the “NorthStar Strategy” aim to drive revenue growth, operating margins, and leadership in clean mobility solutions.
- Lumax’s SHIFT project enable technological integration, enhancing product offerings and content per vehicle, positioning LATL for long-term growth in the automotive market.
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