In today’s briefing:
- TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.
- Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]
- Global Payments Inc. (GPN) Financial Factsheet – Growth, Valuation and Peer Comps
- Spotify Bets Big on Audiobooks—Is This the Platform’s Most Disruptive Move Yet?
- China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok
- Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles
- Nihon Denkei (9908 JP): Full-year FY03/25 flash update
- Mega Merger in the Making? What a Shell–BP Deal Could Mean for Global Energy
- Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?
- Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!
TSMC (2330.TT; TSM.US): Intel Appears to Have Delayed the Foundry Competition to 14A.
- Taiwan Semiconductor (TSMC) – ADR (TSM US)’s 2nm process is said to be comparable to Intel Corp (INTC US)’s 18A technology.
- It is reported that Intel has placed orders for TSMC’s 2nm capacity, as we previously highlighted, due to its timely availability.
- Nonetheless, Intel continues to invest in its own manufacturing roadmap, targeting risk production of the 14A node around 2027.
Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap]
- A core investment thesis of Shinyoung Wacoal is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won.
- Shinyoung Wacoal’s net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.
- Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women’s underwear.
Global Payments Inc. (GPN) Financial Factsheet – Growth, Valuation and Peer Comps
- The Company posted strong Q1 2205 results with adjusted EPS (incl. share-based comp) growing 9.3% YOY, adjusted operating margin expanding 70 bps YOY. Excl. share-based comp, adj. EPS was $2.82.
- The Company expects margin expansion and double digit adjusted EPS growth for FY 2025.
- Sale of Issuer Solutions segment and acqusition of Worldpay will simplify operations and enhance growth. GPN trades at a significant discount to the peer group average.
Spotify Bets Big on Audiobooks—Is This the Platform’s Most Disruptive Move Yet?
- Spotify reported its first-quarter 2025 results with decent metrics, yet the numbers failed to satisfy market expectations, leading to a sharp drop in its stock price.
- Despite posting a 12% year-over-year increase in premium subscribers to 268 million—exceeding analyst estimates of 265 million—Spotify shares fell 8.7% in early trading to $545.77.
- The company also registered 678 million monthly active users, up 10%, broadly meeting expectations.
China Healthcare Weekly (May11)-Trump’s Executive Order, Pharmacy’s Risks, BeiGene 25Q1 Result Is Ok
- Trump announced actions to reduce regulatory barriers to domestic pharmaceutical manufacturing, with the core intention to open regulatory “green light” for manufacturing in US, which will change the industry pattern.
- With the promotion of VBP and the implementation of medical insurance price comparison system, there’s a trend of accelerated pharmacies closures. The entire pharmacy industry will face performance headwinds.
- BeiGene’s BRUKINSA recorded negative QoQ growth in 25Q1, which seems below expectations. However, this is temporary headwinds, since the 2025 full-year revenue guidance remains unchanged. Bottom-line valuation is US$24.5-26.5 billion.
Is YETI The Next Big Buyout? Skechers Deal Sparks Buzz In Wall Street Circles
- YETI Holdings reported its first quarter fiscal 2025 earnings, revealing mixed results.
- During this period, the company focused on three main areas: accelerating product innovation, transforming supply chain logistics to minimize exposure to China, and enforcing operational discipline to maintain a strong financial position.
- Despite a generally positive performance in some aspects, notable challenges were encountered, impacting the company’s financial outlook for the year.
Nihon Denkei (9908 JP): Full-year FY03/25 flash update
- Nihon Denkei’s FY03/25 consolidated sales grew 11.7% YoY, with a gross profit of JPY16.9bn and operating profit up 6.9% YoY.
- The company announced FY03/26 earnings forecast with sales at JPY124.0bn, operating profit at JPY4.5bn, and EPS of JPY263.21.
- INNOVATION2030 Ver.2.0 aims for growth by expanding into growth markets and enhancing global business amid macroeconomic uncertainty.
Mega Merger in the Making? What a Shell–BP Deal Could Mean for Global Energy
- In May 2025, the energy sector is abuzz with speculation that Shell is evaluating a potential acquisition of BP.
- This comes amid a backdrop of declining oil prices, which have recently hit a four-year low due to increased OPEC+ production and global demand uncertainties.
- Shell, with a market capitalization of approximately £149 billion, is nearly twice the size of BP, whose shares have fallen nearly 30% over the past year, reflecting investor concerns over its strategic direction and financial health.
Pfizer’s $15 Billion War Chest: What Will They Buy After the Danuglipron Failure?
- Pfizer recently reported its first-quarter 2025 financial results, providing an overall positive snapshot of its performance within a challenging market environment.
- Revenue was reported at $13.7 billion, marking a 6% operational decline largely driven by lower Paxlovid sales, partly reflecting a one-time Paxlovid revenue credit from the prior year.
- Despite this, some of its core products such as the Vyndaqel family, Nurtec, and Padcev demonstrated strong growth, reinforcing the company’s focus on prioritizing key growth drivers.
Altria Group: An Insight Into Recent Macroeconomic Pressures & Its Consumer Pricing Strategy!
- Altria Group reported its first-quarter performance for 2025 amidst varying market dynamics.
- The company, known primarily for its tobacco products, emphasized robust operations in its Smokeable Products and Oral Tobacco Products segments.
- Altria CEO Billy Gifford highlighted that the core traditional tobacco business remained profitable in a challenging environment, and the company’s flagship brand, Marlboro, continued to show resilience despite economic pressures.
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