In today’s briefing:
- TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes…
- Screen Holdings (7735 JP): 25%+ Upside Potential
- [Bilibili Inc. (BILI US, BUY, TP US$24) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25
- China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out
- Keppel DC REIT: An Interesting Play on AI Boom
- 2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues
- Pegasystems Inc.: Can its Focus On Cloud Migration Position It As A Leader In Driving Digital Evolution?
- Albemarle Corporation: These Recent Lithium Market Shifts & Diversification Moves Could Reshape Its Future!
- AppLovin Corporation: Will Its Mid-Market Direct-to-Consumer Focus Pay Off?
- Wyndham Hotels & Resorts: A Tale Of Acceleration of Global Room Growth & RevPAR Expansion!
TSMC (2330.TT; TSM.US): Will TSMC Work on Intel Foundry Services? There Are Three Paradoxes…
- It is a paradox US President wanted to make the US the number one semiconductor manufacturing country but is very likely unable to change the existing environment in the US.
- Another paradox is that a foreign company must obtain approval from the relevant US authorities before transferring control of the specific US company, which may not be feasible.
- It raises the third paradox that a Taiwanese company would need to operate an existing US entity with their company’s expertise under different cost conditions.
Screen Holdings (7735 JP): 25%+ Upside Potential
- FY Mar-25 guidance has been raised again after strong 3Q results. Growth should continue next fiscal year with rising demand from TSMC.
- Sales to Chinese customers bounced back strongly last quarter, defying predictions. Capacity adds and process upgrades should continue to drive demand from China.
- FPD, PCB and printing equipment are now profitable and should remain so. More efficient production and slower growth in depreciation should also support the operating margin.
[Bilibili Inc. (BILI US, BUY, TP US$24) Target Price Change]: C3Q24 Review: Game Slowdown from C2Q25
- Bilibili (BILI) reported C4Q24 revenue and GAAP operating profit in line, 87% vs. our estimates and in line, 130% vs. consensus.
- We see BILI’s content strategy to be working to drive higher and better traffic, benefiting the ads business.
- We BUY and raised our TP to US$24 awaiting further details on game pipeline. The stock trading at 2025 PE of 31x.
China Healthcare Weekly (Feb.23)-Ping An Good Doctor Shares Surge, China Healthcare Has Bottomed Out
- In 2025, the NHSA will continue to deepen the VBP of drugs and centralized procurement of medical consumables, covering 700 drug varieties in total.
- Valuation of the entire industry has been sluggish for three years. With the positive changes, we think it is the time to be optimistic on China healthcare in 2025.
- Due to the craze for DeepSeek/AI, PAGD’s stock price surged.Although this is a great story, the extent to which DeepSeek can bring substantial benefits to PAGD remains to be verified.
Keppel DC REIT: An Interesting Play on AI Boom
- We think Keppel DC REIT is an interesting play to look at for the AI revolution. The markets are supported by strong fundamentals
- With a strong balance sheet and low leverage, the Company has ample headroom to do more M&As to drive DPU growth
- The stock has corrected post Deepseek incident. We think valuation is attractive and presents an interesting opportunity.
2025 High Conviction Update: Aster DM Healthcare (ASTERDM IN) Q3 Result- Margin Expansion Continues
- Aster DM Healthcare Ltd (ASTERDM IN) reported stellar performance in Q3FY25. Revenue achieved 11% YoY growth to INR10.5B, driven by increased patient volumes and growth in ARPOB.
- Consistent growth across core businesses, combined with strategic cost optimization, operational efficiencies, and optimized service mix, have significantly strengthened margins, with Q3FY25 operating EBITDA margins standing at 19.3% (Q3FY24: 17.7%).
- Our original investment thesis is intact. Margin levers are working well. Expansion plan is on track. Macro trend is favorable. Merger with Quality Care can be a game changer.
Pegasystems Inc.: Can its Focus On Cloud Migration Position It As A Leader In Driving Digital Evolution?
- Pegasystems, a leader in software solutions for customer engagement and operational efficiency, demonstrated a robust performance in its fiscal year 2024.
- The company reached its strategic milestone of becoming a “Rule of 40” company, reflecting balanced growth and profitability.
- This achievement highlights the successful execution of its transition strategy from a traditional sales model to a subscription-based cloud business.
Albemarle Corporation: These Recent Lithium Market Shifts & Diversification Moves Could Reshape Its Future!
- Albemarle Corporation presented its financial performance for the fourth quarter and full year of 2024, highlighting several critical aspects of the company’s operations, financial health, and market dynamics.
- The fourth quarter saw Albemarle reporting net sales of $1.2 billion, although this marked a decline primarily attributed to lower lithium market pricing.
- Nevertheless, the company achieved a positive milestone with an adjusted EBITDA of $251 million, showing enhancements in productivity, cost efficiency, and sales volumes across its business segments.
AppLovin Corporation: Will Its Mid-Market Direct-to-Consumer Focus Pay Off?
- AppLovin’s financial performance for the fourth quarter of 2024 indicates a pivotal shift in its operational focus and growth strategy.
- Over the quarter, total revenue increased by 44% year-over-year to $1.37 billion, fueled significantly by an expanded advertising business that brought in $999 million in revenue.
- The company’s adjusted EBITDA surged by 78% to $848 million, maintaining a healthy margin of 62%.
Wyndham Hotels & Resorts: A Tale Of Acceleration of Global Room Growth & RevPAR Expansion!
- Wyndham Hotels & Resorts had a solid fourth quarter and full-year 2024 performance, marked by robust room growth, increased earnings, and strategic initiatives aimed at enhancing long-term positioning.
- However, some areas presented challenges that could affect future performance.
- Positively, the company reported a 4% net room growth for the year, which included opening a record 69,000 rooms.
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