In today’s briefing:
- TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.
- Sartorius AG (SRT GR): Strong 1Q25 Result; Positive Takeaway For Bioprocessing Industry
- Hyundai Rotem: Surging Growth of Defense Exports
TSMC. Full Steam Ahead Despite Tariff Threats & China Bans. For Now.
- TSMC offered a surprisingly robust outlook for the current quarter with revenues expected to rise 13% QoQ to $28.8 billion at the midpoint, their highest ever quarterly revenue.
- No change to the previous full year 2025 guidance of mid-20% growth in US$ terms
- It’s likely too early to see the full impact of tariffs and further China restrictions in TSMC’s outlook, but the second half will likely be a different story
Sartorius AG (SRT GR): Strong 1Q25 Result; Positive Takeaway For Bioprocessing Industry
- Sartorius AG (SRT GR) reported 21% YoY increase in net profit for 1Q25 on 7% YoY growth in sales. Growth was driven by Bioprocessing Solutions division, which facilitates biopharma manufacturing.
- The company expects sales to increase by ~6%, with EBITDA margin of 29–30% (2024: 28.0%) for 2025. Bioprocess Solutions division is projected to grow ~7% in 2025.
- With Sartorius reporting a strong 1Q25 result, we are upbeat on the 1Q25 performance as well as near-term growth prospects of two major biopharma CDMO players, Samsung Biologics and Lonza.
Hyundai Rotem: Surging Growth of Defense Exports
- We remain impressed with Hyundai Rotem’s aggressive new orders for defense and railway systems.
- Defense exports as a percentage of total sales increased from 0% in 2021 to 6.1% in 2022, 19% in 2023, and 36.4% in 2024.
- Hyundai Rotem had an order backlog of 14.1 trillion won at the end of 2024. Order backlog/sales ratio was 3.2x in 2024.
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