Daily Brief TMT/Internet: NVIDIA Corp, SUNeVision Holdings, PC Partner, Meta Platforms (Facebook), MoneyHero , Dozn, Telefonica SA, Meituan, Geechs Inc, Globalwafers and more

• Nvidia’s stock has underperformed this year due to intense scrutiny and high expectations
• Despite strong fundamentals, it is difficult for Nvidia to surprise investors and move the stock price
• Potential for upside lies in Blackwell demand and upcoming announcements, but meaningful surprises may be limited due to the company’s high level of scrutiny and public knowledge

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• The huge rally in SUNeVision Holdings (1686 HK) will bring passive inflows to the stock after being added to a global sector index.
• Estimated passive buying is 19.4m shares (US$22m; 0.55x ADV) with implementation scheduled for the close of trading on 21 March.
• Shorts have risen sharply in the last couple of weeks and cumulative excess volume has jumped too. But we see a similar pattern in a close peer.

• PC Partner (1263 HK) reported FY24 results which showed a strong finish to the year
• Relisting on SGX on track to complete by 3Q25. If this completes it should allow the company to finally access NVDA’s AI chips.
• Better availability of RTX5090 and RTX5080 in 2Q25 and potential AI chips could turbocharge 2H25 results.

• All but one of the Magnificent 7 stocks have seen their rallies collapse, breaking their long-term uptrends. The lone exception? Meta Platforms (META US).
• Mark Zuckerberg’s company is the only Magnificent 7 stock that has pulled back yet may still be holding its uptrend intact.
• Our model has identified a tactical BUY opportunity in the support price area around 640. Keep reading for the details…

For our next Corporate Webinar, we are glad to welcome MoneyHero Group’s CEO and Director, Mr Rohith Murthy.

In the upcoming webinar, Rohith will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Alec Tseung. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Monday, 17 March 2025, 11:00 SGT. 

About MoneyHero Group

MoneyHero Group connects people to a better financial future. The mission at MoneyHero Group is to make all of life’s financial decisions a time saving and rewarding experience. MoneyHero Group educates consumers about personal finance, helps them decide which products are best suited for their needs, and facilitates getting the product. They connect financial institutions with their target customers and help them achieve their customer acquisition objectives.

• Our base case valuation of Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range). 
• Our base case target price is based on P/E of 25.3x (20% premium to comps’ average valuation multiple) using our estimated net profit of 17 billion won in 2025. 
• This valuation premium is appropriate due to Dozn’s higher sales growth rate, higher net margins, and higher ROE versus the comps. 

• TSMC’s expansion in US poses a challenge to Trump’s labor strategy, according to DIGITIMES analyst.
• Tesla leads in AI technology for electric vehicles and robots, pushing the boundaries of innovation.
• European telecoms shift focus to AI as 5G deployment faces delays, while Indian mobile market shows growth potential in 2025.

• Three new Hong Kong SDRs, Xiaomi, Meituan, and Ping An Insurance, are now tradable on SGX, expanding thematic exposures.
• HK SDRs offer cost-effective access to Hong Kong stocks with lower brokerage fees, no forex fees, and SGD settlements.
• Since October 2024, HK SDRs’ daily turnover increased eightfold to S$4 million, with significant trading in Tencent, BYD, and Alibaba.

• On February 14, 2025, Geechs Inc. (hereafter, “the Company”) announced its Q3(9M) FY2025/3 earnings results.
• Net sales rose 5.2% YoY to JPY 18,705 mn, EBITDA rose 67% YoY to JPY 440 mn, and operating profit rose 503% YoY to JPY 348 mn.
• This reflected steady growth in the core IT freelance matching business (Japan), reduced losses in the IT freelance matching business (Overseas), improved profitability in the Seed Tech business, and an end to losses from G2 Studios (formerly the Game business) following its sale at the end of FY2024/3. 

• Regarding global silicon wafer market prices, Globalwafers (6488 TT) noted that the Long-Term Agreement (LTA) for 12-inch wafers primarily focuses on advanced process nodes, with prices remaining stable.
• In December 2024, Globalwafers (6488 TT) signed a final agreement with the U.S. Department of Commerce, expecting to receive a maximum subsidy of USD$406mn.  
• Globalwafers (6488 TT) has not received any notifications regarding adjustments to chip policies.