In today’s briefing:
- Asian Equities: Growth at Reasonable Price After This Dislocation
- Money Forward (3994) | SaaS Is Slowing, But So Is the Price
- Dropped the Line: Telefónica Disconnects from Peru
- TSMC (2330.TT) Tactical Outlook Before 1Q25 Earnings Release
- Neos Corp (3627 JP): Full-year FY02/25 flash update
- Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions | e27
- Toumei (4439 JP): 1H FY08/25 flash update
Asian Equities: Growth at Reasonable Price After This Dislocation
- Rapid changes in US’s tariff policies have driven sharp equity volatility. For instance, since March third week, HSI’s forward PE declined from 11.1x to 9.1x and bounced back to 9.5x.
- Such severe volatility has opened up interesting investment opportunities in Asia. Screening on strong EPS growth forecasts, high ROE, low PEG, and low debt-equity, we come up with 35 stocks.
- Our stocks are from China (15), HK (8), Korea (4), India (4), Taiwan (2). Notably, TSMC, SK Hynix, Wuxi AppTec, Galaxy Entertainment, ZTO Express, M&M Finance, Muthoot Finance, Muangthai Capital.
Money Forward (3994) | SaaS Is Slowing, But So Is the Price
- Q1 revenue and EBITDA missed expectations, with slowing growth in key business segment and corporate customer adds.
- Macroeconomic risks, including US tariffs, may be weighing on business confidence and new customer acquisition.
- Valuation now looks attractive, trading at a steep discount to global peers despite similar fundamentals.
Dropped the Line: Telefónica Disconnects from Peru
- Telefónica sold its Peruvian subsidiary to Integra Tec for €0.9 million, transferring €1.24 billion in debt, following the unit’s bankruptcy filing and prolonged tax disputes in Peru.
- The sale marks a strategic step in Telefónica’s Hispam exit, following disposals in Argentina and Colombia, and reinforces the company’s focus on core markets with higher returns.
- Despite crystallizing a €620 million loss, the transaction removes a distressed asset, improves group visibility, and underscores management’s commitment to financial discipline and geopolitical de-risking across Latin America.
TSMC (2330.TT) Tactical Outlook Before 1Q25 Earnings Release
- Taiwan Semiconductor (TSMC) (2330 TT) has lost nearly 30% of its value since its mid-January peak—half of that decline occurred by early March, prior to Trump’s tariff announcement.
- The stock is very oversold, although it bounced off its lows last week, and reached 903 this Monday. This insight will analyze how far this rebound can go.
- Earnings will be reported on April 17. Our model suggests the stock has room to move in either direction—the results will be the catalyst. Check out our targets.
Neos Corp (3627 JP): Full-year FY02/25 flash update
- In FY02/25, TECMIRA’s revenue increased by 27.8% YoY to JPY11.2bn, with all segments achieving growth.
- The company recorded an operating profit of JPY91mn, recovering from a JPY123mn loss in FY02/24, despite a net loss.
- For FY02/26, TECMIRA forecasts revenue of JPY11.5bn, adjusted EBITDA of JPY680mn, and net income of JPY100mn.
Flagright clinches US$4.3M to bolster AI-native anti-money laundering solutions | e27
- Singapore-based Flagright, an AI-native anti-money laundering (AML) compliance and risk management platform, has announced a US$4.3 million seed funding round.
- The investment was led by Frontline Ventures, with significant participation from existing investors including Y Combinator, Pioneer Fund, and Moonfire Ventures.
- Rubin Ritter (ex-co-CEO of Zalando), André Silva (ex-Global Head of Expansion at Revolut), Phillip Chambers (CEO of Orbex), Ahmed Badr (COO of GoCardless), Teng Sherng Lim (ex-CCO of Advance.
Toumei (4439 JP): 1H FY08/25 flash update
- In 1H FY08/25, Toumei reported revenue of JPY14.5bn, operating profit of JPY1.7bn, and net income of JPY1.2bn.
- Revenue grew 31.4% YoY, with significant increases in Office Denki 119 (56.5% YoY) and Office Solutions (84.3% YoY).
- Operating profit rose 86.4% YoY, driven by higher revenue and improved SG&A ratio, despite increased procurement costs.
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