In today’s briefing:
- Nanya July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%
- [ACMR(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It
- First Solar Raises International Module Guidance – But Is the Risk Worth the Reward?
- CMS Energy: New Data Center Agreement, Load Growth Opportunities & Other Major Drivers!
- BTCS, Inc: CEO Discusses Ethereum-First Business and the US GENUIS Act’s Impact
- Builders FirstSource Set to Surge if Mortgage Rates Drop – What Else Could Propel Their Future Growth?
- EMCOR Group: Leveraging Prefabrication Power To Push For High-Value Construction Projects!
- Edison International: How Are They Tackling Energy Affordability With Bold Customer-Centric Innovations!
- APi Group Corporation: Riding A Strong Backlog & Global Growth to Offset Cost Headwinds!
- CPSS: 2Q25 Earnings Review
Nanya July Revenue Soars 31% MoM As Micron Revises Current Quarter Guide Up >5%
- Nanya last week announced that revenues for the month of July amounted to NT$5.3 billion, an increase of 31.4% MoM, and an increase of 95% YoY,
- Micron this week revised upwards its guidance for the current quarter with a roughly $500 million increase in revenue, attributable primarily price increases for DDR5
- Customisation of Micron’s HBM4E base logic die is transforming their key customer relationships from commodity vendor to strategic ASIC design-like partner. That’s good for Micron…
[ACMR(ACMR US, BUY, TP US$30) Review]: 2Q25 Review: Missing Two Quarters but We Still Love It
- ACMR reported C2Q25 top line, non-GAAP operating profit and GAAP net income (14%), (35%) and (17%) vs. our estimate, and (3.9%), (16%) and (9.9%) vs. consensus.
- However, company maintained full year revenue guidance of US$850-950 unchanged and raised long term revenue target by 33% to US$4bn;
- We keep rating and TP unchanged. ACMR is one of our TOP BUY’s.
First Solar Raises International Module Guidance – But Is the Risk Worth the Reward?
- First Solar’s second-quarter results for 2025 showcase both achievements and challenges.
- The company reported module sales of 3.6 gigawatts, surpassing previous forecasts, and earnings per share of $3.18, exceeding guidance.
- This reflects an effective operational performance, with 4.2 gigawatts produced during the quarter, including 2.4 gigawatts from U.S. facilities, which highlights the benefits of the Inflation Reduction Act 2022 and related domestic policies.
CMS Energy: New Data Center Agreement, Load Growth Opportunities & Other Major Drivers!
- CMS Energy Corporation showcased a solid performance for the second quarter of 2025, marked by a blend of strategic advancements and financial achievements, alongside some challenges and areas for cautious monitoring.
- Here is an analysis of both positive and negative aspects from their recent earnings disclosure.
- On the positive side, CMS Energy has secured a new agreement with a data center that could expand its load by up to 1 gigawatt.
BTCS, Inc: CEO Discusses Ethereum-First Business and the US GENUIS Act’s Impact
- Allen highlighted BTCS’ focus on Ethereum and building on top of the Ethereum network.
- The recent passage of the US GENIUS Act has propelled Ethereum and stablecoins into the forefront of the cryptocurrency world.
- BTCS, the oldest public crypto company, has focused on being an Ethereum-first blockchain infrastructure company. For the last five years, it has been accumulating Ethereum as a byproduct of its operations.
Builders FirstSource Set to Surge if Mortgage Rates Drop – What Else Could Propel Their Future Growth?
- Builders FirstSource operates within a dynamic and challenging market environment in the construction industry.
- In its second quarter of 2025, the company has faced some notable financial and operational challenges, yet also showed resilience and strategic forward-thinking.
- Their performance presentation outlines both areas of strength and concern that potential investors should consider.
EMCOR Group: Leveraging Prefabrication Power To Push For High-Value Construction Projects!
- EMCOR Group reported a robust performance for the second quarter of 2025, marked by significant revenue growth and strong operating margins.
- The company achieved a record $4.3 billion in consolidated revenues, representing a 17.4% increase compared to the same period last year.
- This growth was driven by a combination of organic expansion and strategic acquisitions, notably Miller Electric, which contributed $330.3 million to the overall revenue.
Edison International: How Are They Tackling Energy Affordability With Bold Customer-Centric Innovations!
- Edison International’s Q2 2025 financial results reveal a complex interplay of challenges and advancements.
- The company reported a decline in core earnings per share to $0.97 from $1.23 the previous year.
- This decline is attributed largely to the fact that a final decision has not yet been received on Southern California Edison’s (SCE) 2025 general rate case (GRC), leading them to rely on 2024 authorized levels for booking revenues, which will be trued-up upon final resolution.
APi Group Corporation: Riding A Strong Backlog & Global Growth to Offset Cost Headwinds!
- APi Group Corporation delivered robust second-quarter 2025 financial results, showcasing strong revenue growth and strategic advancements across its segments.
- The company experienced solid financial performance, driven by effective execution of its strategic initiatives, yet faced specific challenges that need consideration in an investment analysis.
- On the positive side, APi Group reported an impressive 15% year-over-year increase in net revenues, reaching $2 billion for the second quarter.
CPSS: 2Q25 Earnings Review
- Key 2Q25 takeaways include: 1) loan origination volumes remain strong, with favorable lead indicators around steady demand trends, increasing throughput from the company’s pass-through partnership with Ally Financial, improving funding rates, and as newer salespeople continue to season 2) CPSS’s ABS volumes have remained consistently strong ($400+ million for each of the last five securitizations), while related cost of funds have continued to trend lower – a powerful combination from an earnings power perspective 3) we look for NCOs to continue to trend lower reflecting responsible underwriting, portfolio remixing, and improving recovery rates and 4) while we prefer to err on the side of caution, we note our 2026 EPS forecast jumps from $1.85 to $3.17 (70%+ accretion) if we layer in a 4.5% cost of funds (consistent with the company’s long-term average) for next year.
- Granted, lower interest expenses will take time to flow through the P&L, though we think our back-of-the-envelope math reinforces the considerable leverage in the model, as interest expense normalizes.
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