Investment Rating - The report assigns a "Buy" rating for Pony AI Inc. with a 12-month price target of US$26.00, indicating an upside potential of 21.8% from the current price of US$21.35 [12]. Core Insights - Pony AI is expanding its Robotaxi fleet in overseas markets, particularly in Dubai, and is experiencing rising commercialization in the Chinese market, which presents significant market opportunities and a path to profitability [1][9]. - The report highlights the advantages of Chinese robotaxi companies, such as lower Bill of Materials (BoM) costs due to a comprehensive automotive supply chain, which supports hardware cost reduction and breakeven achievement [3][8]. - The report anticipates that the fleet of robotaxis in China will grow from 1,000 in 2024 to 4,000 in 2025, and then to 11,000 in 2026, driven by lower hardware costs, improved software, and supportive regulations [9]. Summary by Sections Overseas Expansion Strategy - Key factors for robotaxi companies' market entry include population density, infrastructure quality, policy receptiveness, and local partnerships, which can facilitate market expansion and ease entry challenges [2][6]. Opportunities in Overseas Expansion - Chinese robotaxi companies benefit from lower hardware costs and extensive operational experience, which enhances user satisfaction. Pony AI has achieved an average of 15 orders per day in 2024, surpassing local ride-hailing drivers [3][7]. Challenges in Overseas Expansion - Key challenges include technology acceptance and consumer safety concerns, which require time for user trials and safety record accumulation. Fleet coverage must also increase to reduce waiting times [6][8]. Competition Dynamics - The robotaxi industry is still in its early stages with limited direct competition. Pony AI is expected to capture a 35% market share in China's robotaxi market by 2035, with various service offerings tailored to different passenger groups [7][9]. Financial Projections - Revenue projections indicate growth from US$75 million in 2024 to US$150.4 million in 2027, with expectations of breakeven at the gross margin line by 2026 [12].

28 May 2025 | 11:38PM IST Cohance Lifesciences Ltd. (COHA.BO) 4Q25 inline: FY26 to see an earnings rebound; retain Buy COHA.BO 12m Price Target: Rs1,275.00 Price: Rs1,107.75 Upside: 15.1% Cohance Lifesciences (COHA) standalone revenue/EBITDA grew +59%/+31% yoy, largely inline with GSe. CDMO segment grew 31% yoy (+20% qoq) while we also saw a sharp recovery in Spec chem (+75% yoy) following consolidating in 1H partially offset by API segment that reported flattish trends. EBITDA margin (adjusted, standalone) ...

Investment Ratings - Zomato: Buy [3][12] - MakeMyTrip (MMYT): Buy [5][13] - Bharti Airtel: Buy [6][14] - Info Edge: Buy [11][21] - Paytm: Neutral [10][19] - Nykaa: Neutral [10][20] - HCL Technologies: Neutral [16] - Wipro: Sell [17] - Tech Mahindra: Sell [18] - Indus Towers: Hold [22] - Vodafone Idea: Sell [15] Core Insights - Investor sentiment towards Zomato has improved compared to earlier in the year, with potential catalysts including improved profit margins and market share growth from Blinkit [1][3] - MakeMyTrip is favored due to strong growth prospects in the travel sector and lack of significant competition [5][6] - Bharti Airtel is viewed positively for its growth potential, although valuation concerns persist [7][14] - Indus Towers is expected to deliver strong short-term earnings and has multiple revaluation opportunities [7] - The IT sector is viewed neutrally, with expectations of improving news flow, but valuations remain unattractive [8][11] Summary by Sections Zomato - Investors are cautiously optimistic about Zomato, with expectations that stable profit margins may take time to achieve [3] - Blinkit's potential market share growth is not yet reflected in Zomato's current stock price, which could act as a catalyst [3][12] MakeMyTrip - MakeMyTrip is highlighted as a top pick in the TMT sector due to its strong execution and favorable growth outlook [5][13] Bharti Airtel - Bharti Airtel is appreciated for its execution capabilities, but investors express concerns over valuation and potential tariff increases [6][7][14] Indus Towers - Indus Towers is seen as having strong short-term earnings potential and opportunities for revaluation, with minimal operational disruptions expected for Vodafone Idea [7][22] IT Sector - The IT sector is generally viewed with neutrality, with expectations of improving news flow, although concerns about valuations and potential negative impacts from generative AI remain [8][11][16] Paytm and Nykaa - Paytm's outlook is neutral, with significant potential benefits if UPI payment service fees are realized [10][19] - Nykaa is also rated neutral, with growth in the BPC sector but valuations largely reflecting this growth [10][20] Other Companies - HCL Technologies and Wipro are rated neutral and sell respectively, with Wipro facing challenges in IT spending and competition [16][17][18]

Investment Rating - The report suggests a broad theme of USD weakness and recommends various trade ideas focused on Asian currencies and rates [2][4][8]. Core Insights - The report emphasizes that the pressure on Asian FX currencies has diminished, allowing for a more favorable environment for receiving Asia rates [2][4]. - It highlights that higher US rates do not necessarily lead to weaker emerging market assets in the context of ongoing de-dollarization [2]. - The report anticipates a further decline in the RMB CFETS index in line with a weaker DXY [8]. Trade Ideas - Short the RMB CFETS index while buying 6-month USDJPY options with a strike of 135, EURUSD options above 1.16, and USDCNH options above 7.0, with a target return of approximately 9% [4]. - Buy 1-month USDKRW 1350-1300-1250 put fly options at around 60 basis points, with a maximum leverage of 6.4x [4]. - Buy 3-month USDTWD 28 binary puts while selling 3-month USDTWD 30.2 binary calls at zero cost [5]. - Short 1-month USDMYR with a preferred entry at 4.25, targeting a move to 4.0 with a stop loss above 4.30 [5][6]. Rates Strategies - Buy KTB 2 ⅝ 03/10/27 Corp bonds with a preferred entry at 2.35%, hedged with a 1-month FX swap for yield enhancement [7]. - Receive 2-year CNY NDIRS at 1.49%, targeting a move to 1.2% with a stop loss above 1.65% [7]. - Receive 1-year HKD IRS at 2.7%, targeting a move to 2.4% with a stop loss above 2.85% [7]. - Long 5-year IndoGB (FR104) at 6.42%, with an extended target of 6.2% and a tightened stop loss at 6.55% [7].

Investment Rating - The report maintains a "Buy" rating for Aurobindo Pharma (ARBN.BO) with a 12-month target price of ₹1275.00, indicating a potential upside of approximately 7.1% from the current price of ₹1190.95 [1][2][9]. Core Insights - Aurobindo's Q4 FY25 performance met expectations, with revenue and EBITDA growing approximately 11% and 6% year-over-year, driven by strong growth in the US and EU markets, despite the impact from gRevlimid [1][19]. - The company anticipates achieving high single-digit revenue growth (excluding Revlimid) in FY26, supported by multiple drivers including sustained momentum in the US market and a full recovery in Eugia, aiming for a stable revenue run-rate of $150 million per quarter [1][23]. - The report notes a decline in EBITDA margin to 21.4%, down 62 basis points year-over-year, influenced by a decrease in gross margin and increased operating expenses [1][3]. Financial Performance Summary - Q4 FY25 revenue was ₹83,821 million, reflecting an 11% year-over-year increase, while EBITDA was ₹17,919 million, with a margin of 21.4% [3][25]. - The net profit for Q4 FY25 was ₹9,035 million, down 8% compared to the previous year, with a net profit margin of 10.8% [3][25]. - The report projects revenue growth for FY26 to be driven by new product launches and operationalization of new plants in various regions [1][22][23]. Earnings Forecast Adjustments - The earnings per share (EPS) forecasts for FY26 to FY28 have been revised down by 7-13% to reflect recent performance data and comments from the earnings call [2][27]. - The target price adjustment from ₹1,300 to ₹1,275 is based on a sum-of-the-parts (SOTP) valuation, implying a target P/E ratio of approximately 18.5 times [2][27]. Market and Product Developments - Aurobindo's revenue from the US reached $470 million, with a year-over-year growth of 9%, attributed to strong performance in core business and new product launches [19][20]. - The company has signed a licensing agreement with a global pharmaceutical giant for developing respiratory products, indicating strategic partnerships to enhance product offerings [20][21]. - Aurobindo has a pipeline of 9 biosimilars, with several products in various stages of approval and clinical trials, indicating a robust future growth potential in the biosimilars market [21].

Investment Rating - The report maintains a neutral rating for Fuji Electric [1][15][16] Core Insights - Fuji Electric has growth potential in its data center UPS business and smart meters in the Indian market, but these segments are not large enough to significantly impact overall earnings [1] - The company is adjusting its capital expenditure budget to ensure profitability, but faces challenges in achieving long-term sales growth due to market conditions and competition [1][15] - The operating profit margin guidance for FY3/26 is set at 12.4%, an increase from 10.2% in FY3/25, with a target of 140% growth in energy management orders [3][15] Summary by Relevant Sections Energy Sector - Orders and sales for IDC power and facility systems are expected to grow by 480% and 350% respectively by FY2026 compared to FY2020 [2] - Fuji Electric plans to increase capital expenditure in the energy sector by 46 billion yen in FY2026 to expand production facilities for power transformers and switchgear [2] Semiconductor Sector - The company plans to increase the production capacity of its 6-inch silicon carbide wafers by 2.5 times at its Sapporo plant and by 30% for industrial IGBT modules at its Shenzhen plant [9] - Due to intensified price competition, Fuji Electric aims for an operating profit margin of approximately 15% in the future [10] Automotive Applications - Fuji Electric is launching micro RC-IGBT modules for micro and compact vehicles, with mass production of a 600A product starting in April 2025 [11] - The company expects to see growth in its automotive applications starting from FY3/28, although it remains pessimistic about recovery in FY3/27 [12] Industrial Applications - New IGBT and SiC products for renewable energy applications are in development, with the eighth generation IGBT expected to reduce generation losses by over 15% [13] Food and Beverage Distribution - Growth areas identified include automation in fresh food sales in Japan and increased demand for vending machines due to regulatory changes [14]

Investment Rating - The report maintains a Neutral rating on Starpower, indicating a cautious outlook on its near-term operations due to pricing pressure and competition [2][16]. Core Insights - The demand for power semiconductors is recovering, with NCE Power's management expressing optimism about sales growth in 2025, driven by improving inventory and foundry utilization rates [4][7]. - NCE Power is expanding into higher-end applications, particularly in the automotive sector, focusing on 800V and 48V EV platforms, as well as emerging markets like drones, eVTOL, and AI computing [8] Summary by Sections Demand Outlook - NCE Power sees a positive demand recovery outlook for power semiconductors this year, with increasing demand from most end markets [1][4]. - Management reports that inventory levels are improving and foundries are nearing full capacity utilization [4][7]. Competitive Landscape - Despite the recovery in demand, NCE Power faces significant competition from both domestic and international peers, along with tariff uncertainties that could impact future demand [1][7]. Strategic Expansion - To mitigate competitive risks, NCE Power is focusing on expanding into broader and higher-end applications, particularly in automotive electronics and AI computing [1][8]. - The company aims to accelerate product adoption in the automotive sector and explore growth potential in industrial control applications [8].

Investment Rating - The report maintains a "Buy" rating for AMEC, with a 12-month price target of Rmb275, indicating an upside potential of 58.8% from the current price of Rmb173.13 [12]. Core Insights - AMEC is positioned as a key supplier in the semiconductor equipment industry, focusing on etching and metal-organic chemical vapor deposition (MOCVD) equipment. The company is expanding its product lineup to include advanced etchers and deposition tools, which are expected to drive growth [9][10]. - The management is optimistic about the growth in China's semiconductor equipment demand and plans to continue investing in R&D and capacity expansions to leverage market opportunities [1][9]. Summary by Sections R&D and Product Expansion - AMEC is committed to continuous R&D spending, focusing on product expansions in etching, deposition, EPI, and advanced packaging tools. The CCP etcher's aspect ratio has improved from 60:1 to 90:1, and the company has over 40 deposition tools in the R&D pipeline [2][8]. Employee Efficiency - The total number of employees has increased by an average of 22% year-over-year since 2016, reaching 2,480 by 2024. The average sales per employee have exceeded Rmb4 million, up from Rmb3.5 million in 2022, indicating improved operational efficiency [3][4]. Capacity Expansion - AMEC's factory size was 348,000 square meters in 2024, expected to grow to 453,000 square meters in 2025 with the new headquarters. By 2028, the company anticipates reaching over 750,000 square meters of total factory space, significantly expanding its production capabilities [4][8]. Market Position and Valuation - AMEC is trading below its historical average 12-month forward P/E ratio, suggesting an attractive valuation. The company is expected to benefit from ongoing capacity expansions and the growing adoption of domestic semiconductor equipment [9][10].

Investment Rating - The report does not provide a specific investment rating for Minieye (2431.HK) as it is categorized as Not Covered [1]. Core Insights - Minieye is focused on upgrading its smart driving solutions, particularly enhancing the driver experience through the transition from cruise control to highway and urban NOA (Navigate on Autopilot) features [1][8]. - The company offers a full-stack solution that includes algorithms, software, domain controllers, and validation services, which enhances operational efficiency and meets diverse client demands [7][8]. - Minieye's key OEM clients include notable names such as Chery, NIO, Geely, SAIC, and ChangAn, indicating a strong market presence [3]. Summary by Sections Competitive Edges - Minieye's management emphasizes its capability to provide a comprehensive solution across core algorithms, software, and services, which allows for more efficient enhancements to their offerings [7]. - The company operates production sites in Guangzhou and Shenzhen, leveraging an end-to-end AI model to optimize algorithms for better behavior prediction and customized in-cabin services [7]. Product Offerings - The company has successfully delivered integrated highway NOA solutions and is targeting the expansion into urban NOA solutions [8]. - In addition to NOA, Minieye provides features such as Home Automated Valet Parking (HAVP), Driver Monitoring System (DMS), and Auto Parking Assist (APA), tailored to the needs of various vehicle models [8]. Market Trends - The report highlights a positive outlook on the increasing technology dollar content in vehicles, driven by trends in Advanced Driver Assistance Systems (ADAS) and autonomous driving (AD) in China [2]. - Horizon Robotics, a related company, is expected to see significant revenue growth due to the demand for high computing power chips, which aligns with the broader market trends in smart driving technology [2].

Investment Rating - The report assigns a "Buy" rating for PDD Holdings (PDD) [1] Core Insights - The report highlights a profit miss in 1Q25 due to increased user and merchant investments, despite a healthy online marketing revenue growth of 15%, which outperformed domestic peers [1][20] - The domestic platform's GMV profit margin decreased to 1.9% in 1Q25 from 2.6% in 4Q24, influenced by a Rmb100 billion three-year support plan for users and merchants [2][20] - The revised net profit forecasts for 2025E, 2026E, and 2027E are adjusted downwards by -24%, -13%, and -8% respectively, reflecting the company's commitment to reinvest in its ecosystem [2][22] - The target price is revised to US$131 from US$152, indicating a favorable risk-reward scenario at 11X 2025E and 8X 2026E P/Es compared to the median of 17X/15X for China Internet coverage [2][22] Summary by Sections Financial Performance - Online marketing revenue growth of 15% indicates continued market share gains, outperforming competitors like Kuaishou and Alibaba [20] - The report anticipates online marketing services revenue growth of 14% for 2Q25 and FY25E, driven by domestic GMV growth of 16% [20] - The company's significant ecosystem investments are attributed to one-time costs related to a trade-in program and a commitment to support SMEs [20] Profitability Outlook - The report expects domestic main platform EBIT to decline by 20% this year due to reinvestments in the ecosystem [20] - The overall adjusted net profit estimates for FY25E and FY26E are Rmb96 billion and Rmb140 billion, reflecting -22% and +46% year-over-year growth respectively [22] Valuation Metrics - The revised 12-month target price is US$131, with a focus on valuation re-rating potential as earnings growth is expected to improve in 2H25 [2][22] - The report notes that the current market cap implies no valuation ascribed to Temu, indicating potential upside as concerns around geopolitical impacts lessen [2][22]