Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical (03692) despite a year-to-date stock price increase of 53% [1] Core Insights - UBS believes that the stock price of Hansoh Pharmaceutical is still undervalued, raising the target price from HKD 24 to HKD 33.3 [1] - The positive outlook is driven by the company's R&D capabilities and revenue potential from collaboration projects, particularly the licensing agreements for BD HS-20094 and HS-10535 [1] - Earnings per share forecasts for Hansoh Pharmaceutical have been increased by 16.2%, 17.7%, and 21.3% for the years 2025 to 2027, with revenue forecasts adjusted upward by 6% to 12% [1] - The main growth drivers are expected to be Aumolertinib and BD, with projected sales for Aumolertinib reaching RMB 6 billion this year and potentially exceeding RMB 8 billion by 2029 [1]

Investment Rating - The report downgrades Genting (GENT) from Buy to Neutral, with a new price target of RM3.10, reflecting a 47% reduction from the previous target of RM5.90 [1][4][5]. Core Views - The growth momentum for Genting is expected to fade in 2025 due to a high base in Malaysia and a slow recovery in Las Vegas, which may limit dividend flows from Genting Malaysia (GENM) to Genting [1][11]. - The outlook in Singapore is improving, which may provide some downside support for Genting [1][11]. - The report forecasts flattish earnings for FY25, with a projected net profit of RM880 million and a diluted EPS of RM0.23, reflecting a 52% decrease from previous estimates [3][6][30]. Summary by Sections Financial Performance - Genting's revenue is projected to reach RM29.332 billion in FY25, with a slight increase to RM30.387 billion in FY26 [7][32]. - EBITDA for FY25 is revised down by 18% to RM8.664 billion, with expectations of moderate growth due to challenges in Malaysia and Las Vegas [3][22]. - The net earnings forecast for FY25 is RM880 million, a significant drop from previous estimates [6][22]. Valuation Metrics - Genting is currently trading at a 66% discount to its NAV, which aligns with its two-year average [1][26]. - The report assigns a 50% discount to Genting's NAV, slightly lower than its two-year average, reflecting the removal of regulatory overhangs [4][27]. Dividend Expectations - The expected dividend per share (DPS) for FY25 is RM0.11, implying a dividend yield of approximately 3.6% [30][31]. - The report indicates that the dividend yield is below the two-year average of 4.4%, reflecting rising uncertainty over dividend flows from GENM [26][30].

Investment Rating - The report maintains a Neutral rating for Genting Malaysia (GENM) with a price target cut from RM2.30 to RM1.89, reflecting an 18% decrease due to weaker growth expectations in Malaysia and the consolidation of Empire Resorts [1][4][5]. Core Views - The acquisition of Empire Resorts is expected to lead to higher losses for GENM starting in Q2 2025, with Empire's business trends remaining sluggish despite significant investments [2][3]. - The upcoming New York full-scale casino license opportunity presents uncertainty due to its high capital expenditure of US$4 billion and potential dilution from online gaming legalization [1][8]. - The dividend per share (DPS) is unlikely to increase in the near term as GENM may prioritize cash preservation for the license bidding process, with a projected DPS of RM0.10 for 2025 [3][28]. Financial Summary - The report projects a revenue increase to RM12.294 billion for 2025, with a year-on-year growth of 12.7% [21][33]. - Adjusted EBITDA is expected to reach RM3.153 billion in 2025, reflecting an 8.3% increase [21][33]. - Net profit estimates for 2025 have been cut by 7-9% due to higher depreciation and interest expenses associated with the Empire acquisition [21][22]. Valuation Metrics - GENM is currently trading at an EV/EBITDA multiple of 6.0x for 2025, which is 1 standard deviation below its two-year average [1][26]. - The dividend yield is projected at 5.3%, which is lower than the two-year average of approximately 6.3% [25][29]. - The report indicates a net debt to EBITDA ratio of 3.4x as of December 2024, suggesting limited room for dividend increases [3][5].

Investment Rating - The report maintains a "Buy" rating for the company Gu Ming (01364) [1] Core Insights - Gu Ming has achieved a same-store sales growth of approximately 10% this year, with store opening plans reaching 1,500 to 2,000, exceeding previous estimates [1] - UBS has raised the target price for Gu Ming from HKD 19.28 to HKD 31.15, corresponding to forecasted P/E ratios of 34x and 27x for 2025 and 2026 respectively [1] - The current valuation of Gu Ming is considered attractive at 1.3x dynamic P/E compared to the industry average of 1.9x [1] - The management has reiterated a long-term goal of reaching 30,000 stores by 2030, supporting an estimated annual store growth of about 20% [1] Financial Projections - UBS has increased the earnings per share forecast for Gu Ming for 2025 to 2027 by 6% to 11%, driven by a revenue forecast increase of 6% to 12%, reaching RMB 11.5 billion, RMB 14.1 billion, and RMB 17.2 billion respectively [2] - Same-store sales are expected to grow by 6% in 2025, supported by the introduction of coffee beverages [2]

Investment Rating - The report upgrades Aspeed Technology Inc to a Buy rating from Neutral, with a new price target of NT$5,000, up from NT$3,500 [4][6]. Core Insights - Aspeed's growth is expected to be driven by both AI and traditional servers, with significant increases in baseboard management controller (BMC) demand projected [12][9]. - The demand for BMCs from AI servers is forecasted to rise by 81% to 4.3 million units in 2025 and by 59% to 6.8 million units in 2026, representing 26% and 36% of total BMC shipments, respectively [12][19]. - Traditional server BMC shipments are estimated to reach approximately 94% of end market units in 2024 and 100% in 2025, aligning with a healthy run rate [21][2]. Summary by Sections Market Opportunity - Aspeed is positioned to benefit from a substantial increase in content per server, with BMC prices expected to rise from US$12-13 in 2024 to US$40-50 or higher by 2026, driven by new product launches [3][25]. - The introduction of I/O expanders and mini BMCs is anticipated to further enhance revenue potential [25][29]. Financial Projections - Revenue projections for 2025 and 2026 have been raised by 1% and 15% respectively, reflecting stronger BMC volume growth and content expansion [33]. - The report estimates revenues of NT$7,980 million for 2025 and NT$9,955 million for 2026, with net earnings expected to reach NT$3,344 million and NT$4,203 million respectively [5][33]. Valuation Metrics - The new price target of NT$5,000 is based on a 45x PE ratio for 2026, reflecting a stronger long-term earnings CAGR forecast of 25% [4][6]. - Aspeed's average PE from mid-2023 to now is noted to be 52x, indicating potential for re-rating as AI server demand expands [4][11]. Competitive Position - Aspeed is expected to maintain its dominant market share of over 70% in server BMCs due to product migration to newer platforms and an expanding product portfolio [9][21]. - The company has adopted a proactive strategy to build inventory for hyperscalers, which is expected to enhance customer relationships and streamline inventory management [23][21].

Investment Rating - The report assigns a 12-month rating of "Sell" for Estun Automation with a price target of Rmb10.30, while the current price is Rmb19.38 [4][23]. Core Insights - Estun Automation has set net income targets of Rmb100 million, Rmb120 million, and Rmb140 million for the years 2025, 2026, and 2027 respectively, which may bolster investor confidence regarding its recovery from previous net losses [3]. - The company is planning an H-share listing as part of its globalization strategy and to enhance business development [2][3]. Financial Metrics - The company’s market capitalization is Rmb16.9 billion (approximately US$2.34 billion) with 870 million shares outstanding [4]. - Revenue projections show growth from Rmb4.918 billion in 2024E to Rmb8.108 billion by 2028E [6]. - Net earnings are expected to improve from Rmb8 million in 2024E to Rmb332 million by 2028E [6]. - The average daily trading volume is approximately 28,889 thousand shares, with an average daily value of Rmb626.3 million [4]. Profitability and Valuation - The EBIT margin is projected to increase from 1.8% in 2024E to 6.0% by 2028E, indicating improving profitability [6]. - The company’s net debt to EBITDA ratio is forecasted to be 10.4x in 2024E, suggesting a high level of leverage [4]. - The P/E ratio is expected to decrease from a non-measurable (NM) status in 2024E to 50.8x by 2028E [6]. Company Overview - Estun Automation, founded in 1993, specializes in CNC systems, AC servos, industrial robots, and intelligent manufacturing, positioning itself as a leading domestic manufacturer in high-end intelligent equipment [8].

Investment Rating - The report assigns a "Buy" rating to Naver Corp with a 12-month price target of Won290,000 [5][6]. Core Insights - Naver is navigating challenges posed by generative AI in non-commercial search categories, where it holds a significant market share in commercial searches [2]. - The company is shifting its eCommerce strategy to focus on a seller-centric model, enhancing logistics competitiveness and reducing seller costs by 20-25% [4]. - Ad revenue growth is expected to normalize to mid-single digits in the long term due to market saturation [3]. Financial Performance - Naver's revenue is projected to grow from Won10,738 billion in 2024 to Won12,021 billion in 2025, with net earnings increasing from Won1,923 billion to Won2,174 billion in the same period [8]. - The company's diluted EPS is expected to rise from Won12,914 in 2024 to Won14,599 in 2025 [8]. Market Position - Naver maintains an 80% market share in commercial searches, while Google dominates non-commercial queries with approximately 60% [2]. - The company is adapting to the competitive landscape by prioritizing its Plus Store and enhancing its logistics capabilities [4]. Valuation Metrics - The report indicates a forecast price appreciation of 55.5% and a forecast dividend yield of 0.8%, leading to an overall forecast stock return of 56.3% [9]. - Naver's market capitalization is noted at Won28,207 billion (approximately US$20.5 billion) [6]. Revenue Segmentation - In 2024, Naver's major revenue segments are expected to be Search Platform (37%), Commerce (27%), Fintech (14%), Content (17%), and Cloud (5%) [10].

Investment Rating - The report upgrades the investment rating of IDP Education to "Buy" from "Neutral" with a 12-month price target of A$4.95, down from A$12.00 [5][15]. Core Views - The report indicates that very low expectations are currently priced into IDP Education's stock, suggesting that the business is not fundamentally broken despite challenging market conditions [1]. - There is a recognition of ongoing uncertainty surrounding government policies affecting international students, particularly in the UK, which is expected to impact revenues in the second half of FY25 [1]. - The report highlights potential positive catalysts, including the approval of IELTS by the Chinese government and a favorable outcome from the Home Office English Language Test tender [1][10]. Financial Performance Summary - FY25 EBIT guidance (excluding customer contract amortization) is projected to be between A$115 million and A$125 million, which is a 30% miss compared to previous estimates of A$171 million [2]. - Expected volume declines for FY25 are approximately 28-30% year-over-year for Student Placement and 18-20% for Language Testing [2]. - The report anticipates a significant EBIT decline of 10% year-over-year for FY26, with a forecast of A$113 million [1][16]. Valuation Metrics - The price target of A$4.95 reflects a significant reduction due to conservative forecast revisions, with EPS estimates downgraded by 37% to 53% for FY25-28 [3][15]. - IDP Education is currently trading at a FY26E PE of 19x, which is 47% below its pre-COVID average [11]. - The report notes that the valuation does not appear expensive, with a projected 3-year EPS CAGR of +20% [10]. Revenue and Earnings Forecasts - Revenue forecasts for FY25 are expected to decline to A$866 million, down 16.5% from the previous year, with a gradual recovery projected in subsequent years [16]. - The report projects a recovery in revenues starting in FY27, with an estimated growth of 4.5% in volume and 3.5% in pricing [1][9]. - The forecast for net earnings in FY25 is A$65 million, a significant drop from A$154 million in FY23 [16]. Market Position and Outlook - IDP Education is recognized as a high-quality business operating in a challenging environment, with a strong track record in market share gains within the fragmented student placement sector [10]. - The report suggests that the current operating environment is closer to trough conditions, indicating potential for recovery as market conditions improve [1][10]. - The long-term outlook for IELTS revenue is projected to deliver a +9% revenue CAGR over FY26-30E, while Student Placement is expected to achieve an +8% revenue CAGR over the same period [8][9].

Investment Rating - The report assigns a "Buy" rating to Qifu Technology with a 12-month price target of US$58.50, while the current price is US$42.94 [5][25]. Core Insights - Qifu Technology is experiencing stable operating trends in Q2 2025, with a modest quarter-over-quarter decline in loan volume expected due to a strong Q1 and a soft start in Q2 [2]. - The company reaffirms its 2025 net take rate target of 5.2-5.3%, indicating a positive outlook for loan volume growth of 6-7% [3]. - Regulatory risks are considered manageable, with expectations for better clarity on new loan facilitation regulations before October [4]. Summary by Sections Financial Performance - Qifu Technology's revenues are projected to grow from Rmb16,939 million in 2024 to Rmb18,793 million in 2025, with net earnings expected to increase from Rmb6,264 million in 2024 to Rmb6,857 million in 2025 [8]. - The diluted EPS is forecasted to rise from Rmb42.38 in 2024 to Rmb53.52 in 2025 [6]. Market Position - The company is a leading loan facilitation platform in China, focusing on consumer loans and utilizing both credit-driven and platform service models [10]. - The market capitalization of Qifu Technology is approximately US$5.96 billion, with a free float of 79% [5]. Valuation Metrics - The report indicates a P/E ratio of 5.8 for 2025 and a P/BV ratio of 1.6, suggesting a favorable valuation compared to historical performance [8]. - Forecast returns include a price appreciation of 36.2% and a dividend yield of 3.4%, leading to an overall forecast stock return of 39.7% [9].

Investment Rating - The report assigns a "Buy" rating to China Merchants Port (CMPort) and Qingdao Port International (QPIC), while Daqin Railway is rated as "Sell" [63]. Core Insights - The transport infrastructure outlook has been revised positively due to the reduction of reciprocal tariff rates between the US and China, leading to improved volume growth forecasts for 2025 [2]. - Passenger volume is expected to outperform freight volume in 2025, with railway passenger volume projected to grow by 6% YoY and highway freight volume by 4% YoY [4][5]. - Container throughput at key Chinese ports has shown resilience, with a 5% YoY increase in May and a 9% increase YTD, although a decline is expected in 2025 and 2026 [3][8]. Summary by Sections Ports - Container throughput growth at major Chinese ports is forecasted to decrease by 1% to 2% YoY in 2025 and 2026, following a strong performance in early 2025 [3][8]. - Key ports like CMPort and Shanghai International Port Group (SIPG) have had their earnings estimates fine-tuned by 2-3% due to expected deceleration in throughput growth [3]. Toll Roads - Highway freight volume is projected to grow by 4% YoY in 2025, while passenger volume is expected to see minimal growth of 1% YoY [4][20]. - The expressway truck traffic is anticipated to grow by 2% YoY in 2025, with similar flat growth expected in 2026 [22]. Railways - Rail passenger volume is expected to grow by 6% YoY in 2025, with freight volume stable at a 2% growth rate [5][28]. - The number of rail services has increased by 11% YoY in May, indicating strong demand for rail travel [5]. Earnings and Price Target Revisions - CMPort's price target has been raised from HK$14.80 to HK$16.90, reflecting a 3% increase in earnings estimates for 2025-2027 due to better-than-expected container volume [35]. - QPIC's price target has been slightly increased from HK$7.30 to HK$7.50, based on new container throughput forecasts and a higher-than-expected profit contribution from associates [38]. - SIPG's price target has been raised from Rmb5.50 to Rmb5.80, maintaining a Neutral rating while reflecting better-than-expected container volume growth [41].