May 21, 2025 01:23 AM GMT Canon (7751) | Japan M Update Japan Summit 2025: Developments in Growth Domains We held a group meeting with Canon at our Japan Summit 2025 (with Senior Managing Executive Officer Minoru Asada as the main speaker), where investor interest spanned across US tariffs, restructuring, growth segments, and other topics. The firm indicated that in its new medium-term plan starting in F12/26, it may see a potential expansion of the semiconductor domain. According to the firm, it expects to ...

May 21, 2025 06:06 AM GMT Elia | Europe In-Line 1Q25 Trading Update Elia will report 1H25 results on 2nd June. See our recent notes on Elia: Elia: More to Run – Moving to Analyst Top Pick (6 May 2025) Elia: Equity Overhang Resolved, Back to Fundamentals (9 Apr 2025) Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways Guidance by division: Elia provided FY25 divisional guidance for the first ti ...

May 21, 2025 02:45 AM GMT Shiseido (4911) | Japan Japan Summit 2025: Fireside Chat with CFO Ayako Hirofuji M Update Morgan Stanley MUFG Securities Co., Ltd.+ Wakako Sato Equity Analyst Wakako.Sato@morganstanleymufg.com +81 3 6836-8933 Seki Li Research Associate Seki.Li@morganstanleymufg.com +81 3 6836-8934 Shiseido (4911.T, 4911 JT) Cosmetics & Personal Care Products | Japan | Stock Rating | Underweight | | --- | --- | | Industry View | In-Line | | Price target | ¥2,600 | | Shr price, close (May 19, 2025) | ...

May 21, 2025 07:31 AM GMT Recruit Holdings (6098) | Japan Japan Summit 2025: Re- evaluation of Corporate Quality and Business Model to Continue as Stock Market Normalizes? Earnings and business environment: Services provided to companies seeking to recruit new employees are affected by market conditions. As a whole, we understand Recruit is seeking the best possible measures and looking for opportunities to review the overall structure of its business. The company is aiming to improve the efficiency of busi ...

May 20, 2025 12:14 AM GMT Sustainability | Japan Morgan Stanley MUFG Securities Co., Ltd.+ M Update TOPIX 500 Firms Making TNFD- aligned Disclosures Of the TOPIX 500 constituents, 152 are making disclosures aligned with the TNFD recommendations, but 63 of them have yet to issue any commitment as TNFD Adopters. Exhibit 1: TOPIX 500 constituents making disclosures aligned with the TNFD recommendations | Ticker Company name | Ticker Company name | | --- | --- | | 1332 NISSUI | 4927 POLA ORBIS HOLDINGS | | 1333 ...

Investment Rating - The investment rating for Alchip Technologies Ltd is Overweight (OW) with a price target of NT$3,988.00, indicating a potential upside of 53% from the closing price of NT$2,605.00 on May 19, 2025 [5][67]. Core Insights - Alchip Technologies Ltd is positioned as a key partner in NVIDIA's NVLink Fusion initiative, which allows hyperscalers to create custom computing systems [2][7]. - The report emphasizes the importance of ASIC design in enhancing efficiency for internal workloads and reducing total cost of ownership (TCO) [7]. - Alchip is reaffirmed as the sole supplier for AWS's 3nm AL accelerator, with no other design service providers currently involved in the same project [7]. Summary by Sections Investment Rating - Alchip Technologies Ltd is rated Overweight with a price target of NT$3,988.00, representing a 53% upside from the current price [5]. Financial Metrics - The market capitalization of Alchip is NT$212,060 million, with an average daily trading value of NT$7,195 million [5]. - Projected EPS for fiscal years ending December 2023 to December 2026 are NT$43.27, NT$79.13, NT$81.56, and NT$147.34 respectively [5]. Market Position - Alchip is highlighted as one of the first adopters of NVLink Fusion, alongside other notable companies such as Astera Labs and MediaTek [2]. - The report notes that while NVLink Fusion is a significant development, concerns about lock-in risks with NVIDIA may affect the pace of concrete project developments [7]. Future Outlook - The report suggests accumulating Alchip stock, given its strong position in the semiconductor market and the anticipated growth from its partnerships and technology advancements [7].

May 20, 2025 12:15 AM GMT Rio Tinto Limited | Asia Pacific M Update Adding to South American lithium exposure What's new? Rio Tinto has announced an agreement with Codelco (not covered) on forming a JV to develop the Salar de Maricunga lithium project in Chile. RIO will receive a 49.99% interest in the JV and commits to an investment of up to US$0.9bn (US$350m upon close – expected 1Q26; US$500m upon decision to proceed with construction – before 2030; and US$50m into the JV if it achieves production by CY3 ...

Investment Rating - The investment rating for Dyno Nobel Limited is Equal-weight with a price target of A$2.90, indicating a modest upside of 13% from the current price of A$2.57 [6]. Core Insights - The report indicates that divestments are progressing towards a full fertilizer separation, although the proceeds from these sales appear light [1][4]. - The underlying performance in explosives is solid, but overshadowed by resegments and turnarounds [1]. - The market is expected to wait for a complete fertilizer separation before making significant moves [1]. Financial Performance - The sale of the Fertiliser Distribution business to Ridley Corporation is expected to yield gross proceeds of A$375 million, which is viewed as underwhelming at 7x EBIT based on the average over the past five years [4]. - The Perdaman offtake agreement is projected to generate gross proceeds of A$145 million, which is considered light given expectations of A$45 million per annum of EBIT [4]. - The company reported a 1H25 EBIT of A$174 million, which is a 13% increase compared to Morgan Stanley estimates and an 8% increase versus the previous year [9]. Market Guidance - The guidance for FY25 remains unchanged, with an expected exit run rate of approximately 40-50% of a ~A$300 million EBIT uplift program [9]. - The production forecast for Phosphate Hill in FY25 is maintained at 740-800kt, with anticipated gas costs of A$40-80 million due to shortfalls [9]. - Contracted fertilizer sales volumes have been deferred into 2H25 due to adverse weather conditions [9].

May 12, 2025 05:22 AM GMT Britannia Industries Ltd | Asia Pacific 4QF25: Off the Call Outlook: Management expects gradual sequential recovery in growth, and its aspiration is to deliver double-digit revenue growth in F26. Price hikes taken in 4Q to have full effect in 1Q, while currently management expects no further price changes. Volume growth +3.5% in 4Q. Margins are expected to remain at current levels, with a target of 2.5%+ costs savings in F26. Among RM, salience for Wheat and Oil is at 30% each, whi ...

May 12, 2025 01:56 AM GMT Eli Lilly & Co. | North America Tidbits from Zepbound vs. Wegovy SURMOUNT-5 obesity publication Investigators published SURMOUNT-5 Ph3 obesity data from a head-to-head trial of LLY's Zepbound (Tirzepatide MTD 10/15mg) vs. Novo's Wegovy (Semaglutide MTD 1.7/2.4mg) in the New England Journal of Medicine (LINK). Recall top-line data from the trial were reported in Dec 2024, see our prior note HERE. In the Zepbound group, 89.3% of the participants received at least one 15mg dose, and i ...