Core Viewpoint - Citigroup's report indicates that the performance of Delta Electronics Holdings (00179) for the third quarter of fiscal year 2026 slightly missed expectations due to recent increases in copper costs [1] Financial Performance - Citigroup has revised its earnings forecast for Delta Electronics Holdings downward by approximately 5% for the fiscal years 2026 to 2028 [1] - The target price for the company's stock has been adjusted from HKD 33 to HKD 32, maintaining a "Neutral" rating [1] Market Outlook - The company is expected to face short-term pressure on its stock price due to the underperformance in earnings [1] - Citigroup believes that the company's involvement in the AI liquid cooling pump and humanoid robot supply chain industries is overvalued, with these segments projected to contribute only 1% and 3% to sales, and 2% and 6% to gross profit for fiscal years 2026 and 2027, respectively [1]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 for Delta Electronics Holdings (00179), despite a mixed performance in recent operational data [1] Financial Performance - Delta's revenue for the first three fiscal quarters ending December remained flat year-on-year, but the third fiscal quarter saw a 2% increase to USD 893 million, indicating a gradual recovery [1] - The revenue growth in the third quarter was slightly below Morgan Stanley's expectations, primarily due to the slower-than-expected project initiation by Chinese automotive companies [1] Business Segments - The industrial products segment continues to outperform due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling businesses adds uncertainty to short-term visibility [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term outlook [1]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and target price of HKD 59 for Delta Electronics Holdings (00179) despite a mixed operational update [1] Group 1: Financial Performance - Delta Electronics reported that revenue for the first three fiscal quarters remained flat year-on-year, but third-quarter revenue increased by 2% to USD 893 million, indicating a gradual recovery [1] - The revenue growth in the third quarter was slightly below Morgan Stanley's expectations, primarily due to the slower-than-expected project initiation by Chinese automotive companies [1] Group 2: Business Segments - The industrial products segment continues to perform well due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling businesses, along with uncertainty in the recovery speed of the automotive products segment, restricts short-term visibility [1]

Group 1 - Sanhua Intelligent Control (02050) saw a decline of over 3.4% after announcing a share reduction plan involving the actual controller and several directors, with a total of up to approximately 10.2 million A-shares to be sold between February 24, 2026, and May 23, 2026 [1] - Tuo Yun Biotechnology (01332) experienced a significant drop of over 60%, nearly erasing gains since October 2022, following stock movements involving major shareholders [1] - Zhongwei New Materials (02579) increased by over 5% as the company announced securing 5-6 billion wet tons of nickel ore resources and establishing four nickel raw material industrial bases in Indonesia [1] Group 2 - InnoCare Pharma (03696) rose over 6%, reaching a new high of 62.9 HKD, after receiving FDA approval for its oral NLRP3 inhibitor ISM8969 for Parkinson's disease treatment [2] - Solar stocks surged, with Kaisa New Energy (01108) up 17.85% and other companies like Fuyao Glass (06865) and Xinyi Solar (00968) also showing significant gains, driven by a report indicating a new phase in commercial space deployment [2] - Jiangnan Buyi (03306) fell nearly 7% after announcing a placement of 14.535 million shares at a discount to the market price [2] Group 3 - Lithium stocks rose, with Ganfeng Lithium (01772) up 5.22% and Tianqi Lithium (09696) up 2.88%, following a report of a significant increase in lithium carbonate contract prices [3] - Rongchang Bio (09995) increased nearly 2% after UBS expressed a positive outlook on its collaboration with AbbVie, which includes substantial milestone payments [4] - DCH Holdings (00179) fell nearly 7% as it reported a slight decline in revenue for the nine months ending December 31, 2025 [4] Group 4 - Gold stocks rebounded, with Chifeng Jilong Gold Mining (06693) up 6.99% and others also showing gains, as spot gold prices reached a new high of over $4,960 per ounce [4] - Bitgo Holdings (BTGO.US) debuted on the US stock market, rising 2.72% as a leading cryptocurrency custody provider [5] - Rare earth stocks surged, with USA Rare Earth (USAR.US) up 17.49% after announcing partnerships to advance its Round Top project [5] Group 5 - The Nasdaq Golden Dragon China Index opened up 1.6%, with major Chinese stocks like Li Auto (LI.US) and Alibaba (BABA.US) showing gains, supported by comments from the People's Bank of China regarding potential monetary easing [6] - Abbott (ABT.US) fell 10.04% after reporting lower-than-expected sales for Q4 2025, despite a year-over-year increase in adjusted EPS [7] - Alibaba (BABA.US) rose 5.05% as it plans to list its semiconductor division, benefiting from investor interest in competing with Nvidia [7]

Core Viewpoint - Morgan Stanley's report indicates that Delta Electronics Holdings has updated its operational data, showing a gradual recovery despite third-quarter revenue growth being slightly below expectations [1] Group 1: Financial Performance - Revenue for the third quarter increased by 2% year-on-year to $893 million, reflecting a gradual recovery [1] - Revenue remained flat year-on-year for the first three fiscal quarters ending December [1] Group 2: Business Segments - The industrial products segment continues to perform well due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling business creates uncertainty [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term visibility [1] Group 3: Analyst Rating - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 [1]

Core Viewpoint - 德昌电机控股's stock dropped over 7%, currently at 28.44 HKD, with a trading volume of 160 million HKD [1] Financial Performance - For the nine months ending December 31, 2025, the company's revenue was 2.726 billion USD, a decrease of approximately 4 million USD compared to the same period last fiscal year [1] - The revenue increase of 40 million USD was attributed to currency fluctuations [1] - The automotive segment generated 2.301 billion USD, down 14 million USD or 1% compared to the same period in the 2024/25 fiscal year [1] - Excluding foreign exchange effects, the automotive segment's revenue declined by 49 million USD or 2% [1] Management Commentary - The Chairman and CEO, Dr. Wang Suizhong, noted that the company's revenue has remained stable this fiscal year, reflecting a weak overall macroeconomic environment and high uncertainty related to geopolitical issues and US trade policies [1] - Based on current trading conditions and customer orders, the company expects its full-year revenue to be roughly similar to last year [1]

Core Viewpoint - 德昌电机控股 reported a slight decline in revenue for the nine months ending December 31, 2025, with total revenue at $2.726 billion, down approximately $4 million compared to the same period last fiscal year [1] Financial Performance - The group's revenue for the automotive product segment was $2.301 billion, a decrease of $14 million or 1% compared to the same period in the 2024/25 fiscal year [1] - Excluding foreign exchange impacts, the automotive product segment's revenue declined by $49 million or 2% [1] - The overall revenue remained stable, reflecting a weak macroeconomic environment and high uncertainty related to geopolitical issues and U.S. trade policies [1] Future Outlook - The chairman and CEO, Dr. Wang Suizhong, indicated that the company expects the full-year revenue to be roughly similar to last year's figures based on current trading conditions and customer orders [1]

FY25/26 Business Update For the December 2025 Quarter Investor Briefing Jan 2026 Disclaimer This presentation contains certain forward-looking statements with respect to the financial condition, results of operations and business of Johnson Electric and certain plans and objectives of the management of Johnson Electric. Words such as outlook, expects, anticipates, intends, plans, believes, estimates, projects, variations of such words and similar expressions are intended to identify such forward- looking st ...

Core Viewpoint - 德昌电机控股 reported a slight decline in revenue for the nine months ending December 31, 2025, with total revenue at $2.726 billion, down approximately $4 million compared to the same period last fiscal year, although currency fluctuations contributed an increase of $40 million [1] Revenue Breakdown - The automotive product segment generated revenue of $2.301 billion, a decrease of $14 million or 1% compared to the same period in the previous fiscal year. Excluding foreign exchange effects, the automotive segment's revenue fell by $49 million or 2% [1] - The industrial products segment reported revenue of $425 million, an increase of $10 million or 2% year-on-year. When excluding foreign exchange impacts, the industrial segment's revenue rose by $5 million or 1% [1] - Overall performance reflects significant regional disparities influenced by market and customer dynamics [1]

Core Viewpoint - The company reported a slight decline in revenue for the nine months ending December 31, 2025, with total revenue at $2.726 billion, down approximately $4 million compared to the same period last fiscal year, although currency fluctuations contributed an increase of $40 million [1] Group 1: Automotive Products - Revenue from the automotive products segment was $2.301 billion, a decrease of $14 million or 1% compared to the same period last fiscal year. Excluding foreign exchange effects, revenue declined by $49 million or 2% [1] - In the Asia-Pacific region, revenue fell by 6%, primarily due to price adjustments to maintain competitiveness and weak demand for non-local automotive brands in China, which has historically been a strong market for this segment. This decline was partially offset by growth in local automotive brand sales [1] - Sales of cooling management, steering and closure systems, and oil pumps decreased, while sales of brake systems, visual systems, and transmission systems partially offset the overall decline [1] Group 2: Industrial Products - Revenue from the industrial products segment was $425 million, an increase of $10 million or 2% compared to the same period last fiscal year. Excluding foreign exchange effects, revenue rose by $5 million or 1% [2] - In the Asia-Pacific region, revenue decreased by 1%, mainly due to intense price competition faced by the industrial products segment and some customers, leading to declines in sales of food and beverage, floor care, and printer application products. This decline was significantly offset by growth in sales of gardening and forestry equipment, medical, and data center cooling application products [2] - In the Europe, Middle East, and Africa region, revenue increased by 6%, driven by replenishment orders from customers after consuming previously excess inventory and the launch of new products, leading to growth in sales of gardening and forestry equipment, heating application products, and flexible printed circuits [2] Group 3: Overall Performance and Outlook - In the Americas, revenue decreased by 2%, primarily due to reduced demand from several customers and some projects reaching the end of their lifecycle, leading to declines in sales of ventilation and surgical application products. However, this was partially offset by growth in sales of piezoelectric motors and ultrasonic motor subsystems, benefiting from strong demand in semiconductor manufacturing and medical drug delivery systems [3] - The Chairman and CEO commented on the company's sales performance and short-term outlook, indicating that revenue has remained stable so far this fiscal year, reflecting a weak overall macroeconomic environment and high uncertainty related to geopolitical issues and U.S. trade policies. The company expects full-year revenue to be roughly similar to last year based on current trading conditions and customer orders [3]