V i e w p o i n t | 13 Feb 2025 16:02:30 ET │ 14 pages Intel Corp (INTC.O) Stock Up 24% On Reports of TSMC Tie Up. A Few Reasons Why It Likely Won't Work. Intel Should Give Up Merchant Foundry. CITI'S TAKE Recently several news outlets (WSJ, Feb 12) have reported that a report issued by a competitor sparked speculation that Intel is in talks with TSMC to form some sort of JV where TSMC "helps out" Intel's merchant foundry business with supplying engineers and other technical know-how to enable Intel's found ...

J P M O R G A N Asia Pacific Equity Research 13 February 2025 Futu Holdings Conference takeaways and 4Q preview Futu's share price rallied by 45% in past month (vs NASDAQ +2% y/y) and is trading at 16.5x 25e PE, above mean FY1 PE (since 4Q21) of 14.1x. Given the strong performance, there could be some profit taking near term; nonetheless, we stay positive on the name for the following reasons. First, we expect robust revenue and profit growth in 4Q24, driven by strong paying client expansion and an increase ...

Summary of BYD Company Limited Conference Call Company Overview - **Company**: BYD Company Limited - **Industry**: China Autos & Shared Mobility - **Date of Call**: February 10, 2025 Key Points Industry and Market Position - BYD is popularizing L2+ Advanced Driver Assistance Systems (ADAS) in the mass market with 21 concurrent model facelifts, which is expected to enhance its market presence despite potential discounts on existing models [1][8] - The launch of 21 facelift models, equipped with the new God's Eye System C (DiPilot 100), was a significant highlight of the intelligent strategy launch event [2][3] Product Launches and Strategy - The pricing strategy for the new models is in line with market expectations, and the volume of launches is anticipated to increase store traffic and minimize consumer hesitation [3][4] - The introduction of ADAS features across various models, including those priced under US$10,000, is a strategic move to enhance safety perceptions among consumers [5][6] Technological Advancements - BYD's NOA (Navigate on Autopilot) portfolio now includes three ADAS solutions, with God's Eye System C focusing on highway navigation without LiDAR [4] - The company's emphasis on safety, comparing ADAS to modern airbags, positions these features as essential rather than optional [6] Financial Performance and Market Reaction - BYD's stock price increased by over 20% in the week leading up to the call, outperforming the Hang Seng Index, indicating positive market sentiment [7] - Future stock performance will depend on order conversion and the ability to maintain competitive pricing amidst potential price wars [7] Risks and Considerations - There are concerns regarding the impact of the new model launches on demand for legacy models lacking advanced ADAS features [6] - The company may need to further reduce prices on existing models to remain competitive, which could lead to a price war in the industry [7] Financial Metrics - Current market capitalization is approximately Rmb928.65 billion, with a share price of HK$330.20 as of February 10, 2025 [9] - Projected revenue growth from Rmb602.32 million in FY2023 to Rmb995.29 million by FY2026, indicating a strong growth trajectory [9] Future Outlook - Monitoring is advised on the potential for scale benefits and cost savings in ADAS hardware, as well as the competitive landscape regarding L2+ ADAS adoption among peers [12] - The company faces both upside risks, such as faster overseas expansion and stronger demand for its electric vehicle models, and downside risks, including weaker-than-expected demand for new energy vehicles [17] Conclusion BYD's strategic focus on enhancing its ADAS offerings and launching a significant number of facelift models positions it well in the competitive automotive market. However, the company must navigate potential pricing pressures and market demand challenges to sustain its growth momentum.

February 10, 2025 06:42 PM GMT Investor Presentation | Asia Pacific India Consumer – Our Order of Preference The consumer sector remains under pressure amid the ongoing market correction, given the growth lows that companies continue to make. 1) Prefer F&B over HPC – The growth narrative may turn less negative vs. F25; Mass discretionary better poised for recovery vs. staples. 2) In discretionary, backing the leaders. Among value retailers, tier 2 market plays better placed vs. Metro and Tier 1 plays. 3) Co ...

10 Feb 2025 09:54:39 ET │ 13 pages US Semiconductors, Communications Equipment and Hardware V i e w p o i n t | US Tariff Update: Uncertainty & Management Optimism CITI'S TAKE In this report we summarize tariff commentary from US hardware companies from week 1 of earnings, recap Citi's US equity strategist and global tech team's initial thoughts on US tariff policy implications. Updated Thoughts — Uncertainty continues to surround US tariff measures as the 25% tariff on imports from Mexico and Canada is sus ...

Global Commodities Research 07 February 2025 Oil Markets Weekly: Monroe doctrine revival: neutral now, potential to turn bearish At Any Rate: Global Natural Gas: Increased Russian pipeline gas to Europe? After the start of the week was dominated by headlines regarding US import tariffs to be imposed on China, Mexico, and Canada, the Trump Administration has seemingly moved on, turning its focus on policies pertaining to Iran and bringing the Russia/ Ukraine war to an end. For the global gas market, a negoti ...

February 6, 2025 05:29 AM GMT NVIDIA Corp. | North America Reiterating Top Pick as the DeepSeek selloff is a buying opportunity While sentiment has worsened around potential longer term risks, near term business continues to firm, Blackwell supply visibility continues to build, customer desire to spend is clearly on display; Maintain Top Pick. Key Takeaways Our take from last week (here) on the threat from DeepSeek has been reinforced by incremental industry conversations, as well as several published repor ...

February 6, 2025 12:59 AM GMT Shenzhen Envicool Technology Co Ltd | Asia Pacific Our thoughts on the recent stock price correction The stock correction reflects lower expectations for high- performance GPU demand and slower liquid cooling penetration growth, in our view. We stay constructive on long-term cooling market prospects thanks to accelerated AI application with notably declining costs, still benefitting Envicool. Envicool's share price fell 18% over the past two trading days vs. CSI300's -1%. We hi ...

Global FX Strategy FX Compass: EUR still underpricing tariff risk Figure 1: Breakevens diverge vs oil and point to inflationary risks of tariffs 1.80 1.90 2.00 2.10 2.20 2.30 2.40 2.50 2.60 2.70 2.80 60 65 70 75 80 85 90 95 100 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 WTI crude oil, 1st contract ($/bbl) US 5-year inflation breakeven (%, rhs) Source: Bloomberg, UBS Fears of US tariffs have driven a surge in realized FX volatility this week, but so far have had limit ...

Equity and Derivatives Strategy Macro Note January 12, 2025 Julian Emanuel 212 446 9481 julian.emanuel@evercoreisi.com Source: Evercore ISI Research Three-peat: The S&P 500 rises more than 20% for a third consecutive year Michael Chu, CFA, CMT 212 446 9498 michael.chu@evercoreisi.com Barak Hurvitz, CFA 212 653 9036 barak.hurvitz@evercoreisi.com Steven Fandozzi 646 709 8498 steven.fandozzi@evercoreisi.com What Could Surprise In 2025 What Could Surprise in 2025 In a word, Everything. Donald Trump will be Inau ...