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 12:14 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 ...

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 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 ...

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 ...

Morgan Stanley | RESEARCH February 14, 2025 03:20 AM GMT 中国思考 | Asia Pacific $${}^{46},\{1\}{\frac{11}{12}}{\frac{11}{12}}{\frac{11}{12}}{\frac{11}{12}}{\frac{11}{12}}{\frac{11}{12}}{\frac{1}{12}}{\frac{1}{12}}{\frac{1}{12}}{\frac{1}{12}}{\frac{1}{12}}{\frac{1}{12}}{\frac{1}{12}}{\frac{1}{12}}{\frac{1}{12}}$$ DeepSeek、智驾、人形机器人等"小龙"使市场再度认识中 国供应链优势和创新力。然而,若地缘政治割裂和消费支持 不足的大环境不变,科创难以只身肩负引领经济走出通缩的 重任。 2025年为乙巳蛇年。在中国，蛇也被称为小龙。恰逢蛇年到来之际，杭州"六小 龙"（包括DeepSeek和宇树科技在内的初创企业）声名鹊起，重新点燃了投资者 对于中国供应链竞争力和科技创新的信心。这些优势在过去一段时间被忽视， ...

Morgan Stanley | RESEARCH February 13, 2025 01:42 AM GMT 中国股票策略 | Asia Pacific Al势头推动市场反弹 步怎么走? 最近中国市场的反弹主要是由Al势头推动的，表明科技股表现 与其他股票之间出现较大分化。鉴于全球投资者仓位较轻, 我们预计这一势头将在短期内持续,但对贸易和科技相关风 险持谨慎态度。我们筛选了15只直接受益的股票标的。 近期恒生指数表现强劲，主要是由Al/科技相关个股在DeepSeek的支持下推 动 …… : · · 了在Al领域的重大进步,这些模型的性能可与谷歌、Open Al和Meta等领先公司的 模型相媲美,但成本却低得多。我们认为这是近期中国股市反弹的最大推动因 素。MSCI 中国指数和恒生指数均已于 1 月 13 日 (DeepSeek-R1 发布后的第一个交 易日）触底,此后一直在反弹。1月13日至2月7日期间，恒生指数上涨了12%，其 中恒生科技指数上涨了22%。MSCI 中国指数上涨 13%，其中 MSCI 中国IT 板块上 涨 24%。A 股市场略微落后，上证综指和沪深 1000 IT 板块分别上涨 5% ...

Macro Policy and Economic Forecast - The official deficit rate is expected to reach 4% or higher, with a fiscal stimulus increment of around 2 trillion RMB[1] - Policy focus shifts towards consumer goods renewal, with a predicted cumulative policy rate cut of 40 basis points by mid-next year[1] - Unconventional counter-cyclical measures include central enterprises issuing special investment bonds and coordinated fiscal and monetary policies, injecting 2 trillion RMB in liquidity[5] Economic Priorities and Structural Reforms - Expanding domestic demand is prioritized over technology and industrial chain investments, signaling a shift towards an internal demand-driven framework[3] - Structural reforms are necessary to transition from an investment and real estate-centric economy to a more balanced structure, a process expected to be long-term[5] - Addressing real estate bad debts requires a combination of policy intervention and market-based mechanisms to clear the market and ensure fiscal sustainability[5] Financial and Insurance Sector Outlook - Loose monetary policy has led to increased deposit savings rates, limited consumption stimulation, and reduced resource allocation efficiency[8] - The insurance sector shows strong investment value, with significant growth in new business value and improved performance due to channel optimization and product structure enhancements[13] - Challenges for the insurance industry in 2025 include managing new business value growth and addressing market concerns over interest rates and opening red scenarios[14]

Investment Rating - The report indicates a cautious outlook on the Chinese economy, with lowered GDP forecasts for 2024 and 2025, reflecting concerns over soft activity data [7][19]. Core Insights - The report highlights a significant decline in China's industrial production, retail sales, and fixed asset investments, leading to a negative GDP deflator throughout the forecast period [2][19]. - The Federal Reserve is expected to consider a 50 basis point rate cut in the upcoming FOMC meeting, with market participants anticipating a shift in monetary policy [3][7]. - The Bank of Canada is also under scrutiny, with Governor Macklem expressing concerns about economic slack, which may lead to more aggressive rate cuts [10][19]. Summary by Sections Global Macro Commentary - Soft economic data from China has raised growth fears, prompting economists to lower GDP forecasts [7]. - The USTs rallied amid expectations of a potential 50 basis point Fed cut, while uncertainty remains regarding the exact size of the cut [3][7]. Developed Markets - The Empire State Manufacturing Survey showed a significant improvement, rising to 11.5 in September, indicating a rebound in new orders and shipments [19]. - The Canadian economy is facing pressure, with the BoC Governor indicating a desire to avoid further economic slack, which may lead to rate adjustments [10][19]. Emerging Markets - China's August activity data was disappointing, with industrial production growth moderating to 4.5% year-on-year, and retail sales slowing to 2.1% [19]. - In India, the RBI Governor expressed confidence in sustaining a growth rate of 7.5% over the next few years, despite external influences from major central banks [19].