February 10, 2025 04:45 PM GMT China – Power Utilities | Asia Pacific Expert Call Takeaways: New Policy on New Energy Tariffs and Market Trading We hosted Dr. Tao from the NDRC Energy Research Institute to explain the newly announced market reform policy on new energy power tariffs and address key investor queries. Key Takeaways New energy to fully enter market trading: The accelerated market reform policy on new energy does not seek to monitor or control the pace of renewable capacity addition, but rather ...

February 10, 2025 01:54 PM GMT China Data Centers | Asia Pacific Revisiting the DC into REITs Thesis; Bull Case In Sight We continue to like China IDCs. Despite the rally, we still see big upside ahead as REITs issuance plays out. High leverage is a double edge sword, magnifying fundamental changes. We are in a demand upcycle and interest rate downcycle. Data center injections into REITs: since our note on this trend (see here), we have observed fast developments on this front in the past three months: We h ...

Asia Pacific Equity Research 08 February 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Solar Alan Hon AC (852) 2800-8573 alan.hon@jpmorgan.com Daqi Jiao (852) 2800-8595 daqi.jiao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. M ...

February 7, 2025 06:46 AM GMT Humanoids | Asia Pacific Catalysts Evolving Rapidly The humanoid market continues to be fueled by catalysts. Having reviewed past stock market rallies, in this report we summarize the three key factors driving the market and identify the near-term catalysts to watch. 2025 to herald the start of mass production: Key players, including Tesla, 1X, Agility, and UBTECH, have announced plans to produce thousands of humanoids in 2025, with other players targeting commercial operations ...

J P M O R G A N NIM Asset quality Efficiency Capital See page 3 for analyst certification and important disclosures, including non-US analyst disclosures. Latin America Equity Research 06 February 2025 Inter 4Q24 Conference Call Highlights Today Inter hosted its 4Q24 conference call. Main highlights below: Loans J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the o ...

5 February 2025 | 11:17AM HKT China: Caixin services PMI fell in January Bottom line: The Caixin China General Services Business Activity Index (headline services PMI) decreased to 51.0 in January from 52.2 in December, suggesting service sector activity continued to expand but at a slower pace in January. Key numbers: Caixin services PMI: 51.0 in January (Bloomberg consensus: 52.4), vs. 52.2 in December. Main points: 1. The Caixin China General Services Business Activity Index (headline services PMI) decre ...

Cloud revs decelerated back to prior trend (Q4 30% y/y vs. Q1-Q2 28-29%) after a strong 35% in Q3. But we see potential for future upside given current capacity constraints and plans for FY25 capex up 43%. Ad revs were healthy, esp. YouTube +14% y/y. But Q1 is to start slow given FX headwinds and tougher comps. Continued efficiency gains as op mgn (net) 37.9% +520bp y/y. Stock trades ~12.6x NTM EV/EBITDA vs. 12x 10-yr avg; expect to grind higher. Buy, $235 PT. Things we liked: Things we're watching: | FY (D ...

China (PRC) | Building Materials 2025 Commodities Outlook: Desperate Times Call for Desperate measures China concluded the CEWC on Dec 12, making significant adjustments to its macroeconomic policies for 2025. The focus of a "more proactive" fiscal policy and an "appropriately loose" monetary policy is an unprecedented combination. While the stimulus this time is more consumption-focused than FAI-led, this sets the backdrop for a cyclical recovery in commodity demand and stock valuations. Top picks: WCC, CN ...

TSMC is the key supplier to the global cloud AI semi including NVIDIA's AI GPU. We view its comments on AI demand sustainability, 2025 outlook and its own margin trend to result in stock volatility. What and when is the catalyst? TSMC will host its 4Q24 analyst meeting on January 16 with the disclose of its 4Q24 earnings print and 1Q25 guidance. The market views its 1Q25 revenue and gross margin guidance, 2025 outlook and its confidence on AI demand sustainability as key indicators for AI demand strength. T ...

Key Points Industry Overview - **Self Storage Sector**: The report focuses on the self-storage sector, specifically analyzing the outlook for 2025. - **Cautious Optimism**: The overall outlook for the sector into 2025 is cautiously positive, with expectations for a recovery in the second half of the year. - **Housing Market Recovery**: The recovery in the housing market is seen as a key driver for the self-storage sector, as increased demand for housing will lead to increased demand for storage. Company Analysis - **CubeSmart (CUBE)**: Downgraded to Hold due to weaker-than-expected move-in rates and softening ECRIs. The company's predominantly urban portfolio may not benefit as much from the housing recovery as its peers. - **Extra Space Storage (EXR)**: Maintained at Buy, with a positive outlook due to its strong position in the market and potential for earnings growth. - **National Storage Affiliates (NSA)**: Maintained at Buy, with a positive outlook due to its exposure to secondary and tertiary markets, which are well-positioned to benefit from the housing market recovery. - **Public Storage (PSA)**: Maintained at Buy, with a positive outlook due to its strong balance sheet and revenue management platform. Key Metrics - **Move-in Rates**: Expected to return to positive growth in 2025, with a base case scenario of ~3% growth for EXR and PSA, and slightly lower growth for CUBE. - **ECRIs**: Expected to remain stable in 2025, with a base case scenario of ~22.5% for PSA, 17.5% for EXR, and 17.6% for CUBE. - **Occupancy**: Expected to improve in 2025, with a base case scenario of ~1% growth for PSA, EXR, and CUBE. Risks - **Economic Downturn**: A worsening economic environment could negatively impact the housing market and, consequently, the self-storage sector. - **Oversupply**: Excessive supply of self-storage facilities could lead to lower occupancy rates and rental rates. - **Rising Interest Rates**: Higher interest rates could increase the cost of capital for self-storage companies and potentially lead to lower demand for housing. Conclusion The self-storage sector is expected to recover in 2025, driven by a recovering housing market. However, there are risks that could impact the sector, including an economic downturn, oversupply, and rising interest rates.