2026-03-03 08:28Investment Ratings - The report includes two new Buy-rated companies: Amcor and China Minsheng Banking [2][5]. Core Insights - Amcor is expected to achieve a 3-year EPS CAGR of 12% due to synergies from the merger with Berry, with projected synergies of US$650 million [2][16][17]. - China Minsheng Bank-H is viewed as a deep value opportunity with a significant valuation discount and signs of a peaking NPL cycle, indicating potential for profit improvement [2][15][23]. Summary by Relevant Sections Amcor - Amcor has shown benign EPS growth recently, but the merger with Berry is anticipated to drive a 12% EPS CAGR over three years, supported by US$650 million in synergies [2][16][17]. - The company has consistently delivered synergies in line with guidance, indicating confidence in achieving FY26 synergy targets of at least US$260 million [17]. China Minsheng Banking - The bank is added to the Key Call list due to a valuation discount of less than 0.3x P/BV, which is considered overly pessimistic for a systemically important bank [2][15][23]. - There are indications that the NPL cycle may have peaked, providing more visibility on potential profit improvements [15][23]. NEXTDC - NEXTDC is experiencing significant growth, with 172MW contracted and 157MW expected to activate in FY27, surpassing previous activation totals since its inception [3][12]. - The company is projected to have a contracted EBITDA of approximately A$718 million, significantly higher than prior forecasts [12]. Jardine Matheson - The company has outperformed the MSCI APAC index due to business simplification efforts, and there is potential for further ROE uplift through leveraging third-party capital [3][13]. Origin Energy - Origin Energy reported a solid HY26 result, with EM EBITDA 6% above consensus, and has upgraded FY26 guidance by 6% at the midpoint [3][18]. SK Hynix - The DRAM upcycle is forecasted to extend until 4Q27, with significant price increases expected in both DRAM and NAND segments [3][20]. Shenzhen Kedali Industry - Kedali is optimistic about its growth in battery structural parts, targeting a revenue CAGR of 30% from 2026 to 2030 [3][19]. Tokyo Electron - The WFE market forecasts have been revised upward, indicating strong growth potential in memory chip equipment, particularly for DRAM and NAND [3][14].