Gen - AI尚无过剩迹象；2027 年之前人工智能资本支出增长动力充足；价格上涨将成为每股收益（EPS）上调的下一个驱动因素

Summary of Key Points from Conference Call Records Industry or Company Involved - AIA Group Ltd (1299) [3] - Tata Consultancy Services (TCS) [5] - DongFeng Motor Co., Ltd. (0489) [6] - Copa Holdings [10] - Opsimex [11] - Guzman Y Gomez [14] - Japan Equity Strategy [7] - Asia Tech Strategy [2] Core Insights and Arguments AIA Group Ltd (1299) - Transition from a growth stock to a value stock with a focus on dividend yield and capital management [3] - Returned US$22 billion of excess capital to shareholders since 2022 [3] - Management aims to reinvigorate growth by leveraging strong balance sheet compounding and cash growth [3] - New business value per dollar spent is at a decade high of US$4.1 [3] - Current P/EV is 1.2x for FY26E, with a price target of HK$105 [3] Tata Consultancy Services (TCS) - Underperformed NIFTY by 29% YTD due to earnings cuts and margin issues [5] - Anticipates growth recovery from 2HFY26, with margin improvements expected [5] - Adjusted growth expectations to 0%/5% for FY26/27, with a 2/3% upgrade to FY26-28 EPS [5] - Current trading at 19.7x 2-year forward PE, indicating value [5] - Price target raised to Rs 3,800 [5] DongFeng Motor Co., Ltd. (0489) - Announced unexpected corporate restructuring to delist from HKSE and spin off its EV business [6] - Trading at a significant discount to book value (0.25x PB) [6] - Cash and equivalents are nearly double its market cap [6] - Upgraded to OW with a price target of HK$11, indicating a 100% upside potential [6] Copa Holdings - Projected EBIT margin of 23-24% for the current and next year, outperforming local peers [10] - Expected cash flow yield of 8% in 2H25 and 12% in 2026 [10] - Trading at 4.5x EV/EBITDA, a 38% discount to historical levels [10] Opsimex - Updated estimates based on solid operational performance and increased tower build guidance [11] - Adjusted expectations for tower adds to 950 for 2025 [11] - Price target established at Ps 26, up from Ps 23 [11] Guzman Y Gomez - Weak trading update led to recalibration of near-term sales and earnings potential [14] - Long-term outlook remains positive, but short-term guidance is viewed as overly optimistic [14] - Downgraded EPS estimates significantly for FY26, FY27, and FY28 [14] Japan Equity Strategy - Over 90% of TSE Prime Market companies reported results, with a focus on tariff impacts [7] - Companies may begin to lower tariff impact estimates and raise earnings guidance [7] - Weak results expected due to tariffs, but potential for recovery as tariffs decrease [7] Asia Tech Strategy - Concerns about AI capex growth peaking in 2026, but no signs of excesses in the AI trade [2] - AI capex expected to grow at least 20% in 2026, driven by increased adoption of reasoning models [2] - Positive outlook on core AI leaders and new opportunities in substrates and OSAT [2] Other Important but Possibly Overlooked Content - AIA's shift in narrative towards growth could lead to a re-rating of the stock [3] - TCS's margin recovery and cost control measures are critical for future performance [5] - DongFeng's restructuring is seen as a positive move to unlock hidden value [6] - Copa's operational results and cash flow generation are key strengths in a competitive market [10] - Opsimex's tower build guidance reflects a positive operational outlook despite revenue adjustments [11] - Guzman Y Gomez's long-term potential remains intact despite short-term challenges [14]