Niche DRAM Upcycle May Extend to 2028; OW
The market assumes the DRAM cycle will normalize by 2026, but structural shortages in niche DRAM are extending the upcycle to 2028, creating a divergence from…
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EV Battery
Research linked to EV demand, batteries, autos, charging, supply chains and electrification.
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J.B. Hunt Transportation Services (JBHT): A recovery is priced in, a return to structural growth is not (Upgrade to Outperform, $329)
The market prices J.B. Hunt as a cyclical freight recovery play, but a structural margin expansion is underway, driven by regulatory capacity removal and…
Info Edge (INED.BO): Billings Acceleration Points to A(I)RPU Inflection; Upgrade to Buy
The market misprices Info Edge's recruitment acceleration as a cyclical recovery, but the data reveals a structural ARPU inflection driven by AI-Rex…
Larsen & Toubro (LART.BO): A structural beneficiary of the Saudi resilience-led capex wave; Buy
The market prices Larsen & Toubro as a cyclical EPC play exposed to GCC capex slowdown, but the reality is that Saudi's resilience-led capex wave is…
Datadog (DDOG): raising our model, but tactical downgrade
The market still prices Datadog as a single observability vendor, but the company is rapidly evolving into a multi-platform AI and security provider. DASH…
BlueScope Steel (bsl.AX): Reinstate at Buy on valuation, FCF inflection & tailwinds from US steel spreads
The market treats BlueScope as a single cyclical steel company, but the structural divergence between US and Asian steel spreads is creating a regional…
The Lottery Corporation Limited (TLC.AX): Downgrade to Sell on downside risks to FY27 earnings
The market assumes The Lottery Corporation Limited (TLC.AX) can sustain stable earnings and dividend growth, but structural lottery turnover declines and…
Continental (CONG.DE): Continental nears deal to sell ContiTech for €4bn plus add-ons. Should take shares towards our €80 TP. Buy
The market continues to price Continental as a diversified industrial conglomerate, but the imminent ContiTech sale will fundamentally alter its valuation…
Baltic Classifieds Group (BCG) | Europe FY26: 1% Revenue Miss, Softer FY27 Guide, Capital Returns Supportive
The market interprets BCG's FY27 growth guide as a structural slowdown, but B2C advertiser data across Real Estate, Auto, and Jobs/Services remains resilient…
Novartis (NOVN.S): Multiple disconnected from the risks - remain Sell
The market treats Novartis (NOVN.S) as a stable growth story with a supportive pipeline, but the reality is that its current valuation already prices in full…
Cochlear Ltd. (COH.AX): Pathway of growth recovery in place but will take time; Neutral
The market treats Cochlear's growth as decelerating toward low single digits, but actual implant volumes grew 8.8% YoY in FY24A, and the upcoming UK NHS…
Orange (ORAN.PA): Scope for guidance upgrade with H126 results, reiterate Buy
The market treats Orange as a uniformly declining telecom, but the data reveals a structural divergence between accelerating Spain revenue and contracting…
LPP SA (LPP.PWA): Model Adjustment With Softer Sales Growth but Higher Margins – Buy Rating Maintained
The market assumes softer sales growth implies proportional earnings weakness for LPP SA, but the reality is that margin expansion is offsetting revenue cuts…
Fresenius Medical Care (FMEG.DE): Expect Q2 26 to demonstrate another solid quarter of EBIT growth but US SMTG to remain subdued; Neutral
The market treats Fresenius Medical Care as a broad-based recovery story, but the data reveals EBIT growth is driven by cost cuts rather than revenue…
KR Auto Parts/Robotics; Initiate Mobis (N)/Mando (UW), Autoever (U/G to N), CH Auto; Policy from EU/CH, China’s HDT Electrification Goal, Global Xacros: AI CAPEX 2.0: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - E&C - A&D
APAC Specialist Sales JPMORGAN KR Auto Parts/Robotics; Initiate Mobis (N)/Mando (UW), Autoever (U/G to N), CH Auto; Policy from EU/CH, China’s HDT…
Luckin Coffee Inc. (LKNCY): Clear growth path in ML China with 55k stores attainable; upside from margins and shareholder returns; Initiate at Buy
Overview of stock investment thesis 7 Debate 1: Given Luckin’s 30k ML China store count, what factors support further store expansion? 8 Store upside…
Ajinomoto (2802.T) Raising target price to reflect strong ABF demand outlook; maintain Buy
(Ymn) GSE GSE GSE GSE GSE GSE GSE CoE FY3/26 FY3/27 FY3/28 FY3/29 FY3/27 FY Q1 Q2 Q3 Q4 FY FY FY FY Sales 1,583,719 391,700 406,900 453,300 464,300 1,716,200…
ResMed Inc. (RMD.AX): Well-placed for a re-rate with levers in place; Buy
Resmed (RMD.AX) Income Statement Growth Rates (pcp) CAGR June Year End (US$m) FY22A FY23A FY24A FY25A FY26E FY27E FY28E FY22A FY23A FY24A FY25A FY26E FY27E…