Bible 4Q24 – Memory: AI HBM accelerating, cycle elsewhere close to a b...

Today, we are publishing the Memory section of our 26th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. DRAM COGS increased 7% QoQ, with HBM up 65%, accounting for virtually all the growth. HBM demand remains strong, with revenues expected to more than double in 2025. The non-datacenter outlook is still blea...

Weekly bulletin - 10 March - 14 March 2025

The Bulgarian stock market remained volatile over the past week, as the benchmark SOFIX dropped 0.8% and all other major indexes closed down, ranging from -0.5% to -1.4%. The trading activity was weak, as block deals with some unpopular names boosted the volumes (+105.1% YTD) and the turnover (+51.6% YTD) higher than average numbers. The worst performer in our list of selected securities was Telelink Business Services Group (TBS, BGN 9.65, -12.3%), followed by SOFIX members Agria Group (AGH, BGN...

Morning Bulletin - 5 March 2025

The Bulgarian market started the shorter working week on a downbeat note following the world economy sentiment. The decliners led the advancers by 2-to-1 margin, which settled the main indexes on negative territory. SOFIX (893.80) underperformed the most by 1.16% as the heavy Shelly Group (SLYG, EUR 36.50, -2.67%), Sopharma (SFA, BGN 5.74, -1.71%) and First Investment Bank (FIB, BGN 3.68, -3.16%) met the selling pressure below the current market levels. Positive consolidated financial data gave ...

Singapore Daily - Monday, February 03, 2025

KEY HIGHLIGHTS Sector Offshore Marine    “Drill baby drill” to benefit offshore marine stocks. Top picks are Seatrium and Marco Polo Marine in the small/mid-cap space. REITs   S-REITs monthly update (Jan 25). TRADERS' CORNER    Wilmar International (WIL SP): Trading BUY                                                                      iFast Corp (IFAST SP): Trading BUY

Nokia 4Q24: Past the trough. Positive outlook. Maintain Buy rating, €...

Nokia reported 4Q24 yesterday. Please click the link below for our take on the full earnings..

Nokia 4Q24: Past the trough. Positive outlook. Maintain Buy rating

Nokia reported 4Q24 this morning.

Morning Bulletin - 28 January 2025

The Bulgarian market moved in a narrow range since it registered a 16-year high in beginning of the year, while the trading activity weakened. SOFIX (887.84) settled on a note higher as the positive bias came from the heavy member Shelly Group (SLYG, EUR 35.00 +0.57%). The broad indexes BGTR30 (857.49, +0.31%) and BGBX40 (171.44, +0.32%) were additionally powered by the reaction of the retail on the released financial data of Wiser (WISR, BGN 5.00, +4.17%) and the price actions with M+S Hydrauli...

Alpha IVF Group (ALPHA MK) - 2QFY25: Exciting Times Ahead

2QFY25: Exciting Times Ahead Despite the usual seasonality of the quarter, sales came in flattish sequentially. The establishment of an SRO in China aided the foreign patient mix and saved on costly external agents fees as margins improved sequentially. As a result, Alpha IVF continued to deliver on earnings. We continue to like Alpha IVF for its execution, regional growth, industry-leading success rates and superior margins relative to its peers. Maintain BUY. Target price: RM0.40.

Bulgaria Outlook 2025

OUTLOOK 2025 – 6 VALUE STOCKS FOR YOUR PORTFOLIO  Bulgaria's economy showed resilience despite the world and domestic challenges. In the first three quarters of 2024, the country posted steady annual GDP growth of 1.9% in Q1, 2.3% in Q2 and 2.6% in Q3 (non-seasonally adjusted data). The main drivers behind the growth were the individual and government consumption, which accelerated their contribution throughout the three quarters.  Inflation has been on a downward trend, aligning with global ...

Autos, Industrials, Smartphone and PCs Semis in 2025, a health check

Weekly bulletin - 2 December - 6 December 2024

The Bulgarian stock market ended the week with no clear direction, as the local benchmark SOFIX added 0.1% to settle at 847.67. The broader BGBX40 (166.63, +0.3%) and BGTR30 (846.93, -0.4%) performed in different directions, while the sector BGREIT (213.60,+0.6 %) gained the most, supported by the strong movement of Sopharma Buildings (SFB, BGN 16.50, +19.57%). The weekly top performer within our selected companies was Trace Group Hold (T57, BGN 6.0,+6.2%), followed by Telematic Interactive Bul...

Morning Bulletin - 9 December 2024

Friday’s trading was mostly mixed with moderate activity on a narrow base as BGBX40 (166.63, -0.02%) blended all volatile price actions within the BSE, underperforming SOFIX (847.67, +0.15%). Chimimport (CHIM, BGN 0.695, -4.14%), Eleven Capital (11C, BGN 16.00, -3.61%) and Stara Planina (SPH, BGN 9.00, -2.17%) led the decliners, while First Investment Bank (FIB, BGN 3.88) and Hydraulic Element and System (HES, BGN 5.50) took some breath and recovered by 3.74% and 2.80%, respectively. The daily v...

Morning Bulletin - 2 December 2024

The Bulgarian market was mixed on Friday but a narrow range of names registered significant deviations in otherwise quiet session. The major indexes settled with losses as SOFIX (846.60, -0.20%) erased part of previous day gain, following the negative price actions in Agria Group (AGH, BGN 19.70, -2.48%) and First Investment Bank (FIB, BGN 3.80, -4.04%), while the BGBX40 (166.09, -0.13%) and BGTR30 (850.17, -0.03%) performed slightly better, supported by Petrol (PET, BGN 0.89, +23.61%) and Sirma...

Morning Bulletin - 11 November 2024

The Bulgarian stock market closed the volatile weak on a downbeat note with little changes from Monday opening. All major indexes booked losses in range between 0.34% and 0.01%, reflecting the negative price actions of First Investment Bank (FIB, BGN 4.00, -4.76%) and Doverie (DUH, BGN 8.04, -3.13%), though the bias came from low volumes in widened spreads. Roughly one third of the indexes constitutes remained untraded on Friday as the volume only of few names, like Monbat (MONB, BGN 2.64, +4.76...

Morning Bulletin - 31 October 2024

The Bulgarian equity market had a mixed showing on Wednesday, though ultimately the main indexes were up in range from 0.39% to 0.74%. SOFIX (841.39, +0.40%) rebounded from its 200-day MA mainly supported by First Investment Bank (FIB, BGN 3.66, +5.17%) recovery after the announcement of Q3 financial data, which couldn’t reach the previous year results for the same period on the other hand. BGREIT (211.42) was the exception, following the pull back of the real estate sector and settled 0.41% low...

PSA Technology / Semiconductors: Micron and the AI Bubble

Micron’s FY24 results are a reminder that the chip industry is still doing well. Pelham Smithers considers what is reflected in the shares price of the wafer fab equipment makers and highlights two Japanese plays that offer undemanding valuations.

Regional Morning Meeting Notes: Thursday, September 26, 2024

GREATER CHINA Sector Automobile Weekly: PV sales down 4.8% yoy, missing estimates. Maintain MARKET WEIGHT. Top BUYs: CATL, Desay SV, and Geely. Top SELL: GAC. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp10,850/Target: Rp12,000) Strong loan growth continues; asset quality remains solid. MALAYSIA Update SD Guthrie (SDG MK/HOLD/RM4.88/Target: RM4.75) Plantatio...

Weekly bulletin - 9 September - 13 September 2024

The lack of investors’ enthusiasm and the negative trend on Bulgarian stock market continued during the past week, as all major indexes finished with moderate losses. The local benchmark SOFIX decreased by 0.3% to settle at 865.95 and the broad ones – BGBX40 (169.31, -0.3%) and BGTR30 (866.70, -0.3%) performed similarly. The top gainer within our list of selected companies and a SOFIX member – Bulgarian Real Estate Fund (BREF, BGN 3.34, +7.7%) supported the sector index BGREIT ( 202.74, +1.2%). ...

Weekly bulletin - 2 September - 5 September 2024

The Bulgarian stock market continued the negative movement from the previous one, but remained relatively stable, while uncertainty and volatility returned to global financial markets. The local benchmark SOFIX retreated -0.2% to settle at 864.43 and the broad ones – BGBX40 (169.38, -0.5%), BGTR30 (867.42, -0.3%) performed a little bit worse. The weekly top performer within our list of selected companies was Trace Group Hold (T57, BGN 6.00, +12.1%), followed by Monbat (MONB, BGN 3.04, +6.3%) and...

Morning Bulletin - 9 September 2024

The Bulgarian equity market closed the short first week of September on upbeat note and the indexes registered moderate gains in range between 0.22% and 0.52%. The positive effect came from the easily recovered Central Cooperative Bank (CCB. BGN 1.73, +4.85%) and Bulgarian Stock Exchange (BSE, BGN 8.05, +2.55%) from previous trading day’s losses on the ground of small trades in already widened Bid/Ask Spreads. The volumes improved slightly, though registered less than 50% of the 3-months average...