reports
- Pierre FerraguÊ
- Pierre FerraguÊ
Oracle RPOs: Beginning of the bubble... or beginning of the AI era?
Dear all, After we spent the day trying to figure out where AI compute would sit over the next 10 years, Oracle blessed us with a powerful datapoint: Half a trillion dollar RPOs. We pulled out a note overnight digging into what we learnt last night and confronting it to our deep understanding of the current AI infrastructure landscape. Very interesting findings emerged, follow the link below for details.
- Pierre FerraguÊ
- Pierre FerraguÊ
Bible 2Q25 – Semicap: Cautious view justified; expectations at risk fo...
Today, we are publishing the Semicap section of our 28th 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. In the coming weeks we will publish sections on Hyperscale & Cloud, PCs, Enterprise IT and Foundry. 2Q25 semicap revenues up 2% QoQ, 2% above consensus. China up 19% after a 17% decline in 1Q, with manufac...
- Lindsay Whipp
PSA IT Services: Japanese Banking Industry’s Investment in DX Deepens
The most recent quarterly earnings for the system integrators highlighted the sustained increase in spending by Japanese financial institutions over recent quarters, as they seek to improve products and services amid a shift in interest rates and the introduction of tax-exempt investment accounts, and as interest in digital currencies grows. Analyst Lindsay Whipp reviews some of the DX spending undertaken by Japan’s banking industry and highlights beneficiaries'.
4307 NOMURA RESEARCH INSTITUTE LTD.
8306 MITSUBISHI UFJ FINANCIAL GROUP INC.
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
3774 INTERNET INITIATIVE JAPAN
7182 JAPAN POST BANK CO. LTD.
3994 MONEY FORWARD
3626 JT TIS INC
8473 JT NTT LTD
9682 JT SBI HOLDINGS [STRATEGIC BUSINESS INNOVATOR GROUP] (8473 JT)
DTS CORP (9682 JT)
- Felix Fischer
Asia Monthly – August 2025 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in August 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on de...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
TATASTEEL AGILE GROUP HOLDINGS LIMITED
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
SXC YANLORD LAND GROUP LIMITED
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
WFG1 WYNN MACAU LTD.
01030 WEST CHINA CEMENT LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
JFC ENN ECOLOGICAL HOLDINGS (A)
7201 JOLLIBEE FOODS CORP.
KIJA NISSAN MOTOR CO. LTD.
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
PWON ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
AZRE PT CIKARANG LISTRINDO TBK
01112 AZURE POWER GLOBAL LTD.
VHM HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
MSC VINHOMES
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Pierre FerraguÊ
Bible 2Q25 – Memory: margins of conventional DRAM to expand as HBM gro...
Today, we are publishing the Memory section of our 28th 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. In the coming weeks we will publish sections on Automotive, Hyperscale & Cloud, Telecom Equipment, PCs, Enterprise IT, Foundry and Semicap Equipment. DRAM COGS up 25% YoY and 21% QoQ, driven by seasonality,...
- Pelham Smithers
- Pelham Smithers
- Pierre FerraguÊ
- Pelham Smithers
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Pierre FerraguÊ
SoftBank and the U.S. government shoring up Intel?
Intel and SoftBank announced yesterday evening that SoftBank will acquire $2bn of newly issued Intel shares. At the same time reports of the U.S. government taking a direct stake in Intel are becoming more tangible. Please see the link below for our take.
- Chris Hoare
Japanese Telcos – Q1 FY25 review: Steady start, all eyes on Mobile pri...
Revenue trends were steady as the softer mobile growth was offset by improvement in non-mobile. Softbank remained the outperformer, but this has already been baked in as expectations for Group revenue are sitting ahead of guidance by 3%.
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Trung Nguyen
- Leonard Law
- Trung Nguyen
- Pierre FerraguÊ
- Chris Hoare
NTT (Buy, TP: ¥215, +40%) Q1 FY25 Quick Take: Soft start; awaiting fo...
NTT printed a rather soft set of Q1 results as Mobile was weaker and Global Solutions was impacted by FX weakness in its Overseas arm. The recovery in Regional Communications offered some encouragement and is likely to remain so as the firm transits from Copper to Fibre over the long run.
- Pelham Smithers
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