|
Global Semiconductors
5 potential beneficiaries, 2 casualties from the sale of H200 AI chips in China
Trump’s approval for the sale of H200 AI chips in China is a positive development for Nvidia
• Nvidia’s latest guidance assumes zero revenues to China; readthrough from prior H20 export controls indicates quarterly revenues of USD8bn to China are possible
• We think that access to the USD50bn AI market in China should more than offset the 25% tariff payment to the US government
• While demand visibility is unclear for now, the H200 AI chip remains attractive as it offers a significant uplift in computing power versus the current export-compliant H20
Similar approvals should also benefit AMD as it resumes sales of export compliant MI308 chips, whereas Intel appears less exposed given limited competitive AI/DC offerings
Within our HK/CN coverage, approval of H200 AI chip sales
1) benefits China data-center operator VNET, while
2) raises the risk of profit taking for domestic chip stocks (e.g., SMIC, Hua Hong) even as the longer-term localisation ambitions stay intact
Maintain our positive view on TSMC, Nvidia’s key foundry partner, for its AI/leading-edge foundry leadership without policy overhang
|
LHN Ltd
Room for growth
■ Post spin-off, we expect Coliwoo to drive c.40% of LHN’s FY26F net profit, supported by new and existing properties (e.g. 141MR, 159JLB, Fire Station).
■ Likely growth drivers are Coliwoo’s acquisition of 800 keys annually and selfstorage expansion via acquisitions and asset enhancement initiatives.
■ Reiterate Add with a lower TP of S$0.88, still based on 10x FY27F core P/E.
Read More ...
|
|
LHN (LHN SP)
FY25: Results In Line; Building Momentum Beyond Coliwoo’s Spin-Off
Highlights
• LHN’s FY25 core PATMI of S$34.5m (+24% yoy) is in line with expectations.
• LHN announced final and special dividends of 1 S cent and 2 S cents respectively, bringing total dividend for FY25 to 4 S cents (FY24: 3 S cents). This represents a dividend payout of 48.8% and a yield of 4.3%.
• Trading at 10.0x adjusted FY26F PE, valuation remains attractive at a 40% discount to peers. We maintain BUY with a lower target price of S$0.84.
Read More ...
|
MARCO POLO MARINE
Better yard outlook ahead
■ We left Marco Polo Marine’s FY9/25 analyst briefing more positive on the outlook for its newbuilding and ship repair activities.
■ MPM noted active talks with clients for its second CSOV. Charter contract could be signed as early as 1QCY26F, which is a key re-rating catalyst.
■ Reiterate Add with a higher TP of S$0.20, on higher EPS estimates and P/E multiple on improved confidence in MPM’s pipeline of work over FY26F-28F
|
|
Kuaishou Technology (1024 HK)
Launch Of Kling AI’s Unified Multimodal Video Model
Highlights
We had a follow-up call with Kuaishou after it launched its first unified multimodal video model and provided updates on complementary models, spanning audio generation, virtual avatars, and intelligent creation tools.
We anticipate a higher-than-expected revenue contribution from Kling AI in 2026, as it continues to focus on user volume growth over profitability. We believe the company’s strong monetisation progress will create a moat against the competitive environment.
Maintain BUY with a target price of HK$88.00.
Read more....
|
LHN’s market cap stands at $286mln and currently trades at
7x forward PE and 1.1x PB, with a dividend yield of 6.0%. FY25
performance remains strong across the Coliwoo co-living segment,
as well as maiden contributions from its property development
business. Consensus target price stands at S$1.15, representing
71.6% upside from current share price. We maintain an
“Accumulate” rating on LHN.
|
