Equity Research
Thematic Stock Exposures: A physical AI ecosystem
Global tech heavyweights from Tesla to Nvidia are ramping up development of advanced AI technologies that enable machines to sense and interact with the physical world. In this special edition of Thematic Stock Exposures, we tap into the research of equity analysts across the globe to highlight companies that our teams believe are exposed to physical AI – from autonomous vehicles manufacturers and robot-makers to those providing the connective tissue between intelligent machines.
We present short summaries for a selection of stocks our analysts rate Buy, followed by a list of exposed stocks our teams rate Neutral or Sell. Please note this ecosystem is not exhaustive. We encourage you to explore the dedicated physical AI page for more coverage from our analyst teams and to read our previous Thematic Stock Exposures editions on the supply chains behind these novel technologies. We laid out the companies that make up AI's chip backbone in our semiconductor advances edition, those meeting AI power and networking needs in our data centers round-up, and global hyperscalers in our first AI collection.
3 Mar 2025 | Research | Aleksandra Gjorgievska and others
Since last week market sentiment has continued to deteriorate - our Risk Appetite Indicator turned negative for the first time since October last year (Exhibit 11). Less bullish sentiment has also been reflected in our p...
4 Mar 2025 | 5:10am| 30pg| Research | Portfolio Strategy-Andrea Ferrario and others
Power shortages re-emerged in India in 2022 but have gradually eased since then. That said, it remains top of mind whether power shortages could reappear in either the near or medium term. We update our power supply-dema...
5 Mar 2025 | 2:43am| 18pg| Research | Equity-Nikhil Bhandari and others
TSMC's new announcement on further acceleration of US investment is largely inline with our view. As highlighted in our report:
Consideration of media reports of potential strategic developments involving Intel and US tariff proposals (14 February 2025), we think the accelerated US capacity expansion for TSMC is likely on the back of 1) TSMC’s strategic decisions of balancing between mitigating production concentration risks (currently 95% of capacity located in Taiwan) and addressing the needs of its US customers, along with 2) US government's stated intention to boost domestic chip fabrication in order to reduce dependence on Asia.
Bruce Lu
Asia Pacific Technology | Taipei
4 Mar 2025 | 6:32pm| 9pg| Research | Equity-Bruce Lu and others
IN THE SPOTLIGHT
Sea delivered a strong 4Q24 print, with a beat on the top & bottom line mainly driven by ecommerce, notably with Shopee adj. EBITDA coming in at US$152mn (well above GSe US$98mn/Visible Alpha Consensus Data US$93mn). Higher commission & ads monetization alongside lower logistics cost supported the bottom-line improvement, notably with Shopee's in-house logistics already having a superior cost structure vs 3PLs (third-party logistics providers) in nearly all its markets. Importantly, its FY25 Shopee GMV guidance of c.20% yoy also came in stronger than expected (prior/new GSe: 18%/20%), which is guided to come with improving profitability - we forecast EBITDA/GMV margin to slightly contract from 0.5% in 4Q24 (which benefited from a seasonal peak including for ad spend) to 0.4% in 1Q25E before reaching 1.1% by 4Q25E (0.8% for FY25E).
Pang Vittayaamnuaykoon
ASEAN Telecommunications | Singapore
5 Mar 2025 | 4:17am| 13pg| Research | Equity-Pang Vittayaamnuaykoon and others
- Company HighlightsXiaomi Corp. (1810.HK): MWC 2025 Highlights: Flagship Xiaomi 15 series release; Committed to global expansion and premiumization4 Mar 2025 | 8:20pm| 8pg| Research | Equity-Timothy Zhao and othersBank Rakyat Indonesia (BBRI.JK): Persistent asset quality concerns, a long road ahead for profitability recovery, Downgrade to Neutral3 Mar 2025 | 7:09am| 9pg| Research | Equity-Melissa Kuang, CFA and othersTarget Corp. (TGT): First Take: 4Q earnings beat; FY25 top line guidance below consensus4 Mar 2025 | 8:44pm| 6pg| Research | Equity-Kate McShane, CFA and othersSaudi Aramco (2222.SE): Lowest cost producer with strongest balance sheet in an uncertain macro environment; Buy5 Mar 2025 | 5:57am| 12pg| Research | Equity-Michele Della Vigna, CFA and othersBest Buy Co. (BBY): 4Q25 better than expected but tariff concerns weigh on stock; Reiterate Buy5 Mar 2025 | 6:19am| 10pg| Research | Equity-Kate McShane, CFA and othersHitachi Energy India Ltd. (HITN.BO): Expanding order pipeline, margins have more room to expand; Buy5 Mar 2025 | 1:36am| 13pg| Research | Equity-Nikhil Bhandari and others
- Industry HighlightsJapan Industrial Electronics: Potential impact likely minor from US tariffs; cost pass-through likely; caution on near-term earnings5 Mar 2025 | 1:03am| 12pg| Research | Equity-Ryo Harada and othersChina Transportation: OPEC+ output increase: Potential lower fuel costs for airlines; more crude tanker volume demand; Buy COSCO Energy, Air China-H5 Mar 2025 | 12:28am| 8pg| Research | Equity-Herbert Lu and othersAmericas Advisors & Investment Banks: Investment Banking Monitor: The ramp remains slow, with lower M&A and DCM; however, ECM is a bright spot5 Mar 2025 | 5:04am| 32pg| Research | Equity-James Yaro and othersAmericas Building - Homebuilders: A Heat Map For Housing: Selling Season Off to a Slower Start, Though Stabilization Possible4 Mar 2025 | 1:01pm| 18pg| Research | Equity-Susan Maklari and othersGlobal Automobiles: China for Global - automotive and autonomy takeaways4 Mar 2025 | 8:36pm| 7pg| Research | Equity-Mark Delaney, CFA and othersBig Oils: 4Q24 wrap-up: Focus on disposals, balance sheet and differentiated growth3 Mar 2025 | 2:23pm| 36pg| Research | Equity-Michele Della Vigna, CFA and others
- PORTFOLIO STRATEGYUS Weekly Kickstart: Assessing the balance of risks following the 5% S&P 500 sell-off1 Mar 2025 | 5:56am| 23pg| Research | Portfolio Strategy-David J. Kostin and othersAsia-Pacific Portfolio Strategy: Asian equity market daily update4 Mar 2025 | 7:21pm| 11pg| Research | Portfolio Strategy-Timothy Moe, CFA and othersGlobal Strategy Views: The 'Alpha Bet' and diversification are paying off25 Feb 2025 | 1:05pm| 15pg| Research | Portfolio Strategy-Peter Oppenheimer and others
- OPTIONSMacro Catalyst Reactions (4-Mar-2025)4 Mar 2025 | 7:56pm| 1pg| Research | Options-John MarshallOptimal Overwrites this week (03-Mar-25)3 Mar 2025 | 11:01pm| 16pg| Research | Options-Rohith Medarametla and othersWeekend Cross-asset Dislocations (2-Mar-2025)2 Mar 2025 | 8:30pm| 1pg| Research | Options-John Marshall
RATING AND LIST CHANGES
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- Upgrades
- Downgrades
- Initiations
- CL Adds
- CL Removes
Sionna Therapeutics Inc. (SION): Innovating in cystic fibrosis via a novel target; Initiate as Early-Stage Biotech
4 Mar 2025 | 7:44pm| 27pg| Research | Equity-Salveen Richter, CFA and others
I
Titan America (TTAM): Strong competitive position, mixed cyclical outlook; launch at Neutral
4 Mar 2025 | 1:11pm| 38pg| Research | Equity-Jerry Revich, CFA and others
I
Sunnova Energy (NOVA): Removal of guidance suggests ability to pay down debt more in question; down to Neutral
4 Mar 2025 | 12:03pm| 10pg| Research | Equity-Brian Lee, CFA and others
US Conviction List - Directors' Cut: March 2025 Update
3 Mar 2025 | 6:01pm| 26pg| Research | Equity-Steven Kron and others
±CL
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EOG Resources Inc. (EOG): Modestly Lowering 2025/2026 FCF Forecast After Q4 Results
5 Mar 2025 | 10:32am| 7pg| Research | Equity-Neil Mehta and others
Ingram Micro (INGM): 4Q24 Review: Beat, but F1Q25 EPS & margin outlook misses on mix
5 Mar 2025 | 10:10am| 11pg| Research | Equity-Michael Ng, CFA and others
Korea Cosmetics: Classys (214150.KQ, NC): Korea Corporate Day: Robust momentum continued with limited tariff impact; overseas expansion as key focus
5 Mar 2025 | 9:55am| 6pg| Research | Equity-Cathy Chen, CFA and others
Americas Retail: Updating our Canada, Mexico, and China sourcing trackers
5 Mar 2025 | 9:36am| 10pg| Research | Equity-Brooke Roach, CFA and others
Ross Stores Inc. (ROST): F4Q24 Earnings Review: Healthy 4Q finish, but choppy 1QTD trends drive a muted outlook; new CEO outlines initial thoughts
5 Mar 2025 | 9:23am| 8pg| Research | Equity-Brooke Roach, CFA and others
Americas Banks: Regional: ALLY, FITB, MTB and CMA provide mid-quarter guidance updates
5 Mar 2025 | 8:59am| 11pg| Research | Equity-Ryan M. Nash, CFA and others
Flutter Entertainment (FLUT): FY24: Solid underlying results in line with 4Q trading update, and 2025 US growth guidance in line with building blocks from CMD
5 Mar 2025 | 8:49am| 10pg| Research | Equity-Ben Andrews, CFA and others
Gaming and Leisure Properties Inc. (GLPI): 4Q24 Update: Development funding potential upside, timing uncertain
5 Mar 2025 | 8:40am| 7pg| Research | Equity-Caitlin Burrows and others
China New Energy Vehicle Weekly Chartbook: 2025 Week 9 - 53% NEV penetration; BYD orders higher WoW
5 Mar 2025 | 8:05am| 19pg| Research | Equity-Tina Hou and others
Techtronic Industries (0669.HK): Results review: 2H24 revenue/net profit in line, GPM beat; Buy
5 Mar 2025 | 7:36am| 8pg| Research | Equity-Jacqueline Du and others
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North American Trucking State of Union with ACT Research and GS Research5 Mar 2025 | 1:09am| Equity Research
DAILY ROUNDUPS
The 720: Sea Ltd, TSMC, Xiaomi, India Clean Energy, Harmonic Drive, SBI Cards, Panasonic, China Macro, Global Autos
5 Mar 2025 | 7:19am| 9pg| Research | Equity-Michael Snaith and others
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Market Intelligence: US Morning Update
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