28 May 2025 | 1:58AM HKT TechNet China 2025 review: Key takeaways across Semiconductors, AI Server, Smartphones, Robotaxi and AI Software Semis panel: We hosted Lithography expert, Axera (private) Chairperson, and SICC CTO at the panel. Key discussions were about China's efforts in developing semiconductor technologies as well as the outlook for semiconductor capex and R&D investment in China. Overall, the expert/ management see continuous R&D progress in technology advancement. Amid geopolitical uncertaint ...

Entel SA (ENTEL.SN) Trimming Estimates Post-1Q25 27 May 2025 | 5:20PM BRT | ENTEL.SN | | --- | | 12m Price Target: Ch$3,450 | | Price: Ch$2,791 | | Upside: 23.6% | We incorporate 1Q25 earnings as well as updated macro/FX assumptions, lowering estimates particularly in Chile, given i) somewhat more-conservative ARPU assumptions amid continued competitive pressure from AMX and WOM in mobile, though we already assumed some increased competition this year; ii) weaker-than-expected fiber trends, with management ...

28 May 2025 | 6:45AM IST Info Edge India Ltd. (INED.BO) Buy Earnings Review: Good growth but at the cost of margins; outlook robust; Buy INED.BO 12m Price Target: Rs1,720.00 Price: Rs1,454.65 Upside: 18.2% Info Edge management struck a constructive tone on forward growth outlook, though it expects continued reinvestments in the business in the near term; this was similar to its 4QFY25 print, where EBITDA growth of 5% YoY sharply missed GSe though revenue growth of 13% YoY was robust and in line. We highligh ...

28 May 2025 | 4:05AM EDT Par Pacific Holdings (PARR) Lower to Neutral After Recent Relative and Absolute Performance; Prefer Buy-Rated VLO, MPC, DINO | PARR | | --- | | 6m Price Target: $19.00 | | Price: $22.47 | | Downside: 15.4% | Following recent share outperformance, we are downgrading Par Pacific Holdings (PARR) from Buy to Neutral. While we remain constructive on the refining sector (supported by increased OPEC+ production and tightening refining supply/demand dynamics), we continue to be selective in ...

27 May 2025 | 2:30PM PDT Salesforce Inc. (CRM) Announces the Acquisition of Informatica CRM 12m Price Target: $340.00 Price: $277.19 Upside: 22.7% Salesforce is +1% today after announcing the acquisition of Informatica (and down 2% vs. close on 5/22, before news outlets reported on the pending acquisition). Salesforce will pay $25 in cash per share, valuing the company at $8bn. CRM expects the transaction to close early in Salesforce's FY27. Based on our published estimates pre-acquisition, this represents ...

28 May 2025 | 5:35PM JST Meiji Holdings (2269.T) Earnings wrap: We expect FY3/25 operating profits to miss guidance, but this appears to be largely priced in; Neutral | | | We revise our FY3/26-FY3/28 operating profit estimates for Meiji Holdings by -0.1%/+0.4%/+0.5% in light of FY3/25 results. We revise our FY3/26 operating profit estimate for the food segment by +¥0.7 bn, for the pharmaceuticals segment by +¥0.2 bn, and for adjustments by -¥1.0 bn, resulting in a net decrease of just -¥0.1 bn. Relative to ...

27 May 2025 | 9:20PM EDT Okta (OKTA) 1QFY: Muted quarterly trends reignite debate on path to stable growth n Okta sees multiple ways to benefit from the increasing adoption of AI Agents at its customers. Auth for GenAI is in developer preview (expected GA soon), and is designed to help developers build AI Agents/workflows. Additionally, AI Agents have resulted in more non-human identities within Gabriela Borges, CFA +1(212)902-7839 | gabriela.borges@gs.com Goldman Sachs & Co. LLC Callie Valenti +1(212)357-2 ...

27 May 2025 | 9:52PM EDT Global-E Online Ltd. (GLBE) Key Takeaways from mgmt event | GLBE | | --- | | 12m Price Target: $39.00 | | Price: $31.81 | | Upside: 22.6% | We hosted an investor event with GLBE mgmt, including CEO Amir Schlachet, CFO Ofer Koren, and Head of IR, Alan Katz. Overall we thought the message was upbeat, as 1) the company made it clear they believe the renewal with Shopify does not represent a decoupling, and will result in better economics on the 3P solution, eventually leading to an acc ...

28 May 2025 | 4:57AM EDT Sarepta Therapeutics Inc. (SRPT): Elevidys' full approval is likely intact per CBER Director's commentary We recently hosted a meeting with newly-appointed FDA CBER Director Dr. Vinay Prasad where, in our view, his commentary was supportive of regulatory flexibility balanced with clinical rigor and upholding decisions made by prior CBER leadership (outside of COVID-19). Thus, as it relates to Elevidys in Duchenne muscular dystrophy, our takeaway, inclusive of his prior commentary in ...

28 May 2025 | 7:13PM HKT VNET Group (VNET): First Take: 1Q25 results beat; Accelerated move-in offset softer wholesale MSR; Buy VNET Group reported above-expected 1Q25 results with revenue +18% yoy (1-2% above GSe/Visible Alpha Consensus Data) and adj. EBITDA +26% yoy (8-12% above GSe/consensus). Revenue from the three business segments came in line or slightly above GSe, with 1) wholesale IDC revenue +86% yoy/+1% qoq and accounting for 30% of total revenue, with stronger move-ins at the new campuses delive ...