Research

Besi 4Q24: push-out in mainstream; hybrid bonding adoption broadening. Long-term thesis intact. Buy, €160.

IQ: Convertible Senior Note Offering - Our Take

BILI: 4Q24 Results - San Mou to Remain Stable in 1Q

NTES: 4Q24 Results - Gaming Could Remain Resilient in 1Q

BABA: FY3Q25 Results - Capex to Meaningfully Increase Over the Next Three Years

FYBR 4Q24 Quick Take: Strong financial results; adds a little soft

Asia Feb - Mar 25 Pre Trip Notes

BCE/Ziply: Will There Be Another Trump Transaction Tax?

LAM Research 2025 CMD - what did we learn?

Liberty Latin America – Call Feedback/ M&A commentary

Besi 4Q24: push-out in mainstream; hybrid bonding adoption broadening. Long-term thesis intact.

TRUE – Q4 24 Quick Take: Strong 2024 and upgraded medium-term guidance

Grab 4Q24: Cautious guide, as usual. Thesis intact.Buy, $5.6.

South Korean Telcos – Q4 24 review: Value up starting to pay dividends

Liberty Latin America (Buy) - Q4 24: Mixed, PR still tough but solid rest of the group

BABA: FY3Q25 Flash - Results Top Expectations; Cloud Return to Double Digit Growth

BILI: 4Q24 Flash - Results Top Expectations

NTES: 4Q24 Flash - Revs Below Expectations

EM FWA-Watch – S-Curve continuing to accelerate in India, with implications for EM generally

RDDT 4Q24 Model Update: Higher estimates & valuation as ad monetization ramps