Summary of Semiconductor Production Equipment Conference Call Industry Overview - The conference call focused on the Semiconductor Production Equipment (SPE) industry in Japan, particularly the market dynamics affecting front-end and back-end equipment manufacturers [1][4][7]. Key Companies Discussed - **Ulvac (6728.T)**: Downgraded price target from ¥9,600 to ¥7,700 due to slowing demand for power semiconductor equipment [4][19]. - **Lasertec (6920.T)**: Price target reduced from ¥20,600 to ¥16,400 amid lower demand forecasts [4][19]. - **Tokyo Electron (8035.T)**: Downgraded from Overweight to Equal-weight due to increased market risks [4][19]. - **SCREEN Holdings (7735.T)**: Upgraded from Equal-weight to Overweight, with expectations of solid earnings growth [4][12]. Market Dynamics - **WFE Market Outlook**: Slightly raised outlook for the Wafer Fabrication Equipment (WFE) market, expecting a contraction of 3% YoY to $99 billion in 2025, followed by a 4% growth to $103 billion in 2026 [9][10]. - **China Market Uncertainty**: Significant decline in sales to China expected, with a forecasted 30% YoY fall in sales for the year [8][10]. Companies are adjusting their forecasts based on varying expectations for the Chinese market [8][10]. - **Capex Trends**: Investment appetite is weakening for power devices and mask shop tools, with DRAM makers showing increased interest in EUV exposure tools [3][7]. Financial Adjustments - **Earnings Forecasts**: Earnings forecasts for Ulvac and Lasertec have been trimmed due to lower demand expectations [3][7]. - **Production Cuts**: Anticipated production cuts for most front-end equipment, with unclear timing for market recovery [7][10]. Investment Recommendations - **Preferred Stocks**: Disco and Advantest are recommended as strong back-end demand continues, with both companies operating at full capacity [13][14]. - **Valuation Adjustments**: The industry is viewed as attractive due to lower valuations, with price target upside for most stocks [14][19]. Risks and Opportunities - **Risks**: The potential for a harsh downturn in the Chinese market due to US restrictions poses a significant risk to recovery projections [10][13]. - **Opportunities**: Recovery in electronic device demand and investments in AI-related technologies are seen as potential growth drivers [42][46]. Conclusion - The Semiconductor Production Equipment industry is facing mixed signals, with some companies showing resilience while others are adjusting to a challenging market environment. The focus remains on navigating uncertainties, particularly in the Chinese market, while capitalizing on emerging opportunities in advanced technologies.

Summary of UBTECH Robotics (9880.HK) Conference Call Company Overview - **Company**: UBTECH Robotics - **Ticker**: 9880.HK - **Market Cap**: US$5.7 billion (HK$44.2 billion) [6][9] Industry Context - **Industry**: Humanoid Robotics - **Key Competitors**: Dobot (2432.HK), Figure AI - **Market Dynamics**: The humanoid robot sector is in its early stages, with significant growth potential anticipated. Core Insights 1. **Technology Edge**: The launch of the Tiangong Robot is expected to alleviate market concerns regarding UBTECH's technological capabilities, as both Tiangong and UBTECH share R&D resources and investor support from Beijing Yizhuang Investment [1][2] 2. **Financial Projections**: - 2024/25E net loss estimates reduced by 6%/3% due to better-than-expected performance in the consumer robot segment compared to humanoid robots [1] - Target price raised to HK$142, reflecting a >100% increase, based on a 24x 2025E price-to-sales (P/S) ratio [1][3] 3. **Valuation Comparison**: UBTECH's valuation is likened to Tesla's during its early years, suggesting a potential upside given the current market cap is only ~14% of Figure AI's estimated value of US$39.5 billion [1][3][12] 4. **Sales Forecast**: Humanoid robots are projected to contribute 21% and 37% of total revenue in 2025 and 2026, respectively, up from 1% in 2024 [24] Financial Performance - **Earnings Summary**: - 2022: Net Profit -975 million RMB - 2023: Net Profit -1,234 million RMB - 2024E: Net Profit -948 million RMB - 2025E: Net Profit -786 million RMB - 2026E: Net Profit -330 million RMB [5][10] - **Revenue Growth**: Expected revenue growth from 1,492 million RMB in 2024E to 2,411 million RMB in 2025E, with a gross profit margin improvement [10] Risks and Challenges 1. **Market Risks**: Potential for weaker-than-expected revenue growth and slower humanoid robot development [26] 2. **Profitability Concerns**: Higher R&D costs and challenges in achieving economies of scale could impact profitability [26] 3. **Competition**: Concerns regarding competition from Tesla's Optimus, although it is believed that Tesla's focus on NEV will limit its market impact [4] Additional Insights - **Investment Strategy**: Rated as Buy/High Risk, with expectations of significant growth in humanoid robots driving future performance [24] - **Lock-up Agreements**: Additional 12-month lock-up agreements for executives may reduce selling pressure on the stock [24] Conclusion UBTECH Robotics is positioned in a rapidly evolving industry with significant growth potential, particularly in humanoid robotics. Despite current losses and operational challenges, the company's strategic initiatives and market positioning suggest a promising outlook for investors.

Global Research ab 24 February 2025 China Medtech Medical imaging equipment expert channel check – signs of recovery Latest trends in China's medical imaging equipment sector Geopolitical risks could have a limited impact on overseas business The expert believes geopolitical risks would have a limited impact on domestic companies. 1) In Europe, the purchase of a single piece of equipment with a value of more than EUR5m would be subject to the EU's International Procurement Tool (IPI); but as the variety and ...

ab 25 February 2025 Global Research Sector Keys: Global Real Estate Optimism despite uncertain environment Equities Global Real Estate Charles Boissier, CFA Analyst charles.boissier@ubs.com +44-20-7568 4415 This report has been prepared by UBS AG London Branch. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 90. UBS does and seeks to do business with companies covered in its research reports. As a result, investors sho ...

February 24, 2025 01:24 AM GMT G10 FX Strategy, Global Economics, and US Public Policy The 2017 Dollar Redux Why did the US dollar decline in 2017? Trade policy, global growth, and European politics contributed. Fiscal and Fed policy were less supportive than believed. We think the USD will decline this year for a number of the same reasons it fell in 2017. Key Takeaways Please click here to be added to my distribution list. Exhibit 1: 2025 expectations compared to 2017 and 2018 | | 2017 | 2018 | 2025 | | - ...

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24 February 2025 | 9:28PM BRT Pulp & Paper 2025 Global Pulp: 10 Key Themes to Watch Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs ...

23 Feb 2025 17:00:35 ET │ 307 pages China Healthcare Handbook 2025: Come Back and Catch Up CITI'S TAKE We believe that in 2025 investor interest will return to China's healthcare sector, keen to catch up with the latest developments. Although concerns might persist, investors will find it difficult to turn a blind eye to the significant improvements in domestic innovations that have global potential. Even the most risk-averse investors have stopped asking about GPOs; rather, they are looking for policy deta ...