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UBS has upgraded Advanced Info Service Public Company Limited's (AIS) target price to THB 339, reflecting a positive outlook following Q1 2025 results. The firm raised its earnings estimates for 2025-2027 by 4%, citing benefits from industry consolidation and ongoing cost control measures. Additionally, cost savings from the 2100MHz spectrum auction lease, starting August 2025, are expected to support a 14% compound annual growth rate in earnings from 2024 to 2026.
Equinix has completed the second phase of its KL1 data center in Kuala Lumpur, adding 450 cabinets to meet rising regional demand for digital infrastructure. This expansion is part of a broader trend in Southeast Asia, where data center investments are surging, driven by favorable policies and increasing foreign direct investment. The interconnected facilities across Malaysia and Singapore enhance cross-border digital infrastructure, crucial for supporting the region's projected $1 trillion digital economy by 2030.
Chinese solar manufacturers are relocating to Indonesia to evade high US tariffs, which can reach up to 3,500%. This shift follows a pattern of "tariff hopping" seen since 2012, as firms seek to maintain production capacity for US exports while navigating trade barriers.Despite Indonesia's potential for solar energy, with a target of 23% renewable energy by 2025, it faces significant domestic challenges, including regulatory hurdles and fossil fuel interests. The recent influx of investments highlights the need for addressing local market barriers to ensure effective renewable energy adoption.
Indonesia's cryptocurrency sector is advocating for tax reforms to enhance its global competitiveness, as current rates (0.2% income tax and 0.11% VAT) hinder growth compared to countries like Thailand and Japan. The planned transfer of crypto oversight to OJK by January 2025 marks a significant regulatory shift, recognizing crypto assets as financial instruments and aiming for better integration into the financial system. Despite high transaction taxes, Indonesia has seen substantial market growth, with crypto users projected to reach 28.52 million by 2024, highlighting a unique approach to balancing oversight and innovation.
The UAE is set to launch the Digital Dirham, its first Central Bank Digital Currency (CBDC), later this year, enhancing security and efficiency in digital payments. Built on a secure blockchain, it aims to reduce costs, improve transparency, and foster innovation in the fintech ecosystem. As banks and fintechs prepare for adoption, the Digital Dirham is expected to unlock new cross-border commerce opportunities and position the UAE as a leader in global financial innovation.
GULF Development Public Company Limited has strengthened its financial position following its amalgamation with INTUCH, reducing its net debt-to-equity ratio from 1.8x to 0.8x. UBS has initiated coverage with a 'Buy' rating and a price target of Bt58, citing robust cash flow generation and a projected 17% earnings growth CAGR from 2024 to 2026, driven by stable power revenue and telecom profits. The company plans to invest around Bt90bn in capex over the next five years, focusing on renewables and gas, while maintaining high visibility in its cash flow and growth outlook.
UBS has raised its price target for Under Armour, Inc. to $8 from $7 while maintaining a Buy rating. The company specializes in developing, marketing, and distributing branded athletic performance apparel, footwear, and accessories across various global markets, including North America, EMEA, Asia-Pacific, and Latin America.
Malaysia has secured RM16.2 billion (approximately US$3.7 billion) in digital investments from January to April 2025, projected to create 6,480 jobs. Notably, 27% of the 148 companies granted Malaysia Digital status are AI firms, reflecting a strategic shift towards high-value sectors in the country's digital economy. Data centers, accounting for over 60% of these investments, are emerging as a cornerstone of Southeast Asia's digital infrastructure, positioning Malaysia as a key player in the region's growth.
The UK takeover panel has extended Qualcomm's deadline to acquire British semiconductor firm Alphawave IP Group to May 12, 2025, facilitating ongoing discussions. This move reflects a broader trend of consolidation in the semiconductor industry, particularly focused on AI-enabling technologies, as companies seek specialized intellectual property to enhance their capabilities. Tariff uncertainties are also impacting financial forecasts and valuations in the sector, presenting both challenges and opportunities for strategic acquisitions.
Elissa Butterfield, who managed Elon Musk's calendar and priorities for two years, is now investing in his companies through Island Green Capital Management. Since joining the firm in 2024, it has backed xAI and SpaceX, with both companies seeing significant valuation increases. Butterfield's experience and connections in Musk's ecosystem are proving valuable as she navigates the venture capital landscape.
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