Three Actionable Ideas

研报英文原文证据摘录

Three Actionable Ideas

Idea

June 28, 2026 10:00 PM GMTM

Asia | Asia Pacific Morgan Stanley Asia Limited+ Samuel Lee, CFA

Equity Strategist

Three Actionable Ideas Samuel.Sw.Lee@morganstanley.comHozefa Topiwalla +852 2239-1862

Hozefa.Topiwalla@morganstanley.com +852 2848-6595

Global Unichip Corp – OW | Renesas – OW | Adani Enterprises – OW

OW – Global Unichip Corp (3443.TW): Besides strong Google CPU revenue contribution in 2026, we see 2027 revenue upside from

Tesla AI5, Amazon edge AI chips, and SanDisk SSD controllers. We maintain our view that the design service market will proliferate

with AI ASIC outgrowing AI GPU in the long term.

OW – Renesas (6723.T): We believe secular growth in data center products has lifted Renesas' medium-term revenue growth

outlook from the high single digits to the low teens. We forecast CY26 data center revenue at 16% of the mix, well above the broad-

based semiconductor peer average.

OW – Adani Enterprises (ADEL.NS): AEL is India's premier incubator, with exposure to multi-decade themes such as transport

infrastructure, digital infrastructure, energy transition, and self-reliance. AEL has a multi-vertical compounding platform, and we Latest closing prices as of June 26, 2026: Global

forecast revenue and EBITDA CAGRs of 19% and 32%, respectively, over F26-30e. Unichip Corp (3443.TW): NT$4,420.00; Renesas

(6723.T): ¥4,800; Adani Enterprises (ADEL.NS):

Links to reports:

Rs3,038.0.

Global Unichip Corp: Winning more CSP projects; upgrade to OW (24 Jun 2026)

Renesas Electronics: Raising Price Target on Data Center Growth Opportunities (22 Jun 2026)

Adani Enterprises Ltd: Anchored to "The New India" (23 Jun 2026)

Exhibit 1: Performance summary

As of June 23 Absolute Relative*

No. of ideas 1512