The 720: Yageo & SEMCO, Korea Strategy, Kuaishou, India Autos, Anta Sports, Galaxy, GCPL, Yen

研报英文原文证据摘录

The 720: Yageo & SEMCO, Korea Strategy, Kuaishou, India Autos, Anta Sports, Galaxy, GCPL, Yen

Goldman Sachs The 720

beneficiaries, reflationary trades, and semiconductor supply chains. Retail participation

remains healthy and not excessive, though we recommend zero-cost put spread collars

on the KOSPI 200 to navigate near-term seasonal and tactical correction risks. John Kwon

Event | Kuaishou

Kuaishou Technology – Kling Raises US$3bn at US$15bn Valuation – Buy. We view Kling’s

external financing of up to US$3bn at a US$15bn pre-money valuation as strategically

positive, providing crucial capital for AI infrastructure while reducing Kuaishou’s future

cash flow burden. Despite equity dilution to 68.33%, Kuaishou retains control and will

continue to consolidate Kling’s financials, which already reached an impressive

US$500mn ARR in March 2026. This transaction establishes a clearer sum-of-the-parts

benchmark for the core platform and highlights the rapid commercialization of its

AI-native video applications. At US$18bn post money valuation, and given the 68.33%

stake Kuaishou owns, all things equal, the implied market cap for Kuaishou’s main

platform (excluding Kling) would be US$10.9bn, or only 4X PE in 2026. Our 12m TP is

HK$68. Lincoln Kong

Themes in Play | India Autos, Solar Industries, Godrej Consumer

India Autos – 1Q Preview on HYUN, EICH, M&M, BAJA, TATE. We expect topline and

EBITDA growth in 1Q27E to be in the +20% to +43% range for Indian Auto OEMs, driven

by strong volume momentum and price hikes that partially offset heavy raw material

cost inflation. We see upside to 1Q consensus estimates for Eicher Motors and Bajaj

Auto, while Hyundai Motor India faces near-term supplier production issues but offers

more new product launch catalysts in FY27E than peers.