The 720: Japan Strategy, China Data Centers, Trip.com, UMT, Laopu Gold, CR Beer, APR, MPI, China Industrial Tech, Apple

研报英文原文证据摘录

The 720: Japan Strategy, China Data Centers, Trip.com, UMT, Laopu Gold, CR Beer, APR, MPI, China Industrial Tech, Apple

while staying underweight credit as spreads offer limited compensation for rising default

risks. Christian Mueller-Glissmann

Trip.com – Mgmt call takeaways: 1-2 qtrs to fully reflect business model transition – Buy.

Following the conclusion of SAMR’s anti-trust investigation and a Rmb5.18bn penalty,

management indicated that transitioning to a new merchant tiered cooperation model

will take one to two quarters to fully reflect in financials. While this transition and a

softening domestic hotel RevPar trend may create modest operational headwinds in

2H26, we do not anticipate any meaningful hit to the company’s effective hotel take

rate. We lower our FY26-FY28E EPS by 1% to 24% to reflect the one-off penalty and

recent industry travel trends, forecasting an 8% revenue growth and 2% EBIT decline for

FY26E. We maintain our Buy rating but lower our 12m TP to US$70/HK$545. Simon

Cheung

MPI – CPO Overhang Priced In; Stronger Capacity Expansion Outlook – Buy. We see a

high possibility for the company to pursue a more aggressive MEMS capacity expansion

plan in 2027, supported by robust AI ASIC demand and penetration into a new leading

CPU customer that could contribute a low-teens percentage of revenue by 2027E. While

we expect the overall co-packaged optics (CPO) ramp to be slightly slower than

previously anticipated, we believe the recent 22% share price pullback largely prices in

this delay and view the risk-reward as skewed to the upside. We adjust our 2026-2028E

earnings by +7%, +1%, and -9% to reflect stronger near-term margins and capacity

additions offset by lower CPO contributions, lowering our 12m TP to NT$8,000 while

reiterating our Buy rating.