The 720: China Strategy, India AI, Keyence, Airtac, Capcom, HBYE, Aspeed, United Imaging, Rohm, Hyperscaler Credit vs. Equity

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The 720: China Strategy, India AI, Keyence, Airtac, Capcom, HBYE, Aspeed, United Imaging, Rohm, Hyperscaler Credit vs. Equity

Goldman Sachs The 720

a medium-term positive for India’s growth, acting more as a complement than a

substitute for the labor market. We estimate 8-12% of non-agricultural employment is

at risk of substitution, while 42-48% is likely to be complemented, potentially lifting

annual labor productivity growth by a baseline of 0.4pp (ranging from 0.1pp to 0.8pp)

over a 10-year period. Knowledge-intensive services like healthcare and education are

best positioned to benefit, and while routine IT-BPS functions face substitution risks,

aggregate tech employment and Global Capability Centre expansion remain resilient.

However, scaling AI adoption will require substantial investments to overcome physical

and digital infrastructure constraints, alongside navigating rising protectionism in

services export markets. Santanu Sengupta

Results | Keyence, Airtac, Capcom, HYBE, Japan Exchange Group, Bank Central Asia,

Larsen & Toubro, Hindustan Unilever, LandMark, Bellevue Gold

Keyence – First Take: Significant 1Q Beat Driven by AI and Semi Demand – Buy. Keyence

delivered a major 1Q positive surprise, with operating profits of ¥187.1bn and sales of

¥346.6bn significantly beating our estimates and market expectations. Gross profit

margin reached a record 85% and OPM hit 54.0%, driven by underlying business

outperformance, FX tailwinds, and tariff refunds. Local-currency sales growth beat

across most regions, particularly in Asia (+33.9%), as AI server supply chains,

semiconductor-related demand, and robotics boosted investment appetite across a

broad range of sectors. The company is successfully implementing price hikes to offset