# ROE Related Articles

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Research Report Analysis: AI Triggers MLCC Supercycle, How Many Years of Gains Can Samsung Electro-Mechanics Enjoy?

Title: Analyst Report: AI Ignites MLCC Super Cycle, How Many Years of Benefits Can Samsung Electro-Mechanics Reap? Summary: Morgan Stanley has sharply raised its target price for Samsung Electro-Mechanics from 920,000 KRW to 2,560,000 KRW, recasting the MLCC (Multi-Layer Ceramic Capacitor) industry from cyclical to structurally bullish. The core thesis is that AI servers demand 10-15 times more MLCCs than traditional servers, with a single AI server requiring up to 440,000 units compared to just 30,000 for a standard server. This drives not only higher volumes but also a shift to more advanced, higher-value MLCCs, boosting Average Selling Prices (ASP). The current supply crunch is seen as structural, not a temporary cyclical mismatch, driven by capacity constraints meeting sustained new demand. High-end MLCC production lines are fully booked, with new lines taking two years to build. Morgan Stanley forecasts MLCC price increases of 30% in H2 2026 and another 30-50% in 2027. Samsung Electro-Mechanics is positioned as the primary beneficiary through three channels: 1) Direct MLCC price hikes, especially for high-margin AI-use MLCCs, driving significant operating margin expansion from 15.7% (present) to 24.5% by 2027. 2) Strong growth in its ABF substrate business from saturated AI/ASIC chip orders. 3) Future revenue streams from new product lines like silicon capacitors and glass substrates. The firm's ROE is projected to surge from 7.5% in FY25 to 32.2% by FY28, with an increased dividend payout. Risks include potential smartphone demand weakness or execution issues in China, while upside catalysts are further price increases and confirmation of higher MLCC content in next-gen AI platforms like Rubin/VR200. The story transforms Samsung Electro-Mechanics from a traditional component supplier into a key AI infrastructure player, with its growth narrative supported by current supply constraints and pricing power.

marsbit06/24 02:49

Research Report Analysis: AI Triggers MLCC Supercycle, How Many Years of Gains Can Samsung Electro-Mechanics Enjoy?

marsbit06/24 02:49

a16z: Without Relying on Interest Spreads or Burning Cash, How Does Revolut Become Europe's Most Profitable Neobank?

Revolut has emerged as Europe's most profitable neobank, achieving exceptional growth and efficiency without relying heavily on net interest income. In 2025, Revolut reported £4.5 billion in revenue (46% growth) and £1.7 billion in pre-tax profit (57% growth), with a remarkable 38% profit margin. Its user base grew by 30% to 68 million, while maintaining a diversified revenue stream across six business lines, none exceeding 22% of total income. Key to its success is a fee-based model (76% of revenue), contrasting traditional banks that depend on interest income. Revolut’s rule of 75% (revenue growth + profit margin) and 35% ROE far exceed industry averages. The company’s growth is driven by rapid customer acquisition, high user satisfaction (NPS double the industry average), and efficient operations enhanced by AI. With significant room to expand both its user base and average revenue per user (ARPU), particularly through primary account adoption and lending, Revolut is positioned to become a global banking leader. It has applied for a U.S. bank charter, underscoring its ambitious growth trajectory beyond Europe.

marsbit03/25 06:33

a16z: Without Relying on Interest Spreads or Burning Cash, How Does Revolut Become Europe's Most Profitable Neobank?

marsbit03/25 06:33

AI Era's 'Scarce Assets'? Goldman Sachs: HALO—Heavy Assets, Low Obsolescence

In the AI era, market focus is shifting from scalable, light-asset business models to valuing hard-to-replicate physical assets and infrastructure, a trend Goldman Sachs terms "HALO" (Heavy Assets, Low Obsolescence). This reflects a repricing of scarcity driven by higher real interest rates, geopolitical fragmentation, supply chain restructuring, and massive AI-driven capital expenditure. HALO assets—such as power grids, pipelines, utilities, and critical industrial capacity—have high replication barriers (cost, regulation, engineering complexity) and remain economically durable across technology cycles. Meanwhile, AI is undermining the profitability and terminal value of some light-asset sectors (e.g., software, IT services) by reducing information costs and increasing competition. Notably, major tech firms are now becoming large-scale capital spenders, with projected Capex of $1.5 trillion from 2023-2026—surpassing their cumulative historical investment. Since 2025, Goldman’s heavy-asset portfolio (GSSTCAPI) has outperformed its light-asset counterpart (GSSTCAPL) by 35%, driven by valuation rerating rather than broad de-rating of light assets. Macro factors support this shift: higher rates compress valuations of long-duration growth stocks, while manufacturing and capex cycles benefit heavy-asset firms. Earnings momentum is also stronger for heavy-asset companies, with higher expected CAGR (14% vs. 10%) and improving ROE. Despite recent gains, institutional positioning remains underweight value/heavy-asset stocks, suggesting further potential for outperformance.

marsbit02/25 08:50

AI Era's 'Scarce Assets'? Goldman Sachs: HALO—Heavy Assets, Low Obsolescence

marsbit02/25 08:50

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