Technology
Richard Windsor argues that data centre revenue is the “elephant in the room” the market is ignoring, with substantial contributions now expected in FY27 rather than FY28. He estimates QCOM’s A200/A250 products could add ~$2bn in incremental data centre revenue, with potential upside if a hyperscaler deal closes soon. Combined with stronger PC growth (he views current forecasts as far too low) and upside optionality from its BMW-linked ADAS stack, QCOM’s diversification beyond smartphones is ahead of schedule. Q4 results beat across all metrics, but the real story is the growth visibility emerging in new segments. With Street EPS forecasts for FY26-27 still overly conservative and the stock trading at ~14x 2026 P/E, it’s easy to see how both multiple expansion and upward estimate revisions could drive a strong rally in the shares.
Edition: 224
- 14 November, 2025
BMW (BMW GR) Germany
Consumer Discretionary
Woozle’s latest channel checks suggest BMW is on track to achieve a +0.8% Y/Y increase in global revenue for 4Q24 vs. consensus forecasts of a -4% decline. This positive outcome has been driven by a robust performance in Europe (+1.1% Y/Y revenue growth) and the Americas (+1.6%). Sales volumes increased due to new model performance and discounts, with key models such as the BMW 5 Series/6 Series and BMW 7 Series/8 Series outperforming expectations. Foot traffic increased compared to last year, aiding sales growth and reflecting improved consumer interest in BMW.
Edition: 202
- 10 January, 2025
Materials
Ecopro BM is South Korea's largest producer of cathodes for EV batteries. The company is an important supplier to BMW and Tesla and can be viewed as an early indicator to EV market demand. Recently, Ecopro BM reported a major decline in revenue growth, stating 1Q24 Total Revenue (KRW) at -52% Y/Y and below market expectations. Global investors who closely follow Ecopro and the EV market used Sandalwood’s South Korea data to accurately track this trend.
Edition: 186
- 17 May, 2024
China: The SRR Auto Discount Sequential Change Index rose by +22 bps m/m in June
Consumer Discretionary
This marked the seventh consecutive month of sequentially higher discounts and the second highest in 13 months. Domestic brand discounts increased for the first time in nine months, likely due to increased dealer efforts to boost sales for 1H22 as Covid restrictions eased. This is also consistent with SRR’s latest dealer checks that indicated OEMs were offering discounts alongside the auto purchase tax cuts announced in May. WM Motor, BMW and Nissan discounts rose most; Chery, Great Wall and BYD discounts moderated most.
Edition: 139
- 08 July, 2022