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
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