Infineon Technologies (IFX.DE) enters the next three years with a steadier top line and a busier roadmap. Trailing‑twelve‑month revenue stands at 14.64B with profit margins under pressure, and quarterly revenue growth barely positive at 0.10%. Against this backdrop, management moved to deepen its automotive stack by agreeing to acquire Marvell’s automotive Ethernet unit for $2.5B, a bolt‑on that targets in‑vehicle networking alongside Infineon’s power and microcontroller strengths. The shares have been volatile, trading between a 52‑week high of 39.43 and low of 23.17, and most recently closing near 31.27. Brokers highlighted a “Strong Buy” stance in August, while the balance sheet shows moderate leverage and solid liquidity. This note outlines how execution, margins, and auto demand could shape IFX.DE’s share price through September 2028.

SAP SE enters the next three years with resilient fundamentals and a share price that has cooled from early‑2025 highs. Over the past 12 months the stock is up 17.39%, but it sits below the 52‑week high of 283.50; the last close was 231.35, versus 50‑ and 200‑day moving averages of 248.23 and 251.08. On fundamentals, trailing‑12‑month revenue stands at 35.89B with an operating margin of 28.46% and a profit margin of 18.23%. Cash of 10.18B exceeds debt of 8.75B, and levered free cash flow (ttm) is 7.37B. Quarterly revenue grew 8.90% year on year and quarterly earnings growth was 91.10%, underscoring operating leverage, while a beta of 0.93 implies below‑market volatility. The forward annual dividend yield is 1.03% (payout ratio 42.27%). This note outlines key drivers and scenarios into September 2028.

ASML Holding enters late 2025 with industry-leading profitability and a unique position in advanced lithography, but investors are weighing a more uneven demand picture into 2026. Trailing‑twelve‑month revenue stands at 32.16B with robust operating and net margins, while quarterly revenue and earnings grew 23.2% and 45.1% year over year, respectively. The share price has underperformed over the past year and now trades near the mid‑600s, below long‑term moving averages, as the market debates order timing, China exposure, and the pace of High‑NA EUV adoption. Balance‑sheet flexibility and a rising dividend provide support, and recent research highlights both caution and upside, reflecting a wide dispersion of views. Over the next three years, the stock path is likely to hinge on leading‑edge foundry roadmaps, export controls, and whether AI‑driven capital spending offsets cyclical digestion.

With shares of Tencent (0700.HK) up roughly 61% over the past 12 months and trading near HK$598.5, investors are asking what can drive the next leg higher. As of September 2025, Tencent combines mid‑teens top‑line momentum (ttm revenue 704.16B; quarterly revenue growth 14.5% y/y) with strong margins (operating 32.58%, net 29.54%) and ample cash generation (OCF 283.33B; LFCF 120.25B). Near‑term catalysts include improving gaming trends, a recovering ads business, and steady fintech engagement, while medium‑term upside hinges on AI infrastructure and overseas expansion. Key watch‑items are China’s regulatory cadence, GPU supply constraints—where Tencent signals flexibility—and the pace of shareholder returns via dividends and buybacks. This three‑year outlook weighs these drivers against risks, anchoring on recent results and the stock’s 52‑week range of 364.8–621.0.