Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Gold's price advance is idiosyncratic moving against historical norms of estimated inflation and real rates.</li>
<li>Demand from large central banks is not currently a factor in price discovery as the PBOC has stopped buying.  Gold's safe-haven status has also declined since GFC in 2008/09. </li>
<li>Easier monetary policy from the Fed and higher actual inflation continue to fuel lower real rates and provide substantial support for Gold's price.  </li>
</ul>


Gold's price advance is idiosyncratic moving against historical norms of estimated inflation and real rates.
Demand from large central banks is not currently a factor in price discovery as the PBOC has stopped buying.  Gold's safe-haven status has also declined since GFC in 2008/09. 
Easier monetary policy from the Fed and higher actual inflation continue to fuel lower real rates and provide substantial support for Gold's price.   


GOLD: Rocks Or Stocks! Why Gold Continues to Outperform the S&P?

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>Gold has reached another all-time high at 2500, will history repeat itself? Is this another generational buying opportunity or a bull trap fakeout?</li>
<li>We conclude that the upside breakout in gold prices has more room to run, though the market is extended and could pull back at any time.</li>
<li>A long-term point and figure analysis of monthly prices using a 5% box and 3-box reversal shows a measured objective of 4406.</li>
</ul>


Gold has reached another all-time high at 2500, will history repeat itself? Is this another generational buying opportunity or a bull trap fakeout?
We conclude that the upside breakout in gold prices has more room to run, though the market is extended and could pull back at any time.
A long-term point and figure analysis of monthly prices using a 5% box and 3-box reversal shows a measured objective of 4406.


Gold: Fakeout or Generational Buying Opportunity?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.</li>
<li>BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.</li>
<li>Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.</li>
</ul>


Hindalco's $10 Billion Expansion to Drive Aluminium and Copper Growth.
BC Jindal Group to Invest $2.5 Billion in India’s Renewable Energy Sector by 2029.
Cement Firms Plan Rs 1.5-Trillion Investment to Meet Growing Demand.


# 49 India Insight: Hindalco $ 10 Bn Expansion, BC Jindal RE, Cement Firms Plans

<ul>
<li>Cabinet Approves INR 33,700 Crore Infrastructure Project, including rail, and new airport</li>
<li>Adani Power in Negotiations to Acquire Reliance Power's 600-MW Thermal Plant</li>
<li>Hero MotoCorp Faces INR 17 Crore Tax Notice from Delhi GST Authorities</li>
</ul>


Cabinet Approves INR 33,700 Crore Infrastructure Project, including rail, and new airport
Adani Power in Negotiations to Acquire Reliance Power's 600-MW Thermal Plant
Hero MotoCorp Faces INR 17 Crore Tax Notice from Delhi GST Authorities


# 48 India Insight: Cabinet INR 33,700 Project, Adani Power Acquire Reliance Power, Hero Tax Notice

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.</li>
<li>In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.</li>
<li>Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment </li>
</ul>


DRAM revenues amounted to $23.3 billion in Q224, representing increases of 28.3% QoQ and 110.5% YoY.
In the case of NAND, Q224 revenues amounted to $16.5 billion, representing increases of 17% QoQ and 83% YoY.
Unprecedented demand for HBM &amp; DDR5, robustly increasing content per box for both PC &amp; Smartphone, looming capacity constraints, more/better LTA coverage are all mounting tailwinds for the memory segment 


Q224 DRAM, NAND Revenues Grow For The Fifth Quarter In a Row