Thematic (Sector/Industry) Daily Briefs | Page 33 of 125

Nov 27

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Tech Earnings; Nissan’s Big UK Bet and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Tech Earnings; Nissan’s Big UK Bet
Engine Supply Chain Experiences Shifting Pain Points

Ohayo Japan | Tech Earnings; Nissan’s Big UK Bet

By Mark Chadwick

Overseas: SPX +0.1%, Nasdaq -0.1%; Expect a heavy weak of tech sector earnings: CRM, SNOW, CRWD. OPEC meeting next week a focus
Today: NKY Futs +0.3% v cash. JPY 149.4; Duty free shopping surges, good for dept stores, but changes to rules coming
JapanX: Nissan Sparks Electric Revolution with £2 Billion Investment in UK Manufacturing

Engine Supply Chain Experiences Shifting Pain Points

By Mohshin Aziz

An excellent article by Keith Mwanalushi in Aviation Week Network is a must read, here is the link Engine Supply Chain Experiences Shifting Pain Points | Aviation Week Network
Underpins our thesis that engine issues disrupt aircraft supply, pushing lease rates higher – especially on aircraft coming off leases, and for spare engines
FTAI Aviation (FTAI US) is the prime beneficiary with a portfolio of engines followed by AerCap Holdings NV (AER US) with engines and mid-life aircraft coming off leases

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Nov 26

Daily Brief Thematic (Sector/Industry): Education Sector YTD: Volatility in Public Equities and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers
Chinese Carmakers Ship More Workers Abroad for Expansion, White Paper Says
GEMWeekly (24 Nov 2023): Thailand, China, Indonesia Macro; TSMC, Baidu, Alibaba

Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers

By Anik Siwach

EdTech Market Volatility: Docebo and Tribal Group report significant YTD gains of +27% and +32%, while Janison and LTG Group face steep declines of -59% and -45%.
AI Disruption and Adaptation: Chegg introduces a GPT-style assistant in response to AI challenges, while Duolingo excels with 83.1M monthly users, expanding beyond language tuition.
Shifts in Private Funding: Private EdTech funding declines in 2023, with strategic investors and family offices driving deals, amidst a broader reduction in venture capital investments.

Chinese Carmakers Ship More Workers Abroad for Expansion, White Paper Says

By Caixin Global

About 70% of more than 20 Chinese carmakers with a presence outside of China are expected to see an uptick in the number of employees sent to work overseas in 2023, reflecting their increased bet on international expansion as they face intensifying competition at home.
That’s an estimate from a white paper jointly published Monday by three subsidiaries of New York-based risk adviser Marsh McLennan.
It came against the backdrop of China having overtaken Japan as the world’s largest car exporter by volume earlier this year.

GEMWeekly (24 Nov 2023): Thailand, China, Indonesia Macro; TSMC, Baidu, Alibaba

By Wium Malan, CFA

The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
Macro data points: Thailand GDP growth, China GDP targets, Indonesia interest rates.
Companies mentioned: Taiwan Semiconductor (TSMC) (2330 TT), Baidu (9888 HK), Alibaba Group Holding (9988 HK)

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Nov 25

Daily Brief Thematic (Sector/Industry): Singles’ Day: Chinese Consumers Are Trading Down Instead of Buying Up and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Singles’ Day: Chinese Consumers Are Trading Down Instead of Buying Up
Japan Weekly | All About Yen; Panasonic, Cyberagent
[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH
China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending

Singles’ Day: Chinese Consumers Are Trading Down Instead of Buying Up

By Amrutha Raj

Singles’ Day sales are more than four times the USD 35.3 billion that U.S. shoppers clocked during Cyber Week (from Black Friday to Cyber Monday).
Global consumer names such as Apple, Nike, Lululemon, L’Oreal, and P&G have a large presence on Chinese e-commerce platforms.
JD.com reported last year that Apple sold more than RMB 1 billion worth of products in the first minute of the event’s final sales period.

Japan Weekly | All About Yen; Panasonic, Cyberagent

By Mark Chadwick

Market Watch: Topix ended the week unchanged. The yen was the bigger story after strengthening to Y147/$. Forex likely to dominate next week
Major Movers: CyberAgent was boosted by the release of a new #1 smartphone game; Panasonic gains after announcing potential restructuring of group assets
Activist Watch: Dalton’s Nippon Active Value fund has found a deep value, small-cap pharma company. Rheos Capital takes a significant stake in a fast-growing M&A advisor

[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH

By Eric Wen

LKNCY: Cotti Coffee pans to expand into tea drinks business(+)
BIDU/DIDI/XPEV: MIIT and 4 other departments to carry out intelligent car access network(+)
LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China Export Data in October shows PV and wind power decline accelerating(+/+/+/-/-/-/-)

China Drafts List of Developers Eligible for Funding, Asks Banks to Boost Real Estate Lending

By Caixin Global

Chinese regulators are pressing banks to step up lending and ease financing for developers as part of efforts to boost the ailing property sector.
At a meeting with China’s most important financial institutions last Friday, regulators brought up three new requirements for banks’ real estate loans to developers and homebuyers, people from several state-owned large banks attending the meeting told Caixin.
The banks were told to keep their real estate loan growth at a level no lower than the banking sector’s average real estate loan growth, loan growth to non-state-owned developers no lower than each bank’s real estate loan growth, and mortgage growth to individuals buying housing from non-state-owned developers no lower than each bank’s mortgage growth, the people said.

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Nov 24

Daily Brief Thematic (Sector/Industry): China Property Developers In Distress – Weekly News & Announcements Tracker | Nov 17-23 and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

China Property Developers In Distress – Weekly News & Announcements Tracker | Nov 17-23, 2023

China Property Developers In Distress – Weekly News & Announcements Tracker | Nov 17-23, 2023

By Robert Ciemniak

A weekly curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources

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Nov 23

Daily Brief Thematic (Sector/Industry): Aircraft Leasing 101 – Heralding the Golden Era and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Aircraft Leasing 101 – Heralding the Golden Era
What Oct US SEMI Equipment and Sep SIA/WSTS Global Sales Tell Us?
HBM’s Impact on DRAM Revenues

Aircraft Leasing 101 – Heralding the Golden Era

By Mohshin Aziz

This report explains the nuts and bolts of the aircraft leasing industry in a simple manner, along with its opportunities, risks, and business outlook.
We are in a golden era, underpinned by strong global traffic recovery, and supply shortage due to technical and manufacturer snafus. Airlines are also increasingly struggling to access credit.
AerCap Holdings NV (AER US) is our top pick on its superior business profile and attractive valuation, the second choice is BOC Aviation (2588 HK).

What Oct US SEMI Equipment and Sep SIA/WSTS Global Sales Tell Us?

By Andrew Lu

SEMI reports Oct front/back end equipment billings decline of 14% and 18% y/y, respectively, which was improved from 18% and 24% y/y decline in September, implying early signs of recovery.
WSTS/SIA earlier reported September sales of US$44.89bn, up 1.9% m/m and down only 4% y/y (vs. 16% decline in June), suggesting semi sales y/y improvement and pass the cycle trough.
We are positive on SOX INDEX likely to break new high of over 4,000 in six months and expect PC/smartphone/training AI semi and DRAM semi/equipment vendors to outperform in short.

HBM’s Impact on DRAM Revenues

By Jim Handy

HBM DRAM, used for GPUs in AI, has enjoyed stable pricing while other DRAM prices have collapsed
This has attracted the attention of all DRAM makers, but SK hynix has a first-mover advantage
Although increased competition will reduce HBM prices, it will have little impact on GPU maker margins

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Nov 22

Daily Brief Thematic (Sector/Industry): Ohayo Japan | All Eyes on Nvidia; Xiaomi’s EV Entry Disrupts Auto Makers and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | All Eyes on Nvidia; Xiaomi’s EV Entry Disrupts Auto Makers

Ohayo Japan | All Eyes on Nvidia; Xiaomi’s EV Entry Disrupts Auto Makers

By Mark Chadwick

Overseas: SPX , Nasdaq; Nvidia beats estimates, sees Q4 revenue hitting $20B, but China sales to decline significantly. Stock -1% in extended hours
Today: NKY Futs -0.5% v cash. JPY 148.4; TSMC thinking about building a third semicon plant in Japan
JapanX: Xiaomi disrupts auto industry, debuting SU7 EV to challenge Tesla, signaling a formidable entry into electric vehicle competition.

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Nov 21

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Microsoft Hits All-Time High; Mitsubishi Elec Partners on SiC Chips and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Microsoft Hits All-Time High; Mitsubishi Elec Partners on SiC Chips
[Blue Lotus Daily]: BEKE/XPEV/LI/BYD/CATL
Q323 Memory Segment Review, Outlook
[Blue Lotus Daily – TMT Update]: BABA/ VIPS/PDD/JD/Meituan, 3690.HK/Tencent, 700.HK/SE
Cannabis News for the Week Ending November 17, 2023
Furniture/Furnishings Weekly – Falling Rates Lift All Stocks

Ohayo Japan | Microsoft Hits All-Time High; Mitsubishi Elec Partners on SiC Chips

By Mark Chadwick

Overseas: SPX +0.7%, Nasdaq +1.1%; Microsoft +2% after OpenAi drama; Nvidia +2%
Today: NKY Futs 0% v cash. JPY 148.4/$; Nikkei Hits 33-Year High Amid Foreign Investment Surge
JapanX: Mitsubishi Electric and Nexperia partner for SiC power semiconductors; SiC tech fuels global green transformation.

[Blue Lotus Daily]: BEKE/XPEV/LI/BYD/CATL

By Eric Wen

BEKE: New Home Sales still lukewarm in October and early November (/)
XPEV, LI, BYD, CATL: SK On and LGES cut staff amid US EV slowdowns, positive for Chinese EV & battery
XPEV: Huawei AITO M5 rear-end accident took place on November 14 raises safety concerns(+)

Q323 Memory Segment Review, Outlook

By William Keating

Q323 DRAM revenues amounted to $13.210 billion, up a robust 19.25% QoQ, but still down 27% from the year-ago period.
In the case of NAND, Q323 revenues amounted to $9.3 billion, up 4% QoQ but down 31.7% YoY.
All memory players remain loss making. We don’t anticipate a return to black until Q224.

[Blue Lotus Daily – TMT Update]: BABA/ VIPS/PDD/JD/Meituan, 3690.HK/Tencent, 700.HK/SE

By Ying Pan

BABA/VIPS/PDD/3690.HK/JD: Social Retail Consumption data improved in October MoM (+)
700.HK: Tencent raises ownership stake in a Wuxia Genre Gaming Studio (+)
SE/ PDD/ BABA: Highlights of Sea Limited’s disappointing Q3 results(-)

Cannabis News for the Week Ending November 17, 2023

By Water Tower Research

Cannabis stocks had another good week, with the US cannabis MSOS ETF gaining 5.50% and the global YOLO increasing 2.49%.
As the potential DEA news inches closer, US cannabis stocks continue to outperform Canadian counterparts. MTD, MSOS is +22.86%, while YOLO is +10.34%.
Ayr Wellness (CSE: AYR, OTCQX: AYRWF) was +27.29% and led the way for the larger operators.

Furniture/Furnishings Weekly – Falling Rates Lift All Stocks

By Water Tower Research

Last week, we considered our outlook for furniture and furnishings. Today, we look at current indicators.
Economic fundamentals largely deteriorated over the past two weeks, but the stocks surged as interest rates eased.
Existing home sales dipped to a seasonally adjusted rate of 3.96 million in September, the first reading below 4 million since 2010, shortly after the Great Recession.

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Nov 20

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Mixed Messages; JAL Invests in Sustainable Flight and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Mixed Messages; JAL Invests in Sustainable Flight
Semiconductor WFE Q323 Segment Roundup & Outlook
Chinese Airports at Inflection Point, Low Risk and High Visibility Growth Sector

Ohayo Japan | Mixed Messages; JAL Invests in Sustainable Flight

By Mark Chadwick

Overseas: SPX (+0.1%), Nasdaq (+0.1%); Third consecutive week of gains; Mixed messaging out of Fed; AMAT under investigation for China export violations
Today: NKY Futs -0.2% v cash. JPY 149.6/$; Berkshire sells yen bonds; Panasonic in talks to sell an auto parts biz; Itochu to buy Bigmotor?
JapanX: ZeroAvia partners with Japan Airlines to develop hydrogen-electric engines, bringing sustainable flight closer. JAL commits to net-zero carbon emissions by 2050

Semiconductor WFE Q323 Segment Roundup & Outlook

By William Keating

Q323 revenues of the top 5 WFE players amounted to $22.7 billion, up 2.6% QoQ, but down 9.5% YoY
On the basis of current quarter forecasts, we calculate CY2023 WFE revenue to reach $92.6 billion, a 1.6% YoY decline, and a far cry from the previously anticipated 20% decline.
Both ASML and TEL are forecasting 2024 revenues roughly flat YoY. We think the same will apply to the broader WFE segment.

Chinese Airports at Inflection Point, Low Risk and High Visibility Growth Sector

By Mohshin Aziz

Chinese airports have turnaround with Xiamen, Guangzhou, and Shanghai airports reported 9M23 profits. The others (Beijing, Shenzhen, Hainan) are still lossmaking, but should turnaround soon
The upcoming Winter/Spring schedule reveals international capacity at 70% of 2019’s level, a catalyst for strong earnings growth, as international flights generate >2.5x higher revenues
Xiamen International Air A (600897 CH) exhibits the best value; Shanghai International Airport (600009 CH) is the most appealing due to its size and liquidity

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Nov 19

Daily Brief Thematic (Sector/Industry): GEMWeekly (17 Nov 2023): China and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

GEMWeekly (17 Nov 2023): China, Malaysia Macro; Alibaba, JD.com, Tencent
US Banks – Weekly Balance Sheets, Negative C&I Growth, Nearly First Time This Year, Other Negatives

GEMWeekly (17 Nov 2023): China, Malaysia Macro; Alibaba, JD.com, Tencent

By Wium Malan, CFA

The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
Macro data points: Chinese industrial production and retail sales, Malaysia GDP growth.
Companies mentioned:Alibaba Group Holding (9988 HK), JD.com (9618 HK), Tencent (700 HK)

US Banks – Weekly Balance Sheets, Negative C&I Growth, Nearly First Time This Year, Other Negatives

By Daniel Tabbush

There was one week of data where large US banks showed -0.1% YoY growth in commercial and industrial (C&I) but the most recent week is -1.0% so more solidly negative.
Cash balances continue to show YoY growth at double digit, now at 18.4% suggesting limited demand, and still banks having risk-aversion.
Jumbo time deposit growth remains extraordinary at 118% YoY in most recent week, and this money is more expensive than other time deposits.

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Nov 18

Daily Brief Thematic (Sector/Industry): Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025 and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025
Alibaba, JD.com Report Double 11 Sales Growth
Japan Weekly | CPI Drives Yields Lower, Stocks Higher. New Activist Positions

Takeaways After Global Semi Equipment Model Updated and Our View on 2024/2025

By Andrew Lu

Takeaways: 1. Semi equipment vendors beat 4Q23E; 2. China and DRAM customers stronger ; 3. Margin stable due to lack of depreciation; 4. Top four controls over 90% of shares;
More takeaways: 5. Semi equipment companies’ share price performance should lag behind foundries, foundries should lag behind fabless customers; 6. China semi equipment vendors outperforming global peers on local replacement;
Estimating a flattish global semiconductor equipment sales growth for 2023 and 2024 but expecting a double digit y/y sales growth of 17% for 2025 and 10% for 2026.

Alibaba, JD.com Report Double 11 Sales Growth

By Caixin Global

China’s two biggest e-commerce companies reported higher sales from this year’s Double 11 shopping extravaganza, but kept tight-lipped about just how high, as they rolled out discount-heavy strategies to encourage reluctant consumers to spend.
Alibaba Group Holding Ltd. and JD.com Inc. had offered a slew of discounts to attract shoppers as the recovery in household consumption in the world’s second largest economy slowly gained momentum in recent months.
Alibaba said that both gross merchandise value (GMV) and order amount on Taobao and Tmall from Oct. 24 to Nov. 11 rose from the same period last year.

Japan Weekly | CPI Drives Yields Lower, Stocks Higher. New Activist Positions

By Mark Chadwick

Market Watch: U.S. CPI disappointment led to a sharp yield drop, boosting growth stocks; Nikkei rose for a third week, Topix up 26% YTD; Expect lower volatility next week
Major Movers: Benesse (+33%) on MBO, Benefit One (+28%) on sale to M3, Ebara (+17%) & Horiba (+15%) on positive results. Speculation that Tsuruha (+13%) is open to offers
Activist Watch: Dalton and Strategic Capital start new positions in Iwaki Pumps and Teraoka Seisakusho respectively

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