Category

Thematic (Sector/Industry)

May 08
0

Daily Brief Thematic (Sector/Industry): Semiconductor Industry Association 2023 Factbook Is Now Available and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Semiconductor Industry Association 2023 Factbook Is Now Available
  • Weekly Stock Bullfinder – Week of 5/8

Semiconductor Industry Association 2023 Factbook Is Now Available

By William Keating

  • The 2023 Factbook contains a host of useful factoids and charts relating to the global semiconductor industry
  • Global semiconductor sales reached an all time high of $574 billion in 2022
  • In 2022, U.S. semiconductor companies accounted for sales of $275 billion, or 48% of the global market

Weekly Stock Bullfinder – Week of 5/8

By Weekly Stock Bull Finder

  • The exercise of catching bottoms and averaging down versus cutting losers and admitting you were wrong can and often is a painful lessons every investor goes through during points in their investing journey.
  • While scanning and examining companies and charts that are participating in strong uptrends is a worthwhile exercise, an equally important exercise is looking for companies which are currently in cycle downtrends but have strong underlying fundamentals which may not be presented reflected in today’s price.
  • In effect, they have been “thrown out with the bathwater” and are now potentially mispriced based upon their current and future underlying fundamentals.

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May 07
0

Daily Brief Thematic (Sector/Industry): GEM Weekly (5 May 2023): China and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • GEM Weekly (5 May 2023): China, South Korea, Indonesia Macro; SK Hynix, Samsung Electronics

GEM Weekly (5 May 2023): China, South Korea, Indonesia Macro; SK Hynix, Samsung Electronics

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: China PMI data, Asia PMI data, South Korea trade and inflation data, Indonesia GDP, Philippines inflation.
  • Companies mentioned: SK Hynix (000660 KS), Samsung Electronics (005930 KS)

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May 06
0

Daily Brief Thematic (Sector/Industry): China TMT Update (May.6) – Douyin/PDD/ByteDance/BEKE/NIO: Douyin Launches “Super Cheap Little Shop” and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • China TMT Update (May.6) – Douyin/PDD/ByteDance/BEKE/NIO: Douyin Launches “Super Cheap Little Shop”
  • Mat-Chem Notes : For the Week Ended April 28, 2023

China TMT Update (May.6) – Douyin/PDD/ByteDance/BEKE/NIO: Douyin Launches “Super Cheap Little Shop”

By Shawn Yang

  • PDD: Douyin launches “Super Cheap Little Shop” to provide low cost products (-)
  • ByteDance/BEKE: ByteDance give up offline housing brokerage business, while online business remains（+）
  • NIO: NIO to officially launch all-new ES6 on May 24 (+)

Mat-Chem Notes : For the Week Ended April 28, 2023

By Water Tower Research

  • WTR-CMI last week. In what was a mixed week for the market, with S&P 500 appreciating 0.9% and the Russell 2000 slipping 1.3%, our WTR-CMI index of 30 specialty chemicals and materials stocks outperformed both broader indexes by appreciating 1.1%, led by a recovery in prices of lithium stocks, which took a tumble the previous week after the announcement of the Chilean government’s intention to increase its financial participation in large lithium projects in the country.
  • Better weather drives stronger planting progress. Following last year’s planting delays caused by unseasonal weather, the 2023 planting season in the US is picking up the pace after a slower start, with both corn and soybean planting well ahead of last year and the five-year average, boding well for North American crop protection and the fertilizer market, at least when it comes to demand.
  • Chinese auto sales look to rise. According to the China Automobile Dealers Association, the country should see a 50% surge in Y/Y new passenger vehicle sales in April, following a strong March, compared with the COVID lockdown period a year ago.

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May 05
0

Daily Brief Thematic (Sector/Industry): China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN – Meituan and Alipay Release May 1st Holiday Data and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN – Meituan and Alipay Release May 1st Holiday Data
  • Top Chinese Digital Banks Report More Bad Loans but Higher Earnings
  • China TMT Update (May 5-Pt1): NTES/PDD/LKNCY/2150HK/ATAT：Justice Mobile Launches 2nd Round Test
  • Hardly Anybody in China Stayed Home for the Holidays

China TMT Update(May 5-Pt2): 3690.hk/Baba/PDD/LEGN – Meituan and Alipay Release May 1st Holiday Data

By Shawn Yang

  • 3690.HK/BABA: Meituan and Alipay release reports on May 1st holiday consumption (+)
  • PDD/Temu: Chinese Media Reports Pingduoduo’s Growth Challenges and Our Perspective
  • LEGN： Johnson & Johnson licensed its next generation CAR-T from a delisted Chinese biotech(-)

Top Chinese Digital Banks Report More Bad Loans but Higher Earnings

By Caixin Global

  • Two digital banks backed by Ant Group and Tencent Holdings reported a rise in bad loans and slower growth of their balance sheets but also posted higher profits and healthy liquidity metrics
  • Ant Group-backed MYbank said its nonperforming loan ratio for 2022 was 1.94%, up 0.41 of a percentage point from the previous year.
  • That was still lower than the average ratio of 2.18% for small and midsize enterprise loans in China, according to the online lender’s annual report.

China TMT Update (May 5-Pt1): NTES/PDD/LKNCY/2150HK/ATAT：Justice Mobile Launches 2nd Round Test

By Shawn Yang

  • NTES: Justice Mobile launches 2nd round of closed beta test (-)
  • PDD: PDD announces RMB 4bn in subsidies for annual May 5th Shopping Festival (+)
  • LKNCY/2150HK/ATAT: Labor Day holiday Tourism consumption recovered to pre-covid level in labor day holiday, and catering sector is leading the retail recovery trend.(+)

Hardly Anybody in China Stayed Home for the Holidays

By Caixin Global

  • Hundreds of millions of Chinese travelers crowded tourist hotspots across the country over the week-long Labor Day holiday
  • Travelers made 274 million domestic trips during the holiday, up 70.83% from last year, according to data from the Ministry of Culture and Tourism
  • Revenue from domestic tourism reached 148 billion yuan ($21 billion), an increase of 128.9% from the same period last year

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May 04
0

Daily Brief Thematic (Sector/Industry): Pacwest – The Next One? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Pacwest – The Next One?
  • Japan’s Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

Pacwest – The Next One?

By Daniel Tabbush

  • First Republic Bank had liquidity risk, Pacwest Bank has this and credit risk
  • Pacwest saw its net charge-offs rise 4x in 1Q23 QoQ and nearly 8x YoY
  • Deposits are in sharp contraction, but so are net loans, -10% QoQ

Japan’s Fashion E-Commerce Evolving into Dynamic and Seamless Omnichannel, Winners Will Take All

By Michael Causton

  • After the accelerated transition to digital channels during Covid, the fashion sector had a calmer year in 2022 although GTVs still grew around 10%. 
  • Most retailers spent the time investing in more seamless and coherent omnichannel models, and in making the best use of stores and staff in online promotions.
  • This shift to omnichannel is also leading to changing merchandising, including pre-selling inventory, while others are turning their online stores into malls. 

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May 03
0

Daily Brief Thematic (Sector/Industry): India Industrials | Riding the Tailwind and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • India Industrials | Riding the Tailwind
  • ASE Q1’23 Revenues Decline 26% QoQ, Q2’23 Outlook Flat Sequentially
  • Mining Monthly: April Edition
  • Tech Talk: Crypto Custody : What Is It? How Is It Secure? Who Can Do It?
  • The Highlights : Cannabis News for the Week Ending April 28, 2023

India Industrials | Riding the Tailwind

By Pranav Bhavsar

  • India’s strong growth projections are widely agreed upon, therefore warranting a deeper analysis of the key factors driving this growth, to identify potential deviations from projections.
  • The Industrials sector, supported by government initiatives, plays a critical role in the growth of the Indian economy and is currently benefiting from a strong tailwind.
  • While ABB India Ltd (ABB IN) and Polycab India (POLYCAB IN) are compelling investment ideas, caution is advised for Siemens Ltd (SIEM IN) and Havells India (HAVL IN).  

ASE Q1’23 Revenues Decline 26% QoQ, Q2’23 Outlook Flat Sequentially

By William Keating

  • ASE, the global #1 OSAT company, reported Q1’23 revenues of NT$130,891 million, in line with expectations, down 26% sequentially and 9% YoY
  • Overall equipment utilisation rate fell to 60% during the first quarter
  • Q1 was the trough, but so too will be Q2

Mining Monthly: April Edition

By Atrium Research

  • The precious metals and mining market continued to rise in April even after a sizeable outperformance of broader indices in March
  • M&A accelerated in the month of April following what appears to be the peaking of rates and inflation, and persistent elevated metals prices
  • This month only strengthens our confidence that 2023 will be a standout year for both precious metals and base metals, and encourage investors to position themselves accordingly

Tech Talk: Crypto Custody : What Is It? How Is It Secure? Who Can Do It?

By Water Tower Research

  • Following the bankruptcy of FTX and Alameda Research, it is important to understand how security in crypto custody and trading works.
  • In crypto security, particularly by custodians, multiple levels of security should be implemented, including physical cold storage, stock exchange level processes, multiple signature wallets, and two-factor and video authorization.
  • Trust is a key component of custody and trading.

The Highlights : Cannabis News for the Week Ending April 28, 2023

By Water Tower Research

  • It was a good week for most global equities, with the MSCI World Index and the S&P 500 gaining 1.77% and 1.57%, respectively.
  • However, the small-cap Russell 2000 and the NASDAQ dropped 1.83% and 0.66%, respectively, as investors digested a mixed bag of corporate earnings.
  • Cannabis stocks broke a seven-week losing streak and the MSOS ETF surged 6.87% this week.

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May 02
0

Daily Brief Thematic (Sector/Industry): KLAC Q1’23 Earnings Report. So Far and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • KLAC Q1’23 Earnings Report. So Far, So Good
  • China A-Share Consumer Staples: Depressed Share Price Cannot Reflect Decent Earnings
  • Global Semiconductor Sales Increased 0.33% MoM In March 2023

KLAC Q1’23 Earnings Report. So Far, So Good

By William Keating

  • Q1’23 revenues of $2.43 billion, marginally above the guided midpoint $2.35 billion, down 17.5% sequentially and up 6.4% YoY.
  • For Q2’23, the company expects revenues of $2.25 billion at the midpoint, down 4% sequentially.
  • KLAC historically outperforms its peers during semi down cycles. This time will be no different.

China A-Share Consumer Staples: Depressed Share Price Cannot Reflect Decent Earnings

By Osbert Tang, CFA

Global Semiconductor Sales Increased 0.33% MoM In March 2023

By William Keating

  • Global semiconductor sales for the month of March amounted to $39.83 billion, representing a 0.33% increase sequentially, the first such increase in twelve months.
  • Q1 2023 sales amounted to $119.5 billion, a decrease of 8.7% compared to the fourth quarter of 2022 and 21.3% less than the first quarter of 2022.
  • While small, the March MoM increase is still hugely significant.

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May 01
0

Daily Brief Thematic (Sector/Industry): Intel Q1’23 Earnings Review. No Surprises But Pay Attention To The Gross Margin Story and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Intel Q1’23 Earnings Review. No Surprises But Pay Attention To The Gross Margin Story
  • Weekly Stock Bullfinder – Week of 5/1

Intel Q1’23 Earnings Review. No Surprises But Pay Attention To The Gross Margin Story

By William Keating

  • Q1’23 revenues of $11.7 billion, down 37% YoY and 16.5% sequentially. It was the company’s first earnings beat since Q1’22.
  • Forecasts Q2’23 revenue of $12 billion at the midpoint, with non-GAAP gross margins sliding a further 0.9 points to 37.5%
  • Annual GAAP GM has fallen from 61.4% in 2018 to 42.3% in 2022. But why?

Weekly Stock Bullfinder – Week of 5/1

By Weekly Stock Bull Finder

  • When considering future investment opportunities, the renewable energy transition continues to be an exciting space to investors given its enormous potential total addressable market coupled with climate change legislation that is acting as a tailwind in virtually every G-20 country.
  • Almost every month, there continues to be a steady drumbeat of new rules issued locally and across the globe which results in faster timelines to transition to battery storage and other clean energy as well as tighter restrictions to ultimately phase out traditional gas powered transportation and coal power.
  • For example, while California has already passed rules requiring all new cars, pickup trucks and SUVs sold to be electric or hydrogen by 2035, California approved rules last week which will require all new medium heavy-duty truck and bus sales sold in the state in 2036 to be zero-emission

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Apr 30
0

Daily Brief Thematic (Sector/Industry): Taiwan Banks: Uninvestible? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Taiwan Banks: Uninvestible?

Taiwan Banks: Uninvestible?

By Steven Holden

  • Exposure to the Taiwanese Banks sector has been in near constant decline for the best part of the last decade.
  • Just 4.5% of Asia Ex-Japan funds hold a position, with active managers running near record underweights of -1.06%, on average.
  • Investors should consider potential catalysts that could improve the investment outlook for banks in Taiwan, given the broad consensus on positioning.

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Apr 29
0

Daily Brief Thematic (Sector/Industry): Japan Weekly | BOJ and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Weekly | BOJ, Makita, Advantest
  • Samsung. When Your Cash Cow Turns Into Your Achilles Heel.

Japan Weekly | BOJ, Makita, Advantest

By Mark Chadwick

  • Japanese stocks rose to multi-month high in April, following US tech gains and BoJ’s unchanged policy
  • Interest rates and bond yields declined, while yen weakened and inflation rose more than expected
  • Retail sales and industrial output increased, while unemployment rate reached highest level in over a year

Samsung. When Your Cash Cow Turns Into Your Achilles Heel.

By William Keating

  • Q1’23 operating profits of 0.64 trillion won, the lowest since Q1’09
  • Strong sales of flagship S23 smartphones helped avert an otherwise inevitable overall group operating loss.  
  • Outlook for the current quarter is for more of the same, albeit the bottom line will depend on the extent (if any) of memory inventory write-downs. 

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