In today’s briefing:
- July TOPIX FFW Rebal – Update With 2 Days To Go on $3bn a Side
- CyberAgent 3Q: Gaming Collapses and Spurs Downward Revision
- Full Report – Torex Semiconductor (6616 JP)
July TOPIX FFW Rebal – Update With 2 Days To Go on $3bn a Side
- In the two weeks since the announcement, Large ADDs (>2d ADV, >$5mm) have outperformed Large DELs by 1.3%. Smaller ADDs vs DELs (>2d, >$2<$5mm) have outperformed by 1.3%.
- Using only >$20mm >2d DELs vs Top 5 $amt >2d ADDs, that’s a bit better than 1%. And the really obvious large ones? Not so obvious.
- There is still a large reverse funding trade, with some large sells.
CyberAgent 3Q: Gaming Collapses and Spurs Downward Revision
- CyberAgent Inc (4751 JP) reported 3QFY09/2023 results today. Revenue decreased 0.2% YoY to ¥171.7n (vs consensus ¥177.8bn) while operating income decreased 86.2% YoY to ¥1.4bn (vs consensus ¥11.0bn).
- The game business has further deteriorated during 3Q with the absence of hit title launches and drop in UMA MUSUME Rankings. Segment reported losses during the quarter.
- CA has opened pre-registrations for two new games, we are not convinced that these could become top performers as the company has not given a hit title since UMA MUSUME.
Full Report – Torex Semiconductor (6616 JP)
- Since 1H FY24/3 corresponds with the bottom of the current reset cycle, initial guidance for net sales is -9.3% YoY.
- In addition to ongoing high electricity rates, depreciation expense is set to increase +51.1% YoY, and initial guidance for OP is -62.3% YoY.
- On a cash flow basis, implied EBITDA is forecast to decline -29.1% YoY.
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