In today’s briefing:
- China’s Near-Term Semiconductor Bottleneck Isn’t ASML
- EU’s Battery and Solar Investments, One Year After, Part I
- Global Credit Growth – Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine
- Japan Weekly | Fancl, Monotaro, Taiyo Yuden, Toho
- #19Business Buzz: BOJ Yen Drop, Tesla’s $56B Pay Deal, G7’s Ukraine Support
- #15 India Insight: Sensex Crossed Hongkong Market, Vodafone to Sell Indus Stake, Adani Ent
- AUCTUS ON FRIDAY – 14/06/2024
China’s Near-Term Semiconductor Bottleneck Isn’t ASML
- In the past four quarters, Chinese companies bought 65+ ArF (Argon Fluoride) Immersion lithography machines, some capable of overlay precision as fine as 1.5nm overlay for Self-Aligned Double/Quadruple/Octuple Patterning (SAD/Q/OP);
- The race is between Chinese foundries to put these lithography machines to meet the raging demand of AI, which looks optimistic in the medium term, despite short-term challenges;
- The race is also among the global semiconductor industry to meet the demand for testing the limit of AI’s scaling law. So far the balance tips in disfavor of China.
EU’s Battery and Solar Investments, One Year After, Part I
- About a year ago, we started collating battery investments in the European Union. At the time we conclude between 1/4 to a 1/3 were originated from China;
- A year later, we revisited and found the ratio has increased. With the latest EU tariff on China-made EV’s, we expect Chinese capacity buildups to quicken;
- A total of 1,742 GWh of projects are supposed to go online in EU countries, representing investment of US$150bn, among which China related GWh and investment is ~25%.
Global Credit Growth – Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine
- Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.
- Japan may be the most surprising with relatively high growth and relative to last year.
- Indonesia moves from strength to strength, where India loan growth is high, but less so.
Japan Weekly | Fancl, Monotaro, Taiyo Yuden, Toho
- The US labor market showed resilience with 272,000 jobs added in May, well above the forecasted 180,000
- Fancl’s share price surged by 15% following a report by the Nikkei indicating that Kirin Holdings plans to acquire the company
- Toho’s share price fell by 10% this week, driven by disappointing revenue figures for May
#19Business Buzz: BOJ Yen Drop, Tesla’s $56B Pay Deal, G7’s Ukraine Support
- Yen weakened 0.8% while bond futures surged after BOJ postponed debt-buying details
- Shareholders endorsed Musk’s compensation and Tesla’s incorporation shift to Texas
- G7 to use profits from frozen Russian assets for $50 billion in loans to Ukraine
#15 India Insight: Sensex Crossed Hongkong Market, Vodafone to Sell Indus Stake, Adani Ent
- S&P BSE SENSEX Index (SENSEX INDEX EQUITY) Surpasses Hong Kong to Become Fourth-Highest Equity Market Globally.
- Vodafone to Sell Entire Indus Towers (INDUSTOW IN) Stake Worth $2.3 Billion via Block Deals
- State Bank Of India (SBIN IN) Completes Rs 830 Crore Bond Issuance
AUCTUS ON FRIDAY – 14/06/2024
- Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts.
- The high impact Anchois East well is expected to spud in August.
- A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot).
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