In today’s briefing:
- Global Semiconductor Sales Fall 4% MoM, 20.7% YoY In February 2023
- China TMT Update (Apr. 7) JD/Baba/PDD/1024HK/3690HK: Kuaishou Resumes Exploration of Local Services
- China TMT Update – BILI/BEKE/9995HK -Some BILI Content Creators Reportedly Cease to Upload Videos(-)
- China TMT Update: JD/PDD/981HK/1347HK/650HK/ACMR – Small Merchants Rebel Against PDD Policies
- GEM Weekly (7 Apr 2023): Asian PMI, South Korea, Thailand, Philippines CPI; SK Hynix, NCSoft, Kakao
- US Banks – Off Balance Sheet Moving On?
Global Semiconductor Sales Fall 4% MoM, 20.7% YoY In February 2023
- February 2023 effectively marked the 13th consecutive month of declining semi sales making it one of the most protracted downturns of the past two decades.
- However, we are beginning to see green shoots of recovery from the likes of Foxconn, Asus and Nanya
- We predict semi sales will trough in Q2 2023 and begin a gradual recovery through H2 2023
China TMT Update (Apr. 7) JD/Baba/PDD/1024HK/3690HK: Kuaishou Resumes Exploration of Local Services
- JD: Douyin new merchant services aims to improve eCommerce quality (-)
- BABA/PDD: Taobao begins to roll out “99 Bargain” portal (-)
- 1024HK / 3690HK: Kuaishou resumes exploration of local services (+/-)
China TMT Update – BILI/BEKE/9995HK -Some BILI Content Creators Reportedly Cease to Upload Videos(-)
- BILI: Some BILI content creators reportedly cease to upload videos due to monetization(-)
- BEKE: Housing transaction volume continue ramp up in March 2023(+)
- 9995HK: BioNTech signed ADC license deal with a Chinese startup (-)
China TMT Update: JD/PDD/981HK/1347HK/650HK/ACMR – Small Merchants Rebel Against PDD Policies
- JD: JD plans listing of its MRO distributor subsidiary JD Industrials (+)
- PDD: Reports indicate that small merchants rebel against PDD policies (-)
- 981HK/1347HK/650HK/ACMR: Japan announces restrictions on exports of semiconductor equipment (+)
GEM Weekly (7 Apr 2023): Asian PMI, South Korea, Thailand, Philippines CPI; SK Hynix, NCSoft, Kakao
- 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: Asian PMI data, South Korea exports and inflation, Thailand inflation, Philippines inflation, China Caixin PMI
- Companies mentioned:SK Hynix (000660 KS), NCSOFT Corp (036570 KS), Kakao Corp (035720 KS)
US Banks – Off Balance Sheet Moving On?
- It appears as though off balance sheet lines are moving on balance sheet
- We should not confuse loan growth from off balance sheet as positive
- Credit costs can now rise from a myriad of factors, including off B/S
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