In today’s briefing:
- Japan Morning Connection: Sanken Electric, Nidec, Asahi Intecc
- [Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US
- [Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM
- Earnings: ALGM, LRCX, TOLEY, NVMI, ONTO
Japan Morning Connection: Sanken Electric, Nidec, Asahi Intecc
- Tech laggards bought in the US showing many in the market scrambling to catch the upside after the rapid snapback from last weeks drop.
- Server related strength after Cisco numbers may see sentiment for Nidec finally improving with its cooling modules business emerging as an earnings driver.
- Strong numbers for Coherent confirm the positive trends for its optical transceiver business which points to continued upside for AI data center plays
[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US
- ATAT US/TCOM US:Daily Traffic Volume growth on highways is flattish YoY During the Summer Travel Season(-/-)
- BEKE US: Decrease in New Short-term Loans to Residents in July, but Increase in New Long-term Loans(+)
- BEKE US:House prices continued to decline in July . (-)
[Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM
- 700 HK: Based on <DnF Mobile> Developer Nexon’s 2Q24 Financial Report, the Game Generated around RMB 7bn in Revenue During the Quarter (+)
- 700 HK: <League of Legends> to Introduce Another PVE Game Mode (+)
- BILI US: Bilibili’s <Aether Gazer> to Shut Down on November 12 (/)
Earnings: ALGM, LRCX, TOLEY, NVMI, ONTO
- Some more minor data points and highlights: KLIC (ball bonders) says that utilization is 75-80%, which is a good read on China despite the negative industrial headwind.
- Allegro Microsystems is definitely scraping the bottom, and while Sanken (its distributor) is still increasing its inventory, I like the setup there.
- Arrow Electronics (Distributor) says things are improving, which is a big counterpoint to everything else.
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