Daily Brief Thematic (Sector/Industry): Memory Makers Update: Samsung and more

In today’s briefing:

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia
China Healthcare Weekly (Feb.17) – CXO Vs Pharma, Medical Insurance Account Reform, Time to Reflect
Macau Mandates for Non-Gaming Growth Poses a Herculean Task

Memory Makers Update: Samsung, SK Hynix, Micron, WDC, Kioxia

Semiconductor memories, the most volatile part of the chip market, have declined dramatically since June
During downturns memory chip prices typically collapse until they hit cost
NAND appears to be selling at or near cost, but DRAM still has room for further declines

The newly released national medical insurance account reform will undoubtedly have a big impact on the development of China healthcare industry. We analyzed related impact on companies.
In 2023, we think that CXO is not suitable for long-term hold any more but only for short-term trade. Comparatively speaking, the situation of pharmaceutical companies is better.
Investment is a process of constantly recognizing and breaking through oneself. In fact, it is to use a large number of “certain costs” to exchange for a few “fuzzy earnings”.

The six renewed licensees of Macau casinos have pledged US$15b to expand non-gaming attractions that will be difficult to monetize quickly.
The challenges will have to be met by government as well in expanding the infrastructure of available flights from more originating points in and out of the Asia-Pacific.
Macau GGR will recover and ramp beyond 2019 baseline GGR by 2025.27 but tourism as a key driver of that increase will pose more complex development initiatives.

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