Daily Brief Thematic (Sector/Industry): Ohayo Japan | Intra-Day Highs on TSMC’s Upbeat Numbers and more

• The Dow Jones Industrial Average closed at a record high, up 161 points (0.37%) to 43,239, as strong economic data eased recession fears
• TSMC predicted continued strong AI chip demand, forecasting server-related chip demand to triple in 2024.
• Couche-Tard CEO Alex Miller is in Tokyo seeking a meeting with Seven & i’s management;  they declined to meet.

• August’s WSTS semiconductor revenues registered a record high of more than $53 billion
• Nobody seemed to notice, including the organization making the announcement
• There’s valid concern that the market is on the verge of a collapse, and this may be overshadowing record sales

• Although the H-share securities companies have retreated significantly from their peaks, there are still “fats” in their share prices in the near term, relative to the market turnover.
• Citic Securities (H) (6030 HK) looks vulnerable given its high valuations, low H-A share discount, limited correction from its peak, and significant rebound from the trough.
• China Merchants Securities (6099 HK) appears exposed though valuations are not high. It has the best YTD performance and rebound from the trough, and its H-A share discount is light.   

• TSMC gains largely failed to buoy the US SPE names, with many continuing to drop setting a similar tone for Japan peers.
• Travelers +9% on better than expected earnings and less Hurricane impact will continue to help the JP non-life.
• Sumitomo Forestry has corrected significantly and now looks ready to rebound and join its US peers hovering close to their all-time highs.

• This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
• We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
• We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to the sources

• Ducksheet announces a big event with OG of aluminum at the end of the week
• West Gold quarterly update shows lower cash balance than expected, with reasons for decrease discussed
• Investments and transactions post-merger with Corora impact cash balance and future growth plans discussed

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Tencent’s <Peacekeeper> saw a strong player return and robust revenue performance due to introducing new gameplay modes, with projected gross billings for 2024 expected to exceed RMB 20 billion.
• <DnF Mobile> continues to perform well, maintaining high popularity, leading to an upward revision of its annual revenue forecast.
• New games <Civilization Mobile> and <Need for Speed Mobile> experienced a sharp decline in popularity, and with a late release, their contribution to 2024 revenue is expected to be limited.

• AMD showing strong increases in CPU architecture and market share, particularly in AI accelerators
• Launch of the Mi 325 X accelerator with improved specs and benchmarks against Nvidia’s products
• Critique of AMD’s prioritization of data center over client solutions, but overall still competitive with Nvidia and gaining traction in the market

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• JD US/BABA US/1810 HK: Jiangsu Province adds seven new products to the list of appliances eligible for subsidies(+/+/+)
• 700 HK: Tencent’s MOBA Game <Pokémon Unite> Mobile Version Set for Release on November 7(+)
• 700 HK: Tencent-owned Riot Games Announces Layoffs, Offering Severance of at Least Six Months’ Salary, Aiming to Keep <League of Legends> Thriving for 15 More Years(/)