In today’s briefing:
- Ohayo Japan| Lower Rates, Higher Stocks; Crypto Optimism; NUGGET: Hydrogen Future – KHI(7012)Revisit
- Nanya Q2’23 Results. Doldrums Ahoy!
- China TMT Update-PDD/BABA/BEKE/LUCKIN- PDD Testing “RMB 9.9” Channel;BEKE Launching “Bei Hao Jia”
- Mat Chem Notes Week Ending July 9, 2023
Ohayo Japan| Lower Rates, Higher Stocks; Crypto Optimism; NUGGET: Hydrogen Future – KHI(7012)Revisit
- OVERSEAS. Disinflation Trade on as US PPI provides more tailwinds; Rates, USD Fall; Equites rally, More China Stimulus Coming ? Ripple resolution spurs Crypto bid; AI Wars: Meta Updates BARD
- JAPAN. Nikkei Futures +1% vs Cash; USDJPY 138; Set for Beta bid in Stocks; Blow out Fast Retailing numbers; Barclays see Sept BOJ tweek; Bullish Bank Initiations from UBS
- NUGGET. Hydrogen is a key part of JP Govt carbon zero strategy. We see KHI(7012) as a Hydrogen winner and see the recent pullback as a good entry opportunity
Nanya Q2’23 Results. Doldrums Ahoy!
- Q2’23 revenues of NT$ 7,027 million, up 9.4% sequentially but down 61% YoY. Net losses declined QoQ, mainly due to favourable Fx and Income tax charges
- Similar to Micron, while bit shipments increased QoQ, ASPs declined. This is not a road to recovery out of the memory segment downturn
- While customer inventories have largely normalised, supplier inventories remain elevated. Until this corrects or demand surges, Nanya and peers will remain in the doldrums.
China TMT Update-PDD/BABA/BEKE/LUCKIN- PDD Testing “RMB 9.9” Channel;BEKE Launching “Bei Hao Jia”
- PDD/BABA: PDD testing large “RMB 9.9” channel entrance on the PDD app homepage (+/-)
- BEKE: Beike announced to expand business toward industry upstream, establishing “Bei Hao Jia” business line(+)
- Luckin Coffee & Nayuki: Media survey suggest that coffee price war is hurting milk tea’s business
Mat Chem Notes Week Ending July 9, 2023
WTR-CMI last week. In a flat to down market last week, with S&P 500 holding steady with 0.1% price change and Russell 2000 losing 0.9% of its value, our proprietary WTR-CMI index of 30 chemicals and material technology companies appreciated 0.5% for the week, led by 8.5% appreciation in ALB, which seemed to pull along other lithium names, including PLL, LAC and LTHM, which all posted 2-4% returns.
EAF was the index’s laggard, losing 9.4% of its value, possibly due to continued softness in the iron ore and steel production sectors.
EU relooks at GMO crops. Long a bulwark against expansion of GMO crops, the EU is taking another look at the 2001 rules which were a major obstacle to market penetration by genetically modified seeds that provide better yields, higher nutritional value, and require less water and less pesticides to produce.
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