In today’s briefing:
- Ohayo Japan | Stocks Stumble Ahead of Jackson Hole
- Japanese Firms To Divest Real Estate; Activists Push for Higher Efficiency & Valuations – Part 1
- Episode 80: Viewing AI Compute Demands as a Tectonic Shift for Semiconductor Design
- Japan Morning Connection: BoJ Anticipation and Koizumi Taking an Early Lead in the Polls
- [Blue Lotus Daily]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK
- [Blue Lotus Daily-TMT Update]:700 HK/BABA US/NTES US/JD US/2618 HK/WMT US/BABAUS/AMZNUS/PDDUS/3690HK
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Ohayo Japan | Stocks Stumble Ahead of Jackson Hole
- The S&P 500 declined 0.89% on Thursday, closing at 5,570, as investors awaited Federal Reserve Chair Jerome Powell’s speech at Jackson Hole
- Japan’s machine tool orders rose 8% year-on-year in July, marking the third consecutive month of growth
- Nippon Steel and JFE Steel are investing $1.08 billion in Whitehaven’s Blackwater coal mine in Australia
Japanese Firms To Divest Real Estate; Activists Push for Higher Efficiency & Valuations – Part 1
- A significant ¥22 trillion gap exists between book and market values, pushing companies to sell non-core real estate for capital efficiency.
- 50% of TSE Prime Market firms trade below a P/B ratio of 1, reflecting low market valuations and driving asset divestitures.
- Mizuho Trust saw an 800% surge from 13 to 110 inquiries in 2023, as firms seek to improve their P/B ratios through asset sales.
Episode 80: Viewing AI Compute Demands as a Tectonic Shift for Semiconductor Design
- Technological advancements are leading to a tectonic shift in computing
- Companies are currently over investing in infrastructure build out for future potential
- There are concerns about the long-term monetization and financial implications of these investments
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Japan Morning Connection: BoJ Anticipation and Koizumi Taking an Early Lead in the Polls
- US profit-taking in tech/growth will set a muted tone to start as the market holds its breath for comments from BoJ Gov. Ueda who addresses parliament this morning.
- China chip imports at record highs may add to pressure for the US to broaden its export restrictions for specific technologies as well as for legacy node equipment.
- Koizumi leading the polls will be positive for renewable energy names which remain highly oversold after the multi-year weakness in Japanese small caps.
[Blue Lotus Daily]:1810 HK/981 HK/AAPL US/XPEV US/1211 HK/NIO US/LI US/LKNCY US/002352 CH/2618 HK
- 1810 HK/981 HK/AAPL US: Xiaomi’s Africa smartphone sales outgrow market in 2Q24 (+/+/-)
- XPEV US:Xpeng Motors’ revenue in the second quarter was in line with our expectations, and its losses were greater than our expectations(/)
- 1211 HK/1810 HK/XPEV US/NIO US/LI US:In the 33rd week of 2024, the delivery of new energy vehicles by Xiaomi fluctuated, Leapmotor and Li were strong, and NIO remained weak (/////////)
[Blue Lotus Daily-TMT Update]:700 HK/BABA US/NTES US/JD US/2618 HK/WMT US/BABAUS/AMZNUS/PDDUS/3690HK
- 700 HK/BABA US:Taobao Deals App Now Supports WeChat Pay for All Users. (+)
- 700 HK: <Arena Breakout: Infinite> Developing AI Technology: Voice-Command Teammates (+)
- NTES US: <Where Winds Meet> Final Pre-Launch Test Scheduled for August 28th (+)