In today’s briefing:
- Ohayo Japan|Relief Equity Rally, But Still No Deal; NUGGET: Rapidus: Key to Japan’s Semi Resurgence
- Silicon Wafers Imminent Capacity Glut
- Bloomberry Resorts: 1Q23 Results Continue Momentum to Support Higher Valuations in Coming Quarters
- Nissan’s China Sales Tumble as EV-Makers Gain Ground
- Expect Cash Build Despite Near-Term Margin Pressure
Ohayo Japan|Relief Equity Rally, But Still No Deal; NUGGET: Rapidus: Key to Japan’s Semi Resurgence
- OVERSEAS. Risk on as US Equities Jump on Debt Ceiling Hopes; China April House px rise; Solid US Housing starts; Musk Says 2 new Blockbuster Telsa models to come.
- JAPAN. NKY Futs 1.4% vs Cash; Japan Equities poised to make new highs on US rally and weaker yen; Japan GDP print 1.6%, better than expected; Chinese Tourist Back
- NUGGET. Rapidus aims to rejuvenate Japan’s semiconductor industry by developing advanced 2-nanometer logic semiconductors, with plans for a prototype production line by 2025 and mass production by 2027.
Silicon Wafers Imminent Capacity Glut
- Wafer demand in 2023 has fallen to just 86% of global capacity, the lowest in a decade
- Demand for Epitaxial wafers (used for Logic) is not going to recover until EOY’23. Demand for Polished wafers (used for Memory) will likely take until H2’24 to recover
- It could potentially take until 2026 for supply and demand to return to balance.
Bloomberry Resorts: 1Q23 Results Continue Momentum to Support Higher Valuations in Coming Quarters
- Our calls since last year have included focus on Manila’s Entertainment Zone casino stocks taking note of surging growth both before and post covid.
- We continue to guideBUY on the shares as we see growing acceleration of GGR increases.
- Latest results indicate growth both in domestic play as well as growing visitation from nearby Asian origin points, some of which is diverted from Macau.
Nissan’s China Sales Tumble as EV-Makers Gain Ground
- Nissan Motor Co. Ltd. posted a sharp drop in its China car sales last year as the Japanese company trailed many of its rivals in shifting toward electrification in the world’s largest auto market, where homegrown electric-vehicle (EV) brands are increasingly gaining traction.
- Nissan sold just over 1 million cars in China in 2022, a 24.3% drop on the year, according to its earnings report released on Thursday.
- In comparison, it booked respective annual drops in car sales of 5.2% and 5.8% in the two previous years. But the country is still the auto giant’s largest market, followed by North America, Japan and Europe, respectively.
Expect Cash Build Despite Near-Term Margin Pressure
- Strong demand for pad-optimal super-spec drilling rigs drove ICD’s solid 1Q23 financial and operating results.
- ICD generated 1Q23 adjusted EBITDA of $21.4 million on revenue of $63.8 million, up 16% from 4Q22.
- Adjusted EBITDA in 1Q22 was $3.6 million.
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