In today’s briefing:
- Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?
- Semiconductors H2 Rebound? Curb Your Enthusiasm!
- SE/BABA/PDD: Lazada’s Fully Managed Model Will Impact Shopee, a Summary of Our Recent Channel Checks
- 700.HK/Douyin/3690.HK/XPEV/1211HK/TSLA/LI/NIO: China to Extend Purchase Tax Exemption for NEVs
Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?
- OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged
- JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen; MS Bullish Call on Japan; Panasonic expands Battery production for TESLA
- NUGGET. Data Centers – Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?
Semiconductors H2 Rebound? Curb Your Enthusiasm!
- The extent to which Smartphone & PC unit shipments will rebound in H2 is as yet unknown.
- Most semi companies forecasted a muted H2 recovery. After earnings, we downgraded our FY’23 outlook for Foundry, PC, Smartphone and Silicon Wafer segments.
- Many semi stocks are priced for a H2 rebound that’s proving notoriously elusive but there are still some bargains to be found
SE/BABA/PDD: Lazada’s Fully Managed Model Will Impact Shopee, a Summary of Our Recent Channel Checks
- We recently conducted interviews with some Lazada merchants to understand the upcoming large-scale launch of the fully managed model, also known as the Choice channel.
- 1) Lazada considers the fully managed model as a centralized channel for cost-effective products; 2) Lazada prioritizes market share and aims to ensure orderly operations of its fully managed model.
- We project Lazada is seizing the opportunity to capture Shopee’s market share while Shopee is more focused on profitability. We maintain SELL for SE and BUY for BABA and PDD.
700.HK/Douyin/3690.HK/XPEV/1211HK/TSLA/LI/NIO: China to Extend Purchase Tax Exemption for NEVs
- Tencent/700.HK: new promotional video for “HoK(Honour ok Kings) World” is released
- Douyin/Meituan/3690.HK: Last week, the “Douyin Sales Assistant” app was launched
- XPEV/1211HK/TSLA/LI/NIO: China to extend purchase tax exemption for NEVs (+/+/+/+/+)
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