In today’s briefing:
- Samsung, Nanya, Winbond. Watch This Space…
- Norinchukin Bank – Sector Outlier Rather than Big-Cap Bank Canary in the Coalmine
- AUCTUS ON FRIDAY – 21/06/2024
Samsung, Nanya, Winbond. Watch This Space…
- Greatly reduced growth-related WFE CapEx, cannibalisation of legacy node WFE for leading edge transitions and surging demand for HBM will likely trigger mainstream memory shortages by EOY 2024
- Both Nanya and Winbond are well positioned to benefit from any industry-wide shortages
- If Samsung can sort out its HBM woes, it will be line for a re-rating
Norinchukin Bank – Sector Outlier Rather than Big-Cap Bank Canary in the Coalmine
- Norinchukin Bank plans to sell JPY10 trillion of foreign government bonds, crystallising a chunk of the JPY2.19 trillion of unrealized bond losses, as it also looks to raise JPY1.2 trillion
- We explore the bigger cap banks’ foreign bond holding and unrealized gains or losses, including those of Japan Post Bank; Norinchukin is clearly the negative outlier of this peer group
- We do not see Norinchukin as a canary in the coalmine for the big-caps’ risks on foreign bond exposure; we stick with buys on Resona, Mizuho, SMFG and Concordia
AUCTUS ON FRIDAY – 21/06/2024
- Arrow Exploration (AXL LN/CN)C: target price of £0.65 per share: Flow rate of high impact horizontal well above expectations – The first CN Horizontal well (CNB HZ-1) from the Carrizales Norte B pad has been on production since 14 June at a rate of 3,150 bbl/d (~1.6 mbbl/d net) with less than 1% water cut while still recovering load fluid.
- The flow rate is currently constrained with the ESP operating on the minimum setting.
- The flow rate is above expectations.
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