Daily Brief Thematic (Sector/Industry): Semiconductor Memory. Profits Return & Tailwinds Mount On Surging (& Very Similar) ASP Increases and more

• Q124 DRAM revenue $18.2 billion, up 6% QoQ and up 88% YoY. NAND revenue $14.1 billion, up 23.4% QoQ and 68.8% YoY
• ASP increases, HBM, NAND for enterprise SSD and looming shortages for legacy products are all mounting tailwinds for the beleaguered memory segment
• First quarter ASP increases for DRAM & NAND for Micron, SK Hynix & Samsung were almost identical. That’s quite a coincidence..

• This note is a weekly curated selection of Chinese news articles and company announcements focused on developers in distress
• We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
• We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources

• Surging by 19.4% since the trough on 19-Apr, the HSI is now only 3.2% shy away from the psychological resistance of 20,000. We look at some potential profit-taking names. 
• Heavy-Weights like Meituan (3690 HK) and Tencent (700 HK) are among the best-performing ones YTD and since the trough. Hence they are more exposed, particularly for Meituan.
• Haidilao International Holding (6862 HK) and ENN Energy (2688 HK) are another two on the list. Their valuations are no longer inexpensive relative to 3-year earnings CAGR.

• In 2023, the global private credit market topped $2.1 trillion in assets and committed capital.
• And for a market that really emerged in the nineties, that growth is enough to warrant the attention that private credit receives.
• But rather than having the blanket statements like private credit is an emerging bubble, we wanted to explore the various segments of private credit, ask simple questions like where is this growth coming from?

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• ICER draft update with little change. In a follow-up to Shroom Shmooz: How Valid Are ICER’s Concerns about MAPS’ MDMA-AT Trials? , we highlight the amended ICER report published on May 14, 2024, which incorporates the public comments it received.
• In short, there is no substantive difference between the updated and initial drafts. The skeptical tone of the integrity of the Phase III trial outcomes and conclusion that the current publicly available evidence is insufficient to assess the overall net benefit of MDMA- AT remain.
• The main difference between the two reports is that the revised version contains more discussion on comorbidities commonly associated with PTSD. 

• The supply and demand dynamics of private credit
• The history of the private credit markets
• Differentiation versus traditional solutions, and even differentiation within its own subsegment

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.