In today’s briefing:
- South Korean REITs May Have Bottomed
- Ohayo Japan | US Stocks Mixed After Fed
- [Blue Lotus Daily]:300274 SZ/601012 CH/1810 HK /XPEV US/LI US/300750 SZ/1211 HK/BZ US/Huawei
- [Blue Lotus Daily – TMT Update]:TCOM US/ATAT US/METAUS/MSFTUS /GOOGLUS /SNAPUS/3690HK/NTESUS/SHEINUS
- Earnings Week of April 26th
South Korean REITs May Have Bottomed
- There are signs that the South Korean REIT market may have bottomed in the past 3-6 months after significant market underperformance from 2021 to 4Q 2023.
- The 16 major Korean REIT stocks are up on average 5% YTD, outperforming KOSPI which is up 1.4% in the same period.
- Differential in REIT dividend yield/Korean bond yield, meaningful discount to NAV, and increased capital allocation from Corporate Value Up program have been driving outperformance of Korean REIT stocks this year.
Ohayo Japan | US Stocks Mixed After Fed
- The Dow Jones Industrial Average closed higher on Wednesday as Federal Reserve Chair Jerome Powell’s comments eased concerns over potential rate hikes amidst inflation worries
- Profits rise at over two-thirds of major Japanese public companies for the fiscal year ending in March, attributed to factors like a weak yen, price hikes, and a tourism rebound.
- Japanese Prime Minister Fumio Kishida’s cabinet maintains a 26% approval rating, while the disapproval rating rises to 69%
[Blue Lotus Daily]:300274 SZ/601012 CH/1810 HK /XPEV US/LI US/300750 SZ/1211 HK/BZ US/Huawei
- 300274 SZ/601012 CH: A fire broke out in JinkoSolar’s Shanxi factory may benefit the entire supply chain.(///)
- 1810 HK /XPEV US/LI US : Tesla passed all 4 national automotive data security requirements, Musk made a surprise visit to China and was received by Li Qiang （/////）
- 1810 HK: Pony.ai formed JV with Toyota to prepare for robotaxi（/）
[Blue Lotus Daily – TMT Update]:TCOM US/ATAT US/METAUS/MSFTUS /GOOGLUS /SNAPUS/3690HK/NTESUS/SHEINUS
- TCOM US/ATAT US: The increase in rainfall will negatively impact travels during the Labor Day holiday.(-/-)
- META US/MSFT US /GOOGL US /SNAP US: The application of AI in advertising on short video and social platforms may result in greater efficiency than search advertising.（///////）
- 3690 HK: Meituan plans to expand into the Middle East Riyadh via KeeTa.（-）
Earnings Week of April 26th
This earnings post will be a bit less detailed than usual. I just finished a move mid-earnings, and it was insanely distracting. So, I’ll start with the spark notes before I go into depth.
Industrial (TXN) is possibly bottoming, Automotive is probably bottoming (TXN), but SiC (STM) is doing much worse, and mobile (TER) hasn’t changed quite much. Consumer (NOD) got a substantial call out.
- Telecom (MXL, INTC) is about to bottom imminently. I continue to like MaxLinear and other companies that are exposed to telecom. HBM (TER, SK) continues to be strong. In Semicap, Logic is strong, HBM is strong, and China is declining less than expected.
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