In today’s briefing:
- Merger Arb Mondays (06 Mar) – HKBN, Yashili, OZ Minerals, Nitro, Tyro, Golden Energy, GK Goh
- Memory Monitor: Latest Two Signals Show Inventory Problems Worsening; Long Micron Vs. Short Nanya
- NEC (6701 JP): Positive Orders Trend, Lagging Share Price
Merger Arb Mondays (06 Mar) – HKBN, Yashili, OZ Minerals, Nitro, Tyro, Golden Energy, GK Goh
- We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads 21Vianet Group (VNET US),Alliance Aviation Services (AQZ AU), 111 Inc (YI US), Toyo Construction (1890 JP), Origin Energy (ORG AU), HKBN Ltd (1310 HK), Jiangnan (1366 HK)
- Lowest spreads – Ihara Science (5999 JP), Nitro Software Ltd (NTO AU), GK Goh Holdings (GKG SP), Boustead Projects (BOCJ SP), Techno Associe (8249 JP), Nissin Electric (6641 JP).
Memory Monitor: Latest Two Signals Show Inventory Problems Worsening; Long Micron Vs. Short Nanya
- Signal #1 — Micron’s CFO warns that margins will be coming in lower than expected and inventories will remain elevated through FY2023E.
- Signal #2 — South Korea semiconductor inventories jump 28% MoM, 39.5% YoY.
- Implications for memory chip manufacturers: Biased to Long Micron vs. Short Nanya.
NEC (6701 JP): Positive Orders Trend, Lagging Share Price
- Upward trend in new orders suggest that guidance is conservative.
- Long-Term prospects good with digitalization, 5G and optical-electronic technology for 6G.
- Lagging share price offers attractive valuations and 42% potential upside to previous high.
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