In today’s briefing:
- China Gaming Restrictions 2.0
- Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade
- Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact
China Gaming Restrictions 2.0
- China has tightened restrictions on online games again driving significant falls in names such as Tencent and NetEase.
- While the move may surprise some given prior moves to restart approvals in our view the overall trend of regulation is not especially surprising.
- In particular, the tightened regulations appear to target the most important drivers of mobile gaming profitability and today’s large drops may actually be underreactions.
Micron Analysis, Industry Takeaways: Memory Market TAM New Highs into 2025; SK Hynix Trade
- Relative Value Trade in Micron Has Worked Since Our Last Piece; Results Blow Away Expectations
- Memory Pricing Improvement Continues, Management Expects Pricing Increases Through Calendar Year 2024 and 2025
- We Remain Structurally Long Memory; Now See Relative Value in SK Hynix
Upgrading Mexico to Overweight; Technology Remains Global Leadership; Overall Bullish Outlook Intact
- Recent developments have continued to reinforce our bullish outlook on global equities (MSCI ACWI).
- There is no reason to fight this bullish trend, and we continue to expect more upside into the early part of 2024.
- Upgrading Mexico to Overweight; Technology Remains Global Leadership; Actionable Themes: 44 individual stock buy recommendations within Technology, Services, Consumer Discretionary, Financials, and Materials
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