Thematic (Sector/Industry) Daily Briefs | Page 67 of 164

Jan 10

Daily Brief Thematic (Sector/Industry): Semiconductor Events Deserving Your Attention @9/1/2024 and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Semiconductor Events Deserving Your Attention @9/1/2024
Ohayo Japan | Stocks Retreat; Earnings & Corp Gov Drive Japan
Rough Road Ahead for US Commercial Real Estate but Industrial CRE Is Rooted to Outperform Others
[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH
[Blue Lotus Daily – TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG
Weekly Sustainable Investing Surveyor – Week Ended January 5, 2024

Semiconductor Events Deserving Your Attention @9/1/2024

By William Keating

Nanya 12/23 revenues NT$ 3,162 million, +10% MoM, +31.73% YoY. UMC 12/23 revenues NT$ 16,979,226. -9.6% MoM, -18.9% YoY. Samsung Q423 Sales Flat, Op Profit +16% QoQ
Quintaurius, a RISC-V collaboration between Bosch, Infineon, Nordic, NXP & Qualcomm, launched in Germany
Intel takes delivery of the first ASML High-NA EUV tool. It’s a great photo opportunity but that’s about as far as it goes

Ohayo Japan | Stocks Retreat; Earnings & Corp Gov Drive Japan

By Mark Chadwick

Overseas: US stocks lower on slight rise in 10Y; less chance of early rate cut; Boeing down again
Today: NKY futures point to slight uptick (+0.3% v cash); Toyota China sales down for second year running
Corporate: Honda to power EVs with nuclear charging; Mit Corp to spend Y100b on green hydrogen

Rough Road Ahead for US Commercial Real Estate but Industrial CRE Is Rooted to Outperform Others

By Suhas Reddy

Growth in commercial real estate to be subdued in 2024 due to weak demand, especially for office spaces.
Concerns over CRE loan defaults grow stronger as the industry faces a liquidity crunch.
Delinquency rates of commercial real estate loans rise for five consecutive quarters till Q32023.

[Blue Lotus Daily]: LKNCY/0000625 CH/1211 HK/300750 CH/QS/NIO/LI/2618 HK/ZTO/002352 CH/600233 CH

By Eric Wen

Coffee Industry: Cotti Coffee promote the application of commercial robots, which we deemed as a gimmick (+)
1211 HK/300750 CH/ QS:US solid start battery startup posted positive test result and stock rose 40% (/)
2618 HK/ZTO/002352 CH/600233 CH/1519 HK/002120 CH/002468 CH: MOT announces new regulations on express parcel delivery (+/+/-/-/-/-/-)

[Blue Lotus Daily – TMT Update]: BABA/SE/PDD/3690 HK/NTES/700 HK/AMZN/MELI/CPNG

By Ying Pan

BABA/ SE/ PDD: Lazada mass-layoffs also in China offices (+/+/-)
NTES: Local media published an article addressing the issue of underage top-up in NetEase’s mobile game <Eggy Party> (/)
700 HK: The New Year event operation of <CrossFire Mobile> is a success.(+)

Weekly Sustainable Investing Surveyor – Week Ended January 5, 2024

By Water Tower Research

The WTR Sustainable Index was down by 3.2% W/W versus the S&P 500 Index (down 1.5%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down 3.1%).
Energy Technology (13.7% of the index) was down by 6.5%, while Industrial Climate and Ag Technology (50.6% of the index) was down 2.1%, ClimateTech Mining was up 10.3%, and Advanced Transportation Solutions was down 6.7%.
Top 10 Performers: AEVA, WAVE, PEV, PTRA, QS, PGTK, EFLVF, NXH, LIS, TMC

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Jan 09

Daily Brief Thematic (Sector/Industry): Ohayo Japan: Tech Lifts Stocks; Wage Hikes Gaining Acceptance in Japan and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan: Tech Lifts Stocks; Wage Hikes Gaining Acceptance in Japan
Equity Strategy: US Regional Banks: Not Out of the Woods Yet
Furniture/Furnishings Weekly – WTR Furniture/Furnishings Conference Approaching
Industry Report – Chemicals & Materials Technology
The Highlights – Cannabis News for the Week Ending January 5, 2024

Ohayo Japan: Tech Lifts Stocks; Wage Hikes Gaining Acceptance in Japan

By Mark Chadwick

Overseas: US Tech stocks lead charge higher. Nvidia +6.4% to all-time high; Semicon ETF +3.5%; Boeing -8%; WTI Crude -4% on Saudi price cuts
Today: NKY Futures point to strong open; JPY stable at 144/$; Honda considers $14b plant in Canada; Uniqlo Japan December sales -15%
Japan: Wage hikes, at least for larger companies, could be in the +5-6% range this year. Good news for BoJ looking to exit ultra lose policy

Equity Strategy: US Regional Banks: Not Out of the Woods Yet

By Raj Saya, CA, CFA

Large regional banks in the US have been troubled in 2023 by the proposed “Basel III Endgame” regulations, asset quality issues and earning pressure in terms of the high COF
We believe these factors have made the sector more cyclical and vulnerable to even a mild recession scenario in 2024-25
We are particularly weary of names at regulatory risk (like USB), and those with higher exposures to CRE

Furniture/Furnishings Weekly – WTR Furniture/Furnishings Conference Approaching

By Water Tower Research

Furniture & furnishings equity issues slumped in the final two weeks of 2023 and into the first week of 2024. The group had a positive year.
The commercial/contract furniture stocks gained 46%, beating all major broad market indices.
Steelcase led the sector with a ~91% gain for the year.

Industry Report – Chemicals & Materials Technology

By Water Tower Research

WTR-CMI in 2023. With the majority of stocks in our index finishing the year in positive territory, the WTR-CMI Index managed to keep pace with the Russell 2000, appreciating 15%.
However, both indexes fell well short of the 24% growth of the S&P 500 in 2023, with the WTR- CMI Index dragged down by four companies that lost more than 50% in value during the year.
Weak demand and destocking. Looking back at 2023, several themes are emerging as we head into 2024, such as declining commodity prices and weakening end-market demand, with Y/Y volume comps affected by destocking across several end-markets since mid-year, as supply chain constraints, which characterized 2022, are resolved and companies go back to just-in-time inventory management.

The Highlights – Cannabis News for the Week Ending January 5, 2024

By Water Tower Research

It was a strong start of the year for cannabis stocks, with the US cannabis MSOS ETF gaining 13.12% and the global YOLO ETF increasing 9.11%.
US cannabis continues to outperform Canadian and other global names due to the positive sentiment driven by the potential for the DEA to agree with the HHS’s Schedule III recommendation.
This would eradicate 280E, the onerous tax code that applies to plant-touching US operators.

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Jan 08

Daily Brief Thematic (Sector/Industry): India Shorting Framework | Same Soup and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

India Shorting Framework | Same Soup, Just Reheated

India Shorting Framework | Same Soup, Just Reheated

By Pranav Bhavsar

The Securities and Exchange Board of India released a circular on shorting titled ‘Framework for Short Selling,’ which spooked the market a bit.
No significant changes except for the disclosure aspect, which now reveals short interest in the stock.
Shorting in India has always been challenging and is likely to remain so.

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Jan 07

Daily Brief Thematic (Sector/Industry): Japan Weekly | A Happy New Year and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Weekly | A Happy New Year
Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

Japan Weekly | A Happy New Year

By Mark Chadwick

TOPIX rose by 1.15% over the past 5 trading days, which is an impressive performance given the negative news flow
Securities companies such as SBI (+7.7%), Daiwa (+7.1%) and Nomura (+6.3%) performed well on expectations that they would do well from the change in NISA regulations.
We highlight again the outperformance of value versus growth again over the past 5 days.

Boeing 737 MAX 9 and MAX-8200 Grounded: Implications And Opportunities

By Mohshin Aziz

Alaska Air Flight 1282 had an in-flight blowout of its mid-aft door and interior sidewall; the aircraft returned and landed safely, and there were no injuries or fatalities
The U.S. Federal Aviation Administration (FAA) has ordered a temporary grounding of the affected aircraft model, and we think other countries will follow suit soon
These stocks will likely be under shorts attack on Monday: Boeing (BA US), Alaska Air (ALK US), Ryanair (RYA ID) and United Airlines (UAL US)

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Jan 06

Daily Brief Thematic (Sector/Industry): China Population Policies Impact on Healthcare Companies Series – Part 3 and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

China Population Policies Impact on Healthcare Companies Series – Part 3
[Blue Lotus Daily]:LKNCY/1211 HK/XPEV/LI/NIO
[Blue Lotus Daily – TMT Update]: NTES/3690 HK/Bytedance/PDD

China Population Policies Impact on Healthcare Companies Series – Part 3

By Xinyao (Criss) Wang

Starting from November 1st 2023, Guangxi Zhuang Autonomous Region will include some therapeutic assisted reproductive medical services in the payment scope of basic medical insurance and work-related injury insurance funds.
Livzon’s 23Q3 performance was below expectations, which is related to China’s anti-corruption campaign started from 23H2. Considering the Chairman’s proposal to repurchase shares, we should be more patient with Livzon.
BGI is still digesting the impact of COVID revenue, and would experience a performance low point in 2023.However, BGI belongs to the direction of national key science and technology projects.

[Blue Lotus Daily]:LKNCY/1211 HK/XPEV/LI/NIO

By Eric Wen

LKNCY : Luckin Coffee offer special locations for franchisees (+)
XPEV: XPeng’s urban NOA function remains in the lead (+)
1211 HK/XPEV/LI/NIO: Huawei rumored to cease cooperation with major automotive portals such as Dongchedi (+)

[Blue Lotus Daily – TMT Update]: NTES/3690 HK/Bytedance/PDD

By Ying Pan

Bytedance/3690 HK: Douyin in-store GMV increased 256% YoY in 2023, miss target by 5% (+)
PDD: AliExpress to focus on expanding in the US market this year (-)
NTES: The latest developments about the reconciliation between NetEase and Blizzard (+)

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Jan 05

Daily Brief Thematic (Sector/Industry): China Property Developers In Distress – Weekly News & Announcements Tracker | Dec 29 -Jan 4 and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

China Property Developers In Distress – Weekly News & Announcements Tracker | Dec 29 -Jan 4, 2024
US Banks – Weekly Balance Sheets Show Risk Aversion Remains, New PMI Data Continues to Be Weak
There’s Something About Air Cargo (Part II)
Shroom Shmooz – Spotlight on Ketamine

China Property Developers In Distress – Weekly News & Announcements Tracker | Dec 29 -Jan 4, 2024

By Robert Ciemniak

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

US Banks – Weekly Balance Sheets Show Risk Aversion Remains, New PMI Data Continues to Be Weak

By Daniel Tabbush

New data for US PMI shows a continued weak economy, which is not positive for bank lending prospects or for loan pricing. It is also not positive for credit metrics.
New weekly data for large US banks show risk aversion remains, with rising cash, but also dismal growth in loans at only 0.5% YoY in the most recent week.
Large time deposits continue to rise substantially at +110% YoY in most recent week, with cash rising too – the outlook for core net interest income is worsening.

There’s Something About Air Cargo (Part II)

By Mohshin Aziz

Air cargo rates from Hong Kong and Shanghai have plunged in the past week, as spot demand dries up post-Christmas rush and reverts to previous (lower) contractual rates
Sea freight rates surged due to the Red Sea/Suez situation, with further increases expected. China to Europe air freight is highly competitive, potentially prompting a shift from sea freight
Chinese air carriers and Cathay Pacific will record stronger than expected 2H23 performance on air freight, and we think air freight should continue to be firm in 1Q24

Shroom Shmooz – Spotlight on Ketamine

By Water Tower Research

In this edition, we begin a series of spotlights on psychedelic therapies.
We start with ketamine, the first legalized psychoactive drug approved for the treatment of a mental health disorder—treatment-resistant depression (TRD)—being marketed under the brand name Spravato®.
‘Friends’ actor Matthew Perry’s untimely death last October has introduced ketamine to a broader market in an unfortunate way.

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Jan 04

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Stocks Tumble; Japan Resilient in Face of Tragedy and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Stocks Tumble; Japan Resilient in Face of Tragedy
Semiconductor Outlook 2024: AI’s Adolescence
[Blue Lotus Daily – TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK
[Blue Lotus Daily]: 1810 HK/XPEV/NIO/1211HK/LKNCY/1347.HK/688469.SH/603290.SH/605111.SH
Fads and Second Acts

Ohayo Japan | Stocks Tumble; Japan Resilient in Face of Tragedy

By Mark Chadwick

Overseas: SPX -0.8%, Nasdaq -1.2% extending losses for second day; Apple downgraded. 10Y yields above 4%.
Today: NKY Futs -1.2% v cash. JPY143; Expect weak start to year’s trading. Oil prices up +3%
Japan: Earthquake aftermath disrupts retail, services, and transport; 55 confirmed dead, with widespread destruction. Despite short-term challenges, Japanese equity markets historically resilient to earthquake impacts.

Semiconductor Outlook 2024: AI’s Adolescence

By Douglas O’Laughlin

The year 2023 began with a significant downturn in the semiconductor market.
Significant capacity additions were brought on after the historic shortages due to COVID-19, and then demand wobbled as interest rates quickly rose.
Supply outpaced demand, and the market turned into a period of oversupply.

[Blue Lotus Daily – TMT Update]: BABA/BIDU/700 HK/0728 HK/JD/VIPS/PDD/2618 HK

By Ying Pan

BABA/BIDU/700.HK/0728.HK: Alibaba layoffs staff in hybrid cloud and IoT division (+/-/-/+)
JD/VIPS/BABA/PDD/2618.HK: JD announces minimum 20% salary increase for retail group employees (-/-/-/-/+)
JD/BABA/PDD/VIPS/2618.HK: JD also launched refund without returning the product for 3P merchants (+/-/-/-/-)

[Blue Lotus Daily]: 1810 HK/XPEV/NIO/1211HK/LKNCY/1347.HK/688469.SH/603290.SH/605111.SH

By Eric Wen

1810 HK/XPEV/NIO/1211HK: ZEEKR 007 hits the market, starting at 209,900 yuan (-)
LKNCY: Luckin plans to set up the third roasting factory, with annual capacity of 55k tons.(+)
1347.HK/688469.SH/603290.SH/605111.SH: Analog Devices raising semiconductor prices by 10-20% for China customers (+)

Fads and Second Acts

By Investment Talk

Beanie Babies, Tamagotchis, fidget spinners, heelys, silly bandz, pogs, pet rocks, mood rings, cabbage patch kids…
Every generation has its share of fad products, fashion statements, and hairstyles.
But what separates a fad from a sustainable trend? Understanding the difference between the two can be challenging.

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Jan 03

Daily Brief Thematic (Sector/Industry): The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish
2023 Year-End Review – Top Three Cannabis-Investing Stories
Supply Chain Success
Auctus on Friday – 15/12/2023

The Cheap Japanese Basket: Year-End Portfolio Review and Reasons Why I Remain Bullish

By Altay Capital

I initially began my cheap Japanese basket in March 2023 and now that 2023 has come to an end, let’s take a look at how everything worked out.
But first, a quick summary of the themes in my basket and why I’m broadly still bullish on deep value Japan.
Within my basket of cheap Japanese companies, there are 3 broad themes: higher quality businesses with better RoEs and P/TBV closer to 0.7x, dirt cheap deep value net nets with P/TBV of 0.2-0.4x, and deeply discounted companies with underappreciated land assets

2023 Year-End Review – Top Three Cannabis-Investing Stories

By Water Tower Research

It was another challenging year for the cannabis industry.
The US cannabis MSOS ETF is in a 1,056-day drawdown and is down 87.29% from peak to trough.
For the year, MSOS ended +0.29%, while the global YOLO ETF fell 16.11%. US cannabis outperformed global names as the potential for rescheduling affects plant-touching US operators the most.

Supply Chain Success

By subSPAC

The last week of trading in the year was an eventful one for SPACs, which included two deals being announced, and an LOI being signed for a potential merger.
Also, a company accelerated its plans to go public by announcing a potential merger next year, and a new SPAC debuted, targeting firms in the media and entertainment industry.
Read on to find out about the latest about all things SPACs.

Auctus on Friday – 15/12/2023

By Auctus Advisors

ADX Energy (ADX AU)C; target price of A$0.65 per share: Narrowing uncertainty and resources range at Anshof – The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%.
The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case.
Tethys Oil (TETY SS)C; target price of SEK100 per share: Production update in Oman – WI Production in November was 8,361 bbl/d.

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Jan 02

Daily Brief Thematic (Sector/Industry): China’s Rising Role in Global ADC Partnership Wave – Opportunities and Risks Behind the Gold Rush and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

China’s Rising Role in Global ADC Partnership Wave – Opportunities and Risks Behind the Gold Rush

China’s Rising Role in Global ADC Partnership Wave – Opportunities and Risks Behind the Gold Rush

By Xinyao (Criss) Wang

If checking the hot ADC transactions in recent years, a very big portion of ADC varieties in global licensing deals are from Chinese pharmaceutical companies, which is actually very rare.
While international buyers are “very generous” for ADC assets and MNC’s appetite would remain strong, they will immediately calm down and stop once they see any “potential risk” behind.
For Chinese pharmaceutical companies, ADC license-out deal is more of a temporary catalyst. We suggest taking a rational view. ADC CDMO (e.g. WuXi XDC) could be a better investment option.

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Jan 01

Daily Brief Thematic (Sector/Industry): Japan Weekly | Topix +25% for the Year and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Weekly | Topix +25% for the Year
China Precious Metals Buck Weakening Materials Trend

Japan Weekly | Topix +25% for the Year

By Mark Chadwick

Market Performance: Topix achieved a third consecutive weekly gain, rising by +1.3% to close at 2,366. Defensive sectors, particularly healthcare, telecoms, and utilities, outperformed
Stock Highlights: Nihon Kohden emerged as the top performer with a +19% gain, fuelled by ValueAct Capital Management’s significant shareholding. Conversely, shippers experienced declines.
Annual Overview: Topix stood out as one of the best-performing global markets for the year, boasting a remarkable +25% gain. Corporate governance reforms, coupled with yen weakness, were pivotal.

China Precious Metals Buck Weakening Materials Trend

By Steven Holden

Rotation in to China Precious Metals stocks pushes ownership to record levels, bucking the trend of overall Materials sector decline.
Zijin Mining Group soars to new ownership highs, attracting funds such as RWC, Mirae and TT International over the course of 2023.
Second tier stocks showing signs of life, though remain lightly held among investors.

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