In today’s briefing:
- Ohayo Japan | Looking Forward to November; Munger Thanks God for Japanese Trading Houses
- What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?
- Aditya Vision, EMIL- Forensic Analysis
- Five Key Takeaways in Five Charts from 26th GlobOil 2023 Conference in India
- Halloween Earnings Season 🎃 (Hyperscalers, TXN, VICR, SK Hynix, KLAC, MXL, INTC, AWE, ACMR, BESI)
- Weekly Sustainable Investing Surveyor – Week Ended October 27, 2023
Ohayo Japan | Looking Forward to November; Munger Thanks God for Japanese Trading Houses
- Overseas: SPX +0.7%, Nasdaq +0.5%; Indices finish higher after a difficult month. Mega-cap tech stocks lagged; Fed decision today.
- Today: NKY Futs+1.6% v cash. JPY 151.7; BoJ monetary tweaks send Yen even lower. Toyota announces massive US battery capex plan; NTT Law under review.
- JapanX: Charlie Munger describes Warren Buffett’s investment in Japanese trading houses in 2020 as “like having God just opening a chest and just pouring money into it”
What Sep US SEMI Equipment and Aug SIA/WSTS Global Sales Y/Y Discrepancy Tells Us?
- SEMI reports September front end and back end test/assembly equipment sales decline of 18% and 25% y/y, respectively, resulting 3Q23 sales decline of 17% and 28% y/y.
- However, WSTS/SIA and US ISM Purchasing Managers Index reported more moderate 7% y/y decline in August global semi sales and 4% y/y decline in September index.
- The discrepancy is due to global semi vendors are seeing PC and Smartphone IC improvement but need to consume earlier overbuilt inventories first before boosting in house or foundries’ capex.
Aditya Vision, EMIL- Forensic Analysis
- Aditya Vision (AVL IN) and Electronics Mart India (EMIL IN) are two organized regional players in the consumer durables industry with a rapid growth in the last year.
- AVL carries several governance setbacks, including nomination and remuneration of directors and shareholding, along with some irregularities across balance sheet line items and cash management woes.
- EMIL even though relatively better on the disclosure side has its own threats to the balance sheet, which includes litigations scare, trademark filing.
Five Key Takeaways in Five Charts from 26th GlobOil 2023 Conference in India
- Global Vegetable Oil market remains in imbalance. This is expected to continue in the near future on accelerating demand and gradual supply.
- India is and will continue to be the largest importer of vegetable oil.
- National Trade & EXIM Policy has an outsized influence on price.
Halloween Earnings Season 🎃 (Hyperscalers, TXN, VICR, SK Hynix, KLAC, MXL, INTC, AWE, ACMR, BESI)
- Welcome to the Halloween Earnings Edition. It’s a spooky time in markets.
- So far, there’s been a lot of volatility this earnings season, specifically around the Magnificent 7. Let’s discuss.
- I won’t discuss each company specifically, but I will focus on the high-level capex commentary.
Weekly Sustainable Investing Surveyor – Week Ended October 27, 2023
- The WTR Sustainable Index fell by 0.5% W/W versus the S&P 500 Index (down 2.5%), the Russell 2000 Index (down 2.6%), and the Nasdaq Index (down 2.6%).
- Energy Technology (12.9% of the index) was down by 4.8%, while Industrial Climate and Ag Technology (48.9% of the index) was down 1.8%, ClimateTech Mining was down 6.8%, and Advanced Transportation Solutions was up 4.2%.
- Top 10 Performers: NVVE, AZRE, GCEI, NEP, RE, ALTA, FIX, MULN, RIDE, CGRN
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