October 18, 2024 09:20 AM GMT Morgan Stanley MUFG Securities Co., Ltd.+ Tetsuya Wadaki Equity Analyst Tetsuya.Wadaki@morganstanleymufg.com +81 3 6836-8890 M Update Investor Presentation | Japan Semiconductor Production Equipment: Doko Shuzai Supplement: Disco (6146) Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. In ...

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J P M O R G A N Asia Pacific Economic Research 18 October 2024 China housing Lingering time inconsistency issues need a timely comprehensive package, recent efforts still marginal House price correction widened further, along with broad-based sluggishness in major housing activity indicators. The NBS 70 cities' new home prices were down 6.1%oya or 0.7%m/m nsa in September (-5.7%oya or 0.7%m/m nsa in August), and secondary home prices were down 9.0%oya or 0.9%m/m nsa (vs. -8.6%oya or 0.9%m/m nsa in August). ...

Tencent (0700) Overweight 0700.HK, 700 HK Identifying Tencent's alpha amidst the beta trade▲ Price (10 Oct 24): HK$438.80 Price Target (Dec-25): HK$520.00 Prior (Dec-24): HK$480.00 Tencent's share price underperformed ecommerce names in the recent round of the market rally (Tencent flat vs. Alibaba +2%, PDD +5% and JD +8% in the past two weeks) as investors added exposure to a potential macro recovery theme, in our view. Admittedly, Tencent's earnings are driven more by non-cyclical operations (i.e. digital ...

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October 13, 2024 11:07 PM GMT M Foundation Investor Presentation | Asia Pacific China's Fiscal Package: Part 1 Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Zhipeng Cai Economist Zhipeng.Cai@morganstanley.com +852 2239-7820 Trillion-dollar Fiscal Pivot: Part 1 - Debt Restructuring Begins (13 October 2024) Launching the "Sentiment Tracker" (7 October 2024) For important disclosures, refer to the Disclosure Section, located at the end of this report. ...

October 13, 2024 03:10 AM GMT M Update HK/China Transportation & Infrastructure | Asia Pacific Week in Review (Issue 41-24) Week in review: 3Q24 prelims from CSH and OOIL; J&T 3Q24 operation update; 2024 National Holiday express and pax volume; investor presentation on China Express Tech Diffusion 3Q24 Prelims from CSH and OOIL: CSH's 3Q24 recurring net profit was Rmb21.2bn, +288.57% YoY, largely in line with our expectations. Implied 3Q24 minority interest was Rmb2.8bn, +250% YoY, vs. Rmb1.5bn in 2Q24, tha ...

Europe Equity Research 14 October 2024 J P M O R G A N Metal Inventories in China China physical inventory trends during 3 weeks of stimulus: largest increase in weekly steel output of 2024, steel rebar demand surged +33% last week | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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M Idea China Economics | Asia Pacific October 13, 2024 01:34 PM GMT Trillion-dollar Fiscal Pivot: Part 1 - Debt Restructuring Begins Morgan Stanley Asia Limited Robin Xing Chief China Economist Robin.Xing@morganstanley.com +852 2848-6511 Jenny Zheng, CFA Economist Jenny.L.Zheng@morganstanley.com +852 3963-4015 Zhipeng Cai Economist Zhipeng.Cai@morganstanley.com +852 2239-7820 Harry Zhao Economist Harry.Zhao@morganstanley.com +852 2239-7229 Beijing attempting to reverse fiscal austerity with sizeable local g ...