1 October 2024 | 9:31PM EDT _ Americas Technology: Semiconductor Capital Equipment Modest Cut to 2025/26 Wafer Fab Equipment Market Forecasts; Maintain Buys on AMAT/LRCX/KLAC We adjust our 2024/25/26 Wafer Fab Equipment market forecasts by +1%/-4%/-5%, and now expect the market to grow 7%/12%/8% yoy, respectively. By application, we are raising our out-year estimates for Foundry (i.e. primarily TSMC), while we are reducing the outlook for NAND and Logic/Other (i.e. primarily Intel and Texas Instruments). De ...

3 October 2024 | 6:47PM HKT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------|----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------|-------|-----------------------------------------------------------------|-----------------------------------------------|-------------------|------------------------|------------ ...

2 October 2024 | 8:59AM HKT _ China Semis Rising domestic supply in mature nodes driven cycle - initiating Hwatsing, Piotech, Nexchip at Buy We expand our coverage within the semiconductor equipment (SPE) and foundry space and see Hwatsing (SPE, CMP tool), Piotech (SPE, deposition tool), and Nexchip (Foundry, DDIC / CIS) as well positioned to benefit from capacity expansion and customers' need for supply chain diversification in the current geopolitical environment. We expect China Semi Capex to climb quick ...

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3 October 2024 | 6:33PM HKT _ China Healthcare Field trip takeaways: 3Q likely stabilizing/bottoming; increasingly positive tones on policy direction We visited 13 healthcare companies within various sub-sectors in Beijing/ Shijiazhuang/ Shanghai/ Changsha on Sep 24-27, 2024, to gauge the recovery and policy roll-out for 2H24. 3Q fundamentals likely bottoming/stabilizing, with some silver linings: during our trip, many companies not yet seen major inflection in 3Q, while expecting no further deterioration, ...

3 October 2024 | 6:50PM BST _ Chemicals: A postcard from the East Coast: US investors wary oversupply limits China upside Earlier this week (30 September — 2nd October) we met with >30 investors in Boston and New York to discuss stock ideas in the US and European chemicals sectors. The big themes for our clients were the potential stock implications of 1) China stimulus, 2) US port strikes, 3) Auto warnings. From the European side, Novonesis, BASF, Lanxess, and Akzo Nobel were the most discussed names while ...

Morgan Stanley September 24, 2024 04:01 AM GMT September 24, 2024 | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | North America Freight Transportation \nParcel Industry Update | | | | M ...

J P M O R G A N Global Quantitative & Derivatives Strategy 25 September 2024 European Quant Strategy Style Investing: Is the QMI 'Recovery' now a defensive trade? • Is the QMI 'Recovery' now a defensive trade? Global equity indices continue to flirt with their all-time highs. Investor sentiment remains bullish (JPMEQGSI Index), but edging down from recent peaks, central banks are easing policy, the US dollar is slipping, and the European QMI is suggesting 'Recovery' (OW Small Caps, Value, and Risk, vs. Larg ...

September 24, 2024 07:30 AM GMT M Update Mid Small Cap/Non-Manufacturer | Japan | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 Morgan Stanley MUFG Securities Co., Ltd.+ Yoshihito Hasegawa Equity Analyst Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910 September 24, 2024 03:32 AM GMT M Foundation Investor Presentation: Mid Small Cap/Manufacturer | Japan Mid Small Cap / Manufacturer: Tech Monthly September 2024 Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. ("MUMSS") is acting as financial advisor to Shinko Electric Industries Co., Ltd. ("Shinko Electric") (a consolidated subsidiary ...