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 September 23, 2024 08:21 PM GMT TSMC | Asia Pacific M Idea Higher capex and sustainable growth; reiterate OW | --- | --- | --- | |----------------------------------|-------------|-------------| | What's Changed \nTSMC (2330.TW) | From | To | | Price Target | NT$1,220.00 | NT$1,280.00 | We see faster capacity expansion at TSMC in both the front-end (2nm/3nm) and advanced packaging (CoWoS) to meet very strong AI semi demand. Key Takeaways We raise our 2025 capex estimat ...

China Utilities | China September 24, 2024 12:18 AM GMT M Update Goldwind | Asia Pacific Announces new employee restricted A-share incentive plan Goldwind has announced a new restricted stock incentive plan, to grant no more than 42.25mn shares (1% of total shares outstanding) at a price of Rmb4.09/share in two batches (40.15mn/2.1mn shares in the first/reserved batch). The source is A- shares repurchased from the secondary market. • The first batch will be granted to 480 employees (incl. senior/middle mana ...

September 24, 2024 12:54 PM GMT M Asia Pacific Insight Podcast Asia Property Picks – Episode 20: Implications of Lower Rates for Asian Property In this 11-minute podcast, Praveen Choudhary discusses implications of falling interest rates for property markets and stocks with regional property analysts. Key Takeaways Why is nominal rate increase not an issue for Japan? Which Australian stocks will benefit most from having the highest debt, cheapest valuation, and/or improving fundamentals? Why will lower mort ...

North America Credit Research 24 September 2024 J P M O R G A N REIT Public Bond Covenants 2Q24 Master Cheat Sheet Our covenant database includes ~$253.5bn in $USD REIT public debt (see subtotals by sector below). Note that, through tenders, the amount outstanding is now ~$3.5bn less than the original face amount issued. Accounting for foreign-denominated debt (converted to $USD), we capture ~$286.1bn of bonds, including nearly $52.0bn maturing over the next two and a half years. In an attempt to simplify t ...

M Update Container Shipping | Asia Pacific Morgan Stanley Asia Limited+ Qianlei Fan, CFA Equity Analyst Qianlei.Fan@morganstanley.com +852 2239-1875 Jasmine Qiu Research Associate Jasmine.Qiu@morganstanley.com +852 2848-8906 Tenny Song Equity Analyst Tenny.Song@morganstanley.com +852 3963-1737 September 24, 2024 10:34 AM GMT Spot Pressure Sustained The Shanghai Containerized Freight Index has corrected by 37% from its recent peak since early July, led by corrections of 46-49% on Europe / Mediterranean route ...

September 24, 2024 05:54 AM GMT M Foundation Video | Japan Morgan Stanley MUFG Securities Co., Ltd.+ Takuya Osaka Equity Analyst Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438 Toshiyuki Anegawa Equity Analyst Toshiyuki.Anegawa@morganstanleymufg.com +81 3 6836-8914 Ryo Yagi Equity Analyst Ryo.Yagi@morganstanleymufg.com +81 3 6836-8938 Takuya Sato Equity Analyst Takuya.Sato@morganstanleymufg.com +81 3 6836-8913 Morgan Stanley Japan Research is here to help you navigate the investment debates that matter. ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Semiconductor industry, particularly memory and technology sectors in Asia Pacific, with emphasis on companies like Samsung, SK Hynix, and Micron [3][4][32]. Core Insights and Arguments - **Semiconductor Cycle**: The semiconductor sales year-over-year (YoY) growth has peaked, indicating a transition from an optimistic phase to a more cautious outlook [6][4]. - **Supply Chain Dynamics**: DRAM and NAND supply chain inventories are at historically high levels, with DRAM inventory particularly elevated [20][22]. - **Production Expectations**: DRAM wafer starts are expected to increase by 15% YoY in 2025, primarily for High Bandwidth Memory (HBM), while NAND wafer starts are projected to rise by 13% YoY in 2024 [22][20]. - **Valuation Concerns**: The valuation for DRAM has reversed from its peak, with multiples correcting between 41-60%, and average market capitalization falling by 32-56% [26][27]. - **Market Sentiment**: There is a cautious sentiment towards memory stocks, with companies like SK Hynix and Nanya Tech being viewed as more vulnerable in the current downcycle [32][35]. Important but Overlooked Content - **Cloud Capital Expenditure**: Cloud capital expenditure is projected to grow by 52% in 2024 (excluding Amazon) and 8% in 2025, indicating strong demand in the cloud sector [15][16]. - **CIO Insights**: 75% of Chief Information Officers (CIOs) report that recent innovations in Generative AI and Large Language Models (LLMs) are directly impacting their IT investment priorities for 2024 [17]. - **Investment Ratings**: Various companies have received updated ratings, with Samsung Electronics rated as a safe haven due to its strong balance sheet, while SK Hynix has been downgraded due to concerns over its NAND business [32][35]. Company-Specific Insights - **Samsung Electronics**: Rated as a preferred investment due to its robust balance sheet and potential for margin improvement through price hikes [32]. - **SK Hynix**: Downgraded with a target price reduction from 260,000 KRW to 120,000 KRW, reflecting a 54% downside risk [32]. - **Micron Technology**: Rated as equal-weight with a target price of 140 USD, indicating a cautious outlook amid market volatility [32]. Conclusion - The semiconductor industry is experiencing a significant transition, with high inventory levels and cautious market sentiment. Companies are advised to focus on innovation and strategic investments in cloud and AI technologies to navigate the current challenges.

Deutsche Bank Research 7T2se3r0Ot6kwoPa North America United States Consumer Gaming & Lodging Industry U.S. Lodging Industry Date 24 September 2024 Industry Update Monthly Domestic Supply Monitor Review of Domestic Supply Outlook In this report, we examine the U.S. hotel pipeline as of the end of August. U.S. supply of ~5.7 mm rooms is up ~50 bps Y/Y and is essentially unchanged M/M. The active pipeline stands at ~762K rooms and is up 20.4% Y/Y and flat M/M. The ~762K rooms in the active pipeline represent ...

J.P.Morgan Asia Pacific Equity Research 24 September 2024 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------ ...

Americas ab 20 September 2024 Global Research and Evidence Lab US Industrial REITs Bringing Down The (Ware)house? Industrial warehouse supply/demand to return to equilibrium over time We believe that the outlook for Industrial REITs will improve in the coming years as supply pressure abates and demand recovers, driving a return to landlord pricing power. The group is undergoing a supply/demand digestion period that that has pressured Industrial REITs in 2024. We see this as a function of an uncertain macro ...