7 October 2024 | 8:13PM HKT | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|----------- ...

9 October 2024 | 9:45AM CST _ China Clean Technology: Solar Tracking the profitability inflection: Uneven pace in Sept; poly slightly improved while others further deteriorated Solar industry's supply/demand re-balancing progress has been investors' top of mind. We launch this new monthly tracker to monitor higher frequency of monthly spot prices/input costs implied cash GP & EBITDA margin trend for our coverage companies versus interim results. Research | Equity Jacqueline Du +86(21)2401-8948 | jacqueline. ...

9 October 2024 | 12:30AM EDT _ | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | Global Economics Analyst | | | | | | n Core goods have been a key disinflation driver over the past 18 months, but the disinflationary impulse from supply-chain normalisation is mostly behind us. In this Global Economics Analyst we assess how much disinflation core goods will provide going forward. n We see several reasons why global core g ...

8 October 2024 | 5:17PM AEDT | --- | --- | |-------------------------------------------------------|-------| | | | | Australia Metals & Mining | | | | | | Bulks, base metals & steels; pure play Fe valuations | | | stretched post recent rally, preview Sep-Q production | | The past week's China stimulus induced mining sector rally was driven by repositioning and short covering across the metals and the ferrous complex according to our commodity trading team with the second largest weekly increase on record by ...

8 October 2024 | 8:45AM HKT China semis: Will Semi/ SG Micro/ Kingsemi/ Starpower in QoQ growth; 2H24 supported by product expansions and healthier inventory We preview Will Semi/ SG Micro/ Kingsemi/ Starpower's 3Q24 earnings. Overall, we expect +12%-55% QoQ revenue growth in 3Q24 for the four semis companies, supported by product expansions (Will semi in mid-high end smartphone and automotive CIS, Kingsemi supported by increasing orders in both front/ back end track) and improved demand after inventory cor ...

8 October 2024 | 6:23AM HKT CSPC Pharma (1093.HK): First overseas BD deal with MNC; Licensing-out a metabolism drug Licensing-out a pre-clinical metabolism asset to AstraZeneca (AZ): CSPC announced plans to license out the global rights of YS2302018, a lipoprotein(a) (Lpa) small molecule inhibitor in pre-clinical stage and any product that contains YS2302018, which could refer to combination therapy, to AstraZeneca for: 1) an upfront payment of US$100mn, which we see as quite meaningful for a pre-clinical a ...

9 October 2024 | 7:42AM CST _ China Optical Transceivers: 3Q Preview; ongoing demand strength; supply dynamics a key to watch Optical Transceiver makers (Innolight, Eoptolink, HG Tech, TFC Optical) in our expect the sector will continue to enjoy strong growth driven by robust demand from AI networking. Source of surprise would center on the component supply situation in 3Q24. Recall that post 2Q results, most transceiver makers made the comment about tight component supplies. For 3Q24, we expect an improvin ...

9 October 2024 | 4:49PM PDT _ Americas Real Estate: REITs: Apartments: Takeaways from Private Real Estate Webinar On October 9th, 2024, as part of our Private Real Estate Week, we hosted our Private Real Estate Apartment Webinar. Panelists included Jason Morgan (President of Morgan Properties Special Situations & Principal at Morgan Properties), and Steven DeFrancis (Founder and CEO of Cortland). Key topics included rent growth expectations, demand drivers, supply dynamics, the transaction environment, and ...

9 October 2024 | 6:41AM EDT Aerospace & Defense 3Q24 earnings preview Our 3Q24 A&D earnings preview provides our current thoughts on each sub-market and single stock ideas into the results period. Aerospace OE is challenged by the Boeing strike and supply chain hurdles. We expect companies to speak to slower output through year-end, but only modestly, with an aim to ramp quickly in 2025. Unit and price growth are both likely still strong in the aftermarket, and only extended by OE challenges; we expect stro ...

9 October 2024 | 5:34PM EDT _ What's Top of Mind in Macro Research: Even brighter US macro picture, Middle East energy supply risks, more US/China equity upside This week: n US: an even brighter macro picture n Middle East: energy supply risks n Equities: more upside in the US and China Transcript US: an even brighter macro picture We lowered our 12m US recession odds by 5pp to the historical unconditional average of 15% and became more confident that the Fed will deliver 25bp rate cuts at the next few FOMC ...