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the advanced packaging development of Chinese OSAT companies like JCET. M Idea | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------- ...

M Idea Stainless Steel | Europe October 8, 2024 09:00 PM GMT Mixed Signals into Q3 Results – Prefer Carbon Steel over Stainless Following China's policy pivot, we see a better risk-reward in carbon steel, as stainless may see possible benefits with a lag. The softening US backdrop and sluggish European market prompt us to neutralise Outokumpu but keep ACX at relative Overweight. APAM remains most geared to an EU inflection. Key Takeaways We forecast Q3 EBITDA largely stable, Q4 up 7% q/q on average across t ...

M Idea TSMC | Asia Pacific October 8, 2024 04:34 PM GMT 2024 to finish strongly; Top Pick Thanks to growing AI semi demand, we expect 4Q24 revenue to grow another 9% QoQ, with gross margin improving to 55.5%. At 18x our 2025e EPS, the stock still looks attractive; OW. 4Q24 revenue may grow 9% Q/Q; full-year revenue to grow 27% YoY in USD: TSMC will host an earnings call on October 17. For 3Q24, we expect both revenue (up 11% Q/Q) and GM (55%) to be at the higher end of guidance ( Exhibit 1 ). Key growth dri ...

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M Idea The Oil Manual | Europe October 8, 2024 08:31 PM GMT Geopolitics vs the Unresolved 2025 Surplus Heightened geopolitical risks have supported oil prices and appear likely to continue to do so. However, the underlying balance has continued to weaken. Without an actual supply disruption, the expected surplus in 2025 has grown. We increase our near-term Brent forecast but lower our forecasts further out. Key Takeaways Concerns over a potential disruption in Middle East supply have driven prices higher. A ...

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October 7, 2024 04:00 AM GMT Marine Order Tracker: A Softer Backdrop for Tankers in 2H24 2024 is rounding off as another solid year of headline contracting, though the setup for 2025 is more challenging. 90 ships were ordered in September, with Tankers and Gas Carriers easing into year-end. Tankers remain the weak spot, and a risk for Alfa order momentum into year end. Following the release of the new Clarksons ship ordering data for September, we take a look at the main moving parts within the data and als ...

M Idea Municipal Strategy | North America October 7, 2024 10:49 AM GMT Tactics This Week: Hardly a Hard Landing It's shaping up to be a glass-half-full October. Better-thanexpected credit data, moderating forward supply, and a continued pickup in flows all point to tighter spreads this month. That's why the '90s playbook stays front and center. Key Takeaways We forecast $28 billion of supply over the next 3 weeks ($24-32 billion range). Net odd lot demand has risen to $300mm+ per day, which should support s ...

October 7, 2024 09:53 AM GMT M Update Semiconductor Production Equipment | Japan | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...