M Update Greater China Materials | Asia Pacific October 7, 2024 09:00 PM GMT Takeaways From Uranium Mine Trips in Kazakhstan Lack of cheap sulfuric acid and value-over-volume strategy may lead to continued disciplined supply from the country, while production cost increase seems inevitable. We attended Kazatomprom's (KAP, the largest uranium producer globally) mine tour and visited its Karasssan 2 (under Biken-U JV) and Kharassan 1 (under Khorasan- U JV) mines in Kyzylorda, Kazakhstan, and communicated with ...

M Global Idea Morgan Stanley Research: Key Forecasts Next-12-Months Snapshot: Growth Resilience October 7, 2024 08:46 PM GMT Next-12-Months Outlook: Our High-Conviction Calls Calibrating the Fed Reaction Function: We continue to expect moderate growth and disinflation around the world. We expect two consecutive 25bp cuts this year after seeing Powell recognize a balanced economy. Risks to the outlook will depend on the labor market. Ex-US, the rest of the global economy is holding up. We maintain our BoJ ca ...

M Idea Asia EM Equity Strategy | Asia Pacific October 7, 2024 09:00 PM GMT Focus List Changes – APxJ and GEM Source: Morgan Stanley Research We add Santos (STO.AX), CapitaLand Investment Ltd (CAPN.SI), Tenaga Nasional (TENA.KL), Link REIT (0823.HK) to our APxJ Focus List, and add Petrobras (PBR.N) and Midea Group Co Ltd. (000333.SZ) to our GEM Focus List. Adding CapitaLand Investment Ltd (CAPN.SI) to our APxJ Focus List for more positive exposure to lower rates. It is our analyst Wilson Ng's Top Pick and vi ...

S. Korea Technology Asia Pacific Industry View Cautious Japan Semiconductors Japan Industry View In-Line October 7, 2024 09:00 PM GMT M Update Investor Presentation | Asia Pacific TMT Webcast: NVDA GPU Roadmap, Memory Feedback and Wafer Equipment Morgan Stanley Asia Limited+ Shawn Kim Equity Analyst Shawn.Kim@morganstanley.com +852 3963-1005 Morgan Stanley Taiwan Limited+ Howard Kao Equity Analyst Howard.Kao@morganstanley.com +886 2 2730-2989 Morgan Stanley MUFG Securities Co., Ltd.+ Tetsuya Wadaki Equity A ...

M Idea China Industrials | Asia Pacific October 7, 2024 08:00 PM GMT Thoughts on Rally: Where Are Stocks Trading at Now? Stocks have jumped since the policy pivot. We look at current valuations vs. comparable cycles to provide a reference to valuation ranges under different scenarios of policy rollouts. Key Takeaways We think 2016-19 could be the most comparable period for valuation reference, given the macro environment, stimulus policy and industrial cycle. In the base case scenario of a modest initial fi ...

M Idea China Industrials | Asia Pacific October 7, 2024 08:00 PM GMT 3Q24 Preview – Transportation Equipment We expect railway equipment earnings to be in line with consensus, with steady revenue and NP growth from ongoing MU delivery and solid maintenance. HDT players' results are likely to be weak, with muted industry demand and margin pressure from product mix, but should improve q-q in 4Q. Heavy-duty trucks Weak 3Q earnings given domestic demand softness and fading LNG HDT momentum: 3Q HDT sales turned ...

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M Update NVIDIA Corp. | North America October 10, 2024 03:22 AM GMT CEO meetings highlight both the magnitude and length of the accelerated computing runway This week we hosted Nvidia CEO for a 3 day non deal road show. Long term confidence remains high, with management highlighting new opportunities derived from the complexity of inference scaling exponentially with "long thinking". Every indication from management is that we are still early in a long term AI investment cycle Newest element is the much mor ...