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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2 October 2024 | 9:21PM HKT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|---------------------------------------------------------------------------|--------------------------------------------------------|----------------------------|----------------------------------------------------------------------------------|-------------------------------------------|------------|-------------|----------------| | | | | | | | | | | | 3Q24 | Yum China Holdings preview: SS ...

3 October 2024 | 5:04PM BST _ Ferrous Tracker: Stimulus Announcements Provide Near-Term Price Support, But Currently Higher Prices May Widen Surplus n The iron ore 62%Fe index hit $108/t on Monday (30 September) as China entered the Golden Week holiday, up 21% from the beginning of last week. Multiple China stimulus announcements have driven the financial rally, with aggregate open interest on iron ore and China steel markets (previously very short) falling substantially in recent weeks. n For now, the stim ...

2 October 2024 | 9:13PM EDT _ What's Next in Gas: Risk to Israeli gas production reinforces upside risk to TTF this winter n (Limited)Tightening from potential Israeli production disruption is another reason why winterTTF price risks remain skewed to the upside. While operations at Israel's Leviathan (~12 Bcm/y) and Tamar (~10 Bcm/y) gas fields have already resumed after a brief interruption this week, risks of escalating tensions in the region imply a risk of renewed gas production disruptions. The 22 Bcm/ ...

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, ...

EQUITY RESEARCH | October 2, 2024 | 8:59 AM HKT _ esearch Global Semis CHIPS Act 2: China's accelerating momentum Eighteen months ago, we laid out the pieces of the technology puzzle necessary for China to realize self-suciency in semiconductors. At the time, we highlighted capital investment, talent and government support as the most critical ingredients. The mature nodes are import substitution capable (e.g. power semis, CIS, RF and deposition tools), leading to a larger % of the value chain being domesti ...

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 ...

2 October 2024 | 7:13AM EDT _ Global Market Views: Easing Reduces Risk (Wilson/Trivedi) 1. Fed easing for "risk management" should ease macro volatility. The large 50bp cut from the Fed in September surprised markets on the day, but in the medium term such a front-footed approach should reduce macro and market volatility. With the post-Covid inflation surge rapidly receding in the rear-view mirror, it makes sense for policymakers to move rates back to neutral as soon as possible and avoid taking unnecessary ...

BioNTech SE (NASDAQ:BNTX) Company Conference Call October 1, 2024 9:00 AM ET Company Participants Karim Beguir - Chief Executive Officer, InstaDeep Uğur Şahin - Chief Executive Officer, BioNTech Ryan Richardson - Chief Strategy Officer, BioNTech Nacef Labidi - Head of Infrastructure, InstaDeep Alex Laterre - Head of Research, InstaDeep Alex Graves - Research Scientist, InstaDeep Bora Guloglu - Research Scientist, InstaDeep Julia Gimbernat - Product Manager, InstaDeep Arnu Pretorius - Research Scientist, In ...