8 October 2024 | 11:19PM EDT _ Americas Technology: Semiconductors Reflecting Nearline HDD Strength and NAND Weakness Ahead of 3Q24 EPS; Maintain Neutral on WDC/STX We raise estimates for Seagate and lower estimates for Western Digital (WD) ahead of CY3Q24 earnings, as we reflect sustained strength in Nearline HDD demand (i.e. EBs and pricing), more than offset by weakness in NAND pricing in the case of WD. Accordingly, we increase our STX 12-month price target to $110 (up from $107 prior), while we lower o ...

_ 9 October 2024 | 6:39PM BST The EM Trader China Easing Adds Breadth n China's easing has triggered a broadening in the EM equity rally. The broad EM equity index was held back until the summer amid weak China activity and an underwhelming policy response, coupled with bouts of global macro volatility. With an improving macro cycle led by Fed easing and the much-needed recent coordinated stimulus announcements from China's policymakers, EM equities have staged an impressive rally, with the MSCI EM index up ...

8 October 2024 | 9:32PM HKT | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------|--------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------|----------------|-------------------------------------------------------------------------------------|-------|----------------------------|------------------------------|-------| | | | | | | | | | | | | Bilibili Inc. (BILI) I ...

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 ...

Investment Rating - The report maintains a "Buy" rating on Innolight, Eoptolink, and HG Tech, while assigning a "Neutral" rating to TFC Optical [1][18][21][24]. Core Insights - The optical transceiver sector is expected to experience strong growth driven by robust demand from AI networking, with supply dynamics being a critical factor to monitor [1][5]. - The report anticipates strong year-over-year and quarter-over-quarter profit growth for the companies covered in the upcoming earnings season, with a focus on supply dynamics, particularly upstream laser component supplies [1][4]. - The report highlights the potential for silicon photonics adoption as a response to tight 100G EML supplies, which could benefit Innolight due to its early mover advantage [5][6]. Summary by Company Innolight - Revenue for 3Q24 is estimated at RMB 6,837 million, reflecting a 126% year-over-year increase and a 15% quarter-over-quarter increase [4]. - The 12-month price target is revised to RMB 230 based on a 26x 2025E P/E, indicating an upside of 48.5% [13][18]. Eoptolink - Revenue for 3Q24 is projected at RMB 2,215 million, showing a 183% year-over-year increase and a 37% quarter-over-quarter increase [4]. - The 12-month price target is revised to RMB 180 based on a 27x 2025E P/E, with an upside of 38.5% [15][21]. HG Tech - Revenue for 3Q24 is expected to be RMB 3,609 million, a 65% year-over-year increase and a 19% quarter-over-quarter increase [4]. - The 12-month price target is revised to RMB 52 based on a 26x 2025E P/E, indicating an upside of 48.9% [22][24]. TFC Optical - Revenue for 3Q24 is estimated at RMB 947 million, reflecting a 75% year-over-year increase and a 15% quarter-over-quarter increase [4]. - The 12-month price target is revised to RMB 112 based on a 30x 2025E P/E, with an upside of 11.4% [27][28].