Analyst
Key Indices
Top Stories
Sector Update | China Property
The central government will subsidise new first-home mortgages by 1ppt a year from 1 October, its first subsidy on commercial mortgages, with eligible loans capped at Rmb1m for up to five years. Premier Li Qiang called for further property support, while Beijing and Shanghai detailed the 28 August housing sales reform. Tier 1 land supply rose to 17 sites worth Rmb61.8b in Sep 26, up 12% mom and 3.5x yoy, with premiums at 12.9%. Maintain UNDERWEIGHT.
Sector Update | IT Hardware
We visited Phison and Winbond during our Taiwan trip last week. Both companies are bullish on memory demand for the foreseeable future and expect supply shortages to worsen through 2027. As such, consumer electronic clients that are unwilling to accept cost hikes will receive significantly less supply, which reinforces our cautious view on the consumer electronics supply chain. Overall, we prefer the semicaps such as ASMPT and NAURA which are positioned to benefit from the highly visible capex growth.
Top Stories
Sector Update | China Property
The central government will subsidise new first-home mortgages by 1ppt a year from 1 October, its first subsidy on commercial mortgages, with eligible loans capped at Rmb1m for up to five years. Premier Li Qiang called for further property support, while Beijing and Shanghai detailed the 28 August housing sales reform. Tier 1 land supply rose to 17 sites worth Rmb61.8b in Sep 26, up 12% mom and 3.5x yoy, with premiums at 12.9%. Maintain UNDERWEIGHT.
Sector Update | IT Hardware
We visited Phison and Winbond during our Taiwan trip last week. Both companies are bullish on memory demand for the foreseeable future and expect supply shortages to worsen through 2027. As such, consumer electronic clients that are unwilling to accept cost hikes will receive significantly less supply, which reinforces our cautious view on the consumer electronics supply chain. Overall, we prefer the semicaps such as ASMPT and NAURA which are positioned to benefit from the highly visible capex growth.
Analyst
Key Indices
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