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Switzerlands seasonally adjusted unemployment rate was 3.1% in June, compared to a forecast of 3.10% and a previous reading of 3.10%.Switzerlands seasonally adjusted unemployment rate for June will be released in ten minutes.The container shipping index (Europe route) main contract fell 5.00% during the day, currently trading at 2525.5 points.On July 6th, Goldman Sachs issued a research report stating that it is optimistic about the development prospects of Huahong Grace Semiconductor (01347.HK) and the growth in equipment demand. The report believes that the improved capabilities of various models in the market, including Meituan-Ws (03690.HK) newly released LongCat 2.0, will drive demand for AI chips and data center power management chips. At the same time, the popularization of generative AI will continue to drive related demand. Goldman Sachs is optimistic that Huahong will continue to benefit from rising AI demand and maintains its "Buy" rating, significantly raising its target price from HK$174 to HK$333. Goldman Sachs expects Huahongs new 12-inch capacity to continue to increase, and its product portfolio to upgrade to 40nm and 28nm. The report raises its net profit forecasts for fiscal years 2027 to 2029 by 1% to 8%, and expects the companys operating profit margin to gradually increase from 1% in fiscal year 2026 to 4%, 8%, and 12% in fiscal years 2027, 2028, and 2029, respectively, reaching a normalized level of 14% and 17% in fiscal years 2030 and 2031.On July 6th, UBS released a research report stating that Lao Pu Gold (06181.HK) is supported by boutique upgrades, VIC services, and more frequent new product launches. Its brand strength, channel capabilities, and product positioning are mitigating the impact of the gold price correction. The bank believes that Lao Pu Golds stock is oversold, with potential catalysts including better-than-expected first-half financial results, VIC-related activities, and the opening of overseas stores in the second half of the year. The bank expects the companys revenue and net profit to grow by 93% and 118% year-on-year in the first half of this year, respectively. The banks base case forecast is that gold prices will recover in the second half of the year. Even if gold prices remain weak, the pressure on Lao Pu Golds same-store sales growth is expected to be offset by contributions from new stores. The bank slightly adjusted its earnings per share forecasts for the company from 2026 to 2028 by 0% to 2%, but lowered its target price from HK$930 to HK$650 based on a high base leading to slower medium-term growth and market competition, while maintaining a "buy" rating.

BTS Agency HYBE Aims to Acquire K-pop Competitor SM Entertainment

Charlie Brooks

Feb 10, 2023 11:10

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South Korean entertainment business HYBE announced on Friday that it will acquire $335 million worth of shares in rival SM Entertainment in order to bolster its dominance in the K-pop sector.


The transaction will make HYBE the top shareholder of SM Entertainment, as it acquires a 14.8% stake in its rival from the previous largest shareholder and SM founder, Lee Soo-man, for an 18.4% stake, the company stated in a statement.


"HYBE agrees completely with former Chief Producer Lee's strategic ideas, such as metaverse, a multi-label system, and the sustainable vision campaign," stated HYBE Chairman Bang Si-Hyuk.


The agency HYBE oversees the K-pop supergroup BTS. NCT and Aespa are two further popular K-pop bands that call SM their home.


Friday, HYBE also made an offer for SM shares owned by minority owners, attempting to acquire up to 25 percent of the rival agency in order to acquire managerial powers.


SM, JYP, and YG Entertainment dominated the South Korean pop music industry for many years, until the international success of K-pop boy band BTS made HYBE larger than the other three.


But over the next couple of years, all seven BTS members are slated to complete their military service, beginning with Jin, the group's oldest member, who enlisted in December. The septet will not return in its entirety until 2025.


Kim Do Heon, a music critic, believes that SM Entertainment's large portfolio may prove economically advantageous for HYBE now that the group is on hiatus.


"HYBE grew into a giant, but its flaw was that it lacked a legacy. SM is a corporation that has existed throughout the history of K-pop and will bring its legacy to HYBE "Kim stated.


As of 11:05 a.m., HYBE and SM Entertainment shares were up 6% and 16%, respectively (0205 GMT).


This Monday, the South Korean tech company Kakao Corp announced that it would purchase a 9.05 percent share in SM Entertainment in order to develop cooperative ventures, such as global K-pop auditions.

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