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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.Euro Stoxx 50 futures fell 0.16%, German DAX 30 futures fell 0.08%, and UK FTSE 100 futures fell 0.09%.Germanys manufacturing orders, adjusted for working days, rose 6.2% year-on-year in May, compared with 1.60% in the previous month.Germanys seasonally adjusted manufacturing orders rose 1.9% month-on-month in May, below the expected 1.5% and the previous reading of -3.80%.

S&P 500 Price Forecast – Stock Market Rallies Heading Toward CPI

Steven Zhao

Jan 12, 2023 15:42


Technical Analysis of the S&P 500

Even though the critical CPI statistic is out on Thursday, the S&P 500 has surged pretty substantially in the early hours of Wednesday. To be very honest, it seems that many traders are actively attempting to "front run the Fed," which is nothing new. However, given where we are on the chart, it could be challenging to go through this threshold. Given that the 200-Day EMA is barely above, there will undoubtedly be some attention given to this scenario. A significant downtrend line and the 4000 level are both possible tangles after a break above the air.


Keep in mind that Wall Street, which is seeking for low-cost financing, seems to be depending on the notion that the Federal Reserve would provide some kind of relief. For the last 14 years or more, that has been the whole game: making quick, easy money. Because the Federal Reserve is to blame, they will inevitably have to adopt an extremely hostile and pessimistic tone. Although it seems that everyone is ready to disregard it for the time being, it is coming near to the inflation level, which will almost certainly startle the market once again.


Having said that, we have a good chance of reaching 4200 if we manage to break above the downtrend line. The Wall Street traders are really skilled at creating stories, so as soon as they receive the shot, there will be some other tale to listen to. That is an area where I would also anticipate seeing a lot of opposition.

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