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On August 12th, Foxconn announced its financial results, reporting first-half revenue of NT$4.65 trillion and net profit of NT$109.9 billion, driven by continued strong AI demand. Second-quarter profit increased by 35% year-on-year, exceeding analysts expectations. The earnings report showed that Foxconn achieved a net profit of NT$59.97 billion in the second quarter, higher than the average analyst expectation of NT$58.8 billion. Foxconns long-term outlook anticipates continued strong market demand, with robust AI demand driving full-year growth. It expects AI rack shipments to see double-digit quarter-on-quarter growth in the third quarter. Foxconn stated that it will continue to expand its global AI production capacity.Pakistan stated that it strongly condemns the Houthi attack on a civilian merchant vessel. The Houthi attack poses a serious threat to freedom of navigation, maritime security, and shipping in the Red Sea.Security sources say four drones attacked an Iranian Kurdish opposition camp near Erbil, Iraq, with no casualties reported so far.According to a related statement, Egypt has launched tenders for 14 oil and gas concessions.On August 12th, Morgan Stanley issued a report lowering its target price for Tencent Music (TME.N) from $10.5 to $10.1, while maintaining its "Market Perform" rating. The bank believes that the synergies from the Himalaya acquisition may become a variable during a relatively long period of competition and earnings downgrades; while accelerated share buybacks provide some downside support, the competitive landscape needs clearer explanation. The bank lowered its 2026-2028 earnings per share forecasts for Tencent Music by 3% to 7% to reflect weaker membership service revenue due to competition. The bank believes that the current price, equivalent to a 2027 projected P/E ratio of 10x and a P/E ratio of 6.6x excluding cash, is attractive, but a valuation reassessment will depend on an improved competitive landscape.

LG Energy inks supply contracts with three Canadian mining companies

Skylar Williams

Sep 23, 2022 11:13

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LG Energy Solution has sourcing agreements for lithium and cobalt with three Canadian mining companies in order to extend its operations in North America.


The deals, according to the Tesla (NASDAQ:TSLA) supplier, are part of an effort to expand mid- to long-term supply contracts with North American mines and processors.


LG stated that Electra, Avalon, and Snowlake will supply 7,000 tonnes of cobalt sulfate over the course of three years beginning in 2023, 55,000 tonnes of lithium hydroxide over the course of five years beginning in 2025, and 200,000 tonnes over the course of ten years.

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