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On March 4th, Daiwa Research reported that it expects Baidus (09888.HK) Kunlun Chip IPO valuation to be higher than its peers due to its larger revenue scale and better profitability. Currently, Kunlun Chip derives most of its revenue from external demand, with major clients including Tencent and a large telecommunications operator. Management stated that chip production capacity constraints are not a short-term concern for the company, as Kunlun Chip has secured sufficient supply to support development over the next two years. The bank reiterated its "Buy" rating on Baidu with a target price of HK$175 and maintained its earnings forecasts for this year and next. Recent catalysts include the Kunlun Chip listing and details of the 2026 dividend plan.Bank of Japan Governor Kazuo Ueda: It is crucial for the government to ensure market confidence in long-term fiscal sustainability.On March 4th, Jefferies Group released a report estimating that memory chip costs will surge 3.6 times this year for the vast majority of smartphone OEMs. Therefore, the bank estimates that Xiaomi-W (01810.HK) smartphone sales will plummet by 55%, partially offset by a 31% increase in average selling price. The main cuts are concentrated in mid-to-low-end phones, and approximately 60% of Xiaomis shipments have an average selling price below US$150. The bank forecasts that Xiaomis smartphone gross margin will drop by 7 percentage points this year to a record low of 4%. Coupled with a downward revision of its gross margin forecast for Xiaomis automotive business, the banks revenue and EBIT forecasts for Xiaomi this year are 16% and 34% lower than its market peers, respectively. Using a sum-of-the-parts estimation method, the bank drastically cut its target price for Xiaomi from HK$43.36 to HK$30.45, a reduction of nearly 30%, maintaining a "hold" rating, citing overly high market expectations for the company and the downside risk to earnings from persistently high memory costs.Bank of Japan Governor Kazuo Ueda: Compared to the past, companies are more actively passing on costs affected by exchange rate fluctuations, and we remain highly vigilant about this when formulating policies.Bank of Japan Governor Kazuo Ueda: We are analyzing very carefully how exchange rate fluctuations affect current and future price trends.

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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