More US-listed Chinese firms set for HK IPOs, Macau GGR forecasts, TSMC earnings, Vietnamese bond disclosure flaws/proceed misuses, EM stock picks and the week ahead for emerging markets.
This piece really made me think about the AWS outage. It highlighted the fragilitiy of our digital infrastructure. What if such a massive reliance on one provider creates a critical national security risk, or just limits innovation? It makes you wonder about truly distributed systems.
The Macau section here is really meaty. That JPM halving of October GGR growth forecasts from 11 percent to just 3 to 6 percent is a huge swing, and the Golden Week underperformance must have been a real dissapointment for operators like Sands China and Galaxy. Interesting tho that CLSA still sees Sands China holding the top market share at 23.2 percent in Q3 despite the softness. What really stands out is the LVS decision to drop out of the New York casino bidding back in April, followed by MGM now. Makes you wonder if the capital requirements and competitive landscape there just made it imposible to justify compared to focusing on Macau recovery and the Singapore properties. Given all the regulatory and economic headwinds in Macau, seems like LVS mgmt decided to stick with the devil they know rather than chase new markets with uncertain returns.
Fantastic roundup as always! The Taiwan tech section really caught my eye - TSMC's Q3 results show just how critical advanced packaging (CoWoS) has become for the AI boom. What I find intresting is how geopolitical tensions are pushing fab diversification even tho it clearly hurts ROIC in the near term. The Nexperia/Wingtech situation in Netherlands is a fascinating case study on how supply chain nationalism is playing out in semiconductors. Also the note about rare earth sourcing from Australia for TSMC is something not many people are tracking but could be a major risk factor going forward. Thanks for compiling all this - your EM coverage is consistently top notch!
This piece really made me think about the AWS outage. It highlighted the fragilitiy of our digital infrastructure. What if such a massive reliance on one provider creates a critical national security risk, or just limits innovation? It makes you wonder about truly distributed systems.
The Macau section here is really meaty. That JPM halving of October GGR growth forecasts from 11 percent to just 3 to 6 percent is a huge swing, and the Golden Week underperformance must have been a real dissapointment for operators like Sands China and Galaxy. Interesting tho that CLSA still sees Sands China holding the top market share at 23.2 percent in Q3 despite the softness. What really stands out is the LVS decision to drop out of the New York casino bidding back in April, followed by MGM now. Makes you wonder if the capital requirements and competitive landscape there just made it imposible to justify compared to focusing on Macau recovery and the Singapore properties. Given all the regulatory and economic headwinds in Macau, seems like LVS mgmt decided to stick with the devil they know rather than chase new markets with uncertain returns.
Fantastic roundup as always! The Taiwan tech section really caught my eye - TSMC's Q3 results show just how critical advanced packaging (CoWoS) has become for the AI boom. What I find intresting is how geopolitical tensions are pushing fab diversification even tho it clearly hurts ROIC in the near term. The Nexperia/Wingtech situation in Netherlands is a fascinating case study on how supply chain nationalism is playing out in semiconductors. Also the note about rare earth sourcing from Australia for TSMC is something not many people are tracking but could be a major risk factor going forward. Thanks for compiling all this - your EM coverage is consistently top notch!
Excellent work, as usual! Much appreciated.
Jeff.