KGI estimates that the three groups welcome inventory replenishment.
▲ KGI estimates that the three groups welcome inventory replenishment.
After the Taiwan stock market once approached the 10,000 mark in the middle of the month, the market continued to consolidate. KGI Investment Consulting said that the short-term economic gloom is gradually dissipating, including the increase in the probability of a soft landing for the U.S. economy and China’s multiple policy actions to temporarily avoid troubled real estate development. The default of Country Garden, coupled with the fact that Huawei launched its latest flagship machine “Mate60 Pro” and caused a hot sale, has recently driven market funds to pursue related supply chains such as smartphones, PCs, and consumer electronics, becoming a short-term investor The choice of advancing to attack or retreating to defend.
KGI’s latest research report points out that after inventory adjustments in the overall manufacturing and semiconductor industries for more than one and a half years, supply chains such as mobile phones, PCs, and consumer electronics are optimistically expected to usher in a wave of inventory replenishment before the end of this year, but there is still It should be noted that the recovery strength of terminal demand remains to be seen. As of August, the ratio of new orders to inventory in the overall manufacturing purchasing managers index has remained above 1.0 for three consecutive months, which means that inventory has been successfully digested and terminal demand has also improved simultaneously. This can also predict the overall future. The manufacturing industry will have the opportunity to usher in an inventory replenishment cycle before the end of the year.
In addition, as of the second quarter of this year, the inventory of mobile phone chips in the semiconductor industry has declined for two consecutive quarters, and the inventory of driver IC-related chips has also dropped below normal levels. This will become a major issue for smartphones, PCs, and consumer electronics. Subgroups such as smartphones, PCs, consumer electronics and other subgroups have the opportunity to usher in important indicators of inventory replenishment in the second half of the year; however, KGI also reminds investors that the subsequent actual terminal demand performance of subgroups such as smartphones, PCs, and consumer electronics will affect this wave. The intensity and length of inventory replenishment.
KGI Investment Consulting has observed that after the short-term stock price of AI-related supply chains lacks catalysts, resulting in capital outflows, excess funds are looking for a home. Foreign legal persons and investment banks have also recently followed up on the layout of mobile phone and consumer electronics-related stocks. Investors are advised to follow the evaluation The two main investment axes are low (current evaluation is lower than the average level of the past five years) and fundamentals have bottomed out (profits in 2024 will increase compared with 2023), and short-term investment targets are selected. In response to investors’ financial management needs, KGI not only provides the most professional and complete research reports, but also creates a Taiwan stock investment program “KGI Stocks Rising”, which is broadcast on the KGI official website every Monday to Friday at 9 p.m. The YouTube channel broadcasts, providing daily market trend analysis, in-depth industry analysis and popular stock tracking, helping investors to easily grasp the stock market conditions in a simple and easy-to-understand way.
2023-09-20 08:27:06
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