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According to the Financial Times, Ukraine will join the European Union in 2027 under a draft peace plan mediated by the UK and the US.On December 12th, Andrew Wishart of Berenberg stated that the UK economic slowdown has been stronger than expected, which could prompt inflation to fall more quickly and accelerate the Bank of Englands pace of interest rate cuts. He pointed out that the UKs three-month GDP fell by 0.1% month-on-month in October, widening the cumulative output contraction since June to 0.4%. More recent survey data suggests that this weakness is continuing, likely stemming from deteriorating fundamentals rather than budget-related confidence setbacks. Berenberg now expects the Bank of England to implement four 25-basis-point rate cuts by July 2026, bringing the benchmark interest rate down to 3.0%, lower than the previously predicted 3.5%. "An economic downturn is a necessary pain to bring inflation down to an acceptable level. It now appears that this pain may be more severe than we initially anticipated."Market news: The Bank of Japan believes its rate hike cycle may be prolonged until interest rates exceed 0.75%, and the Bank of Japan is still unable to determine the exact level of the neutral interest rate.On December 12th, Hengkun New Materials announced that its initial public offering (IPO) of 67,397,940 shares at a price of RMB 14.99 per share raised a total of RMB 1.01 billion, with net proceeds of RMB 892 million. Given that the actual net proceeds were lower than the planned investment amounts for the projects disclosed in the prospectus, the company plans to adjust the planned investment amounts for these projects. The "Phase II Project of Integrated Circuit Precursors" remains unchanged, while the "Advanced Materials for Integrated Circuits Project" is adjusted to RMB 492 million, totaling RMB 892 million. The shortfall will be covered by the companys own funds or self-raised funds. This adjustment has been approved by the board of directors and the supervisory board, and the sponsor has no objection.Mizuho Bank raised its target price for Broadcom (AVGO.O) from $435 to $450.

Samsung Elec announces a higher Q2 profit owing to solid server-chip demand

Charlie Brooks

Jul 07, 2022 11:18


Samsung Electronics (OTC:SSNLF) Co Ltd announced its greatest April-through-June profit since 2018 with an 11 percent year-over-year gain, as demand for its memory chips from server customers more than offset decreased sales to smartphone manufacturers due to inflation.


The world's leading memory chip and smartphone manufacturer stated Thursday that its second-quarter operating profit grew to 14 trillion won ($10.73 billion) from 12.57 trillion won a year earlier.


It was quite close to Refinitiv's SmartEstimate of 14,45 trillion won.


In agreement with market estimates, Samsung (KS:005930) announced in a short earnings report that sales likely climbed by 21 percent year-over-year to 77 trillion won.


This month, Samsung will provide detailed financial results.


Large U.S. IT companies that rely heavily on data center services continued to acquire chips to meet cloud demand, insulating Samsung's chip revenue from a potential client oversupply after two years of high demand.


According to the data source TrendForce, the price of some DRAM chips, which are utilized in electronic devices and servers, decreased by around 12 percent last month compared to the same time period one year prior. As demand for smartphones and laptops decreases, analysts believe that prices will continue to fall.


"Server DRAM is currently the only feasible sales channel... As a result, Korean manufacturers were the first to signal a willingness to contemplate a quarterly price cut of more than 5 percent (for server goods) "DRAMS," according to TrendForce.


According to TrendForce, the costs of NAND Flash chips, which are used in electronic devices for data storage, are projected to decline by as much as 5 percent between July and September compared to the previous quarter.


Following two profitable pandemic years in which customers purchased devices for remote work, chipmakers throughout the globe are observing a fall in demand.


According to analysts, rising prices, worries of a dramatic market collapse, the Ukraine war, and China's COVID-19 lockdowns have hampered smartphone sales, leaving server chip demand as the only bright light.


During morning trade, the price of Samsung's stock jumped by 0.9%.


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