A compilation of global research updates focusing on AI infrastructure growth, semiconductor leadership (Samsung/Kioxia), and tactical upgrades in the European materials and consumer sectors.
Key Takeaways
- 1.Computex 2026 highlights Taiwan as a critical hub for the 'AI factory' ecosystem, driving demand for TSMC, advanced packaging, and HBM.
- 2.Kioxia's outlook through 2028 indicates reduced earnings volatility and high margins (60%-80%), with regular dividends likely starting in 2027.
- 3.Glencore is upgraded to a Buy with a £7.7 TP, driven by a bullish outlook on coal due to six uncorrelated supply and demand factors.
Table of Contents
- Asia
- CEEMEA
- Latin America
- Western Europe
- Key Rating and Target Price Changes
- Appendix A-1
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Authors
Takero FujiwaraPeter LeeLaura (Chia Yi) ChenOliver G ConnorEphrem Ravi
Securities
285A.TSamsung ElectronicsGLEN.LPUMG.DEEC
Themes
AI Infrastructure ConstraintsChinese Consumer RecoveryEnergy & Commodity Price Volatility
Regions
Asia PacificEuropeLatin AmericaJapanSouth KoreaTaiwan