彭博直播复盘SK海力士业绩、三星HBM追赶和日本地震影响，未形成新增可交易催化

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-07-29 07:30–08:00(Asia/Shanghai),共 201 段
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[07:30] volatilityola is set when it comes to.
[07:30] This Asian Open and so much of this is on the continued turmoil in the AI and chipmaker space this highlighting just how.😊
[07:30] Dealing with the states are so high SK Heix presenting that quarterly profit of 557%, not enough for investors.😊
[07:30] A lot of player here, right, the advancements that we've seen in China, the concerns over the potential really truly disruptive impact of that even though we.😊
[07:30] We also seen Chinese stock suffering under the weight of that as well, but that broader sell off is set to continue we seeing in the ni to5 down4 tenths of 1%.
[07:30] That Goldman thinks that this is actually a buying opportunity US features is looking pretty flat at the moment if you kind of disregard the sentiment when it comes to the NasDdaq.😊
[07:30] And the Philadelphiaphia semiconductorducts index, but the other story of course that's causing some risk of sentiment is the recognitiontion of hostilities in the Middle East.
[07:31] Had some sort of calm sentiment a rhetoric from president trump and other leaders, but we saw that surprise attack from Iran really highlighting how.
[07:31] Un that caused that spike in oil wT at1 point was high by just about 5 percent around that $83 barrel.
[07:31] Mar and we've seen some of that being taken out of the 14% decline that we've had over the past three days, so there's not a lot of certainty sherry.😊
[07:31] For what's going on at the moment. Yeah, especially, as you said, we have this slew of our news results.
[07:31] To come as well, including big tech, Samsung as well, but we've been focusing on the AI trade around SK Hyy Nx, and you said it I mean.
[07:31] s a sentiment test for AI hardware, right the fact that their second quarter results missed estimates, despite the fact that profit rose 550.
[07:31] 7% operating profit coming in at $42 billion a company now saying that it secured multi year contracts with.
[07:31] 10 customers still, we have seen, of course, this stock take a beating not only in the sole session, but when it comes to their U trade.
[07:32] ARs right now, futures pointing to some upside at the open, as we're seeing, the cost B futures now under a little bit of.
[07:32] overallBut our next guest says that the pullback in s stock is a prime buying opportunity joining us now in San.
[07:32] A head of Korea research at cLSA and this pullback has been immense, I mean we're talking about down about 50% since there.
[07:32] June peak, so what's leading to all of these concerns when you got operating profit numbers block really coming.
[07:32] At these levels of $42 billion hi, yeah good morning.
[07:32] Thanks for having me on your program for SK Heix, there's two key numbers where I wouldn't say it was a big miss.
[07:32] The operating profit was 7% below consensus, but it was mainly because of a weak product mix in2.
[07:33] And I think this is mainly a timing issue as the company's HM4 shipments pick up pace in third quarter and in the fourth quarter.
[07:33] We expect sequential earnings improvement to continue in third quarter we expect another 30% increase.
[07:33] And in profits, but I get it that overall there is some skepticism in the market regarding the sustainability of AI infrastructure.
[07:33] Cex,There are also concerns that surging memory prices could lead to reduced demand of memory in certain sector.
[07:33] So all these fears are there in the market, but I believe that like 2027 is going to be of big.
[07:33] Shortages in the memory market, and we remain confident about our earnings forecast for the company and the stock is not below four times.
[07:33] When it comes to cheaper AI models like Kimmi K3, for example, we've been talking about it at length.
[07:33] That mean in terms of memory demand, could we see more of it because of proliferation of these models, or are we going to see more models.
[07:34] Mo efficiencyff that actually could hurt these AI hardware stocks.😊
[07:34] So for this new A models that have come out in the last several quarters.
[07:34] Actually we maintain a review that, as we have seen in the past, that falling inference caution should ultimately.
[07:34] You drive wider adoption of AI use cases leading to even greater demand for memory and GPUs as cloud.
[07:34] Investments will need to expand accordingly, so we expect global cloud hyperscalear investments to expand by more than 30% next year.
[07:34] And the overall demand for memory should stay strong.
[07:34] That China is now trying to mass produce immersion DUV lithography tools, what sort of impact does this have on the broader memory supply?
[07:35] It's too early to say that.
[07:35] Yeah, I mean, there has been some news recently that China has started producing DVs and this is definitely adding.
[07:35] Concerns, but like for Korean memory suppliers, like Ev tools are the mainstream now, Ev tools are.
[07:35] Of magnitude ahead of the DV tools. and for Chinese companies like Evs access to E.
[07:35] Is just not there at the moment, so Dv doesn't change the picture very much.
[07:35] A Chinese perspective, I get it that this is a big achievement towards localization, but the chips using DV.
[07:35] Tools will still be actually a bigger in and less power action than those made using EV.
[07:35] Technology, but yeah, I mean, there are some market concerns, but I don't think it will have any meaning.
[07:36] ful impact on the demand supply situation for memory in the next several quarters it comes.
[07:36] We are now scrutinizing their hM lead because Samsung seems to be catching up at this point we have Sammsunging.
[07:36] This week as well, what are your expectations about this competitive dynamic?
[07:36] Samsung Electronics has done a great job in narrowing the technology gap at SKH.
[07:36] And I would say that now on certain aspects, they might be a little bit ahead of Hy.
[07:36] And was the first supplier to start HM4 shipments to Nvidia like back in one Q Heix just.
[07:36] shipmenthiments only in the late2 Q also for HBM4E, Samsung has already submitted.
[07:37] Samp samples to customers a couple of months ago, so it seems that Samsung is now doing a great job.
[07:37] And this is reflected in the company's guidance there Samsung is expecting its HM shipments to increase by nearly threefold this year.
[07:37] Compared to Hyix shipment increase of about 60 to 70%, of course, we are talking different bases here.
[07:37] So it's not directly comparable, but we expect Samsung to gain share in HBM market in the.
[07:37] yearsWe've heard that Samsung might be also thinking about listing in the U, given the lessons from.
[07:37] ,What can we expectSo as far as I know, like the company has.
[07:37] Has like denied that they are considering this ADRs, but I wouldn't be surprised like eventually.
[07:37] Like if they decide to list their shares in the US just like SK Heix, I mean, there has been consistent demand from.
[07:38] Or in investors, you know, and going as far as back like 2015 that they want.
[07:38] You know, Samamsung to list shares in the US market and maybe company might consider this and I think it will be a good.
[07:38] Step for the company to consider such a listing in future and Sanje, before we let you go, I just.
[07:38] to get your thoughts on the kumamoto earthquake here in Japan because we know that TsMC has a plant there, we know that Tokyo E also operate.
[07:38] When you have natural disasters such as this, they are meaningfully impactful for these companies and what does this mean for the.
[07:38] chain in the next few.So I still need to get the full detail.
[07:38] But as far as I know, like, yeah, I mean, if company' production is impacted.
[07:39] Then definitely there could be some short term impact on the overall supply chain, but in the past we have.
[07:39] Seeing that such impact tends to be like very short term and there might be some production.
[07:39] Sruption lasting from a few days to a week, it really depends, so I'm not fully up to date on this situation currently.
[07:39] But I would expect disruption any disruptions to be short lived. Yeah, we'll be watching the developments around.
[07:39] The earthquake region in Sanrana, really great to get your insights on the semiconductor space head of Korea research at CLSA.
[07:39] And we're watching some of these talks at the open here in Japan in about 20 minutes time, AI related names face further pressure as concerns.
[07:39] capital expenditures and valuations intensify, of course, we have been talking about SK Heix in South Korea, but here in Japan.
[07:39] Also watching the names like selfbank memory giant kxia, we've been watching ADRs of the open AI investor.
[07:40] Overnight, as well, chip suppliers, including Tokyo Electron, for example, Tokyo Electron operates a plant in Kummamoto Prefecture, which was of.
[07:40] hit by that massive earthquake here in Japan. so we'll be watching any disruptions in that region, Heidi.
[07:40] Earnings in Australia also in focus with Woodside Energy narrowing its production forecast for the full year and of course, the world's biggest iron ore producer.😊
[07:40] to posting rise in first half profit thanks to stronger commodity prices Bomberg's Paul Allen has more on this and really.😊
[07:40] You know, beating some of these concerns over the war over the tariff war as well, Yeah, a good set of numbers, they beat analyst estimates.
[07:40] net profit up 47% on yes, 6.85 billion for underlying profit as well, very healthy interim dividend to $2.11.
[07:40] So that's effectively a 50% payout on underlying earnings going forward, maintaining all the guidance on sales output costs as well.
[07:41] But cost still a big focus for Rio Tinto and we heard from the CEO Simon Trot a moment ago in the media conference saying, Rio is going to be.
[07:41] Reelenttless and finding productivity benefits is also going to look for more significant cost savings than already the company's been.
[07:41] Slimmed down under trot's leadership divestments of a $5 billion forecast for this year, but if we look into some of those key commodities like iron ore.
[07:41] The revenue earn for Rio by far prices have held up pretty well expected to continue doing so.
[07:41] rising as well, largely thanks to the war between the U. and Iran, but that's also having other benefits for Riotendo.
[07:41] P is very, very strong because of all the disruption in the Str of Horu, copper prices holding up well as well, but there are some question marks.
[07:41] Around the copper story, in terms of where this extra production is going to come from, we heard that there's going to be a ramp up in production from the oil Tollgoy mine.
[07:41] Mgolia but after that, well we'll be awaiting some more news, but in the meantime, shares for youotento they doing pretty well as well up about 8%.
[07:42] WesideYeah that's right, production numbers from Woodside willll get the full earnings the first half earnings.
[07:42] In about a month's time, but sales revenue very healthy up 28% on year, $4.19 billion as you were.
[07:42] Expect in an environment of elevated energy prices production meanwhile over the same period contracting 18% to 41.3.
[07:42] Million barrels of oil equivalent going forward, woodsides narrowed to the range of its production guidance, but it's still towards the center.
[07:42] Award had previously said about 174 to 185 million barrels of oil equivalent and a whole series of updates on a number of projects.
[07:42] Scarborough now 98% complete, this is off the coast of Western Australia, still scheduled to deliver its first guests towards the end of this year.
[07:42] thanks Paul Alllan there and we'll be taking a deeper dive into Rio Tinto's earnings print the strategy up ahead with Z Summon.😊
[07:43] As company continues to push his core growth strategy in Co, do stay with us for that exclusive conversation, Paul and I will be chatting with him.😊
[07:43] The times on your screen more ahead here on the Asia trade, this is Bloomberg.
[07:43] 🎼Technology is embedded in.
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[07:44] I'm Stephen Engel at Japan's Akasaka Palace in Tokyo, and this is Bloomberg.
[07:45] A property firm Hong Kong land has reported an 11% year year increase.
[07:45] underlying profit in the first half and now projects a full year upgrade Bberg In noting that recovering central office prices supported.
[07:45] H Kong IP are drive that us exclusively is Craig,O of Hong.
[07:45] Craigig, great to have you with us and some pretty robust numbers there, how do you feel about those, particularly when it comes to the momentum being able.😊
[07:45] sustained forward Good morning, Heidi, and great to be here, and I'm really pleased with our results in the first half of 2000.😊
[07:45] 26 I think to see Hong Kong land return to earnings growth up 11%, but up 14% on earnings per share.
[07:45] And not just their earnings, but also our property valuations have increased in the first half by 3%. So I think the positive.
[07:45] Of momentum that we've seen in Hong Kong and also Singapore is laying the groundwork for our recovery for Hong Kong land.
[07:46] What about leasing momentum, do you expect that to be sustained or is there sort of still a situation where we'll be single bottoming out?😊
[07:46] the yearNo, we've seen solid recovery quarter on quarter in terms of demand for prime central offer.
[07:46] In Hong Kong, what we saw 12 months ago was the market start to bottom in terms of rents for central. And then we saw that start to.
[07:46] intoto growth at the end of. And that momentum is built throughout the first half of the year. So actually, we anticipate that growth.
[07:46] Vmentum to continue throughout the rest of this year and then through 2027 Central in particular.
[07:46] We expect further occupancy increase rental income to increase as well for the second half.
[07:46] now is really high occupancy levels in our portfolio. We've got 4.5 million square feet of prime office buildings in central.
[07:47] ng Kong we're close to 95% occupied. We're seeing the narrowing of rental reversions.
[07:47] In office reviews, and because of the rising rents in the market overall, it puts Hong Kong land in a really good position to capital.
[07:47] On that and what you should expect to see is our rental income for Hong Kong office start to stabilize after a more challenge.
[07:47] iod of five years, and we're anticipating growth to start to come through from 2027 onwards.
[07:47] Tren are you observing when it comes to the luxury space when it comes to spending, is it sort of more locally based, how's the tourism aspect as well?
[07:47] So for Hong Kong land, we're in the midst of a 1 billion US dollar renovation of our retail in Hong Kong and the landmark.
[07:47] We call that project tomorrow Central, and what we're really trying to do there is bring the world's leading luxury brands to create.
[07:47] Global flagship stores, one of the kind concepts for Hong Kong. And really the business case that underpins all this is the.
[07:48] ill of the ultra high net worth consumer in Hong Kong. Hong Kong is number two globally in terms of high net worth individuals.
[07:48] sOnly second to New York.And so that deep pool of wealth in the city really drives the landmark.
[07:48] Retail proposition,85% of our customers are Hong Kong residents, only 15% is2.
[07:48] AndSo really for us, it's about continuing to grow our market share in what is really a very attractive market proposition in Hong Kong.
[07:48] I wanted to talk about the broader macroeconomic environment and Oscar monetary policy as well, because obviously with so much.😊
[07:48] Untainty and volatility in the inflation outlook, we're starting to see these major central bank decisions very much live, how does it impact.😊
[07:48] BusinessIf potentially we see certainly before the end of the year, some tightening from the Fed the real estate.
[07:49] sectorctor, of course, is sensitive to interest rates. So for Hong Kong land, we've been in business for 137 years. We manage our balance.
[07:49] very carefully. And so we have hedged out a lot of our interest rate exposure in Hong Kong, which, of course, is tied to US.
[07:49] Inest rate policy, but also we're very active in other markets in mainland China, the reminn B interest rate continues to be low.
[07:49] AndIn Singapore, where we recently established a new private fund platform. interest rates have actually been reducing.
[07:49] Coecting the strength of the Singapore economy. and also just the flight to quality and resilience of that currency. So for us were.
[07:49] anaging different interest rate environments. But I think from where we stand right now, we're in a position of strength. I'm glad you mentioned some of those.
[07:49] Ex Hong Kong projects, can you give us an update on how the West project in Shanghai is going, what those sort of pre leasing levels are looking like?😊
[07:49] So Westbound is it's an 18 million square feet project is one of the biggest projects in Asia, Pacific it the large.
[07:50] Project in the history of Hong Kong land. It's a mixed use project. So we're building office, retail, hotel, service apartment.
[07:50] Con center,It's 20% built, close to 20% built, so we still have 80% yet to open.
[07:50] Aalance of 80% will gradually open in phases over the next 3 to four years. So in terms of the 20% that we've opened.
[07:50] far most of that is occupied. We're 85% committed on the retail,95% committed on the service department.
[07:50] And we have four office towers, three of which are fully occupied. So it's early stages for the project. But what we're seeing.
[07:50] Is really positive overall tell us a little bit about progress when it comes to the Singapore fund as well.
[07:50] Investor interest looking like you know, this was a real highlight for us. when we launched our strategy at the end.
[07:51] , it signaled out that we really wanted to work the third party capital, take the existing strong.
[07:51] Asset based that Hong Kong land has and puts some of that into potentially some fund structures. And so we set to work throughout.
[07:51] Of courseour of 22 to set out what is our prime private real estate fund in Singapore called Ssse Pre.
[07:51] That was established in February this year, and we've attracted some amazing cornerstone investors, including QIA and EPG.
[07:51] We've built this platform, we've had it set up. The AumM at launch was over $8 billion Singapore dollars. Our plan is to grow.
[07:51] That of at least $15 billion Singapore in the next sort of 4 to five years. So having this platform with Hong Kong.
[07:51] the manager, it gives us a great opportunity to grow in Singapore. So the team's really active right now, looking at a number of opportunities.😊
[07:51] ner used to try and the platform out. Part of that refocusing, obviously, is then divesting noncore.
[07:52] What other assets do you think might be on the chopping block and what else could we see when it comes to share buybacks as well?
[07:52] The whole strategy that we announced 18 months ago was really about simplifying Hong Kong land, getting back to our core DNA.
[07:52] Is being the owner and operator of some of the best real estate in the world, particularly in ecosystems. So what we have in Hong Kong with 12 buildings, what we.
[07:52] ilIn Singapore and what we're building in Shanghai is really representative of Hong Kong land. And that's what we are focused on going forward.
[07:52] The residential build to sell business had been a good, strong part of the group for many years, where we decided to no longer invest in that. So we're.😔
[07:52] Winding that down at pace. And that's reflected in the capital recycling numbers that you've seen. I mean, we've now, really, in the course of8.
[07:52] Months recycle $3.7 billion. And of that, we've taken 20% and allocated that to share.
[07:53] So we continue to deploy share buybacks. We've invested about close to half a billion U dollars.
[07:53] The buyback of our shares. And you're starting to see the benefits of that now in our results. I mean, that's why our earnings were up 11%, but the E.
[07:53] Yes, was up 14%, but extra a few percentage points is really due to the buyback of the shares. So I think the buyback is part of.
[07:53] Of our ambitions to really create long term shareholder value, Craig, really great to you.
[07:53] With you appreciate your I Craig Bety, who's a CFO of Hong Kong Land, more ahead here in the Asia trade, this is Bloomberg.😊
[07:54] 🎼In case you missed it on Daybreak Europe, we're talked going with the EU regulator on this though.
[07:54] Look, as I told you, I interact a lot with Americanss and Chinese players and we see a Trump fighting for their companies all the time.
[07:54] The Chinese fighting for their companies all the time here in Europe, I feel I'm fighting against the European regulators, Not that they are fighting for us. They are fighting against.
[07:54] 🎼It's a big mistake because we need to have really big global tech leaders in Europe don' Europe live every weekday.
[07:54] Welcome to Bloomberg this Week I'm David, I' Lisa Ma, and I'm Christina Raffiti we're tracking breaking news today from Wall Street to Washington.
[07:55] Let's start overseeing Bloomberg this weekend, bringing a little Bloomberg into your weekend routine, watch, listen, stream.
[07:55] Here are some of the tech stories that we're following an open aI agent that breached hugging face systems also compromised a customer at a.
[07:55] technology company motor labs huginfei says the agent broke into an isolated testing environment known as a sandbox.
[07:55] Moto was running for a customer Moto CTtoO says its own platform was not compromised, open AI declined to comment.
[07:55] More than 1,100 employees across leading AI firms have signed a petition urging the U.S. government to support.
[07:55] That could slow the pace of aI development the letter signed by workers at open aI androp go and.
[07:55] ICould be advancing faster than humans can control. This is Bloomberg.
[07:57] 🎼In case you missed this on the opening trade The history of technology has not been more leisure, right, we all have dishwasshers at home.
[07:57] 🎼But we don't spend less time in the kitchen, So my thesis is that there's an aggregate job opportunity rampMph does enterprise payments.
[07:57] 🎼Expenses Raveello looks at labor market data, and they actually find companies that spend more on AI are hiring more.
[07:57] 🎼That shows about six to 12 month lag, but 10% more workers there's an interesting story there, not a churn in the labor market, but then maybe not lower employment.
[07:57] Absolutely, I think there will be shifts right, and we can't get away from that, but in aggregate I think there's more opportunity, I think we're going to be doing more.
[07:57] 🎼Types of work and there's a lot of latent work that's just not happening and you still need to hire the young people that is that also the message Ab has views on this?
[07:57] 🎼I mean, Raello's analysis said they were hiring more young people, so 10% overall, 12% more young people don't miss the opening trade.
[07:58] 🎼Every in case you missed it onberg surveillance which.
[07:58] Can this really continue at this rate What we see in our data as a consumer so spendingending the consumer spend in America, that means economy is okay.
[07:58] Probably means the rest of the markets and the construct and the final demand if what are the potential thresholds that could potentially sty me some of the pipeline.
[07:58] We're borrowring because they see opportunity, what's equipment buying, what it's hiring, what's building a plant, whether it's the inventory build up don't Bberg surveillance.
[07:58] Every weekday welcomecom to the world of decentralized finance B is covering all things crypto.
[07:58] The Trans and the technology, Bloomberg crypto Tuesdays only on Bloomberg.
[07:58] Bringing you the latest geopolitical news whenever and wherever it happens, I'm david garra Solaruni in Olivia and this.
[07:59] This is the Asia trade where counting down to Asia's major market opens as we're watching that AI selling continue.
[07:59] That rotation out of tech hiding and of course well be watching the reaction here across as to sk hix missing those very, very.
[07:59] 🎼OfThe second quarter earnings expectations and of course, throwing the variable of Iran US tensions, not to mention central bank decisions and you have.