Technology

Report by JNK Research

Electronic-grade solvent allocation stopped for non-contract customers across Asia as of early Mar 26. No spot supply is available at any price in Taiwan, South Korea or Singapore. Force majeure from Formosa Petrochemical and PCS, combined with cracker cuts at LG Chem and Lotte Chemical to 54-73% utilisation, pushed naphtha-derived feedstock prices ~30% higher. The disruption spans legacy analog, DRAM, NAND and leading-edge logic with no node insulated. Conductive carbon black, a separate petroleum-derived passive component input, is developing a parallel shortfall into a supply chain already running at near-80% utilisation. China based foundries serving MPWR and STM are the base case for 2Q26 impact. Click here to access JNK’s note.

Consumer Discretionary

Report by Entext

Chinese clean energy space looks attractive after the recent selloff - BYD is one of Sean Maher’s long-time preferred electrification plays and he is increasingly confident that by mid-late decade it will be worth significantly more than Tesla. BYD set another record month for sales in May and its all-new Seal model offers another revolutionary innovation - a CTB (cell-to-body) structural battery system. The share price is up 80% since Sean added BYD back into his Energy Transition basket (+240% since initiation); constituents added in the last 6 months include Air Liquide, Linde, LG Chem and SK Innovation.