Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Today, multiple cities in China introduced property stimulus measures to encourage buying new over existing homes. These policies also discourages people from selling their homes.</li>
<li>Past measures encouraged home purchases by lowering mortgage rates and down payments, resulting in an increase in existing home transactions, because new home has developer default risks.</li>
<li>This time, we saw for the first time, local Chinese governments introduced supplemental policies to guide new home purchases. We believe more of such measures can be on its way.</li>
</ul>


Today, multiple cities in China introduced property stimulus measures to encourage buying new over existing homes. These policies also discourages people from selling their homes.
Past measures encouraged home purchases by lowering mortgage rates and down payments, resulting in an increase in existing home transactions, because new home has developer default risks.
This time, we saw for the first time, local Chinese governments introduced supplemental policies to guide new home purchases. We believe more of such measures can be on its way.


Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

PT Medikaloka Hermina Tbk owns and operates a chain of hospitals. The Hospital provides professional healthcare services, as well as focuses on obstetric and pediatric care. Medikaloka Hermina also offers consulting services. Medikaloka Hermina serves patients in Indonesia.

<ul><li>1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.</li><li>We raise our FY24/25F net profit est. by +10/+14%, as we adjust our blended volume growth, amid continued strong traffic YTD.</li><li>We reiterate BUY rating on its solid earnings growth prospect, with a higher TP of Rp2,000.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.We raise our FY24/25F net profit est. by +10/+14%, as we adjust our blended volume growth, amid continued strong traffic YTD.We reiterate BUY rating on its solid earnings growth prospect, with a higher TP of Rp2,000.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medikaloka Hermina (HEAL IJ) - Expect Volume Growth and Efficiency Effort...

Chief Economist, Aletheia Capital

Dr. Jim Walker

Chief Economist

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Macroeconomics

<ul><li>US Inflation and Interest Rates: The US CPI for April met expectations, triggering a stock rally, but detailed figures suggest inflation remains high, casting doubt on imminent Fed rate cuts.</li><li>Japan's Economic Contraction: Japan's GDP contracted by -2% annualized in Q1, marking the third consecutive quarter without growth, yet interest rate hikes are still expected despite the economic downturn.</li><li>Indonesia's Steady Growth: Indonesia reported a consistent 5.1% GDP growth for Q1, in line with expectations and historical performance, though the economy remains below its potential growth rate compared to peers like India and the Philippines.</li></ul>

US Inflation and Interest Rates: The US CPI for April met expectations, triggering a stock rally, but detailed figures suggest inflation remains high, casting doubt on imminent Fed rate cuts.Japan's Economic Contraction: Japan's GDP contracted by -2% annualized in Q1, marking the third consecutive quarter without growth, yet interest rate hikes are still expected despite the economic downturn.Indonesia's Steady Growth: Indonesia reported a consistent 5.1% GDP growth for Q1, in line with expectations and historical performance, though the economy remains below its potential growth rate compared to peers like India and the Philippines.

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 May 2024

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Gold price is a reflection of underlying global stress in currency markets</li>
<li>Gold price is a reflection of actual not reported real rates of interest</li>
<li>Gold price is a reflection of global increased demand from central banks and consumers</li>
</ul>


Gold price is a reflection of underlying global stress in currency markets
Gold price is a reflection of actual not reported real rates of interest
Gold price is a reflection of global increased demand from central banks and consumers


Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Agile Property Holdings Limited develops and operates real estate.  The Company primarily develops, owns and manages commercial and hotel properties.  Agile has projects in various states of completion in Hainan, Shanghai, Nanjing, Changzhou, Chengdu, Xi'an, Chongqing, Shenyang, Tianjing, Guangzhou, Foshan, Zhongshan, Huizhou and Heyuan.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-20844'>Medco Energi</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Medco Energi

Indonesia Selamat Pagi!
Bottom-up Indonesia Insights

Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.

Blue Lotus Research Institute

Medikaloka Hermina (HEAL IJ) - Expect Volume Growth and Efficiency Effort...

1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.

BRI Danareksa Research

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 May 2024

US Inflation and Interest Rates: The US CPI for April met expectations, triggering a stock rally, but detailed figures suggest inflation remains...

Dr. Jim Walker

Gold's Next Leg Up And Why It Matters

China continues to buy gold while it sells US treasuries at a record pace. In the first quarter, China sold $ 53B or US treasuries and agency...

David Mudd

Morning Views Asia: Medco Energi

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Beike (BEKE US): New Government Measures Aimed at Promoting New Home Sales Warrants Attention

​Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.

Blue Lotus Research Institute

Medikaloka Hermina (HEAL IJ) - Expect Volume Growth and Efficiency Effort...

1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.

BRI Danareksa Research

Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments - 17 May 2024

US Inflation and Interest Rates: The US CPI for April met expectations, triggering a stock rally, but detailed figures suggest inflation remains...

Dr. Jim Walker

Gold's Next Leg Up And Why It Matters

China continues to buy gold while it sells US treasuries at a record pace. In the first quarter, China sold $ 53B or US treasuries and agency...

David Mudd

Morning Views Asia: Medco Energi

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Chinese cities are implementing property stimulus to boost new home purchases over existing ones and penalize those who sell homes.