Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On Friday May 4th, the China Securities Regulatory Commission released a <a href="http://www.csrc.gov.cn/pub/zjhpublic/zjh/201805/t20180504_337725.htm" target="_blank">Draft Document</a> (CSRC link, Chinese only) called "Administrative Measures on Depository Receipts Issuing and Trading" (存托凭证发行与交易管理办法). At a press briefing, Chang Depeng, spokesman for the China Securities Regulatory Commission, said the CSRC was soliciting public comment for a period of one month, noting, according to a <a href="https://www.reuters.com/article/us-china-cdr/china-details-cdr-rules-to-woo-overseas-listed-companies-idUSKBN1I50TH" target="_blank">Reuters</a> story, that it would "lay the foundation for innovative companies to return to the domestic…

On Friday May 4th, the China Securities Regulatory Commission released a Draft Document (CSRC link, Chinese only) called "Administrative Measures on Depository Receipts Issuing and Trading" (存托凭证发行与交易管理办法). At a press briefing, Chang Depeng, spokesman for the China Securities Regulatory Commission, said the CSRC was soliciting public comment for a period of one month, noting, according to a Reuters story, that it would "lay the foundation for innovative companies to return to the domestic…

Update on Pilot Program on CDRs - Administrative Measures Draft Announced

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

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Thematic (Sector/Industry)

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of recent market volatility.Outlook for Asian markets Inflation expectations rising. Long-awaited inflation has finally arrived. Commodity prices rising.Emerging Markets Provide a Haven Emerging Markets could do better than developed in this scenario. Emerging Markets Forward P/E 11.9 vs 17x for the USOpportunities in Emerging Markets Branded consumer tech in…

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of recent market volatility.Outlook for Asian markets Inflation expectations rising. Long-awaited inflation has finally arrived. Commodity prices rising.Emerging Markets Provide a Haven Emerging Markets could do better than developed in this scenario. Emerging Markets Forward P/E 11.9 vs 17x for the USOpportunities in Emerging Markets Branded consumer tech in…

Riedel CNBC Interview - Opportunities in EM During Market Volatility

<ul>
<li>Emerging Markets Have an Opportunity to Shine as Growth and Valuations Relative to Developed Markets Capture Market Attention</li>
<li>Euro Area: Draghi and the ECB are reluctant to reduce QE. Will wait for multiple quarters of growth before making a change.</li>
<li>Singapore: Inflation remains very low (0.2%). Watch housing prices which saw strongest growth in 8 years in 1Q18.</li>
<li>Brazil: Inflation in April remains subdued, unchanged at up 2.8% y/y. Moody's recently raised the outlook for Brazil's sovereign credit…</li>
</ul>


Emerging Markets Have an Opportunity to Shine as Growth and Valuations Relative to Developed Markets Capture Market Attention
Euro Area: Draghi and the ECB are reluctant to reduce QE. Will wait for multiple quarters of growth before making a change.
Singapore: Inflation remains very low (0.2%). Watch housing prices which saw strongest growth in 8 years in 1Q18.
Brazil: Inflation in April remains subdued, unchanged at up 2.8% y/y. Moody's recently raised the outlook for Brazil's sovereign credit…


As Political and Economic Uncertainty Rattle Developed Markets - Emerging Markets Provide a Haven

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

We wrote recently about the increased uncertainty from government policy (mainly related to data roaming charges being removed). The scale of the issue remains somewhat unclear but all three operators (MNOs) suggest they can continue to deliver profit growth in 2018 after a solid 2017 performance. In recent conversations with the operators it also sounds like the impact of data roaming may be less significant than originally feared (it remains unclear what operators are meant to do to meet…

We wrote recently about the increased uncertainty from government policy (mainly related to data roaming charges being removed). The scale of the issue remains somewhat unclear but all three operators (MNOs) suggest they can continue to deliver profit growth in 2018 after a solid 2017 performance. In recent conversations with the operators it also sounds like the impact of data roaming may be less significant than originally feared (it remains unclear what operators are meant to do to meet…

China Telecom / China Mobile - All Three Chinese Operators Report Continued Growth

A month or so ago it was officially revealed that a China Depositary Receipt program was on its way (it had been mooted unofficially for many months before that). Various officials at the CSRC and indeed even Premier Li Keqiang made supportive comments on the return of Internet+ stocks to a Chinese listing. Caixin, Xinhua, and China Daily saw a flurry of articles supporting the concept in mid-March, and in an article just before the Two Sessions, the China Daily suggested rules would come out…

A month or so ago it was officially revealed that a China Depositary Receipt program was on its way (it had been mooted unofficially for many months before that). Various officials at the CSRC and indeed even Premier Li Keqiang made supportive comments on the return of Internet+ stocks to a Chinese listing. Caixin, Xinhua, and China Daily saw a flurry of articles supporting the concept in mid-March, and in an article just before the Two Sessions, the China Daily suggested rules would come out…

Pilot Program on China Depositary Receipts Launched - Expect the Big 5 to Prep Quickly

Hong Kong

China Mobile Limited provides telecommunication services. The Company offers wireline voice, broadband, roaming, and other related services. China Mobile serves customers in Hong Kong.

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China Mobile (941 HK)

Update on Pilot Program on CDRs - Administrative Measures Draft Announced

On Friday May 4th, the China Securities Regulatory Commission released a Draft Document (CSRC link, Chinese only) called "Administrative Measures...

Travis Lundy

Riedel CNBC Interview - Opportunities in EM During Market Volatility

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of...

David Riedel

As Political and Economic Uncertainty Rattle Developed Markets - Emerging Markets Provide a Haven

Emerging Markets Have an Opportunity to Shine as Growth and Valuations Relative to Developed Markets Capture Market Attention Euro Area: Draghi...

David Riedel

China Telecom / China Mobile - All Three Chinese Operators Report Continued Growth

We wrote recently about the increased uncertainty from government policy (mainly related to data roaming charges being removed). The scale of the...

New Street Research

Pilot Program on China Depositary Receipts Launched - Expect the Big 5 to Prep Quickly

A month or so ago it was officially revealed that a China Depositary Receipt program was on its way (it had been mooted unofficially for many...

Travis Lundy

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