Global TMT analyst with Asia ex-Japan focus.

Mitchell Kim

Thematic (Sector/Industry)

<ul>
<li>Our analysis of China retail sales data for 1Q21 shows online retail spending growth has been big.  If I am looking for an entry point, I would look to take a long position now before the earnings rather than after.   </li>
<li>Online sales growth was strongest for apparel, food, then general merchandise and electronics. </li>
<li>Vipshop (apparel) and PDD (food) should be big winners.   </li>
<li>but Alibaba's 54% revenue growth and JD's 34% is not to be brushed aside.  </li>
<li>Find out why I would still prefer to own Alibaba and JD.com over VIPS and PDD. </li>
<li>More details on China retail sales data breakdown, 1Q21 earnings expectations and valuations comparisons provided in this report. </li>
</ul>


Our analysis of China retail sales data for 1Q21 shows online retail spending growth has been big.  If I am looking for an entry point, I would look to take a long position now before the earnings rather than after.   
Online sales growth was strongest for apparel, food, then general merchandise and electronics. 
Vipshop (apparel) and PDD (food) should be big winners.   
but Alibaba's 54% revenue growth and JD's 34% is not to be brushed aside.  
Find out why I would still prefer to own Alibaba and JD.com over VIPS and PDD. 
More details on China retail sales data breakdown, 1Q21 earnings expectations and valuations comparisons provided in this report. 


China E-Commerce: Robust Consumption Data Hints at Online Spending Spree

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. 
Companies mentioned this week:
<a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>, <a href="https://www.smartkarma.com/entities/sk-innovation-co-ltd" target="_blank" data-smartkarma-citation="entities:1268:1" rel="noopener">SK Innovation (096770 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>, <a href="https://www.smartkarma.com/entities/mtn-group-ltd" target="_blank" data-smartkarma-citation="entities:24897:1" rel="noopener">MTN Group Ltd (MTN SJ)</a>, <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, <a href="https://www.smartkarma.com/entities/grupo-televisa-sab" target="_blank" data-smartkarma-citation="entities:24642:1" rel="noopener">Grupo Televisa Sab (TLEVICPO MM)</a>, <a href="https://www.smartkarma.com/entities/cia-hering" target="_blank" data-smartkarma-citation="entities:27765:1" rel="noopener">Cia Hering (HGTX3 BZ)</a>, Arezzo

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. 
Companies mentioned this week:
Alibaba Group (9988 HK), Ant Financial Services Group (6688 HK), SK Innovation (096770 KS), LG Chem Ltd (051910 KS), MTN Group Ltd (MTN SJ), Geely Auto (175 HK), Grupo Televisa Sab (TLEVICPO MM), Cia Hering (HGTX3 BZ), Arezzo 

Global Emerging Markets Weekly: 16 April 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:Xiaomi Corp (1810 HK). Alibaba Group (9988 HK), Ant Financial Services Group (6688 HK), Naver Corp (035420 KS), Samsung Electronics (005930 KS), Pinduoduo (PDD US)

Global Emerging Markets Weekly: 19 March 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/ant-financial-services-group" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Group (6688 HK)</a>, CD Projekt (CDR PW), <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:TSMC (2330 TT), Baidu (BIDU US), Alibaba Group (9988 HK), Ant Group (6688 HK), CD Projekt (CDR PW), Naspers (NPN SJ) 

Global Emerging Markets Weekly: 29 January 2021

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

After dropping steadily for the last 3 years, HK-listed China banks are finally starting to move higher led by <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> and <a href="https://www.smartkarma.com/entities/postal-savings-bank-of-china" target="_blank" data-smartkarma-citation="entities:22848:1" rel="noopener">Postal Savings Bank of China (1658 HK)</a>.The suspension of <a href="https://www.smartkarma.com/entities/ant-financial-services-group" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Group (6688 HK)</a>'s IPO and the subsequent restrictions placed on Fintech (or Techfin) players gave the banks a shot in the arm. The economic recovery in China and the recent pre-announcement of better than consensus results by <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> have got investor attention.<a href="https://www.smartkarma.com/profiles/steven-holden" target="_blank" data-smartkarma-citation="accounts:1337" rel="noopener">Steven Holden</a> has highlighted the shift out of Banking stocks pre- and post COVID by active managers with holdings close to the lowest on record.With the China economy stabilizing and growing and reporting better than expected GDP numbers today, there could be a further move into Banking stocks pushing them higher.

After dropping steadily for the last 3 years, HK-listed China banks are finally starting to move higher led by China Merchants Bank H (3968 HK) and Postal Savings Bank of China (1658 HK).The suspension of Ant Group (6688 HK)'s IPO and the subsequent restrictions placed on Fintech (or Techfin) players gave the banks a shot in the arm. The economic recovery in China and the recent pre-announcement of better than consensus results by China Merchants Bank H (3968 HK) have got investor attention.Steven Holden has highlighted the shift out of Banking stocks pre- and post COVID by active managers with holdings close to the lowest on record.With the China economy stabilizing and growing and reporting better than expected GDP numbers today, there could be a further move into Banking stocks pushing them higher.

China

Ant Group Co., Ltd. develops online payment platforms. The Company produces credit system and financial services platforms which provide consumers and small businesses with safe and convenient inclusive financial services globally. Ant Group provides its services worldwide.

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Ant Group (6688 HK)

China E-Commerce: Robust Consumption Data Hints at Online Spending Spree

China retail sales data hints at a big online spending quarter. Vipshop and PDD are expected to be big winners, but find out why you should jump...

Mitchell Kim

Global Emerging Markets Weekly: 16 April 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

Global Emerging Markets Weekly: 19 March 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

Global Emerging Markets Weekly: 29 January 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

China Banks: Moving On Up

The recovery in the Chinese economy, the changes to fintech rules, the better than expected results, the low valuations and the extreme positioning...

Brian Freitas

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