Global Macro Strategy

Callum Henderson

Macroeconomics

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured' tightening cycle in the history of the Federal Reserve* The offset to extremely measured Fed rate hikes will be the gradual end and reversal of the dollar rally* USD weakness on the back of growth competition will be a positive for high-beta assets, including EM* The focus within EM will be on alpha rather than beta and more specifically on relative value* Overweight ASEAN currencies vs. Underweight NEA currencies (ex-JPY) continues to generate alpha

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured' tightening cycle in the history of the Federal Reserve* The offset to extremely measured Fed rate hikes will be the gradual end and reversal of the dollar rally* USD weakness on the back of growth competition will be a positive for high-beta assets, including EM* The focus within EM will be on alpha rather than beta and more specifically on relative value* Overweight ASEAN currencies vs. Underweight NEA currencies (ex-JPY) continues to generate alpha

Asia Calling: Measure for Measure - Why Fed Tightening Is Great News for High-Beta Assets

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Despite China's risks and macroeconomic issues, we believe even small rates of growth will yield significant opportunities for luxury firms.China's size, economic growth potential, and ultimate expansion of the high-end consumer market can substantially alter the outlook for many brands.With Chinese consumers already responsible for 30% of global luxury goods purchases, the continued growth of wealthy and upper-middle-class consumers appears to offer great potential, but also a high basis of comparison.We believe the market will experience solid growth, driven by the vast number of consumers entering the middle class. With this trend, we believe Chinese consumers will behave more like their Western counterparts, with more frequent lifestyle purchases of aspirational luxuries on a per household basis and fewer purchases of status symbol goods that were often a store of wealth.We see brands such as Ralph Lauren, Tiffany, Burberry, and Swatch as the most likely beneficiaries.Analyst: Paul Swinland

Despite China's risks and macroeconomic issues, we believe even small rates of growth will yield significant opportunities for luxury firms.China's size, economic growth potential, and ultimate expansion of the high-end consumer market can substantially alter the outlook for many brands.With Chinese consumers already responsible for 30% of global luxury goods purchases, the continued growth of wealthy and upper-middle-class consumers appears to offer great potential, but also a high basis of comparison.We believe the market will experience solid growth, driven by the vast number of consumers entering the middle class. With this trend, we believe Chinese consumers will behave more like their Western counterparts, with more frequent lifestyle purchases of aspirational luxuries on a per household basis and fewer purchases of status symbol goods that were often a store of wealth.We see brands such as Ralph Lauren, Tiffany, Burberry, and Swatch as the most likely beneficiaries.Analyst: Paul Swinland

China's Luxury Market Shifting From Status to Consumption As China's Middle Class Expands

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>The latest Fed’s rate cut will directly impact the US residential market.   With 2 more rate cuts expected in 2025, it will unlock a new cycle for homebuilders</li>
<li>D.R. Horton is the strongest and most resilient player among the US homebuilders.   We think it is well positioned to capture the tailwind from the interest rate cut cycle</li>
<li>D.R. Horton also demonstrates strong capital management, increasing its dividend and established a share repurchase program over the years</li>
</ul>


The latest Fed’s rate cut will directly impact the US residential market.   With 2 more rate cuts expected in 2025, it will unlock a new cycle for homebuilders
D.R. Horton is the strongest and most resilient player among the US homebuilders.   We think it is well positioned to capture the tailwind from the interest rate cut cycle
D.R. Horton also demonstrates strong capital management, increasing its dividend and established a share repurchase program over the years


BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>D.R. Horton, Inc., a significant player in the homebuilding industry, reported its financial results for the third quarter of fiscal 2025.</li><li>The company navigated prevailing market conditions with a focus on maximizing returns and efficiency.</li><li>Earnings per share stood at $3.36, reflecting a decrease from $4.10 in the previous year.</li></ul>

D.R. Horton, Inc., a significant player in the homebuilding industry, reported its financial results for the third quarter of fiscal 2025.The company navigated prevailing market conditions with a focus on maximizing returns and efficiency.Earnings per share stood at $3.36, reflecting a decrease from $4.10 in the previous year.

D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!

<ul><li>D.R. Horton, Inc. recently reported its second quarter fiscal 2025 results, highlighting both challenges and achievements within a dynamic market environment.</li><li>The company's earnings per diluted share were $2.58, down from $3.52 a year ago, with consolidated pretax income reaching $1.1 billion on revenues of $7.7 billion.</li><li>The gross profit margin on home sales for the quarter stood at 21.8%, reflecting the company’s disciplined approach amid market fluctuations.</li></ul>

D.R. Horton, Inc. recently reported its second quarter fiscal 2025 results, highlighting both challenges and achievements within a dynamic market environment.The company's earnings per diluted share were $2.58, down from $3.52 a year ago, with consolidated pretax income reaching $1.1 billion on revenues of $7.7 billion.The gross profit margin on home sales for the quarter stood at 21.8%, reflecting the company’s disciplined approach amid market fluctuations.

D.R. Horton Battles Tariff Headwinds: Will Smart Sourcing Strategies Protect Its Profits?

United States

D.R. Horton, Inc. constructs and sells single-family homes designed primarily for the entry-level and move-up markets.  The Company operates in the Midwest, Mid-Atlantic, Southeast, Southwest, and Western regions of the United States. D.R. Horton also, through its financial services operations, provide mortgage financing and title agency services to homebuyers.

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Dr Horton Inc (DHI US)

Asia Calling: Measure for Measure - Why Fed Tightening Is Great News for High-Beta Assets

* Concerns over China, the US and oil have driven this year's market slump, not the Fed* Yellen's Fed is likely to enact the most 'measured'...

Callum Henderson

China's Luxury Market Shifting From Status to Consumption As China's Middle Class Expands

Despite China's risks and macroeconomic issues, we believe even small rates of growth will yield significant opportunities for luxury firms.China's...

Morningstar, Inc.

BUY D.R. Horton - The Fed's First Cut Unlocks a New Cycle for Homebuilders

With 2 more rate cuts to expect from Fed in 2025, we think it will unlock a new cycle for US homebuilders. D.R. Horton is the strong player in US...

Jacob Cheng

D.R. Horton: An Insight Into Its Incentives & Affordability Initiatives & Other Major Catalysts!

D.R. Horton, Inc., a significant player in the homebuilding industry, reported its financial results for the third quarter of fiscal 2025. The...

Baptista Research

D.R. Horton Battles Tariff Headwinds: Will Smart Sourcing Strategies Protect Its Profits?

D.R. Horton, Inc. recently reported its second quarter fiscal 2025 results, highlighting both challenges and achievements within a dynamic market...

Baptista Research

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