ASEAN (Indo) & China-focused. Ex-Deputy HoR UBS.

Johannes Salim, CFA

Thematic (Sector/Industry)

<ul>
<li>Our Global Reflation Pulse Check indicates the global reflation theme remains intact.</li>
<li>Earnings and economic growth in the US and Europe have accelerated in particular.</li>
<li>China risk is manageable; in fact, we are supportive of recent Chinese government emphasis on reform over growth.</li>
<li>Indo has seen some political reform setbacks.</li>
<li>We continue to prefer ASEAN financials, China information technology, Sino-ASEAN consumer discretionary, and Sino-ASEAN infrastructure. </li>
</ul>In this note, we would like to do…


Our Global Reflation Pulse Check indicates the global reflation theme remains intact.
Earnings and economic growth in the US and Europe have accelerated in particular.
China risk is manageable; in fact, we are supportive of recent Chinese government emphasis on reform over growth.
Indo has seen some political reform setbacks.
We continue to prefer ASEAN financials, China information technology, Sino-ASEAN consumer discretionary, and Sino-ASEAN infrastructure. 
In this note, we would like to do…

Sino-ASEAN Strategy: Is There No Stopping This Bull Run? - Part II

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

<a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a> has been our top thematic pick on the strength of its wireless platform. Recent reports from the company highlight the consistent traffic growth while the breadth of service offerings from WeChat support that. There is also evidence that Tencent is narrowing the market share gap in mobile payments with market leader Alipay. We are raising our target price to HK$260 (from HK$232) to reflect the potential in payment services and after updating our numbers for Q4 results. We remain…

Tencent (700 HK) has been our top thematic pick on the strength of its wireless platform. Recent reports from the company highlight the consistent traffic growth while the breadth of service offerings from WeChat support that. There is also evidence that Tencent is narrowing the market share gap in mobile payments with market leader Alipay. We are raising our target price to HK$260 (from HK$232) to reflect the potential in payment services and after updating our numbers for Q4 results. We remain…

Tencent's WeChat Is China's Dominant Mobile Gateway

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

In this report we look at China and its place within global emerging market equity funds.  We find that despite a large underweight relative to the benchmark MSCI Emerging Market Index, China is comfortably the most important region for global emerging market investors by some margin.  We examine how current allocations compare to other major EM nations and how China's sector allocations are evolving through time.  Finally, we screen for the key Chinese stocks that professional EM investors most and least prefer.  The data used in the analysis is taken from the portfolio holdings of 127 prominent global EM funds over a 6 year period.

In this report we look at China and its place within global emerging market equity funds.  We find that despite a large underweight relative to the benchmark MSCI Emerging Market Index, China is comfortably the most important region for global emerging market investors by some margin.  We examine how current allocations compare to other major EM nations and how China's sector allocations are evolving through time.  Finally, we screen for the key Chinese stocks that professional EM investors most and least prefer.  The data used in the analysis is taken from the portfolio holdings of 127 prominent global EM funds over a 6 year period.

<ul>
<li>A longer term implication of Trump-Xi meeting is that US-China trade relations could be (much) smoother than many have anticipated.</li>
<li>A Fuyao Glass case illustrates that a win-win solution for US-China trade relations is for real.</li>
<li>Global reflation trade is alive and well; for China market, we recommend technology, consumer discretionary, and infrastructure plays.</li>
</ul>With the first official 2-day meeting between the US President Donald Trump and China President Xi Jinping kicking off today, we would like…


A longer term implication of Trump-Xi meeting is that US-China trade relations could be (much) smoother than many have anticipated.
A Fuyao Glass case illustrates that a win-win solution for US-China trade relations is for real.
Global reflation trade is alive and well; for China market, we recommend technology, consumer discretionary, and infrastructure plays.
With the first official 2-day meeting between the US President Donald Trump and China President Xi Jinping kicking off today, we would like…

China Strategy: (Much) Smoother US-China Relations Ahead?

We have been relatively cautious on <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba (BABA US)</a> since prior to listing. Our concerns have centered on corporate governance issues (specifically around Ant Financial and for a time revenue reporting - GMV). We have always admired the scale and growth of the group, and over time have become increasingly optimistic about the potential of BABA as the top line continues to grow rapidly.  We have become more comfortable with eCommerce and Cloud services, helped in part by the introduction of the…

We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues (specifically around Ant Financial and for a time revenue reporting - GMV). We have always admired the scale and growth of the group, and over time have become increasingly optimistic about the potential of BABA as the top line continues to grow rapidly.  We have become more comfortable with eCommerce and Cloud services, helped in part by the introduction of the…

Alibaba: Room to Grow from ECommerce and Cloud Services

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com (ADR) (JD US)

Sino-ASEAN Strategy: Is There No Stopping This Bull Run? - Part II

Our Global Reflation Pulse Check indicates the global reflation theme remains intact. Earnings and economic growth in the US and Europe have...

Johannes Salim, CFA

Tencent's WeChat Is China's Dominant Mobile Gateway

Tencent (700 HK) has been our top thematic pick on the strength of its wireless platform. Recent reports from the company highlight the consistent...

New Street Research

China: Underweight, Not Under-Owned

In this report we look at China and its place within global emerging market equity funds. We find that despite a large underweight relative to the...

Steven Holden

China Strategy: (Much) Smoother US-China Relations Ahead?

A longer term implication of Trump-Xi meeting is that US-China trade relations could be (much) smoother than many have anticipated. A Fuyao Glass...

Johannes Salim, CFA

Alibaba: Room to Grow from ECommerce and Cloud Services

We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues...

New Street Research

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