External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.</li><li>We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.</li><li>However, challenges remain given high uncertainties in economy and geopolitical issues.</li></ul></div></div></div></div><p><em>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.</em></p>

We expect global CIS sales to decline 5.1% YoY in 2022, mainly dragged by the weak performance in mobile CIS market.We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high uncertainties in economy and geopolitical issues.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.

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>A weekly summary of key developments in ECM and Event-Driven names tracked by us in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.</li>
<li>ECM developments: <strong><em><a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a></em></strong> and <em><strong><a href="https://www.smartkarma.com/entities/manipal-health-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:48013:1" rel="noopener">Manipal Health Enterprises Ltd (1217834D IN)</a></strong></em> IPOs.</li>
<li>Event-Driven developments: <strong><em><a href="https://www.smartkarma.com/entities/future-corporation" target="_blank" data-smartkarma-citation="entities:5485:1" rel="noopener">Future Corporation (4722 JP)</a>, <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a>, <a href="https://www.smartkarma.com/entities/tamron-co-ltd" target="_blank" data-smartkarma-citation="entities:17712:1" rel="noopener">Tamron Co Ltd (7740 JP)</a>, <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>. </em></strong>
</li>
</ul>


A weekly summary of key developments in ECM and Event-Driven names tracked by us in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
ECM developments: SHEIN Global Holdings (SHEIN HK) and Manipal Health Enterprises Ltd (1217834D IN) IPOs.
Event-Driven developments: Future Corporation (4722 JP), Kakaku.com Inc (2371 JP), Tamron Co Ltd (7740 JP), Australian Strategic Materials (ASM AU), Perpetual Ltd (PPT AU). 



Weekly Deals Digest (02 Aug) - Shein, Future Corp, Kakaku, Tamron, Australian Strategic, Perpetual

Event-Driven

<ul>
<li>On 30 July, <a href="https://diamond.jp/articles/-/395310" target="_blank" rel="noopener">Diamond</a> reported that <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> had proposed privatising <a href="https://www.smartkarma.com/entities/tamron-co-ltd" target="_blank" data-smartkarma-citation="entities:17712:1" rel="noopener">Tamron Co Ltd (7740 JP)</a> at an acquisition price of around JPY200 billion. </li>
<li>If the JPY200 billion refers to the cost to acquire the voting shares excluding Sony’s, the implied offer is JPY1,469, a 29.5% premium to the unaffected price of JPY1,134.</li>
<li>Effissimo would support the rumoured offer price, as it represents an all-time high and is attractive relative to peers' multiples.  </li>
</ul>


On 30 July, Diamond reported that Sony Corp (6758 JP) had proposed privatising Tamron Co Ltd (7740 JP) at an acquisition price of around JPY200 billion. 
If the JPY200 billion refers to the cost to acquire the voting shares excluding Sony’s, the implied offer is JPY1,469, a 29.5% premium to the unaffected price of JPY1,134.
Effissimo would support the rumoured offer price, as it represents an all-time high and is attractive relative to peers' multiples.  


Tamron (7740 JP): Thoughts on a Potential Privatisation Offer

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

<ul>
<li>Global managers are at their lowest ever allocation in Asian equities.  From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.</li>
<li>Declines were led by China &amp; HK Consumer Discretionary and Communication Services, whilst investors also scaled back exposure to Japan Communication Services, Industrials, Health Care and Consumer Staples</li>
<li>Among Global investors, overweight the benchmark in Asia is by far the non-consensus trade.</li>
</ul>


Global managers are at their lowest ever allocation in Asian equities.  From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.
Declines were led by China &amp; HK Consumer Discretionary and Communication Services, whilst investors also scaled back exposure to Japan Communication Services, Industrials, Health Care and Consumer Staples
Among Global investors, overweight the benchmark in Asia is by far the non-consensus trade.


Equity Long-Short Analyst

Pyari Menon

<ul>
<li>
<a href="https://www.smartkarma.com/entities/international-business-machines-corp" target="_blank" data-smartkarma-citation="entities:1064:1" rel="noopener">International Business Machines (IBM US)</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc-cl-c" target="_blank" data-smartkarma-citation="entities:11369:1" rel="noopener">Alphabet Inc Cl C (GOOG US)</a><a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a>, <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a>, and <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> are the top five AI innovators.</li>
<li>Top "non-tech" companies include medical diagnostic/surgical players like <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, <a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a>, and financials like State Farm Mutual, and <a href="https://www.smartkarma.com/entities/capital-one-financial-corp" target="_blank" data-smartkarma-citation="entities:255:1" rel="noopener">Capital One Financial (COF US)</a>
</li>
<li>Since AI technology includes integrating several areas of technology, we have data-mined from multiple technological areas that we think are fundamental to AI, We have detailed these in the report.</li>
</ul>



International Business Machines (IBM US), Alphabet Inc Cl C (GOOG US)Apple Inc (AAPL US), Amazon.com Inc (AMZN US), and Samsung Electronics (005930 KS) are the top five AI innovators.
Top "non-tech" companies include medical diagnostic/surgical players like Johnson &amp; Johnson (JNJ US), Medtronic Plc (MDT US), and financials like State Farm Mutual, and Capital One Financial (COF US)

Since AI technology includes integrating several areas of technology, we have data-mined from multiple technological areas that we think are fundamental to AI, We have detailed these in the report.


Insights from Data Mining Technical Publications - A Look into Artificial Intelligence

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

China CIS Sector – Maintain long-term positive outlook; near-term challenges persist

We expect CIS market to recover in 2H23, as mobile CIS inventory level returns to a normal level.However, challenges remain given high...

CMB International

Weekly Deals Digest (02 Aug) - Shein, Future Corp, Kakaku, Tamron, Australian Strategic, Perpetual

A weekly summary of key developments in ECM and Event-Driven names tracked by us in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia,...

Arun George

Tamron (7740 JP): Thoughts on a Potential Privatisation Offer

Effissimo would support the rumoured offer price, as it represents an all-time high and is attractive relative to peers' multiples.

Arun George

Asia: Global Investors Lose Faith

Global managers are at their lowest ever allocation in Asian equities. From a peak of over 17% in 2018, average exposure has fallen to just 12.94%.

Steven Holden

Insights from Data Mining Technical Publications - A Look into Artificial Intelligence

The global artificial intelligence (AI) market is forecast to grow rapidly in the coming years. In this report, we data-mine publications to rank...

Pyari Menon

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