Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

<p>Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPMid Term Country Allocation (Tactical view) in terms of RV vs MXAP</p><h2>Reminder Last Week:</h2><p>Rating on ASX and Nifty were unchanged (overweight). HSCEI and HSI were upgraded from “hold” to “increase exposure” and TWSE downgraded from “increase” to “hold”. Nikkei and Kospi both long-term outperformers were under the radar for any tactical opportunities.</p><h2>This week:</h2><ul><li>Maintain Overweight” on ASX, Nifty, HSI and HSCEI.</li><li>Upgrade Nikkei from “hold “to “increase exposure”.</li><li>Long term/strategic Kospi outperformance in progress, however in the shorter term, the ratio Kospi/MXAP is not at good tactical entry level (now close to first long term target). Keep this country on “hold” /under the radar, for now, awaiting new signals/opportunities to play the long-term view. Same for TWSE already downgraded last week from increase to “hold”.</li></ul>

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPMid Term Country Allocation (Tactical view) in terms of RV vs MXAPReminder Last Week:Rating on ASX and Nifty were unchanged (overweight). HSCEI and HSI were upgraded from “hold” to “increase exposure” and TWSE downgraded from “increase” to “hold”. Nikkei and Kospi both long-term outperformers were under the radar for any tactical opportunities.This week:Maintain Overweight” on ASX, Nifty, HSI and HSCEI.Upgrade Nikkei from “hold “to “increase exposure”.Long term/strategic Kospi outperformance in progress, however in the shorter term, the ratio Kospi/MXAP is not at good tactical entry level (now close to first long term target). Keep this country on “hold” /under the radar, for now, awaiting new signals/opportunities to play the long-term view. Same for TWSE already downgraded last week from increase to “hold”.

BBSP Equity Asia Weekly Research 10 May 2017

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Surge in revenue during 1Q24 may have implications for a return to strong profit growth</li>
<li>There is no evidence of structurally weaker core costs, like COGS and SGA and even R&amp;D</li>
<li>ROE is now above 20% and this after it large capital raising in FY22</li>
</ul>


Surge in revenue during 1Q24 may have implications for a return to strong profit growth
There is no evidence of structurally weaker core costs, like COGS and SGA and even R&amp;D
ROE is now above 20% and this after it large capital raising in FY22


Raydium Semiconductor - Acceleration of Revenue in 1Q24 Has Positive Implications

Taiwan

Tong Yang Industry Co., Ltd. manufactures and markets automobile and motorcycle parts such as bumpers, windshields, grilles, fenders, hoods, and light frames. The Company exports its products to North America, Europe, Central and South Americas, Southeast Asia, and the Middle East.

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Tong Yang Industry (1319 TT)

BBSP Equity Asia Weekly Research 10 May 2017

Mid-Term Country Allocation (Tactical view) in terms of RV vs MXAPMid Term Country Allocation (Tactical view) in terms of RV vs MXAPReminder Last...

BBSP Asia

Raydium Semiconductor - Acceleration of Revenue in 1Q24 Has Positive Implications

Acceleration of revenue in 1Q24 is exceptional and this may mark the beginning of far better growth at the bottom line, lacking in the past 1-2 years.

Daniel Tabbush

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