Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>The prospect of jumbo US rate cuts is juicing asset markets</li>
<li>Overseas Capital is starting to move into domestic Chinese equities</li>
<li>The Precious metals ETFs are breaking out -looking at laggards</li>
</ul>


The prospect of jumbo US rate cuts is juicing asset markets
Overseas Capital is starting to move into domestic Chinese equities
The Precious metals ETFs are breaking out -looking at laggards


Overview #32 – International Money Starts to Flow to Chinese Domestic Markets

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move up and down, with the resistance at 1,463/1,474 points and the support at 1,444/1,441 points (50-day EMA).</li><li>Thailand: Prime Minister Paetongtarn has scheduled the first meeting of the Economic Stimulus Policy Committee to discuss short-term, medium-term, and long-term measures, as well as projects from the Ministry of Finance, Ministry of Tourism, Ministry of Commerce, and others, including the Digital Wallet Phase 2 project.</li><li>A survey by BofA of 179 global fund managers, managing a total NAV of USD503bn, conducted between November 1-7, revealed a shift in outlook on global inflation, moving from a downward trend to an upward one over the next 12 months, largely in response to Donald Trump's economic stimulus policies.</li></ul>

Technically, the SET Index is expected to move up and down, with the resistance at 1,463/1,474 points and the support at 1,444/1,441 points (50-day EMA).Thailand: Prime Minister Paetongtarn has scheduled the first meeting of the Economic Stimulus Policy Committee to discuss short-term, medium-term, and long-term measures, as well as projects from the Ministry of Finance, Ministry of Tourism, Ministry of Commerce, and others, including the Digital Wallet Phase 2 project.A survey by BofA of 179 global fund managers, managing a total NAV of USD503bn, conducted between November 1-7, revealed a shift in outlook on global inflation, moving from a downward trend to an upward one over the next 12 months, largely in response to Donald Trump's economic stimulus policies.

First Meeting of the Economic Stimulus Policy Committee

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.</li>
<li>
<a href="https://www.smartkarma.com/entities/qifu-technology-inc" target="_blank" data-smartkarma-citation="entities:36657:1" rel="noopener">Qifu Technology (3660 HK)</a> , <a href="https://www.smartkarma.com/entities/q-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:79:1" rel="noopener">Q Technology Group (1478 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> all advanced on strong 2Q earnings announcements. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> disappointed on earnings and monthly user numbers.  <a href="https://www.smartkarma.com/entities/country-garden-services-holdin" target="_blank" data-smartkarma-citation="entities:27343:1" rel="noopener">Country Garden Services (6098 HK)</a> declined in anticipation of a large drop in earnings in 2Q 2024.
</li>
</ul>


Japan equity ETF flows have not recovered from the carry trade sell off.  Hong Kong Southbound Connect flows continue to be positive this month.

Qifu Technology (3660 HK) , Q Technology Group (1478 HK) and JD Logistics (2618 HK) all advanced on strong 2Q earnings announcements. 


Tencent Music Entertainment Group (1698 HK) disappointed on earnings and monthly user numbers.  Country Garden Services (6098 HK) declined in anticipation of a large drop in earnings in 2Q 2024.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

<ul>
<li>First major technical resistance for HSI and HSCEI has been met with force and a consolidation/correction begins</li>
<li>Market breadth expands over last month presenting investment opportunities beyond tech and mega-cap</li>
<li>Short and long term sentiment indicators going positive as most analysts continue to look in rear view mirror</li>
</ul>


First major technical resistance for HSI and HSCEI has been met with force and a consolidation/correction begins
Market breadth expands over last month presenting investment opportunities beyond tech and mega-cap
Short and long term sentiment indicators going positive as most analysts continue to look in rear view mirror


Technically Speaking: Hong Kong Strategy in the Secular Bull Market

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,365 points and 1,360 points (1/2 of the Fibonacci range of 1,325-1,404 points) and the resistance at 1,375/1,380 points (50-day EMA/75-day EMA).</li><li>Flash manufacturing and services PMIs in May: Japan's figures (Jibun Bank) are expected at 50.2/53.8 (vs. April at 49.6/54.3); the figures in the EU (HBOC) are forecast at 46.6/53.4 (vs. 45.7/53.3 in April); and the readings in the US (S&P Global) are expected at 50.1/51.3 (vs. 50.0/51.3 in April).</li><li>Should the figures surpass expectations, they will signal positive trends in international exports.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,365 points and 1,360 points (1/2 of the Fibonacci range of 1,325-1,404 points) and the resistance at 1,375/1,380 points (50-day EMA/75-day EMA).Flash manufacturing and services PMIs in May: Japan's figures (Jibun Bank) are expected at 50.2/53.8 (vs. April at 49.6/54.3); the figures in the EU (HBOC) are forecast at 46.6/53.4 (vs. 45.7/53.3 in April); and the readings in the US (S&P Global) are expected at 50.1/51.3 (vs. 50.0/51.3 in April).Should the figures surpass expectations, they will signal positive trends in international exports.

Manufacturing and Services PMIs in Japan, the EU and the US

China

Weibo Corporation operates a leading social media platform in China, enabling users to create, discover, and distribute Chinese-language content. The company primarily generates revenue through advertising and marketing services, alongside value-added services such as membership and online games. It is headquartered in Beijing, China, and was founded in 2009.

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Weibo (9898 HK)

Overview #32 – International Money Starts to Flow to Chinese Domestic Markets

A review of recent events/data impacting our investment themes and outlook. We look at the Chinese breakout and laggards in the precious metal space

Rikki Malik

First Meeting of the Economic Stimulus Policy Committee

Technically, the SET Index is expected to move up and down, with the resistance at 1,463/1,474 points and the support at 1,444/1,441 points...

Krungthai XSpring

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 16)

Japan ETF flows have been light after the massive outflow from carry trade unwind. Qifu Tech, Q Tech and JDL all had positive earnings announcement...

David Mudd

Technically Speaking: Hong Kong Strategy in the Secular Bull Market

Hong Kong markets are now in a correction in a secular bull market. There are now opportunities to rotate into long term investments which will...

David Mudd

Manufacturing and Services PMIs in Japan, the EU and the US

Technically, the SET Index is expected to move sideways down, with the support at 1,365 points and 1,360 points (1/2 of the Fibonacci range of...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)