Category

Daily Briefs

Apr 06
0

Daily Brief Thematic (Sector/Industry): #132 India Insight: U.S. 26% Tariff on India and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • #132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning
  • #133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan
  • APAC Healthcare Weekly (April 6)- Nippon Shinyaku, Shionogi, Beigene, Celltrion, Mesoblast, Lupin

#132 India Insight: U.S. 26% Tariff on India, Apple’s 25% Output Surge, HDFC Bank Regulatory Warning

By Sudarshan Bhandari

  • U.S. imposes 26% tariff on Indian imports to be enforced in two phases i.e. 10% from April 5 and 16% from April 10 , although India sees no major setback.
  • Apple (AAPL US) to raise India’s iPhone output to 25% by 2028 from 14% in FY24, boosting local manufacturing and to meet the projected demand.
  • SEBI warns HDFC Bank for non-compliance; analysts project a 12% upside in share price.

#133 India Insight: GOI Trims 4.83% in Mazagon OFS, Gensol Faces SEBI Scrutiny, ABFRL’s 2x Rev Plan

By Sudarshan Bhandari

  • GOI launches a 4.83% stake sale in Mazagon Dock at an 8% discount, causing a 6.4% stock dip.
  • SEBI may investigate Gensol Engineering (GENSOL IN) over related-party EV leases and falsified debt servicing documents.
  • Aditya Birla Fashion and Retail Ltd (ABFRL IN) shifts focus to organic growth with plans to double revenue and hit 70% ROCE in lifestyle brands which drives strong re-rating potential.

APAC Healthcare Weekly (April 6)- Nippon Shinyaku, Shionogi, Beigene, Celltrion, Mesoblast, Lupin

By Tina Banerjee

  • Nippon Shinyaku filed NDA of tagraxofusp for a rare aggressive hematologic malignancy in Japan. Shionogi initiated rolling NDA submission to the FDA for Xocova for COVID-19 post-exposure prophylaxis.
  • Beigene is discontinuing clinical development program for ociperlimab, as a potential treatment for lung cancer. Celltrion received positive CHMP opinion for the addition of the Omlyclo autoinjector formulation.  
  • The first three children with SR-aGvHD will receive a course of Mesoblast’s Ryoncil commencing this week. Lupin is acquiring UK-based Renascience Pharma, a sole supplier of 4 specialty products.

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Apr 06
0

Daily Brief Technical Analysis: Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

By Joe Jasper

  • We have been expecting near-term downside on ACWI-US and the S&P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&P 500 displayed false breakouts.
  • Market dynamics have continued to deteriorate to the point where we don’t see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
  • Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.

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Apr 06
0

Daily Brief Event-Driven: SSI Weekly Newsletter: Updates on Liquidia and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC
  • Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
  • Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus
  • (Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC

By Special Situation Investments

  • Liquidia’s NDA for Yutrepia accepted by FDA with a PDUFA date set for May 24, commercialization expected soon.
  • SpringWorks Therapeutics’ stock dropped 17% amid silence on Merck takeover talks, market perceives low deal probability.
  • Allakos announced a buyout at $0.33/share, stock jumped 40%, deal expected to close in May 2025.

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

By David Blennerhassett

  • At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
  • ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
  • New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.

Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus

By Arun George

(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

By David Blennerhassett

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Apr 06
0

Daily Brief Equity Bottom-Up: 20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • 20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil
  • China Healthcare Weekly (Apr.6) – SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again
  • Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.
  • SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?
  • Endava Inc.: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!
  • GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?
  • HCA Healthcare’s New Revenue Strategy: Inside The Government Policies & Critical Factors Powering Its Growth!
  • Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?
  • MACOM Doubles Down on GaN Power with CHIPS Funding Boost!
  • Marriott Vacations: Capitalizing On First-Time Buyer Growth & Contract Sales To Up Their Top-Line Growth!

20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

By Douglas Kim

  • In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.
  • Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. 
  • As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. 

China Healthcare Weekly (Apr.6) – SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again

By Xinyao (Criss) Wang

  • Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.
  • SASAC’s new policy promotes SOE M&A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.
  • WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

  • JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license). 
  • Access to Navkar’s 100 acres undeveloped land  in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
  • JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?

By Baptista Research

  • SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model.
  • This shift is reflected in the growth of the company’s recurring SaaS subscriptions, which increased to 38% of total revenue in the fourth quarter, up from 19% in the previous year.
  • Annual recurring revenue (ARR) grew to $54.4 million, reflecting a year-over-year increase, and SaaS revenue showed a 17% increase during the same period.

Endava Inc.: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond!

By Baptista Research

  • Endava reported its second quarter fiscal year 2025 results with revenue reaching GBP 195.6 million, a 6.6% increase year-over-year, or 9.1% in constant currency.
  • This growth was driven by strong business performance in North America and the company’s core modernization offerings.
  • Profit before tax stood at GBP 2.5 million, significantly lower than the GBP 10.6 million a year earlier, highlighting ongoing cost challenges and restructuring impacts.

GFL Environmental Eyes $1 Billion In M&A—Will This Aggressive Inorganic Expansion Materialize?

By Baptista Research

  • GFL Environmental Inc. presented a mixed financial performance in its fourth-quarter and annual earnings call for 2024, showcasing both promising growth strategies and some potential headwinds.
  • For the quarter, the company reported consolidated revenue of $1.986 billion, outpacing their expectations due to solid waste organic growth and strategic pricing initiatives.
  • The company also highlighted a 7% organic growth in the solid waste segment, a sign of resilience and effective management strategies.

HCA Healthcare’s New Revenue Strategy: Inside The Government Policies & Critical Factors Powering Its Growth!

By Baptista Research

  • HCA Healthcare delivered a mixed performance in its fourth-quarter 2024 results, reflecting both strengths and challenges faced during the period.
  • Positively, the company continued to demonstrate robust demand for healthcare services, with an overall revenue growth of approximately 6% compared to the previous year.
  • Key performance indicators like inpatient admissions showed a healthy upward trajectory, with a 3% increase in both categories when measured on a same-facility basis.

Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?

By Baptista Research

  • Huntington Ingalls Industries, Inc. (HII) presented its Q4 2024 earnings results with a mixed outcome, reflecting both opportunities and challenges across its various business segments.
  • The company reported revenues of $3 billion for the quarter, a decrease of approximately 5% compared to the same period last year.
  • This decline was attributed to reduced revenues across all three of HII’s segments.

MACOM Doubles Down on GaN Power with CHIPS Funding Boost!

By Baptista Research

  • MACOM Technology Solutions Holdings, Inc. reported its financial results for the first fiscal quarter of 2025, with notable developments across its key business segments: Industrial & Defense, Data Center, and Telecom.
  • The company posted a revenue of $218 million, an 8.7% sequential increase, and an adjusted EPS of $0.79 per diluted share.
  • It generated approximately $63 million in free cash flow and maintained a strong cash position with $657 million in cash and short-term investments.

Marriott Vacations: Capitalizing On First-Time Buyer Growth & Contract Sales To Up Their Top-Line Growth!

By Baptista Research

  • Marriott Vacations Worldwide reported solid results for the fourth quarter of 2024, underpinned by strong leisure travel demand and strategic adjustments in sales and marketing approaches.
  • The company has successfully expanded its sales channels and promotional strategies, leading to a 7% year-over-year increase in contract sales, with first-time buyer sales growing faster.
  • This results from innovative initiatives like virtual tours and sales channels such as roadshows and owner cruises.

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Apr 06
0

Daily Brief South Korea: Krafton and more

By | Daily Briefs, South Korea

In today’s briefing:

  • 20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil

By Douglas Kim

  • In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.
  • Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months. 
  • As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance. 

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Apr 06
0

Daily Brief Singapore: Singtel and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

Odds of a Prolonged Downturn Are Rising; We Are Cautious; Get Defensive

By Joe Jasper

  • We have been expecting near-term downside on ACWI-US and the S&P 500 since our February 27 Int’l Compass, when both ACWI-US and the S&P 500 displayed false breakouts.
  • Market dynamics have continued to deteriorate to the point where we don’t see it as a buying opportunity, and we believe $115 support is not likely to hold on ACWI-US.
  • Therefore, we are cautious and would get defensive, as we believe the odds of a more prolonged downturn in global equities are rising.

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Apr 06
0

Daily Brief United States: ACELYRIN , SmartRent, Belden Inc, Donaldson Co, HCA Healthcare, Inc. , Huntington Ingalls Industries, Ma Com Technology Solutions, Marriott Vacations World, N-able , Reservoir Media and more

By | Daily Briefs, United States

In today’s briefing:

  • SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC
  • SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?
  • Belden Inc.: Expansion of Industrial Network Offerings & 4 Critical Developments Powering Its 2025 Performance!
  • Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!
  • HCA Healthcare’s New Revenue Strategy: Inside The Government Policies & Critical Factors Powering Its Growth!
  • Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?
  • MACOM Doubles Down on GaN Power with CHIPS Funding Boost!
  • Marriott Vacations: Capitalizing On First-Time Buyer Growth & Contract Sales To Up Their Top-Line Growth!
  • N-able Inc.: Expanding Reseller & Mid-Market Channels to Strengthen Foothold In Critical Global Markets!
  • Reservoir Media Is Riding the Streaming Wave—But Can It Keep Growing in a Changing Music Landscape?

SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC

By Special Situation Investments

  • Liquidia’s NDA for Yutrepia accepted by FDA with a PDUFA date set for May 24, commercialization expected soon.
  • SpringWorks Therapeutics’ stock dropped 17% amid silence on Merck takeover talks, market perceives low deal probability.
  • Allakos announced a buyout at $0.33/share, stock jumped 40%, deal expected to close in May 2025.

SmartRent Inc.: Is The Expansion of Recurring SaaS Revenue Expected To Last In These Tough Times?

By Baptista Research

  • SmartRent is undergoing a strategic transformation toward a Software-as-a-Service (SaaS)-focused business model.
  • This shift is reflected in the growth of the company’s recurring SaaS subscriptions, which increased to 38% of total revenue in the fourth quarter, up from 19% in the previous year.
  • Annual recurring revenue (ARR) grew to $54.4 million, reflecting a year-over-year increase, and SaaS revenue showed a 17% increase during the same period.

Belden Inc.: Expansion of Industrial Network Offerings & 4 Critical Developments Powering Its 2025 Performance!

By Baptista Research

  • Belden Inc. has delivered a robust financial performance in its fourth quarter and the full fiscal year of 2024, with certain strategically positive developments, although faced with some macroeconomic and operational challenges.
  • The overall revenue for Q4 2024 amounted to $666 million, marking a notable increase of 21% year over-year.
  • Earnings per share (EPS) also exceeded expectations, reaching $1.92.

Donaldson Company: Growth In Aftermarket & Solutions Segments Propelling Our ‘Outperform’ Rating!

By Baptista Research

  • Donaldson Company, Inc. recently reported its second quarter fiscal year 2025 financial results, presenting a mixed performance amidst challenging market conditions.
  • The company, known for its focus on technology-led filtration solutions, demonstrated resilience in various segments, although it faced several headwinds.
  • On the positive side, Donaldson achieved a modest 1% increase in sales in constant currency, with total sales reaching $870 million despite a 170 basis point negative impact from currency translation.

HCA Healthcare’s New Revenue Strategy: Inside The Government Policies & Critical Factors Powering Its Growth!

By Baptista Research

  • HCA Healthcare delivered a mixed performance in its fourth-quarter 2024 results, reflecting both strengths and challenges faced during the period.
  • Positively, the company continued to demonstrate robust demand for healthcare services, with an overall revenue growth of approximately 6% compared to the previous year.
  • Key performance indicators like inpatient admissions showed a healthy upward trajectory, with a 3% increase in both categories when measured on a same-facility basis.

Huntington Ingalls Industries Looking To Reinvent Shipbuilding—Will Its Workforce Optimization Efforts Work Out?

By Baptista Research

  • Huntington Ingalls Industries, Inc. (HII) presented its Q4 2024 earnings results with a mixed outcome, reflecting both opportunities and challenges across its various business segments.
  • The company reported revenues of $3 billion for the quarter, a decrease of approximately 5% compared to the same period last year.
  • This decline was attributed to reduced revenues across all three of HII’s segments.

MACOM Doubles Down on GaN Power with CHIPS Funding Boost!

By Baptista Research

  • MACOM Technology Solutions Holdings, Inc. reported its financial results for the first fiscal quarter of 2025, with notable developments across its key business segments: Industrial & Defense, Data Center, and Telecom.
  • The company posted a revenue of $218 million, an 8.7% sequential increase, and an adjusted EPS of $0.79 per diluted share.
  • It generated approximately $63 million in free cash flow and maintained a strong cash position with $657 million in cash and short-term investments.

Marriott Vacations: Capitalizing On First-Time Buyer Growth & Contract Sales To Up Their Top-Line Growth!

By Baptista Research

  • Marriott Vacations Worldwide reported solid results for the fourth quarter of 2024, underpinned by strong leisure travel demand and strategic adjustments in sales and marketing approaches.
  • The company has successfully expanded its sales channels and promotional strategies, leading to a 7% year-over-year increase in contract sales, with first-time buyer sales growing faster.
  • This results from innovative initiatives like virtual tours and sales channels such as roadshows and owner cruises.

N-able Inc.: Expanding Reseller & Mid-Market Channels to Strengthen Foothold In Critical Global Markets!

By Baptista Research

  • N-able Inc. recently reported its fourth-quarter and full-year financial results for 2024, revealing a stable growth trajectory but with various underlying challenges and opportunities for investors to consider.
  • The company’s revenue grew by 7% year-over-year in constant currency for the fourth quarter, while the full-year revenue increased by 10% under the same metric.
  • N-able’s Annual Recurring Revenue (ARR) concluded the fiscal year at $482 million, also indicating a 10% growth in constant currency, underscoring a solid revenue base supported by subscription models.

Reservoir Media Is Riding the Streaming Wave—But Can It Keep Growing in a Changing Music Landscape?

By Baptista Research

  • Reservoir Media’s third quarter fiscal year 2025 results reflect a solid performance marked by significant growth in both revenue and profitability.
  • The company reported total revenue of $42.3 million, which signifies a 19% year over-year increase.
  • This growth was driven primarily by a 16% rise in music publishing revenue and a 20% increase in recorded music revenue.

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Apr 06
0

Daily Brief India: Navkar Corporation Limited and more

By | Daily Briefs, India

In today’s briefing:

  • Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

Navkar Corporation: How JSW’s Acquisition of Navkar Creates a Logistics Powerhouse.

By Viral Kishorchandra Shah

  • JSW group aims to become a complete port and logistics solution provider to end customers, by combining JSWIL’s port infrastructure with Navkar’s inland logistics capabilities (CFS, ICD, PFT,CTO license). 
  • Access to Navkar’s 100 acres undeveloped land  in strategic areas offers JSW Infrastructure Ltd( JSWIL) opportunities for further development and expansion of logistics infrastructure.
  • JSW targets INR 9,000 crore Capex in logistics by FY30, expecting INR 8,000 crore revenue, INR 2,000 crore EBITDA, and 17-18% ROCE.

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Apr 06
0

Daily Brief China: WuXi AppTec , BeiGene , Hang Seng Index, Skyworth Group Limited and more

By | China, Daily Briefs

In today’s briefing:

  • China Healthcare Weekly (Apr.6) – SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again
  • Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick
  • HSI Index Options Weekly (Mar 31-Apr 03): Global Meltdown, What to Expect on Monday
  • Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus

China Healthcare Weekly (Apr.6) – SASAC to Encourage SOE M&A, WuXi AppTec Disposed XDC Shares Again

By Xinyao (Criss) Wang

  • Licensing-Out partnerships are expected to contribute approximately US$6–7 billion in annual upfront payments, US$12–14 billion in milestone payments, and US$25–30 billion in sales-sharing revenues to China’s innovative drug industry.
  • SASAC’s new policy promotes SOE M&A to strengthen industrial chains, especially in weaker sectors like biomedicine. The strategic deployment of state-owned capital is set to gain momentum.
  • WuXi AppTec is divesting its stake in WuXi XDC, viewing the shares as overvalued and aiming to lock in profits ahead of a potential price correction.

Quiddity Leaderboard Hang Seng Index Jun25: Beigene Is Our Top Pick

By Janaghan Jeyakumar, CFA

  • The Hang Seng Index is the benchmark index for Hong Kong stocks. It follows a highly-subjective selection process which makes it difficult to predict index changes.
  • In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes during the next review in June 2025.
  • The index changes are expected to be confirmed on 16th May 2025.

HSI Index Options Weekly (Mar 31-Apr 03): Global Meltdown, What to Expect on Monday

By John Ley

  • A shortened trading week masks the true extent of the HSI sell-off, with global markets down sharply Thursday and Friday
  • We use related indexes and historical relationships to estimate Monday’s price change and 1M implied vol for HSI.
  • Put activity surged, with heavy interest at the 19,600 strike potentially adding pressure to price and vol on Monday.

Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus

By Arun George

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Apr 06
0

Daily Brief Japan: Makino Milling Machine Co, Topcon Corp and more

By | Daily Briefs, Japan

In today’s briefing:

  • Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
  • (Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

By David Blennerhassett

  • At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
  • ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
  • New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.

(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus

By David Blennerhassett

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