Category

Thematic (Sector/Industry)

Sep 22
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan: Risk-Off as Rates Hit Decade High; JapanX – Prime Market Slims Down and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan: Risk-Off as Rates Hit Decade High; JapanX – Prime Market Slims Down
  • US Banks – Added $122bn Cash In Past 2 Weeks | Loans up $31bn | CRE Loans Down | Deposits up $113bn
  • [Blue Lotus Entertainment Sector Update]: What Change Can Mate 60 Bring to Games and Apps
  • China Property Developers In Distress – Weekly News & Announcements Tracker | 15-21 September 2023
  • China TMT Update-NIO/LI/XPEV/BEKE/NIO-Xpeng G9/Guangzhou Lift Purchase Restrictions/NIO Chip
  • [Blue Lotus Hardware Sector Update]: SMIC 7nm and 5nm Sufficient for Huawei Rejuvenation

Ohayo Japan: Risk-Off as Rates Hit Decade High; JapanX – Prime Market Slims Down

By Mark Chadwick

  • OVERSEAS: SPX -1.6% as Treasury yields reached a 16-year high of 4.49%; labour market remains tight
  • JAPAN: NKY Futures -1.6% v cash, JPY 147.5; Sankyo to buy back 17% of outstanding shares; NTV to buy Studio Ghibli
  • JAPAN X: More mid-sized companies moving to TSE Standard Index after failing market cap threshold. 

US Banks – Added $122bn Cash In Past 2 Weeks | Loans up $31bn | CRE Loans Down | Deposits up $113bn

By Daniel Tabbush

  • De-Risking is well in place in weekly balance sheet for US banks. Cash rose USD122bn in past 2 weeks, loans rose USD31bn, and deposits rose USD113bn. CRE loans are down.
  • US banks’ LDR was rising a lot, from 58.6% low in week of 15 December 2021 to 69.3% in the most recent week’s data; they do not want the money.
  • The increase in large time deposits, which cost more than other deposits, is now 82.8% YoY in the most recent week; this YoY growth was 71.0% just 9 weeks earlier.

[Blue Lotus Entertainment Sector Update]: What Change Can Mate 60 Bring to Games and Apps

By Shawn Yang

  • Blue Lotus expects Huawei’s smartphone shipment market share to grow 5ppt in 2024, of which 2ppt from Apple and 1.5ppt from Honor;
  • The impacts are mainly two: (1) Huawei Appstore’s unique revenue share for games and apps, (2) Opportunity to recommend new games and apps through preinstallation;
  • We see the biggest positive impact on subscription-based video apps and the biggest negative impact on mobile games. We reiterate our Top Pick in iQIYI.

China Property Developers In Distress – Weekly News & Announcements Tracker | 15-21 September 2023

By Robert Ciemniak

  • A weekly curated selection of Chinese news articles and company announcements focused on developers in distress
  • We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
  • We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources

China TMT Update-NIO/LI/XPEV/BEKE/NIO-Xpeng G9/Guangzhou Lift Purchase Restrictions/NIO Chip

By Shawn Yang

  • NIO/LI/XPEV:Xpeng G9 facelift price cut exceeds expectations ( -/ -/ +)
  • Real Estate Industry Update: Guangzhou lift purchase restrictions in outer regions, and property transaction activities are ramping sequentially（+）
  • NIO：NIO released a self-developed chip, automotive operating system SkyOS , and NIO Phone（+）

[Blue Lotus Hardware Sector Update]: SMIC 7nm and 5nm Sufficient for Huawei Rejuvenation

By Shawn Yang

  • We estimate that SMICs 7nm yield is >70% with capacity of 19k 7nm wafers per month.  We expect SMIC will be able to ship 5nm by 2026 .
  • We expect Huawei’s wafer demand to reach 18k~ 7nm per month, which would have revenue gain of US$ 550mn~ per quarter to SMIC. We raise SMIC TP to HK$ 27.
  • We expect Huawei to reach 18% share of the China smartphone market in 2024. We expect Apple and Xiaomi’s China market share to decline by 2ppt and 0.8ppt YoY, respectively.

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Sep 21
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan: Dots Say Higher for Longer; JapanX: Kishida Lays Out Welcome Mat for Foreign Investors and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan: Dots Say Higher for Longer; JapanX: Kishida Lays Out Welcome Mat for Foreign Investors

Ohayo Japan: Dots Say Higher for Longer; JapanX: Kishida Lays Out Welcome Mat for Foreign Investors

By Mark Chadwick

  • OVERSEAS: SPX -0.9% as Fed opted not to raise interest rates. However, the CB now sees rates higher for longer
  • JAPAN: NKY Futures -0.8% v cash, JPY 148.3/$; Toshiba Tender Offer gets done (finally); 
  • JAPAN X: Tokyo has long-dreamed of becoming a global financial city. Now PM Kishida is inviting foreigners to revitalize the Asset Management Industry

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Sep 20
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan: Instacart Soars on Debut; JapanX: Pana More than Just EVs and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan: Instacart Soars on Debut; JapanX: Pana More than Just EVs
  • China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume
  • China TMT Update-Nayuki/Luckin/981.HK/1347.HK/ACMR/LI-Food Safety Issue/Increase the Tax-Deductible

Ohayo Japan: Instacart Soars on Debut; JapanX: Pana More than Just EVs

By Mark Chadwick

  • OVERSEAS: SPX -0.2% as Fed began its meeting – expectations are for Fed to hold steady. IPO market on fire as InstaCart closed up 12% on the day
  • JAPAN: NKY Futures -0.5%, JPY 147.9; Kishida to encourage foreign asset managers to set up shop; Softbank to pocket $5bn from ARM IPO
  • JAPAN X: Panasonic is more than just an EV play – the 2021 acquisition of Blue Yonder sets the company up to compete in supply chains and automation

China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

By Shawn Yang

  • ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)
  • HK 700/NTES: Tencent Announces New Game “Yuan Meng Zhi Xing” (+)/(-)
  • 3690. HK : Keeta expands into Hong Kong Island (-)

China TMT Update-Nayuki/Luckin/981.HK/1347.HK/ACMR/LI-Food Safety Issue/Increase the Tax-Deductible

By Shawn Yang

  • Nayuki/Luckin: Food safety issue happened on one store of Mixue
  • 981.HK/1347.HK/ACMR: Tax authorities increase the tax-deductible amount for R&D (+)
  • LI: LI’s latest weekly sales were unaffected by Wenjie (+)

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Sep 19
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan: Oil Bubbles Higher but Stocks Quiet Ahead of Fed Meeting and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan: Oil Bubbles Higher but Stocks Quiet Ahead of Fed Meeting
  • China Housing – Weekly Data Does Not (Yet) Show Impact Of Policy Easing
  • China TMT Update-U/ATAT/LI-Unity to Adjust Fees/Pre-Booking Travel on National Day/New Wenjie M7
  • Inaugural Industry Report Tracks Stocks, Fundamentals, and Economic Drivers
  • The Highlights – Cannabis News for the Week Ending September 15, 2023
  • Weekly Sustainable Investing Surveyor Week Ended September 15, 2023

Ohayo Japan: Oil Bubbles Higher but Stocks Quiet Ahead of Fed Meeting

By Mark Chadwick

  • OVERSEAS: US stocks marginally higher; oil rises to almost $95/bbl; market expects Fed to remain on hold this week, while economists expect a hike
  • JAPAN: Topix earnings expected to rise by 4-7% this year; shortage of qualified independent directors (especially women) becoming an issue; potential job cuts at 7&I
  • JAPAN X: Global offshore wind projects facing cost pressures but Japan’s latest bids are done. Results by year end; trading companies and heavies likely biggest beneficiaries

China Housing – Weekly Data Does Not (Yet) Show Impact Of Policy Easing

By Robert Ciemniak

  • The weekly data for new home sales for 18 cities with consistent data to the week ending September 10 does not show pickup signs, despite some media buzz after easing
  • But we expect the impact to start showing in the next weeks
  • In the meantime, using weekly metrics as predictors of the direction of the national monthly figures, suggests no real improvement YTD y/y so far for Sep

China TMT Update-U/ATAT/LI-Unity to Adjust Fees/Pre-Booking Travel on National Day/New Wenjie M7

By Shawn Yang

  • U:Unity to Adjust Previously Established Runtime Fees Due to Developer Pressure (/)
  • ATAT： Pre-booking travel volume on National Day continue to ramp up（+）
  • LI: New Wenjie M7 order volume exceeded expectations, continuing to threaten LI (-)

Inaugural Industry Report Tracks Stocks, Fundamentals, and Economic Drivers

By Water Tower Research

  • Herein we inaugurate the WTR Furniture/Furnishings Weekly. Under “Statistics”, we recap stock price performance for select issues in three sectors: Commercial/Contract Furniture, Residential Manufacturers & Suppliers, and Home Goods Retailers.

  • Inside, we present data on company operating performance and valuation. Pertinent economic data/charts to furniture/furnishings issues follow.

  • This front-page column, and additional text, if needed, will be devoted to news tidbits.

The Highlights – Cannabis News for the Week Ending September 15, 2023

By Water Tower Research

  • Global equities were fairly flat this week, with the MSCI World Index +0.40% and the S&P -0.48%.

  • The NASDAQ was down 0.39%, while the small-cap Russell 2000 dropped 0.17%.

  • Rising oil prices boosted value stocks, while Apple’s uninspiring new product introductions weighed on the tech sector.

Weekly Sustainable Investing Surveyor Week Ended September 15, 2023

By Water Tower Research

  • The WTR Sustainable Index outperformed the broader market, rising 0.8% W/W versus the S&P 500 Index (down 0.2%), the Russell 2000 Index (down 0.2%), and the Nasdaq Index (down 0.5%).
  • Energy Technology (15.0% of the index) contributed to the index’s outperformance, rising 1.2%, while Industrial Climate and Ag Technology (45.3% of the index) was down 2%, ClimateTech Mining was up 2.6%, and Advanced Transportation Solutions was up 3.7%.
  • Top 10 Performers: MULN, CMC, FFIE, NKLA, CRGE, WUC, NNOMF, XOS, AZRE, CPTN

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Sep 18
0

Daily Brief Thematic (Sector/Industry): Turnaround in China Healthcare Anti-Corruption: Impact on Company’s 2023 Results & Upcoming New Reforms and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Turnaround in China Healthcare Anti-Corruption: Impact on Company’s 2023 Results & Upcoming New Reforms
  • China TMT Update-1810.HK/AAPL/981.HK/HK700/HK1024/DOYU/BILI/IQ/BABA/VIPS/PDD/3690.HK/YSG/JD-Mate 60
  • China TMT Update-AAPL/JD/BEKE-Pre-Registrations for IPhone 15 Slightly Lower than IPhone 14

Turnaround in China Healthcare Anti-Corruption: Impact on Company’s 2023 Results & Upcoming New Reforms

By Xinyao (Criss) Wang

  • The People’s Daily/National Health Commission made “mild” statements about anti-corruption, bringing investors “hope”. However, it depends on the attitude of Central Commission for Discipline Inspection, who is the decision maker. 
  • We break down some industry data to help investors better understand the impact of anti-corruption campaign on China healthcare. It seems inevitable that companies’ Q3 performance would be affected.
  • Looking ahead, companies’ performance reversal may not be as fast as expected.The anti-corruption campaign could accelerate the next stage of reform. Investors need to be prepared for upcoming new changes.  

China TMT Update-1810.HK/AAPL/981.HK/HK700/HK1024/DOYU/BILI/IQ/BABA/VIPS/PDD/3690.HK/YSG/JD-Mate 60

By Shawn Yang

  • 1810.HK/AAPL/981.HK: Local media reports that the Mate 60 series is planned to ship 20mn units (-/-/+)
  • HK700/HK1024/DOYU/BILI/IQ: Tencent announced its live broadcast rights holder for 2023 Hangzhou Asian Games. (+)/(-)/(-)/(-)/(-)
  • BABA/VIPS / PDD/ 3690.HK/ YSG/JD: Social retail consumption improved month-on-month (+/+/+/+/+/-)

China TMT Update-AAPL/JD/BEKE-Pre-Registrations for IPhone 15 Slightly Lower than IPhone 14

By Shawn Yang

  • Real Estate Industry Update: Property sales remain lukewarm in August, price declined marginally(/)
  • Real Estate Industry Update: Local media survey indicate China home purchase willingness increased in September post policy stimulus(+)
  • AAPL/JD: JD pre-registrations for iPhone 15 slightly lower than iPhone 14, and ASP largely unchanged (-)

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Sep 17
0

Daily Brief Thematic (Sector/Industry): GEMWeekly (15 Sep 2023): China and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • GEMWeekly (15 Sep 2023): China, India Macro Data; Alibaba, Tencent, Baidu, Byju’s

GEMWeekly (15 Sep 2023): China, India Macro Data; Alibaba, Tencent, Baidu, Byju’s

By Wium Malan, CFA

  • The Global Emerging Markets Weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
  • Macro data points: China inflation, industrial production, retail sales, and RRR cut; India industrial and manufacturing output.
  • Companies mentioned:Alibaba Group Holding (9988 HK), Tencent (700 HK), Baidu (9888 HK), BYJU’S (1391510D IN)

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Sep 16
0

Daily Brief Thematic (Sector/Industry): Japan Weekly | Yay and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Weekly | Yay, Equity Breakout, Toyota Cross-Share Unwind, Problems for Japan Aerospace Inc
  • China RRR Cut, Macro, & A Debate on – Property Pair Trade “Long China and Short HK” (Or the Reverse)
  • Mat-Chem Notes For the Week Ended September 8, 2023

Japan Weekly | Yay, Equity Breakout, Toyota Cross-Share Unwind, Problems for Japan Aerospace Inc

By Mark Chadwick

  • A positive week for Japanese equities. The Nikkei ended the week up 2.8% at 33,533, a two-month high
  • Toyota Group subsidiaries took the honours after Aisin announced a bullish MTP and an unwinding of cross-shareholdings
  • Japan’s aerospace industry got caught up in the problems impacting Pratt & Whitney’s turbofan engines. All the heavies are impacted, none more so than IHI

China RRR Cut, Macro, & A Debate on – Property Pair Trade “Long China and Short HK” (Or the Reverse)

By Jacob Cheng

  • PBoC cut 25bps of RRR, being the second cut in 2023, and is expected to inject 500bn of liquidity into the system. The average RRR is 7.4% post cut
  • We look at the potential pair trade of China and HK for property.  The original thesis was that China offers higher growth to investors
  • Now, the thesis no longer holds.  The trade now becomes more complicated, given the moving pieces both from top down and bottom up.  We recommend single stock trade.

Mat-Chem Notes For the Week Ended September 8, 2023

By Water Tower Research

  • WTR-CMI last week. Last week saw the market retrench, with the S&P 500 losing 1.3%, while our WTR-CMI index of 30 chemicals and materials technology stocks managed to modestly outperform the broader Russell 2000 index (-3.6%) by declining 3.4%.

  • Only one stock in our index, SXT, managed a positive gain for the week, appreciating 3%. FMC was the worst performer in our index, losing 12.3% of its value on a short seller’s report that the company felt obliged to address.

  • Ag-tech portfolio shuffles continue. Privately held DLF, a global seed company, completed the acquisition of CTVA’s alfalfa seed breeding program, which was announced last month.

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Sep 15
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan: SPX Rallies on Bullish ARM Debut; JAPAN X: Sparx Founder Retirement Trade – $2bn Fund and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan: SPX Rallies on Bullish ARM Debut; JAPAN X: Sparx Founder Retirement Trade – $2bn Fund
  • [Blue Lotus Entertainment Sector Update]: Game Cannot Break the Tie of Hardware but AI Can
  • China Property Developers In Distress – Weekly News & Announcements Tracker | 8-14 September 2023
  • China TMT Update-BEKE/NIO/300750CH/2150HK-Zhengzhou Cancel Restrictions;Nio Cylindrical Battery
  • Commodity Analysis – Cotton Futures

Ohayo Japan: SPX Rallies on Bullish ARM Debut; JAPAN X: Sparx Founder Retirement Trade – $2bn Fund

By Mark Chadwick

  • OVERSEAS: SPX Rallies supported by Bullish ARM (+25%) trading;  Markets ignore implications Producer prices; Retail sales strong;   UAW Strike Looms – GM Sweetens offer; China cuts RRR.
  • JAPAN: NKY Futs 0.1% vs Cash; USDJPY 147.5; Japan Corp profits not trickling down; No boost for Kishida post reshuffle; More JP firms lifting shareholder returns; Bullish Aisin MTP
  • JAPAN X: Sparx Group’s Billion-Dollar Bet on Japan’s Future. CEO Abe goes all in with a view of catching the start of the wave of resurgence of Japanese equities.

[Blue Lotus Entertainment Sector Update]: Game Cannot Break the Tie of Hardware but AI Can

By Shawn Yang

  • A key feature of iPhone 15 is 3nm Bionic chipset with enhanced game supports. 
  • This, however, will not break the tie of Apple vs. Huawei;
  • We see game engine benefiting from upcoming competition between Apple, Qualcomm, MTK and Huawei, more so though AI.

China Property Developers In Distress – Weekly News & Announcements Tracker | 8-14 September 2023

By Robert Ciemniak

  • A weekly curated selection of Chinese news articles and company announcements focused on developers in distress
  • We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
  • We do not verify the underlying data or provide any opinion, we only select and summarize the information; See direct links to sources

China TMT Update-BEKE/NIO/300750CH/2150HK-Zhengzhou Cancel Restrictions;Nio Cylindrical Battery

By Shawn Yang

  • Real Estate Industry Update: Zhengzhou fully cancel the home purchase and selling restrictions, an d lower the residential properties’ downpayment ratios（+）
  • NIO/ 300750CH: Nio Plans to Develop Cylindrical Battery with SVOLT (-)
  • 2150HK: Nayuki co-brand woth Mint App’s new product, tea and coffee houses are becoming new marketing channels（+）

Commodity Analysis – Cotton Futures

By VRS (Valuation & Research Specialists)

  • According to Graph 1, during the period May 26, 2023 – August 25, 2023, an overall bullish trend was reflected in the prices of Cotton, despite some notable fluctuations.
  • During the period under consideration, there was a significant price correction from June 8th until the end of the same month.
  • In contrast, from 10th until 26th of July an upward trend was observed. 

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Sep 14
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan: Hot Inflaton Print…Ignored! JAPAN X: Kirin’s AI to Revolutionize Production Planning and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan: Hot Inflaton Print…Ignored! JAPAN X: Kirin’s AI to Revolutionize Production Planning
  • SIA: Semiconductors Up for Fourth Consecutive Month
  • China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free
  • China TMT Update-700.HK/3690/2352.CH/DADA/APPL/UBI/NTES-“SYNCED”/Douyin Expands Food Delivery

Ohayo Japan: Hot Inflaton Print…Ignored! JAPAN X: Kirin’s AI to Revolutionize Production Planning

By Mark Chadwick

  • OVERSEAS: SPX +0.1% UST Yields 4.25%(down !) on hot August CPI Print; UAW plans strike strategy as no deal yet with US Big 3 autos; China vs Apple: Confused messaging.
  • JAPAN:  NKY Futs -0.2% vs Cash; USDJPY 147.5; Kishida focuses on wage hikes after cabinet reshuffle; Softbank wins on ARM – prices at $51;  Fanuc to SELL at GS.
  • JAPAN X:  Kirin (and Sapporo) Embrace AI for Demand Forecasting. We think that this trend in Japan will only increase – with positive implications for margins and profits.

SIA: Semiconductors Up for Fourth Consecutive Month

By Jim Handy

  • Semiconductor revenues have enjoyed month over month growth since April
  • This growth is higher than the industry’s long-term average 3.9% growth
  • It looks as if the industry is starting another of its typical cycles.

China TMT Update-JD/AAPL/1810.HK/LI/NIO/Meituan/Ctrip/Atour-New IPhones in China;Thailand Visa-Free

By Shawn Yang

  • JD/ AAPL/ 1810.HK: Apple launches new iPhones in China (-/-/+)
  • LI/NIO:Huawei AITO New M7 was launched today, limiting impact on LI auto(-)
  • Meituan/Ctrip.com/Atour: Thailand announced to implement a 5-months visa-free policy for Chinese tourists（+/+/-）

China TMT Update-700.HK/3690/2352.CH/DADA/APPL/UBI/NTES-“SYNCED”/Douyin Expands Food Delivery

By Shawn Yang

  • (-) Tencent’s new game “SYNCED” has yielded mediocre results, leaving players disappointed.
  • 3690.HK/002352.SH/DADA: Douyin expands food delivery service cities and introduces regional agents (-/+/+)
  • APPL/UBI.PA/CCOEY/HK700/NTES: The photorealistic rendering technology of the A17 Pro biochip could potentially usher smartphone gaming into the next generation. (+)

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Sep 13
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank’s ARM Done(Almost) and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank’s ARM Done(Almost), PayPay IPO Next?
  • The Stocks to Own in Asia – Vol. 42
  • The Stocks to Own in ASEAN – Vol. 44
  • China TMT Update-NIO/LI/XPEV/BYD/TSLA/Solar Power-All-New EC6/China Automotive Delivery Data
  • Weekly Sustainable Investing Surveyor – Week Ended September 8, 2023

Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank’s ARM Done(Almost), PayPay IPO Next?

By Mark Chadwick

  • OVERSEAS:  SPX -0.6% as Tech leads Tuesday’s decline; Inflation concerns continue to weigh; UAW vs Detroit Big 3 discussion continue – strike deadline draws close; Fund managers avoid China.
  • JAPAN:  NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day – changes in Defense and Foreign Affairs; GTX engine issue shocks Japanese partners;  Street upgrade Galore !
  • JAPAN X: Reports are that SoftBank is Explores New York Listing for PayPay Amid Rising Tech Valuations. With ARM (effectively) done and dusted, Softie likely turns to a PayPay listing

The Stocks to Own in Asia – Vol. 42

By Dr. Andrew Stotz, CFA

  • We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
  • Portfolio changes: Four stock remains and 10 stocks are added
  • Since its inception, it has generated a before-fee total return of 134% versus the MSCI Asia ex Japan of 60%

The Stocks to Own in ASEAN – Vol. 44

By Dr. Andrew Stotz, CFA

  • We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
  • Portfolio changes: One stocks remain, and 13 stocks are added
  • Since its inception, the portfolio has generated a before-fee total return of 196% versus MSCI ASEAN’s 25%

China TMT Update-NIO/LI/XPEV/BYD/TSLA/Solar Power-All-New EC6/China Automotive Delivery Data

By Shawn Yang

  • NIO/LI: NIO to launch the all-new EC6 on Friday (+/-)
  • BYD/ TSLA /LI /XPEV/NIO: August China Automotive Delivery Data Update (+)
  • Gloated inventory in solar panel led to price collapse in Europe（/）

Weekly Sustainable Investing Surveyor – Week Ended September 8, 2023

By Water Tower Research

  • The WTR Sustainable Index underperformed the broader market, falling 3.6% W/W versus the S&P 500 Index (down 1.3%) and the Nasdaq Index (down 1.4%), but in line with the Russell 2000 Index (down 3.6%).
  • Energy Technology (14.9% of the index) contributed to the index’s underperformance, falling 3.7%, while Industrial Climate and Ag Technology (6.5% of the index) was down 2.4%, ClimateTech Mining was down 3.7% and Advanced Transportation Solutions was down 5.3%.
  • Top 10 Performers: ALLIF, NILI, GTEC, HYSR, FE, ETL, LNZA, LBNK, NGPHF, FNI

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