In today’s briefing:
- AMD. Latest Market Share Growth & Outlook
- GEM Weekly (17 Mar 2023): Chinese Macro Data; CATL, ByteDance, Samsung Electronics, Baidu
- China Healthcare Weekly (Mar.17) – VBP on ICL/Sports Medicine, New Payment System, Time to Long CXO?
- Short Note: LONG China on Monetary Easing Cycle
AMD. Latest Market Share Growth & Outlook
- AMD’s overall x86 market share has doubled in the last three years
- AMD’s desktop market share rebounded from 13.9% in Q3 2022 to 18.6% in Q4 2022
- AMD will likely prioritise server versus client market share in 2023 & 2024, pressing home their clear leadership advantage over Intel in this segment during this timeframe
GEM Weekly (17 Mar 2023): Chinese Macro Data; CATL, ByteDance, Samsung Electronics, Baidu
- 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: Chinese industrial production, retail sales, and fixed asset investment.
- Companies mentioned: CATL (A) (300750 CH), ByteDance (1439927D CH), Samsung Electronics (005930 KS), Baidu (9888 HK)
China Healthcare Weekly (Mar.17) – VBP on ICL/Sports Medicine, New Payment System, Time to Long CXO?
- National centralized procurement on ophthalmology and orthopedics would be carried out soon, including ICL and sports medicine. Products in neuro-intervention/neurosurgery/peripheral intervention/IVD reagents would be included in 2023 VBP as well.
- After NRDL negotiation/VBP/DRGs policies are fully mature, it is expected to see the emergence of some high-price-oriented payment system for innovative products. Only then will the industry beta really emerge.
- If long-term money doesn’t have enough understanding of the trend of long-term interest rates, the expected return and valuation model of healthcare companies can’t be adjusted in time (e.g. CXO).
Short Note: LONG China on Monetary Easing Cycle
- PBoC just announced a RRR cut of 25bps, which is a surprise to market
- The cut will lower average RRR from 7.8% to 7.6%, and is expected to release c. 500bn of liquidity. China’s low inflation allows more room for further RRR cuts
- Government’s press release addresses key market concerns. We need to monitor recovery in property market. LONG China on easing cycle. China property names are trading at distressed valuation
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