In today’s briefing:
- APAC Healthcare Series (Part 4)- Japan Continues to Be in a Sweet Spot; Top Picks Quarterly Update
- Good Morning Japan | US Thanksgiving but Rally Continues in Europe
- Airlines Complete Only 70% of Planned International China Flights
- China Proposes Tougher Restrictions on Unfair Digital Competition
APAC Healthcare Series (Part 4)- Japan Continues to Be in a Sweet Spot; Top Picks Quarterly Update
- In terms of geography, Japan is still our top pick, primarily due to attractive multiple, favorable Fx, and low leverage. Despite macroeconomic headwinds, Australia biotech is another area of interest.
- Among our four top picks, Gland Pharma reported year-over-year decline across all parameters during Q2FY23 due to supply woes. Near-term outlook is uncertain.
- Apollo Hospitals reported strong quarterly performance, with all operating parameters improving year-over-year. Olympus remained a prime beneficiary of weak yen, while Samsung Biologics’ robust order book entail visibility.
Good Morning Japan | US Thanksgiving but Rally Continues in Europe
- Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast!
- OVERSEAS: US Thanksgiving holidays; US out but rally continues: STOXX Europe 600 +0.46%; US Equity Futs +0.26%; China Covid #s hit record high ; Rare China covid protest; Twitter Amnesty
- JAPAN: NISA 2x expansion to ¥56trn targeted; START UPS: Govt tgts 100k start-ups/ ¥10trn investments; EV: Aisin Seiki expanding E-Axle production; NINTENDO: Pokemon hits 10m sales
Airlines Complete Only 70% of Planned International China Flights
- Chinese and global airlines completed only 70% of their planned international flights to China in the three weeks through Monday, signaling that recent easing of some inbound travel restrictions didn’t boost travel demand.
- From Oct. 30 to Nov. 21, 3,595 international flights reached Chinese cities, including Hong Kong, Macao and Taiwan.
- Although that was up from the same period last year, the total was still just 6% of the pre-pandemic level in 2019.
China Proposes Tougher Restrictions on Unfair Digital Competition
- China is revising a law to make illegal certain notorious practices by large internet platforms such as Alibaba, Tencent and JD.com.
The move is another regulatory response to big tech companies’ use of market dominance and advanced technology to undermine competition.
- Notable changes in the latest revision are mostly related to the digital economy, adding violations and toughening penalties.
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