In today’s briefing:
- Ohayo Japan | S&P 500 Surges 9.5%!
- US Tariff Impact on APAC Healthcare: Focus Country- JAPAN
- The Stocks to Own in China – Vol. 35
- China & HK Strategy: Which Stocks Will Thrive?
- Japan Morning Connection: Trump Pulls off One of the Greatest Ruses of All Time
- The Stocks to Own in Asia – Vol. 48
- The Stocks to Own in ASEAN – Vol. 50
- Real Asset Chartbook: The First Edition
- What’s New(s) in Amsterdam – 9 April (AMG Critical Materials | SBM Offshore | NX Filtration)
Ohayo Japan | S&P 500 Surges 9.5%!
- U.S. stocks staged a historic rally after President Donald Trump announced a 90-day pause on most reciprocal tariffs
- Tech and retail stocks led the comeback, with Apple rising over 15%, Nvidia nearly 19%, Walmart 9.6%, and Tesla more than 22%
- Seven &i Holdings plans to repurchase up to 600 billion yen of its shares, acquiring up to 400 million shares (15.4% of issued shares) by end Feb, 2026
US Tariff Impact on APAC Healthcare: Focus Country- JAPAN
- U.S. has implemented a universal baseline tariff of 10%, effective April 5. Japan faces 24% reciprocal tariff from April 9.
- In 2023, Japan exported pharmaceutical products worth $6.34B (~43% of total exports) to the U.S.
- Japanese pharma and medical devices companies have significant revenue exposure to the U.S.
The Stocks to Own in China – Vol. 35
- We highlight 10 stocks in China that look interesting to us based on our FVMR Methodology
- Portfolio changes: Four stocks remain, six new join the fray
- Since inception, it has gained 150% versus the CSI 300 Index’s return of 53%
China & HK Strategy: Which Stocks Will Thrive?
- Trump’s “reciprocal tariffs” have led to over 10% fall in the Hong Kong market, but there are some names that only came down by 3.2% on average.
- Their characteristics are: 1.) domestically focused, 2.) net cash position, 3.) secure demand, 4.) consumption downgrade beneficiary, and 5.) good dividends.
- These stocks are Xinhua Winshare (811 HK), Lonking Holdings (3339 HK), Kunlun Energy (135 HK), Mixue Group (2097 HK), and China East Education (667 HK).
Japan Morning Connection: Trump Pulls off One of the Greatest Ruses of All Time
- Oversold tech/SPE/AI surging after Trump delayed reciprocal tariffs on all but China, with the SOX up the most of all time.
- Expect similar moves with oversold tech beta likely to open >+10%.
- Banks and life insurance should continue to fare well given the persistently high yields, and names with high export ratios to the US.
The Stocks to Own in Asia – Vol. 48
- We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
- Portfolio changes: Two stock remains, 12 stocks added into portfolio
- Since its inception, it has generated a before-fee total return of 200% versus the MSCI Asia ex Japan of 77%
The Stocks to Own in ASEAN – Vol. 50
- We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
- Portfolio changes: Four stocks remain, 10 stocks added into the portfolio
- Since its inception, the portfolio has generated a before-fee total return of 223% versus MSCI ASEAN’s 30%
Real Asset Chartbook: The First Edition
This is the first edition of the Real Asset Chartbook.
This document arose from an internal need at Massif Capital to consolidate and streamline our process of monitoring liquid real asset markets. It remains a work in progress but is extremely useful in its present state.
The Chartbook will be released weekly, on Fridays, after the market closes.
What’s New(s) in Amsterdam – 9 April (AMG Critical Materials | SBM Offshore | NX Filtration)
- AMG decided to make a capital investment of USD 15m to establish an aluminothermic production facility to manufacture chrome metal in the United States.
- The facility, with an annual capacity of up to 6,500 tons, will be located next to AMG Titanium’s facility in New Castle, Pennsylvania.
- AMG expects the facility to be operational in 26Q1. Comment | AMG Chrome is a major producer of chrome metal in the UK.
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