Podcast from BlackRock, The Bid

The Bid

Podcast from BlackRock

The Bid breaks down what’s happening in the world of investing and explores the forces changing the economy and finance. From stock market outlooks and megatrends to geopolitics and technology, BlackRock speaks to thought leaders and industry experts from around the globe about the biggest trends moving markets.

Equity Bottom-Up

<ul><li>Infrastructure is crucial for the transition to a low carbon economy and the advancement of the economy, requiring urgent repairs to aging infrastructure such as roads, bridges, and airports.</li><li>Private capital plays a key role in investing in infrastructure assets, with a focus on operational improvements and creating value for investors.</li><li>The growing demand for investment in infrastructure, especially in the areas of AI and data centers, presents significant opportunities for private sector funding and operational enhancements.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Infrastructure is crucial for the transition to a low carbon economy and the advancement of the economy, requiring urgent repairs to aging infrastructure such as roads, bridges, and airports.Private capital plays a key role in investing in infrastructure assets, with a focus on operational improvements and creating value for investors.The growing demand for investment in infrastructure, especially in the areas of AI and data centers, presents significant opportunities for private sector funding and operational enhancements.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Infrastructure mini-series Ep 1: The Growing Demand For Infrastructure Investment

Podcast of business and financial stories, Behind the Money

Behind the Money

Podcast of business and financial stories

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world.

<ul><li>Blackrock is a massive asset management firm with $10 trillion in assets under management</li><li>Blackrock recently made a transformative acquisition of Global Infrastructure Partners (GIP)</li><li>The deal has wide-ranging effects for the private capital industry and is a wake-up call for Wall Street firms to rethink their strategies and partnerships</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Blackrock is a massive asset management firm with $10 trillion in assets under managementBlackrock recently made a transformative acquisition of Global Infrastructure Partners (GIP)The deal has wide-ranging effects for the private capital industry and is a wake-up call for Wall Street firms to rethink their strategies and partnershipsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Best Of: BlackRock Goes All in on Infrastructure

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-merchants-port-holdings-company-ltd" target="_blank" data-smartkarma-citation="entities:15155:1" rel="noopener">China Merchants Port (144 HK)</a> may potentially play a role in <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison Holdings (1 HK)</a>'s port portfolio disposal should the mainland government want to step in. </li>
<li>While CMPH's size is small relative to the port portfolio, its parent China Merchants Group and sister <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> can easily facilitate such a transaction.</li>
<li>Having the portfolio in the hands of mainland company is desirable to the Chinese government. Even if CMPH has no role, its 7.6x PER and 6% yield are attractive.</li>
</ul>



China Merchants Port (144 HK) may potentially play a role in CK Hutchison Holdings (1 HK)'s port portfolio disposal should the mainland government want to step in. 
While CMPH's size is small relative to the port portfolio, its parent China Merchants Group and sister China Merchants Bank H (3968 HK) can easily facilitate such a transaction.
Having the portfolio in the hands of mainland company is desirable to the Chinese government. Even if CMPH has no role, its 7.6x PER and 6% yield are attractive.


China Merchants Port (144 HK): Will It Have a Role in CKH's Port Sale?

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.</li>
<li>A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. </li>
<li>A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. </li>
</ul>


On Election Day, the US faces a Dead Heat. Realclearpolitics predicts a Trump victory, The Economist a narrow Harris win (270-268), similar to fivethirtyeight's tally. Turmoil amid slow counting likely.
A Trump win would be good for conventional energy, banks, PE (via deregulation). Lower oil prices and a 60% tariff on imports from China would benefit Japan, India, Korea, Vietnam. 
A Harris win would would be good for housing/property, green energy, semiconductors, negative for equities (as corporate &amp; capital-gains taxes rise) and retailers (anti-price-gouging!). Taiwan, Ukraine, UK, France would gain. 


US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> saw its net profit surge from non-recurring gains, which was from the sale of stocks.  </li>
<li>The company's cost of funds worsened more than the improvement in its yields, and we believe this remains an issue related to hedging costs. </li>
<li>Unrealized gains on foreign bonds remains significantly higher now than a year ago and this may again be the driver for earnings, but still with very low ROA. </li>
</ul>



Japan Post Bank (7182 JP) saw its net profit surge from non-recurring gains, which was from the sale of stocks.  
The company's cost of funds worsened more than the improvement in its yields, and we believe this remains an issue related to hedging costs. 
Unrealized gains on foreign bonds remains significantly higher now than a year ago and this may again be the driver for earnings, but still with very low ROA. 


Japan Post Bank - It's like a Closed End Mutual Fund More Than Ever

United States

BlackRock, Inc. provides diversified investment management services to institutional clients and to retail investors through various investment vehicles. The Company offers the BlackRock Funds and Blackrock Liquidity Funds, and also provides risk management services to fixed income institutional investors.

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Blackrock Inc (BLK US)

Infrastructure mini-series Ep 1: The Growing Demand For Infrastructure Investment

Infrastructure is essential for economic advancements, including the transition to a low carbon economy, with private capital, operational...

The Bid

Best Of: BlackRock Goes All in on Infrastructure

Blackrock's recent acquisition of Global Infrastructure Partners solidifies their position as a major player in the private capital sector and...

Behind the Money

China Merchants Port (144 HK): Will It Have a Role in CKH's Port Sale?

China Merchants Port may play a role in CK Hutchison's port portfolio disposal if the government intervenes. A mainland ownership of the ports is...

Osbert Tang, CFA

US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

RCP predicts a big Trump win, TheEconomist a narrow Harris one. Turnout key for Trump; his win would lower oil prices & hit China, benefitting the...

Prasenjit K. Basu

Japan Post Bank - It's like a Closed End Mutual Fund More Than Ever

Japan Post Bank is more than ever like a closed-end mutual fund, which is hardly seeing any line items drive profit upward other than stock sales,...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Infrastructure mini-series Ep 1: The Growing Demand For Infrastructure Investment

Infrastructure is essential for economic advancements, including the transition to a low carbon economy, with private capital, operational...

The Bid

Best Of: BlackRock Goes All in on Infrastructure

Blackrock's recent acquisition of Global Infrastructure Partners solidifies their position as a major player in the private capital sector and...

Behind the Money

China Merchants Port (144 HK): Will It Have a Role in CKH's Port Sale?

​China Merchants Port may play a role in CK Hutchison's port portfolio disposal if the government intervenes. A mainland ownership of the ports is...

Osbert Tang, CFA

US: Election Is a Dead Heat, but There'll Be Very Different Winners from Each Outcome

RCP predicts a big Trump win, TheEconomist a narrow Harris one. Turnout key for Trump; his win would lower oil prices & hit China, benefitting the...

Prasenjit K. Basu

Japan Post Bank - It's like a Closed End Mutual Fund More Than Ever

Japan Post Bank is more than ever like a closed-end mutual fund, which is hardly seeing any line items drive profit upward other than stock sales,...

Daniel Tabbush

China Merchants Port may play a role in CK Hutchison's port portfolio disposal if the government intervenes. A mainland ownership of the ports is...