Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Thematic (Sector/Industry)

<ul>
<li> In August the MNI China Consumer Sentiment Indicator (CSI) dropped to a very depressed level of 111.5, well under the threshold of 116 indicating consumers are in a state of panic.</li>
<li>A large part of the weakness stems from severe flooding (the worst since 1998) in northern and central China. It is estimated that floods have resulted in $33 billion in losses.</li>
<li>We believe that weakness seen in the CSI during August is the result of panic among consumers in reaction to the flood and not a reflection of…</li>
</ul>


 In August the MNI China Consumer Sentiment Indicator (CSI) dropped to a very depressed level of 111.5, well under the threshold of 116 indicating consumers are in a state of panic.
A large part of the weakness stems from severe flooding (the worst since 1998) in northern and central China. It is estimated that floods have resulted in $33 billion in losses.
We believe that weakness seen in the CSI during August is the result of panic among consumers in reaction to the flood and not a reflection of…


China Consumer Sentiment Drops in August As Flood Causes Panic - Actual Impact Insignificant

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

We pointed it out in our previous notes <a href="https://www.smartkarma.com/insights/are-korean-tourism-stocks-inbound-bottoming" target="_blank" data-smartkarma-citation="insights:2664">Are Korean Tourism Stocks (Inbound) Bottoming?</a> and <a href="https://www.smartkarma.com/insights/2016-year-of-visit-to-korea" target="_blank" data-smartkarma-citation="insights:2422">2016 - “Year of Visit to Korea”</a> that the major inbound tourism stocks including <a href="https://www.smartkarma.com/entities/14940" target="_blank" data-smartkarma-citation="entities:14940">Paradise Co Ltd</a> , <a href="https://www.smartkarma.com/entities/107" target="_blank" data-smartkarma-citation="entities:107">Hotel Shilla Co Ltd</a> , and <a href="https://www.smartkarma.com/entities/16341" target="_blank" data-smartkarma-citation="entities:16341">Grand Korea Leisure Co Ltd</a> may be bottoming out and ready to turn the corner. The major driving force is the inbound Chinese tourists and their willingness to spend in Korea.The major Korean department stores had an outstanding same store sales results in this February, which is…

We pointed it out in our previous notes Are Korean Tourism Stocks (Inbound) Bottoming? and 2016 - “Year of Visit to Korea” that the major inbound tourism stocks including Paradise Co Ltd , Hotel Shilla Co Ltd , and Grand Korea Leisure Co Ltd may be bottoming out and ready to turn the corner. The major driving force is the inbound Chinese tourists and their willingness to spend in Korea.The major Korean department stores had an outstanding same store sales results in this February, which is…

"Korea Grand Sale" Driving Up Department Store Sales

Global Macro Strategy

Callum Henderson

Macroeconomics

* The CNY is becoming a basket currency and greater basket currency flexibility is likely this year* The PBoC monetary policy report stated that two-way flexibility of the CNY will increase* This appears to be in line with calls from former PBoC advisers for a basket currency with wide bands* Reduced Fed hike expectations take some pressure off CNY vs. USD, allowing it to weaken vs. EUR, JPY* CNY basket flexibility and band widening is likely by Q3, before SDR implementation in OctoberIn my…

* The CNY is becoming a basket currency and greater basket currency flexibility is likely this year* The PBoC monetary policy report stated that two-way flexibility of the CNY will increase* This appears to be in line with calls from former PBoC advisers for a basket currency with wide bands* Reduced Fed hike expectations take some pressure off CNY vs. USD, allowing it to weaken vs. EUR, JPY* CNY basket flexibility and band widening is likely by Q3, before SDR implementation in OctoberIn my…

* CNY remains under pressure given the economic slowdown, concerns about debt and capital outflows* China's FX reserves look more than enough, but true adequacy depends on the nature of the FX regime* China can go forward or back on the FX regime; loosening controls on foreign flows sends a bold message* Expect greater flexibility of the CNY basket and wider bands, sooner rather than later, ahead of SDR* CNY will be a basket currency not a basket case and short-term weakness against the USD will not last

* CNY remains under pressure given the economic slowdown, concerns about debt and capital outflows* China's FX reserves look more than enough, but true adequacy depends on the nature of the FX regime* China can go forward or back on the FX regime; loosening controls on foreign flows sends a bold message* Expect greater flexibility of the CNY basket and wider bands, sooner rather than later, ahead of SDR* CNY will be a basket currency not a basket case and short-term weakness against the USD will not last

Asia Calling: CNY - A Basket Currency, Not a Basket Case

The Korean government did a massive marketing push yesterday in Beijing to attract more Chinese visitors to Korea in 2016. It was announced that 2016 will be "The Year of Visit to Korea" with the aim of attracting 8 million Chinese tourists this year. The Korean government introduced new measures to attract more Chinese visitors this year including:<ul><li>Exemption of visa fees for Chinese group travelers starting January 2016 for one year.</li><li>Addition of four new air routes between China and Korea starting March 2016 (12 additional flights/week). </li><li>Reduction in the age of Chinese people who are eligible for multiple entry visas to 55 from 60. </li></ul>

The Korean government did a massive marketing push yesterday in Beijing to attract more Chinese visitors to Korea in 2016. It was announced that 2016 will be "The Year of Visit to Korea" with the aim of attracting 8 million Chinese tourists this year. The Korean government introduced new measures to attract more Chinese visitors this year including:Exemption of visa fees for Chinese group travelers starting January 2016 for one year.Addition of four new air routes between China and Korea starting March 2016 (12 additional flights/week). Reduction in the age of Chinese people who are eligible for multiple entry visas to 55 from 60. 

China

LEO Group Co., Ltd. develops, manufactures and markets mini pumps, garden shredders and other garden machineries. The Company's products include submersible garden pumps, micro vortex pumps, micro centrifugal pumps, jet pumps, fountain pumps, submersible borehole multistage pumps, shredders, lawn mowers, electric scarifiers, snow blowers and log splitters.

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Leo Group Co Ltd A (002131 CH)

China Consumer Sentiment Drops in August As Flood Causes Panic - Actual Impact Insignificant

In August the MNI China Consumer Sentiment Indicator (CSI) dropped to a very depressed level of 111.5, well under the threshold of 116 indicating...

David Riedel

"Korea Grand Sale" Driving Up Department Store Sales

We pointed it out in our previous notes Are Korean Tourism Stocks (Inbound) Bottoming? and 2016 - “Year of Visit to Korea” that the major inbound...

Douglas Kim

CNY Band Widening Likely by Q3

* The CNY is becoming a basket currency and greater basket currency flexibility is likely this year* The PBoC monetary policy report stated that...

Callum Henderson

Asia Calling: CNY - A Basket Currency, Not a Basket Case

* CNY remains under pressure given the economic slowdown, concerns about debt and capital outflows* China's FX reserves look more than enough, but...

Callum Henderson

2016 - "Year of Visit to Korea"

The Korean government did a massive marketing push yesterday in Beijing to attract more Chinese visitors to Korea in 2016. It was announced that...

Douglas Kim

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