In today’s briefing:
- StubWorld: Stay Long PICC (1339 HK)
- Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns
- AIXI: AI commercialization efforts accelerate but significant hurdles remain.
StubWorld: Stay Long PICC (1339 HK)
- People’s Insurance (PICC) (1339 HK) has bounced off its lifetime low implied stub and simple ratio (PICC/PICC Property & Casualty (2328 HK)); but still trades below its historical trailing/forward metrics.
- Preceding my comments on PICC are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns
- We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
- Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int’l Compass
- Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int’l Compass. This has bullish implications for ACWI
AIXI: AI commercialization efforts accelerate but significant hurdles remain.
- Xiao-I (NASDAQ: AIXI) is leveraging its experience as a chatbot provider to establish itself as a provider of AI models, principally in China.
- The company is focused on commercializing products in the consumer, marketing, and banking sectors in 2024 and exploring international expansion opportunities.
- The company is competing with some of the most successful companies in China for mindshare in AI markets.
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