Daily Brief Consumer: Alibaba Group, PT Surya Citra Media Tbk, Shiseido Company and more

In today’s briefing:

CSRC and PCAOB “Agree” On Audit Terms – Now PCAOB Will Try To Prove a Negative

Friday in US time, the China Securities Regulatory Commission (CSRC), China’s MOF, and the US Public Company Accounting Oversight Board (PCAOB) “agreed” on a Statement of Protocol.
This SoP sets the outlines for PCAOB access to inspect/investigate audit papers and accounting firms in China and HK for companies listed in the US.
The releases’ difference in language is to be expected – different constituencies – but as PCAOB Chair Williams said, “Now we will find out whether those promises hold up.”

PT Surya Citra Media 1H2022 reflects a recovery in advertising activity but also a normalisation of costs and investment in future growth, especially in its leading Indonesian OTT business Vidio.
The company continues to gain audience share, as it invests in new fresh content and its sporting content such as Liga 1, and the English Premier League kicks in.
PT Surya Citra Media is a proxy for recovering advertising spending as the Indonesian economy recovers plus its digital strategy through Vidio has already been proving successful.

We turn Bullish on Shiseido. The market has now digested the weak results for 2022 and can look to a recovery over the next year
Recent commentary from Estee Lauder’s CEO suggest that China is recovering and that the outlook is bright
Shiseido is one of the key beneficiaries as Japan re-opens its borders to foreign travellers

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