In today’s briefing:
- CSRC and PCAOB “Agree” On Audit Terms – Now PCAOB Will Try To Prove a Negative
- PT Surya Citra Media Tbk (SCMA IJ) – On the Cusp of a Convincing Recovery
- Shiseido (4911 JP) | Wrinkle Free
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 Tbk (SCMA IJ) – On the Cusp of a Convincing Recovery
- 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.
Shiseido (4911 JP) | Wrinkle Free
- 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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