Daily Brief Consumer: Astra International, TSE Tokyo Price Index TOPIX, SHEIN and more

In today’s briefing:

Astra International (ASII IJ) – Driving Towards Future Sustainability
Japan Bullishly Inflecting; Constructive Outlook Intact; Global Pullback Likely Over
Shein Acquires British Fashion Brand Missguided

Astra International (ASII IJ) – Driving Towards Future Sustainability

Astra International’s results are a testament to both the company’s resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.
Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.
Astra International (ASII IJ) remains a well-managed core proxy for Indonesia’s key growth drivers, with new investments aligning the company with the country’s growth drivers. Valuations are attractive versus history.

The MSCI ACWI index ACWI-US briefly fell below major support at $90.50-$91.50, though we do not consider it a “decisive” breakdown and we now see a false breakdown (bullish).
On MSCI ACWI (local currency), a false breakdown appears to already be in place, which is bullish as long as the index does not break to a new low.
MSCI EM (EEM-US) continues to hold above $36.50-$37 support, while MSCI ACWI ex-US (ACWX-US) and EAFE (EFA-US) remain above supports at $45 and $65-$66, respectively. Pullback is likely over.

Chinese-founded fast-fashion retailer Shein acquired British online fashion brand Missguided from Frasers Group Plc, as the Singapore-based fashion giant continues to expand overseas.
Under the deal, Shein and Missguided’s founder Nitin Passi have formed a joint venture to manage the brand and access its intellectual property under a licensing agreement.
Shein will also manufacture Missguided’s products through its on-demand production model, and sell on both companies’ websites, Shein said in a statement.

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