In today’s briefing:
- A Deep Dive on China Macro – The RMB
- Japan Weekly | Ryohin Keikaku, Nitori, Advantest, Welcia
- China Property Developers In Distress – Weekly News & Announcements Tracker | 7-13 July 2023
- China TMT Update-Premier’s Symposium;a Summary of Meituan Vs Douyin;feedbacks of Amazon Prime Day
- Chinese Automakers Ride Overseas Demand as Global Expansion Pays Off
- Large Cap GEM Bank Screener – Our Top Picks
A Deep Dive on China Macro – The RMB
- The RMB has undergone significant changes in its history, evolving into a currency with increasing influence on global financial markets
- RMB has significant impact on China’s economy, mainly through the trade balance (export/import) and its impact on outbound tourism
- China has made key steps regarding internationalization of the currency, however, full internationalization is dependent on further financial market liberalization and opening up of the capital account.
Japan Weekly | Ryohin Keikaku, Nitori, Advantest, Welcia
- The focus was on the currency this week ahead of the next BOJ meeting and waning inflationary pressures in the US.
- Japanese stocks were basically flat. Retailers were up first announcing results – those with significant operations in China are doing very well.
- Advantest continues to defy gravity. The stock is up 200% over the past twelve months. Think about that….a Japanese stock up 200%!
China Property Developers In Distress – Weekly News & Announcements Tracker | 7-13 July 2023
- A weekly curated selection of Chinese news articles and company announcements focused on developers in distress
- We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
- We do not verify the underlying data or provide any opinion, we only select and summarize the information; see direct links to sources
China TMT Update-Premier’s Symposium;a Summary of Meituan Vs Douyin;feedbacks of Amazon Prime Day
- Premier Li Qiang chaired a symposium with internet platform enterprises
- A summary of recent Meituan local news – counterattack against Douyin is showing initial effectiveness, but Wechat,Kuaishou and Xiaohongshu(Red) are coming
- Chinese merchants’ feedbacks of this year’s Amazon Prime Day, a summary
Chinese Automakers Ride Overseas Demand as Global Expansion Pays Off
- Chinese auto exports again shot up in the first six months of this year, largely fueled by rising demand for new-energy vehicles (NEVs) and surging deliveries to a sanction-hit Russia, as local carmakers sought to invigorate sales with a push overseas.
- First-half shipments leapt 75.7% from the same period last year to 2.14 million vehicles, according to a report Tuesday by the China Association of Automobile Manufacturers (CAAM).
- Overseas shipments of NEVs — a category that consists mainly of pure electric and hybrid models — more than doubled to 534,000 vehicles, accounting for nearly a quarter of the total exports, the CAAM report showed.
Large Cap GEM Bank Screener – Our Top Picks
- Among the large-cap EM Asia banks, we recommend CCB in China, HDFC Bank in India, Bank Mandiri in Indonesia and Hana Financial in South Korea
- In LatAm, we turn positive on Banco do Brasil, for its big value attributes and lesser political risk; we turn cautious on Bradesco and stay cautious on Banorte in Mexico
- Two large-cap names to watch are Credicorp in Peru and Standard Bank of South Africa; both have challenging macro-economic backdrops but sound “bottom up” credentials
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