In today’s briefing:
- BEA & Dah Sing – Rampant Deterioration in HK Credit Metrics, Not Totally Visible in Headline Results
- US Banks – Qtly Profit Falls As % Of FY23 Consensus, Some More Than Others: USB, PB, COL, WAL, AEX
- Rich Men North of Richmond, Return of Mask Mandates, and New COVID Variants
- Ohayo Japan| Tech Sold as Yields Take Their Toll; JAPAN X: Tradition Ends-Japan Embraces Job Hopping
- The Stocks to Own in Thailand – Vol. 42
- China TMT Update-BGNE/300274CH/300750CH/1211HK/JD/2618.HK-JD Lowering the Threshold to Free Shipping
BEA & Dah Sing – Rampant Deterioration in HK Credit Metrics, Not Totally Visible in Headline Results
- Notes to financial statements show rampant deterioration in credit metrics for both banks
- BEA’s write-offs in property development impaired loans rise by 4.1x in 1H23 vs FY22
- Overdue loans by >1yr rose 277% HoH in 1H23 at Dah Sing, but it cut credit costs 48%
US Banks – Qtly Profit Falls As % Of FY23 Consensus, Some More Than Others: USB, PB, COL, WAL, AEX
- 1Q23 earnings were 130% of consensus annualized, 2Q23 is 104% consensus annualized
- USB saw its quarterly income/FY23 consensus move from 27% to 21% from 1Q23 to 2Q23
- COLB, WAL are at lowest FY23 consensus achievement rates: 21% and 41% during 1H23
Rich Men North of Richmond, Return of Mask Mandates, and New COVID Variants
- In this insight, I discuss how the song Rich Men North of Richmond, return of mask mandates, and new COVID variant are all intertwined.
- “Rich Men North of Richmond” is a song about the excessive control of the government and the pressures of life.
- I discuss the intricacies of how these three stories are intertwined and how the certain sectors of the stock market could be impacted from the potential changes in government policies.
Ohayo Japan| Tech Sold as Yields Take Their Toll; JAPAN X: Tradition Ends-Japan Embraces Job Hopping
- OVERSEAS. Higher Yields and Lower Equities as Major US Indices were lower; Focus on Jackson Hole Speech from Powell; Fed Collins Hints at hikes; Boeing Supply Issues.
- JAPAN. NKY Futures -1.9% vs Cash; USDJPY 145.8; Fukushima Water Release prompts China Backlash; Gasoline reachs 15 year high – govt considers subsidies; Boon from Yen for Japan Majors.
- JAPAN X: Farewell to lifetime employment ? Japan’s workers are embracing job hopping. This is driving higher wages as labor get reallocated to higher value added roles.
The Stocks to Own in Thailand – Vol. 42
- We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
- Portfolio changes: Seven stocks remain, seven new join the fray
- Since inception, it has gained 122% versus the SET 100 Index’s return of 35%
China TMT Update-BGNE/300274CH/300750CH/1211HK/JD/2618.HK-JD Lowering the Threshold to Free Shipping
- BGNE: Roche announced positive result for its TIGIT treating NSCLC, overturning negative result for treating EC-SCLC (/)
- 300274CH/300750CH/1211HK: Customs data shows Chinese exports of key renewable energy items decelerated
- JD/2618.HK: Estimates for the cost of JD lowering the threshold to receive free shipping (-/+)
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