In today’s briefing:
- E-Commerce in Japan 2021-22: Another High Growth Year
- GEM Weekly (9 Sep 2022): China FX, Inflation, South Africa GDP; Tencent, Prosus, Naspers
- Wynn Resorts Ltd: Among the Best Value Propositions if and when Macau Reopens
- China Healthcare Weekly(Sep9)-Innovative Device Policy,Commercial Success Definition,Don’t Be Fooled
E-Commerce in Japan 2021-22: Another High Growth Year
- E-Commerce sales of physical goods in Japan jumped nearly 9% in FY2021.
- Although this was well down on the pandemic-induced surge the year before, it is still higher than in any year since 2016.
- This leaves the sector well on track to become the largest single format channel. Total sales finished above ¥20.6 trillion.
GEM Weekly (9 Sep 2022): China FX, Inflation, South Africa GDP; Tencent, Prosus, Naspers
- The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
- Macro data points:Chinese foreign reserves, currency, net exports and inflation data, South Africa GDP
- Companies mentioned:Tencent (700 HK), Prosus (PRX NA), Naspers (NPN SJ)
Wynn Resorts Ltd: Among the Best Value Propositions if and when Macau Reopens
- Wynn parent shares have historically traded significantly above peers due to its upscale player focus in Las Vegas that has remained central in its two Macau properties.
- The remaining headwind in China’s covid policy has no certain duration. Until then, Wynn’s Las Vegas and Boston properties offset some negative impacts of Macau cash burn.
- Its 52 week high to date hit $105.90, far above peers equally hammered by Beijing zero tolerance policies.
China Healthcare Weekly(Sep9)-Innovative Device Policy,Commercial Success Definition,Don’t Be Fooled
- NHSA will set aside a certain market to provide space for innovative medical devices/consumables to explore the market in addition to centralized procurement. However, we tend to be cautiously optimistic.
- We think it is important to clarify for investors what constitutes “commercialization success” – That is to generate revenue at scale and stable profitability through the sale of drugs.
- All the products that covered by VBP begin to lose logic. Don’t be fooled by those positive interpretations. We are bearish on the sectors with downward logic in long cycle.
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