In today’s briefing:
- Good Morning Japan |4 /5 as SPX Weekly Wins Continue;Blow Out NFP Report ! BoJ’s Amamiya “THE ONE” ?
- China A-Share Consumer Staples: Good Outperformance
- Macau Gaming Stocks Up, but Bigger Gains Ahead as Tailwinds Forming Faster than Official Forecast
- The Innovations Portfolio – Week Eleven
Good Morning Japan |4 /5 as SPX Weekly Wins Continue;Blow Out NFP Report ! BoJ’s Amamiya “THE ONE” ?
- OVERSEAS. SPX Caps another winning week – now 4/5 for the year; Blow out Jobs report but Wages slowing – Goldilocks ? Powell speaks this week as DIS, UBER report.
- JAPAN. NKY Futs +0.4% vs Cash; Yen weakens to 132 handle as Amimiya forerunner for BOJ Governor; Inbound resurgence reflecting in skyrocketing hotel rates; Earnings this week – Watch Softbank
- DAILY NUGGETS. NO ROCKING OF THE BOAT – BOJ Deputy Amamiya is set to take the mantle of leadership at the BOJ.
China A-Share Consumer Staples: Good Outperformance
- With an average gain of 26.3%, China’s A-share consumer staples outperformed the Shanghai Composite Index by significant margins in the last three months.
- Shanxi Xinghuacun Fen Wine Factory Co (600809 CH) and Fu Jian Anjoy Foods Co Ltd (603345 CH) both issued express announcement on decent 4Q22 and FY22 results.
- Both Foshan Haitian Flavouring & Food (603288 CH) and Inner Mongolia Yili Industrial Group (A) (600887 CH) are likely to have weak 4Q22, but outlook for FY23 should improve.
Macau Gaming Stocks Up, but Bigger Gains Ahead as Tailwinds Forming Faster than Official Forecast
- January’s big beat in Macau GGR indicative of our bull scenario call for a US$18b 2023 GGR.
- Despite recent upside moves, we continue to believe Macau-centric stocks present a solid entry point level at this time.
- The sector remains oversold as forward EBITDA estimates do not entirely bake in what we believe are continuing strong catalysts for the sector.
The Innovations Portfolio – Week Eleven
- The three companies we write about this week are Thermo Fisher Scientific Inc (TMO US), Ford Motor Co (F US) and Sonoco Products Co (SON US)
- For the eleven weeks since inception ended 3 Feb the combined innovation portfolio was +4.6%, versus DJIA +.5%, S&P500 +4.3%, Nasdaq +7.7%, Russell2000 +7.3%, MSCI-ACWI-ETF +5.7%, all in US$ terms
- Ironically or aptly it was at “China Lake” in California that the infrared technology in the AIM-9X Sidewinder missile that brought down the “spy/weather” balloon was developed.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars