Daily Brief Thematic (Sector/Industry): Good Morning Japan |Energy Leads SPX to Gains; NUGGET: Watch FY3/24 JP Payout Ratios-The Heat Is On! and more

• OVERSEAS. SPX rose +0.4% lead by gains in Energy, which was well bid on OPEC+ surprise cut; ISM Manf  PMI print weaker; Rates retreat as US 2Yr dips below 4%
• JAPAN. NKY Futs +0.1% vs Cash; USDJPY 132.4; BOJ Tankan reading points to weaker manufacturing; Potentially complicates BOJ exit; Activist ValueAct Presses Seven & I
• NUGGET. Watch FY3/24  Japan Total Payout Ratios – The Heat is On ! as JP Corporate significantly lags in Total Payout Ratios, while also sitting on ¥100 trn of cash.

• China online marketplaces are entering maturity phase of slow but steady growth. While markets have lingering concern about competition intensifying, we see the landscape stabilizing rather than deteriorating.
• Early yet clear signals are flashing that incumbents like Alibaba are regaining footing whereas challengers such as PDD and Douyin are losing momentum.
• Alibaba is our top pick for its improving fundamentals and discounted valuation. We are positive on Meituan for the near term but underweight PDD and see JD fairly priced.

• Membership of RISC-V International grew 26% in 2022 and there are now over 3,180 members across 70 countries. 
• There are more than 10 billion RISC-V cores in the market and there are tens of thousands of engineers working on RISC-V initiatives globally. 
• Most RISC-V ventures remain pre-IPO, making investment in the future of RISC-V difficult. However, there is one publicly listed company that may provide a solution.  

In the next installment of our Webinar Wednesdays, we go live with Smartkarma Insight Provider, Pyari Menon as he will be sharing with us his top stock picks based on data mining. Join us as we hear his insights about his stock picks, as well as his methods on determining his choices. From the current trends, to what’s coming next, join us in this installment as we hear more from Pyari.

The webinar will be hosted on Wednesday, 12 April 2023, 17:00 SGT/HKT.

Pyari Menon has over twenty years of experience in the industry, having worked on both the buy and sell-side including at Goldman Sachs, Credit-Suisse, Deutsche Bank, Intellectual Ventures, Tano Capital, and Franklin Templeton. His coverage has been in technology and mid-caps across various geographies including Taiwan, ASEAN, India, the US, and Europe.

• Global stocks rose again this week, with the MSCI World index and the S&P 500 gaining 3.61% and 3.33%, respectively.
• The small-cap Russell 2000 gained 3.71% and the NASDAQ was up a similar 3.36%.
• Cannabis stocks as represented by the MSOS ETF fell 2.28% on the week.