In today’s briefing:
- Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus
- Identify New Directions of China Healthcare in 2023 – Major Changes In Highest Level Policy Document
- The Innovations Portfolio – Week Eight
- What’s Going On With Okada Manila’s SPAC Deal?
Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus
- OVERSEAS: SPX +0.4%DoD +2.7%WoW; Semi run continues with SOX +0.4%DoD +6.2%WoW; Beta and Growth the big WoW winners; Fed’s Bostic leans to 25bp hike; Tesla cuts prices
- JAPAN: NKY Futs -1.3% vs Cash; JGB 10Yr Yld hits 0.512% despite BOJ 10trn yen buying; USDJPY up to127.87; DECARBONIZATION: Resonac (Showa Denko) expansion; Toray expansion; METI CCS roadmap
- DAILY NUGGET: Slowing EV sales in China ? Maybe, but its still the largest EV market in the world. We see Nidec as the best way to play.
Identify New Directions of China Healthcare in 2023 – Major Changes In Highest Level Policy Document
- China issued the “Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035)”, where some statements are different from those in the “14th Five-year Plan” and the 20th National Congress report.
- We analyzed our interpretation and speculated the “wind direction” behind the difference in statements, so as to identify some possible changes in China healthcare industry in 2023.
- The Outline is not only in line with the adjustment of COVID policies,but also highly relevant to the major contradictions/changes in internal and external situations. Investors need to follow the trend.
The Innovations Portfolio – Week Eight
- We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons for their inclusion.
- The three companies we write about this week are Bank Of America (BAC US)3M Co (MMM US) and SKF AB (SKFB SS)
- For the eight weeks since inception ended 13 Jan the combined innovation portfolio was +4.2%, versus DJIA +1.7%, S&P500 +0.9%, Nasdaq -0.6%, Russell2000 +2%, MSCI-ACWI-ETF +3.2%, all in US$ terms
What’s Going On With Okada Manila’s SPAC Deal?
- The Saga surrounding Okada Manila and the efforts by a US-listed SPAC to bring the Philippines integrated resort operator public is one of the more unusual events concerning SPACs in recent memory.
- The deal, which was announced as far back as October 2021, valuing Okada at $2.6 billion, has been stuck in Limbo amidst a heated battle for control.
- After several twists and turns, the SPAC dealmakers & current management are still looking to close the deal, recently taking a one-year extension.
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