In today’s briefing:
- Indonesia Consumer – Positive Impressions from the Jakarta Fair
- Ohayo Japan |Rates Rocket-Equities Take Heed; NUGGET: Profit Renaissance for Japan’s Defense Sector
- China Property Developers In Distress – Weekly News & Announcements Tracker | 1-6 July 2023
- Chinese VC Investor Launches AI Startup in ChatGPT Rush
- Australia Banks – Construction Insolvencies +75%, A Look at NAB Risk Weights, PD
- China TMT Update-XPEV/NIO/LI/TSLA/1211HK/ZLAB: 16 Automakers Pledge to Maintain Order;G6 Conversion
Indonesia Consumer – Positive Impressions from the Jakarta Fair
- This year’s Jakarta Fair was a spectacle with large crowds, who were spending as well as enjoying all the discounted food on offer and viewing new products on show.
- The highlights from the show were a plethora of 2W and 4W EVs, a notable presence from dairy players, and many financing options being offered by multi-finance and fintech players.
- In the consumer sector, we like Mitra Adiperkasa, Ace Hardware Indonesia, Matahari Department Store, Cisarua Mountain Dairy (Cimory), Ultrajaya Milk, PT Nippon Indosari Corpindo (ROTI), and Astra International, for auto exposure.
Ohayo Japan |Rates Rocket-Equities Take Heed; NUGGET: Profit Renaissance for Japan’s Defense Sector
- OVERSEAS. Strong ADP numbers drive bond and equity sell off; SPX -0.8% as all sectors in the red as reality of further Fed hikes get real; EV Truce in China
- JAPAN. NKY Futs -1.1% vs Cash; USDJPY 144.1; Expect further follow through of yesterday’s NKY sell off; Yen strength won’t help – as we head into weekend, correction finally here?
- NUGGET. Profit Renaissance for Japan’s Defense Industry. From big (MHI, Melco, etc) to Small – expect numerous beneficiaries of the policy changes afoot.
China Property Developers In Distress – Weekly News & Announcements Tracker | 1-6 July 2023
- A weekly curated selection of Chinese news articles and company announcements focused on developers in distress
- We look for their deals, updates, specific project progress news (‘local signals’), as well as relevant local research commentaries about the market
- We do not verify the underlying data or provide any opinion, we only select and summarize the information; see direct links to sources
Chinese VC Investor Launches AI Startup in ChatGPT Rush
- Computer-scientist-turned venture capitalist Kai-Fu Lee unveiled a new generative artificial intelligence (AI) company called 01.AI on Monday, the latest entrant in a race to develop large language models that can power products equivalent to OpenAI’s ChatGPT in China.
- The new company was officially launched after three months of incubation by the AI pioneer’s Sinovation Ventures, according to a statement posted on the VC firm’s WeChat account Monday. The new website for the company has come online, according to the statement.
- Beijing-based 01.AI aims to develop a platform and application ecosystem based on AI 2.0 era technologies, Lee said in the statement.
Australia Banks – Construction Insolvencies +75%, A Look at NAB Risk Weights, PD
- There is tremendous growth in Australian insolvencies, which is not simple a base effect
- Construction insolvencies are up 75% YoY through mid June, the worst of any sector
- NAB shows +17x exposures risk-weighted at 75%, PD +84% in qualifying revolving retail
China TMT Update-XPEV/NIO/LI/TSLA/1211HK/ZLAB: 16 Automakers Pledge to Maintain Order;G6 Conversion
- XPEV/NIO/LI/TSLA/1211HK: 16 major automakers pledge to jointly maintain order in China auto market (+/+/+/+/+)
- XPEV: Xpeng G6’s conversion rate exceeds 50%, outperforming the industry (+)
- ZLAB：ZLAB’s FcRn Efgartigimod received NMPA approval. We expect 2023 revenue US$10mn (-)
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