In today’s briefing:
- Japan Weekly | Zeon, Disco, Topcon, CyberAgent, Omron
- Resona & Chiba – Duration Longest at Resona, Shortest at Chiba, Implications for YCC Relief
- India Gaming: Still Asia’s Sleeping Giant, Delta Corp Enjoys a Strong Moat
- Volkswagen’s China Joint Venture to Develop Plug-In Hybrids for Local Market
Japan Weekly | Zeon, Disco, Topcon, CyberAgent, Omron
- The Bank of Japan tweeked its yield curve control by raising the interest rate cap. JP bond yields had been moving higher in anticipation.
- Japanese equities ended the week at 2,290 (+1.2% wow). Financial stocks were stronger
- Earnings dominated the larger stock level moves this week. Contrarians may want to look at CyberAgent following earnings miss
Resona & Chiba – Duration Longest at Resona, Shortest at Chiba, Implications for YCC Relief
- There is no easy way to gather duration data of securities held by Japan’s regional banks
- In IR material of the largest 8 regional banks, Resona and Chiba stand out, at opposite ends
- On blunt equity/assets SBI Sumishin Net Bank stands out at only 1.5%
India Gaming: Still Asia’s Sleeping Giant, Delta Corp Enjoys a Strong Moat
- We began coverage of India gaming five years ago on SK when it appeared a judicial panel was about to approve mass legalization. But that has stalled.
- Delta Corp’s position in the State of Goa is a moat by any definitions.
- Most recent earnings release show gains in revenues and profits/
Volkswagen’s China Joint Venture to Develop Plug-In Hybrids for Local Market
- The joint venture (JV) between state-owned SAIC Motor Corp. Ltd. and Volkswagen AG will start developing its own plug-in hybrid models, a source familiar with the matter told Caixin, in a move insiders say shows that Chinese automaking is now leading innovation instead of simply emulating foreign manufacturers.
- The effort by SAIC Volkswagen Automotive Co. Ltd. is its latest to appeal more to Chinese consumers with an interest in new-energy vehicles (NEVs), which have increasingly become a key growth driver for the world’s largest auto market.
- Beijing aims to make almost all new cars sold in 2035 in the country eco-friendly amid its push to reduce carbon emissions.
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