In today’s briefing:
- Ohayo Japan | Bullish Banks, Ai , US Consumer; NUGGET: Isuzu(7202) – EV Outlook Better for Trucks
- China TMT Update-BABA/VIPS/JD/PDD/3690.HK/700HK/SE/XPEV-Online Retail Sales Growth；”Arena Breakout”；
- Sands China Ltd: Possible Earnings Beat in the Crosshairs Based on Parent Gains
Ohayo Japan | Bullish Banks, Ai , US Consumer; NUGGET: Isuzu(7202) – EV Outlook Better for Trucks
- OVERSEAS. SPX new 52W highs on Bank earnings, AI (thx to MSFT), and Resilient Retail print; MSFT prices Copilot at high end; US bank CEOs showing optimism.
- JAPAN. NKY Futures +0.8% vs Cash; USDJPY 138.8; Look for continued follow through in Japan equity bid; Bank bid thematic gaining more traction on BOJ tweak view; Kishida cabinet reshuffle?
- NUGGET. Isuzu(7202) – Big EV Spending but Still looks Cheap at 1x PBR. A 15% FY3/26 ROE as per mid term plan makes this look interesting for LT investors here.
China TMT Update-BABA/VIPS/JD/PDD/3690.HK/700HK/SE/XPEV-Online Retail Sales Growth；”Arena Breakout”；
- BABA/VIPS/JD/PDD/3690.HK: Online retail sales growth steady in June NBS data (+)
- 700HK/SE:Tencent’s FPS game “Arena Breakout” international version was launched on July 14th (+/-)
- XPEV : Xpeng denies planning of PHEV pipelines ( / )
Sands China Ltd: Possible Earnings Beat in the Crosshairs Based on Parent Gains
- SCL parent Las Vegas Sands reports earnings in two days. We sense a beat coming energized by Macau recovery cycle continuing.
- SCL continues to hold a 20%+ share of the Macau market and is likely to gain both in the migration of premium mass and mass segment play to its properties.
- SCL has invested US$1b in renovations and attractions in its Macau properties which will become accretive to EBITDA gains in the quarters ahead.
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