In today’s briefing:
- Ohayo Japan| Equities Fall Amid Yield Rise; JAPAN X: Japan Startups Look Beyond Home for IPO Success
- Country Garden – Exploring The Project Portfolio Profile
- China TMT Update- 1810.HK/AAPL/BILI/LI/XPEV/NIO/BYD/TSLA/Leap-Huawei Mate 60/Pretty Derby/9mn NEV
- CSRC’s IPO Reform and Its Impact on China Healthcare Investment
- Tech Talk: Artificial Intelligence
- The Highlights – Cannabis News for the Week Ending September 1, 2023
Ohayo Japan| Equities Fall Amid Yield Rise; JAPAN X: Japan Startups Look Beyond Home for IPO Success
- OVERSEAS: US Stocks fall after Labor Day Holidays with SPX -0.4% and only 3/11 Sectors rise; US Yields rise amid rush by Corporates to issue Bonds; Oil Breaches $90
- JAPAN: NKY Futures +0.2% Premium vs Cash; USDJPY 147.7; Japan FY24 Budget requests hit 114 trillion yen; KKR prepares to relist Kokusai at 400bn valuation
- JAPAN X: Nasdaq gains popularity as Japanese Startups Opt for Overseas Listings. The JPX needs to take heed otherwise it will end up missing out on significant local IPO opportunities.
Country Garden – Exploring The Project Portfolio Profile
- In this note, we explore some aspects of the composition of Country Garden’s projects – the cities and provinces where Country Garden has the most exposure
- We overlay the disclosure data on exposure by province and top projects, with a few housing market metrics
- Drawing on wider data, we compare the scale of Country Garden and Evergrande in greater detail
China TMT Update- 1810.HK/AAPL/BILI/LI/XPEV/NIO/BYD/TSLA/Leap-Huawei Mate 60/Pretty Derby/9mn NEV
- 1810.HK/AAPL: Huawei Mate 60 supply chain order volume may have reached 15-17mn units (-/-)
- BILI（-）： Shining! Umamusume: Pretty Derby” is experiencing a sharp decline in popularity.
- LI/XPEV/NIO/BYD/ TSLA/ Leap: MIIT Aims for 9mn NEV Sales in 2023 (+/+/+/+/+/+)
CSRC’s IPO Reform and Its Impact on China Healthcare Investment
- CSRC has issued new policies related to stamp duty/IPO/reduction of shares held by listed companies. These new policies may profoundly rewrite the investment logic of the primary and secondary markets.
- IPOs may no longer be as attractive to founders. The era of M&A is coming. Investors will prefer companies with positive cash flow, solid commercialization performance, and close to/already breakeven.
- In the new context, good stories of high growth alone but with long-term losses may not be effective. We recommend overweight companies with high buybacks/dividend payout, which could eventually outperform.
Tech Talk: Artificial Intelligence
Artificial intelligence (AI) is a diverse field affecting many industries.
With an estimated market size of $137 billion in 2022, it is projected to grow significantly to $1.8 trillion by 2030, a CAGR of 38%.
While deep learning large language models (LLMs) like ChatGPT have recently caught the imagination of many, we also want to highlight machine learning (ML), computer perception, and natural language processing (NLP).
The Highlights – Cannabis News for the Week Ending September 1, 2023
- Global equities had a strong week, with the MSCI World Index +2.62% and the S&P 500 +2.55%.
- The NASDAQ jumped 3.25%, while small caps led the rally this week, finishing up 3.69%.
- The advance was driven by signs of a softening labor market that may make the Fed pause further interest rate hikes.
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