In today’s briefing:
- Ohayo Japan |Jobless Claims Surge Powers SPX to Bull Mkt; NUGGET: Embrace Activists ! Says JPX CEO
- China Tourism and Hospitality Industry: Set for Stronger Momentum Ahead
- Thoughts On The Luxury Market
- AMZN/PDD/Shein/FUTU/TikTok: TikTok Launching “Mall” and “fully Managed” Model in the USA and UK
Ohayo Japan |Jobless Claims Surge Powers SPX to Bull Mkt; NUGGET: Embrace Activists ! Says JPX CEO
- OVERSEAS. Surge in Jobless Claims lifts Bonds, rejuvinates Tech, and pushes SPX into Bull market territory ; Fed PAUSE seems a done deal; Another win for TESLA-GM joins Ford
- JAPAN. NKY Futs +0.6% vs Cash; After yesterdays, stunning Value vs Growth reversal, now look for the reversal of that reversal ! Major SQ today. Remain bullish Japan.
- NUGGET. Embrace Activists – Says JPX CEO. JPX playing their part; Investors doing their part. Corporates, your turn…still a lot to do..
China Tourism and Hospitality Industry: Set for Stronger Momentum Ahead
- Despite solid 1Q23 result, share price performance for China’s tourism and hospitality companies has been unexciting. This is unjustified and we expect a pick-up going forward.
- While their earnings multiples are high at 31.0x and 21.6x for FY23 and FY24 respectively, they should be interpreted in the context of impressive FY23-24 average EPS growth of 51.4%.
- Anecdotal evidences showed that positive momentum will sustain – Tongcheng Travel Holdings (780 HK), Trip.com (9961 HK), H World Group (1179 HK) and Fosun Tourism (1992 HK) will stay as beneficiaries.
Thoughts On The Luxury Market
- Luxury stocks have been a key way for investors to play China reopening. The play on the rebound has clearly paid off.
- European luxury companies, such as LVMH, Hermes, Richemont, Kering, and others, are seeing strong demand, somewhat dusting off Chinese data concerns.
- However, data coming out of China is somewhat concerning. April shaky, May better.
AMZN/PDD/Shein/FUTU/TikTok: TikTok Launching “Mall” and “fully Managed” Model in the USA and UK
- AMZN/PDD/ Shein: Amazon temporarily display the same discount and coupons (-)
- FUTU: HK stock turnover remains lukewarm, while Futu is gaining market share in HK（-）
- PDD/Shein: TikTok launching “Mall” and “fully managed” model in the USA and UK (-/-)
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