In today’s briefing:
- Ohayo Japan | Record Highs on Dot Plot; Rohm’s Big Bet on SiC
- 12 Months In, China’s Tourism Recovery & Performance of China Tourism Shares Have Both Disappointed
- Indian Generic Pharmaceutical Companies: US Momentum to Continue Amid Favorable Sector Tailwinds
- SPAC Talk – Back to the Peripheries or Ready for a Radical Remake?
Ohayo Japan | Record Highs on Dot Plot; Rohm’s Big Bet on SiC
- Overseas: SPX +1.4%; The Fed’s “dot plot” of individual members’ expectations indicates four cuts in 2025
- Today: NKY Futs -0.2% v cash. JPY143; KIshida shuffles Cabinet; Recruit 200bn yen share buyback; Suzuki to split stock
- JapanX: Rohm’s multi-billion-yen investment in SiC power chips takes advantage of government support for chip industry
12 Months In, China’s Tourism Recovery & Performance of China Tourism Shares Have Both Disappointed
- In early December 2022, Chinese authorities relaxed many Covid-19 restrictions
- A year in, the recovery in Chinese tourism activity has disappointed, so far
- Similarly, most Chinese tourism stocks have performed poorly over the last year
Indian Generic Pharmaceutical Companies: US Momentum to Continue Amid Favorable Sector Tailwinds
- Indian pharmaceutical companies started FY24 on a strong note. Due to better pricing environment, drug shortages, and new launches, sector heavyweights reported double-digit revenue growth from U.S. business.
- Price erosion has come down to high single-digit from their peak of mid-teens. Despite the rise in number of ANDA approvals from the US FDA, Indian companies continued their dominance.
- Indian pharmaceutical companies have accelerated the filing pace. With shorter timeline of approval, the companies are witnessing a spike in number of approvals. Regulatory risk remains the main downside risk.
SPAC Talk – Back to the Peripheries or Ready for a Radical Remake?
- Back to the peripheries. The past two years have seen a significant retreat in investor interest that has all but brought SPACs back to the peripheries of the investing world.
- Traditional IPOs have been restored as the vehicle of choice for private companies to go public.
- SPAC IPO famine. Into the final month of the year, 2023 can be best summed up as an acceleration of the negative trends seen in 2022.
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