In today’s briefing:
- Ohayo Japan |SPX Continues to Defy Gravity; NUGGET: SON-San Rebirth Like a Phoenix- A Helping ARM
- Postcard from Uttarakhand | The Landslide Edition
- China Property – Today’s Macro Property Data (NBS) For May
- China Banks – Unseasoned Loans, Institutional Ownership, Corporate Losses
- China TMT Update – 700.HK/NTES/BGNE/2352.SZ: Tencent’s In-Development Project “Paradise” Start Test.
- China/Asia TMT Update-PDD/CPNG/SE/BEKE/BILI:PDD’s Temu Plans to Come to ASEAN and South Korea
Ohayo Japan |SPX Continues to Defy Gravity; NUGGET: SON-San Rebirth Like a Phoenix- A Helping ARM
- OVERSEAS. US Equity Rally Continues in spite of Recession fears/profit slowdown; SPX 1.2% as all sectors positive as Defensives led overnight; Rally broading out out beyond Tech..it would seem
- JAPAN. NKY Futs -0.1% disc vs Cash; BOJ Decision Day- No change expected in policy stance; Kishida says no Snap elections
- NUGGET. Son-san/Softbank poised for a rebirth like a Phoenix from the ashes thanks to ARM IPO.
Postcard from Uttarakhand | The Landslide Edition
- Uttarakhand, a state in northern India, is known for its stunning landscapes, pilgrimage sites, and the title “Land of the Gods.”
- Despite the potential for tourism development, there are challenges in infrastructure, including transportation networks, accommodations, and bureaucratic processes.
- The holiday trip, including being stuck in a landslide with limited connectivity, transformed us, enhancing personal growth, analytical skills, and commitment to serving investor clients.
China Property – Today’s Macro Property Data (NBS) For May
- The May data was weak, though the 12-month Y/Y metrics keep showing improvements, “less negative”; everyone expects more stimulus, a big question is its scope and the extent
- The indicators for land sales/acquisitions improved, though, on most metrics in May
- May was the third month in a row with a downward revision to some 2022 data
China Banks – Unseasoned Loans, Institutional Ownership, Corporate Losses
- Unseasoned loans are especially high for 2 banks and very low for 2 others, divergent risks
- Worsening China economy, geopolitical concerns, beware of well-held China banks
- Rising losses at China’s corporate suggests worse asset quality than reported
China TMT Update – 700.HK/NTES/BGNE/2352.SZ: Tencent’s In-Development Project “Paradise” Start Test.
- 700.HK/NetEase: Tencent’s in-development project codenamed “Paradise” started recruiting players for its closed beta test.
- BGNE: AbbVie sued BeiGene over patent infringement on BRUKINSA (-)
- 002352.SZ: SF Express may cooperate with J&T on international logistics (+)
China/Asia TMT Update-PDD/CPNG/SE/BEKE/BILI:PDD’s Temu Plans to Come to ASEAN and South Korea
- PDD/CPNG/SE: PDD’s Temu plans to come to Southeast Asia and South Korea, negative to Shopee and Coupang (+/-/-)
- KE Holding: New home sales remain lukewarm in May, leaving more space for potential incentive policies.
- BILI: Bilibili’s top anchor achieved a single-session GMV of 28 million yuan during the 618 live-streaming sales event (+)
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