In today’s briefing:
- Ohayo Japan | Stocks Recover; Hitachi Zosen’s Cheap Cuts of Lab-Grown Meat
- Indian Life Insurance (And Savings) Sector Primer – Long-Term Potential and Strong Operating Margins
- Australia – New Insolvencies Data: Construction Appointments at 829 Vs 588 YoY | Credit Risk Worsens
- Mat-Chem Notes For the Week Ended September 29, 2023
Ohayo Japan | Stocks Recover; Hitachi Zosen’s Cheap Cuts of Lab-Grown Meat
- OVERSEAS: SPX +0.8% as stocks recover from recent steep losses; ADP data hints at slower pace of job growth; bond yields eased off
- JAPAN: Nikkei Futures (+0.5% v cash) point to stronger open, JPY 149/$. Toyota signs long-term battery deal with LG Energy; Docomo takes stake in Monex.
- JapanX: Hitachi Zosen slashes lab-grown meat protein cost by 90%
Indian Life Insurance (And Savings) Sector Primer – Long-Term Potential and Strong Operating Margins
- Indian Life Insurance Sector is a play on lucrative Indian demographics, under-penetration of life insurance and retirement savings across cohorts of the population.
- The large firmsSBI Life, HDFC Life , LIC IN , ICICI Pru, MAXF IN are ripe for long-term secular growth for decades to come as they dominate the market.
- This “Primer” sets the stage for the company-specific notes to follow. Here we discuss the sector level issues, key metrics and relative valuations. See attached PDF- Free access.
Australia – New Insolvencies Data: Construction Appointments at 829 Vs 588 YoY | Credit Risk Worsens
- Australia Securities & Investment Commission produces high-frequency data on insolvencies, which is valuable data for analyzing banks. There is pronounced deterioration in at least 3 sectors.
- In construction, total appointments rose to 829 YTD to 10 Sept 2023 from 588 a year ago and from 250 in the preceding comparable period.
- Hotel & food services and retail trade are also seeing high growth of insolvencies. Australia’s banks will likely face more defaults, NPLs and credit costs.
Mat-Chem Notes For the Week Ended September 29, 2023
- WTR-CMI last week. The third quarter ended on a down note, with the S&P 500 losing 3.7% and the Russell 2000 dropping 2.7%.
- Our WTR-CMI index slightly underperformed the Russell 2000, declining 3.0% for the week. Coincidently, RYAM led the performance of stocks in our index, appreciating 18% last week, as news spread of one of its main competitors in commodity markets announcing the intention to shut down a major wood pulp production plant in the US
- Lithium (LAC and PLL) and ag- chem stocks (FMC and AVD) were the worst performers in our index last week on lower lithium prices and signs of slowing EV demand, and a weaker farmer outlook for 2024/25 season.
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