In today’s briefing:
- The Stocks to Own in Asia – Vol. 46
- Ohayo Japan | Stocks Jump Ahead of Key Inflation Reports
- China Banks – Losses at Developers, Notes to Financials at Some Banks, More Clear than Headlines
- Japan Morning Connection: Tech Rebound Setting Positive Tone to Start
- The Stocks to Own in ASEAN – Vol. 48
- Online Game Monitor: August 13 – September 8, 2024
The Stocks to Own in Asia – Vol. 46
- We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
- Portfolio changes: Two stock remains, 12 stocks added into portfolio
- Since its inception, it has generated a before-fee total return of 168% versus the MSCI Asia ex Japan of 82%
Ohayo Japan | Stocks Jump Ahead of Key Inflation Reports
- U.S. stocks surged Monday as investors bought the dip following Wall Street’s worst week of the year, anticipating a Federal Reserve rate cut later this month
- Apple’s “Glowtime” event revealed the iPhone 16 lineup, AI-powered iOS 18 updates, and new hardware including AirPods 4 and Apple Watch Series 10
- In August, Japanese investors set a record by purchasing 7.34 trillion yen ($51.3 billion) in foreign bonds, driven by a stronger yen
China Banks – Losses at Developers, Notes to Financials at Some Banks, More Clear than Headlines
- With many real estate developers in China reporting losses, and with greater clarity of their woes, there should be flow through to banks.
- Generally, at the top line and in head line bad loans, this is simply not visible, so that one must look to notes to financial statements, other granular data.
- Bank Of Communications Co H (3328 HK) shows restructured loans up from RMB41bn to RMB61bn in just six months, with many China banks showing far higher loss loans
Japan Morning Connection: Tech Rebound Setting Positive Tone to Start
- Tech rebounds overnight led by AI related, although concerns weighing on China export names including ASML.
- Oracle numbers beating after hours setting a positive tone for software as well as some SPE, with capex plans set to double YoY.
- Nothing amazing from the Apple event likely to weigh on Japanese suppliers, although little expectation priced in. ARM and Softbank the big winners, with V9 chips running the new iPhones.
The Stocks to Own in ASEAN – Vol. 48
- We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
- Portfolio changes: Four stocks remain, 10 stocks added to our portfolio
- Since its inception, the portfolio has generated a before-fee total return of 249% versus MSCI ASEAN’s 39%
Online Game Monitor: August 13 – September 8, 2024
- Tencent’s <Honor of Kings> has seen significant grossing growth following gameplay features’ expansion and global servers’ launch.
- Additionally, <Teamfight Tactics Mobile> saw a surge in grossing rankings after its anniversary event and has since maintained a stable position.
- <Justice Mobile> has stabilized following its anniversary update, while <Naraka Mobile> experienced a noticeable drop in revenue rankings. Future updates will be monitored to assess the game’s performance moving forward.
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