Macro: End of Mandatory Lock-Up Periods for 45 Companies in Korea in April 2022 and more

• In this insight, we discuss end of the mandatory lock-up periods for 45 stocks in Korea in March 2022, among which 4 are in KOSPI and 41 are in KOSDAQ.
• These 45 stocks on average could be subject to further selling pressures in April and could on average underperform relative to the market. 
• In this monthly, we also added data for market cap, free float, and ADTV. 

• China is supposed to become the largest economy in the world over the next decade, and yet it still looks like a black box to many.
• By many metrics, investors are still under-allocated to Chinese exposure but arguably there are structural reasons why that’s the case.
• So, how does China fit in a global macro portfolio?

• Chinese cities affected by the recent Covid-19 outbreak — the most serious one since early 2020 — have rolled out policies, such as tax cuts and consumption vouchers, to cushion its impact on local businesses.
• On Tuesday, Shanghai announced a bundle of policies to prop up businesses.
• The measures include tax and fee cuts, rent cuts for small businesses renting state-owned property, and credit support.

• Firmer and broad-based real GDP growth in 2022
• Economic & border opening, targeted policy support
• Big upward revisions in commodity price forecasts

For 2022, BNM still expect firmer real GDP growth of +5.3% to +6.3% range (2022F: +5.5% to +6.5%; 2021: +3.1%). Real GDP value for 2022 is MYR1,466.6b i.e. +5.8% growth or mid-point of the current forecast range and vs Budget 2022’s +6.0% (mid-point of previous forecast range). Growth will be driven by expansions in all economic sectors and demand aggregates. By sectors, services accelerates to +6.9% (2022F previous: +7.0%; 2021: +1.9%) as manufacturing growth moderates to +5.2% (2022F previous: +4.7%; 2021: +9.5%) amid rebounds in mining (2022F: +2.5%; 2022F previous: -0.3%; 2021: +0.7%), agriculture (2022F: +1.5%; 2022F previous: +3.9%; 2021: -0.2%) and construction (2022F: +6.1%; 2022F previous: +11.5%; 2021: +5.2%).

• Group-buying / In Depth: The shake-out of China’s community group-buying market

• Huawei / Huawei’s 2021 net profit soars 76% even as revenue plummets

• Tax relief / China offers tax relief for workers with children under age 3