2017-09-04 10:47
While markets have focused on the slight miss in the headline number, the real message of the August labour market report was that the manufacturing sector is booming.
Manufa… Read More
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2017-09-04 08:48
The renewed surge in emerging market equities appears increasingly at odds with the underlying fundamentals in a manner which is starting to be reminiscent of 2007, or in the case of China t… Read More
2017-09-04 07:04
By Christopher Clausen / Office / Asia Pacific
The technology sector is one of the most important occupier categories in Asia Pacific. For example, the region is now home… Read More
2017-09-04 06:45
Promoters will participate in the share buyback
Infosys Ltd (INFO IN) promoters will participate in the share buyback which the company had announced after the earlier CEO Vishal Sikka's dep… Read More
2017-09-04 06:35
Expansionary budget focused on job creation and social welfare: There will be another boost to Moon’s income-led growth mantra with the record-high KRW429tr 2018 budget, which will foc… Read More
2017-09-04 06:33
Prime Minister Modi reshuffled his cabinet: There was a governance element in the reshuffle as well as raw political calculation:
More experienced technocrats: Modi appointed tested and hig… Read More
2017-09-04 06:24
We visited Yaskawa Electric Corp (6506 JP) this morning to discuss its excellent first quarter results and gain further insight on the sustainability of profitability improvement. We came aw… Read More
2017-09-04 04:59
By Joanne Henderson / Office / Australia
The Sydney CBD office market currently holds the title: ‘strongest rental growth in the world for 2017’ of all office… Read More
2017-09-04 04:03
Gold clearing 1,300 medium term resistance opens the way for a new and higher trading range. Gold will continue to find underlying support from geopolitical risk and more importantly if the… Read More
2017-09-04 02:56
GDP growth strongest since 2015 on firm domestic demand: GDP growth increased 3% in 2Q17, up from 1.2% in 1Q17 and the highest since 2015. Consumer spending was a key source of growth, accou… Read More
2017-09-04 02:43
North Korea is treading on dangerous territory with multiple military provocations ahead of an important BRICS summit hosted by China. Of note is the North Korean claim that it had perfected… Read More
2017-09-03 20:30
US SAAR in August was 16.14 mil vs. 17.22 mil in Aug 2016 and 16.77 mil in July 2017 Tropical Storm Harvey impacted August selling rate, especially in the southern region. It may not be… Read More
2017-09-03 20:24
Once a backwater, private security companies in China have been expanding rapidly in recent years, fuelled by fears over social inequality, but more importantly by the need to protect Chines… Read More
2017-09-03 17:32
In the week of Hari Raya Idul Adha, we saw a number of interesting insights, both equity bottom up and top down and thematic. At the start of the week, Singapore Exchange Ltd (SGX SP) hosted… Read More
2017-09-03 16:29
Australia’s cotton farmers are concerned that Bayer’s takeover of GMO-focused peer Monsanto will lead to a potential lessening of competition in the country. In an exclusive… Read More
2017-09-03 16:26
Sprint is mulling a number of options with a number of parties, but the No.4 US wireless carrier’s ideal partneris a cable company, a senior Sprint executive told CTFN. “A… Read More
2017-09-03 14:38
What You Need to Know
Revenue in-line; earnings beat expectations. Revenue grew 45% YoY to RMB 6.4b, while EPS increased ~12x YoY to RMB1.49 (US$0.22).
Revenue delivered healthy gro… Read More
2017-09-03 13:02
This is the 16th issue of 'The Week that Was in Greater China@Smartkarma' which covers the week of August 27 – Sep 2 and features a selection of the week's insights on China… Read More
2017-09-03 10:23
PM Narendra Modi's big change in his Ministry
Today, Prime Minister Narendra Modi carried out one of the biggest large scale change in his ministry after he had taken over the command of cen… Read More
2017-09-03 08:35
In an effort to further push reforms and revive growth Prime Minister Modi reshuffled his cabinet today with strong performers being promoted while non-performers have been shown the door. I… Read More
2017-09-03 02:41
Growth accelerated in the three months to June, sales rising 9.5% year-on-year vs. a 5.9% increase in 2Q. This was primarily due to strong demand for photon multiplier tubes, sales of which… Read More
2017-09-03 01:20
This week, is Clariant AG (CLN VX) the one being hunted?; Toshiba Corp (6502 JP)'s discombobulated relationship with Western Digital Corp (WDC US) endures; Kasikornbank Pcl (KBANK TB) (… Read More
2017-09-03 00:15
Despite Mitsubishi UFJ Financial Group (8306.JP/ MTU.US) [MUFG] being flush with liquidity in Japan given its surplus JPY deposits, the company desperately needs USD deposits to fund United… Read More
2017-09-02 20:19
Should we short Samsung C&T Corp (028260 KS) now? This question is the same as "Will Samsung C&T never become Samsung's holdco?" Of course, C&T also has its own operating busines… Read More
Coal India: August Was Good For Production And Sales Volume, Demand Side Concerns Remain In Business
2017-09-02 20:16
Stock view
Coal India Ltd (COAL IN) is trading closer to its last three years’ lows and P/E on FY18E is approximately 13-14x (vs. historical range of 12-18x). However, the revenue dri… Read More
2017-09-02 07:45
On the 29th of August after the close, Sumitomo Rubber Industries (5110 JP) announced (and full document) that it and 60.37% subsidiary Dunlop Sports Co Ltd (7825 JP), would merge… Read More
2017-09-02 04:07
China's large banks reported 1H17 earnings better than consensus expectations as an improving NIM (QoQ) offset the rise in provisions. The large banks which are lenders in the interbank mark… Read More
Taiwan Tax Reform: Positive To Domestic Investors But Only Marginal Impact To Corporates’ Earnings
2017-09-02 03:37
What's new?
Taiwan Ministry of Finance announced yesterday a new tax reform (starting 2019 calendar year for 2018 income taxes) to cut personal tax ceiling to 40% from 45% but raise the corp… Read More
2017-09-02 00:25
* China-style margin call could be lurking given the massive amount of leverage Western brokers have been handing their HNW clients;
* Technology shares could be the impetus without catalyst… Read More
2017-09-01 20:39
As I have mentioned before, a long time ago I worked at Panasonic in their IR department. One day when I was bored, I went to the Accounting department to see what was in Other Assets. One o… Read More
2017-09-01 15:52
For the Indian economy, the extremely poor GDP growth rate of 5.7% for Q1 FY18 was not the only bad number reported yesterday. (India’s Q1 FY18 GDP Growth Was 5.7%, Economy Gets Severe… Read More
2017-09-01 14:59
Pearl Abyss Corp (263750 KS) IPO price was set at ₩103,000, which is the upper end of the indicative price band (₩80,000 - ₩103,000). The subscription competition… Read More
2017-09-01 14:13
Although the 156,000 increase in nonfarm payrolls in August was below the median consensus forecast, this was not a disappointing employment gain. We have highlighted a quirk with Augu… Read More
2017-09-01 10:49
The revised Q2 GDP data contain a number of interesting and important features that may have flown under investors' radar and, more broadly, offers a key window on the US economy. Here are o… Read More
2017-09-01 10:44
Encouraging supply-side outlook: Market dynamics for the coaster segment (p/r, 1-12k cbm) are relatively better with lower supply, when compared with VLGCs (f/r, 70k cbm) and Handysizes (s/r… Read More
2017-09-01 10:36
• The UK’s manufacturing PMI completed its recovery in August by rising 1.6 points to 56.9, which is only 0.5 points below the equivalent euro area balance.
• Official manufa… Read More
2017-09-01 09:03
Agriculture slipping into slow growth
Japan’s agriculture production output recovered over 2015-2016, backed by higher rice production and a sharp dip in agricultural imports.
Consu… Read More
2017-09-01 08:49
Summary
Geopolitical tension has sharply escalated in the wake of yet another North Korean missile launch aimed in Japan’s general direction. For many investors already worried about o… Read More
2017-09-01 08:40
Agriculture revenue growth slows due to drop in volume output of cereals
Government pursues modernisation to further boost productivity
Rising Chinese production of fresh fruits
Despite pork… Read More
2017-09-01 07:52
The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.
It's a long weekend for everyone in Singapore!
We are starting… Read More
2017-09-01 06:59
A tight labour market drives inflation through higher wages to attract scarce labour, as noted by William Phillips in 1958[1].
The inverse link between unemployment and inflation becomes app… Read More
2017-09-01 04:23
First-half results for Jiangxi Copper Co Ltd H (358 HK) came out on Wednesday (August 30). Year-on-year increases of 8.7% and 8.0% in revenue and cost of sales, respectively, pushed the comp… Read More
2017-09-01 03:07
The RBI annual report released end August is an important document that dwells on key issues relating to the economy along with a macro economic review of conditions ahead and a statement of… Read More
2017-09-01 02:56
Startups are more likely to fail than succeed. Yet, failure is the mother of success, and there are many lessons we can take from these failed startups in the sharing economy. Ever heard of… Read More
2017-09-01 00:00
On 30 (29) August Hain Celestial Group Inc (HAIN US) CEO Irwin Simon & Team detailed results and spoke to analysts, while also discussing Amazon.com Inc (AMZN US) issues and produc… Read More
2017-08-31 23:42
Q2 Australian construction work done surged on Wednesday by a record. While lumpy work at an LNG project drove this increase, the data also showed strong growth in public infrastructur… Read More
2017-08-31 23:32
This week I briefly look at recent bifurcations in Japan Petroleum Exploration (1662 JP), Wheelock & Co Ltd (20 HK) and Jardine Matheson Hldgs Ltd (JM SP), amongst others.
These re… Read More
2017-08-31 23:03
August was a good month for our model stock portfolio, which was up 1.0% versus KOSPI which was down 1.6% during the same period. At end of July, we raised the cash portion to 30% of the por… Read More
2017-08-31 22:25
The German newspaper the Frankfurter Allgemeine Zeitung (FAZ) reported on Tuesday August 29th that China’s regulators will soon release some final, softened rules regarding 2018 sales… Read More
2017-08-31 16:12
Future Bright Holdings Ltd (703 HK) reported 1H17 results late August and just published its full interim report on the 30th of August. The company had already given a detailed profit warnin… Read More
2017-08-31 15:15
We have seen a good ride for the Chinese steel stocks due to the strong real estate market and the economy overall.
Steel traders were holding a lot of inventory.
Steel traders were afraid… Read More
2017-08-31 14:50
A dominant theme we see playing out in 2017 is the relative robustness of Chinese economic activity leading to broad consumer and business confidence. While there are many valid concer… Read More
2017-08-31 14:35
Today, Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation (MoSPI) of Govt of India released the estimates of Gross Domestic Product (GDP) for the first quar… Read More
2017-08-31 12:53
Having delivered a very good set of Q1 results in April and Q2 results in July – FY2017 revenues forecast to be up 13% vs 2016 and a near doubling of Net Income[1] - Posco’s stoc… Read More
2017-08-31 12:31
This 'Wrap' pulls together the UK story as an annotated compilation of my published charts, updated to include the latest data.- Activity: The economy appears to be recovering from its… Read More
2017-08-31 12:00
Rohm is Japan's largest independent producer of semiconductors. Obscured by news about the fate of Toshiba and its NAND flash subsidiary Toshiba Memory, Rohm reported excellent results for t… Read More
2017-08-31 11:30
China Sce Property Holdings (1966 HK) is raising approximately US$163m through an issuance of 350m shares with an upsize option of 50m shares.
The deal scores well on our framework owing to… Read More
2017-08-31 08:47
Profit on expected lines. Hapag-Lloyd’s (HL’s) overall revenue for 2Q17 was EUR 2.4bn, which is up 28% y/y. This figure includes EUR 199m of revenue contribution from UASC, which… Read More
2017-08-31 08:17
To the best of my knowledge Worldcom is the largest ever non-bank bankruptcy (only Lehman and Washington mutual were larger). The company had assets of about USD109bn when it filed for… Read More
2017-08-31 05:03
On the 30th August 2017, the Board of Singapore Myanmar Investco Ltd (SMI SP) announced that the company has entered a share placement through CLSA that will issue up to 15,411,600 new share… Read More
2017-08-31 03:47
In a nutshell... INDICES, - S&P only breaking above 2460/72 would confirm the end of the tactical correction - SHCOMP the best conduit for the bullish move in Asia - Bullish exit confirm… Read More
2017-08-30 18:06
The second-quarter GDP report alleviates some of our concerns about the squeeze in economy-wide corporate profit margins and suggests that Corporate America may be rebalancing. Domesti… Read More
2017-08-30 17:32
Reserve Bank of India (RBI) Annual Report for the period July 1, 2016 to June 30, 2017 was released today. This report is a detailed and comprehensive document highlighting not just the issu… Read More
2017-08-30 16:10
Lottery and gambling are typically capital intensive business with retiree and older people traditionally are the main customers. But what if there is a company that has secured a 5-year res… Read More
2017-08-30 12:16
Political instability has returned to Australia in recent months after several Members of Parliament (MPs) have revealed their dual citizenship status. The Constitution doesn’t allow d… Read More
2017-08-30 11:47
Yangzijiang Shipbuilding (YZJSGD SP) is raising US$157m through the issuance of 137m primary shares.
The deal scores well on our framework mainly owing to its strong balance sheet and… Read More
2017-08-30 11:35
Jonathan Munz, the Chairman, is selling about 20% of Reliance Worldwide Corp Ltd (RWC AU)'s total outstanding shares, which also constitutes a majority of his shareholding.
We had… Read More
2017-08-30 11:03
The minutes to the 25-26 July Federal Open Market Committee (FOMC) meeting confirm that members still embrace the Phillips Curve as a framework for guiding policy. Meanwhile, there is health… Read More
2017-08-30 10:17
With the TMC sale entering its 9th inning (or perhaps the evening session on the 5th day for the cricket lovers among you), we feel that certain risks surrounding China antitrust reviews may… Read More
2017-08-30 09:55
LG Electronics Inc (066570 KS)'s possible acquisition of Austria's vehicle headlamp maker ZKW (www.zkw-group.com/en) took Korea's stock market by storm today. LGE ranked top in Naver Fi… Read More
2017-08-30 08:58
PREFERRED CASE
Congestion exit confirmed. Bullish above 15.70 towards 19.25 then 24.40 longer term
Both market and RSI 34 period shaped a bullish exit from congestion/triangle formation.
Sho… Read More
2017-08-30 08:45
1. Macro analysis suggests :
Oil remains in a very cloudy situation with contradictory data (stockpiles), global demand, and OPEC intentions. This will continue to put Oil… Read More
2017-08-30 03:30
Conducive external demand, coupled with a modicum of public spending, has underpinned the robust performance across the ASEAN economies. Moreover, drags on growth stemming from one-off negat… Read More
2017-08-30 03:28
KBANK announced the acquisition of a 10% stake in Indonesia’s Maspion bank, sending its stock soaring above Bt200/sh resistance level for the first time in a long while. MCorp Review b… Read More
2017-08-30 02:43
Alibaba-backed logistics specialist Best Inc. on Tuesday morning (August 29th) in New York filed the third amendment to its initial Form F-1. This latest amendment confirmed that the company… Read More
2017-08-30 02:37
PREFERRED CASEBullish above 34000 towards 40000
Key elements
The market reacted and shaped an impending double bottom above fractal support at 34,000.Rsi21 also reacted above ascending suppo… Read More
2017-08-30 02:30
PREFERRED CASEBullish above 1.050 towards 1.150. According to RSI and wave count, preference for A50 to outperform the HSCEI by 8%
Should you have any questions and wish to speak with one of… Read More
2017-08-30 00:39
No-moat Li & Fung Ltd (494 HK)'s earnings beat was not all due to the speed initiatives and improvement in the consumer sector in the U.S. that we factored in, it was a conflue… Read More
2017-08-30 00:35
Included in Wharf Holdings Ltd (4 HK)'s expected in-specie, will be the 71.28% ownership in Harbour Centre Development (51 HK) ("HCD"). On a book value basis, HCD accounts for ~7% of th… Read More
2017-08-30 00:16
As Nils Bohr quipped, making predictions is difficult, especially about the future! One prediction however has been relatively easy for some time: Indian CPI inflation is set to climb… Read More
2017-08-29 23:32
We looked at what factors do the best in September in Japan and as you can see by the chart below found that longer-term price momentum and positive earnings revision names tend to do… Read More
2017-08-29 22:59
North Korea and Hurricane Harvey are dominating attention in the market. The market is bracing for some disruption to the US economy. Gasoline prices in the US have surged for the fron… Read More
2017-08-29 15:56
What will President Xi do With Solidified Power in his Second Term?
At the 19th National Congress expected to be held in mid-October we expect that President Xi will solidify his power for… Read More
2017-08-29 12:11
Reliance Infrastructure is selling its Mumbai Electricity Business to Greenko?
As per some news reports, Reliance Infrastructure Ltd (RELI IN) is considering sale of its Mumbai electricity b… Read More
2017-08-29 11:50
This year, Japan’s governance reform drive will either keep going, or run out of steam. Judging from the amendment of the Company Law that is now underway by an advisory council of the… Read More
2017-08-29 10:39
Following Part 1 – Falling Fertility and Part 2 - Growth, No Deus Ex Machina, we highlight the shifting demographic profiles in Europe, the Americas and Asia. The number of p… Read More
2017-08-29 09:18
AIN HOLDINGS INC. (9627 JP) is raising approximately US$239m through an issuance of 3.45m shares, out of which 3.27m will be primary shares (including 450k for over-allotment) and 180k… Read More
2017-08-29 09:17
It has been clear for some time that China has been overstating both its population and birth rate. India is already likely to have a larger and younger population, but can it turn this into… Read More
2017-08-29 09:13
Xingda Int'l Holdings (1899 HK) reported 1H17 results last week but had to cancel its analyst briefing because of typhoon activity in HK.
Since my initial insights on the company (see… Read More
2017-08-29 07:42
We’ve seen a number of advertising sector profit warnings from Dentsu to WPP amid signs that key clients across the FMCG sector are questioning the payback from digital advertising.
In… Read More
2017-08-29 07:14
We initiate coverage on Bharat Financial Inclusion Limited (BHAFIN IN) (BFIL ), the largest micro finance institution (MFI) and the third largest player in the sector in India, with a H… Read More
2017-08-29 07:00
My first insight on SmartKarma was on Singapore small-cap Micro Mechanics (Holdings) Ltd (MMH SP). Since late February the stock (including dividends) is now up over 50%. Since my last insig… Read More
2017-08-29 04:45
China stock picks continued
Click on this link to view: https://www.screencast.com/t/54XmOh7k 8:02 min.
We review some of our stock picks mentioned over the weekend and featu… Read More
2017-08-29 04:42
North Korea fired a long range missile over Japan in the early morning on August 29th (today). The missile flew for about 2,700 kilometers (1,700 miles) at a maximum altitude of 550 kil… Read More
2017-08-29 03:45
The semiconductor sector has grown at a remarkable pace for the past nine months and there’s little sign of it slowing down anytime soon. In June 2017, the World Semiconductor Trade St… Read More
2017-08-29 03:19
Telstra (TLS AU) delivered a reasonable FY17 operating performance, but this has been overshadowed by the Board's decision to rebase the dividend from A$31c/share in FY17 to A$22c/share… Read More
2017-08-29 03:06
Dixon Technologies India Ltd (3201208Z IN) is raising approximately USD110m in its upcoming IPO. Proceeds raised will mainly be used for setting up a unit for manufacturing of LED TVs a… Read More
2017-08-29 01:59
We remain positive on the long-term prospects for NetEase (NTES US), which we see as one of the dominant online game companies in China (along with Tencent (700 HK)). However, in the s… Read More
2017-08-29 01:58
The Trump administration stepped up pressure on North Korea with unilateral sanctions on 10 Chinese and Russian companies and six individuals. These companies have been accused of supplying… Read More
2017-08-29 01:53
New setbacks for President Duterte: Paolo Duterte, Duterte’s son and the Vice Mayor of Davao City, has been accused of asking for a bribe of PHP5mn to allow some PHP6.4bn worth of drug… Read More
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