jetcityimage Summary Following my coverage on Yum China Holdings (NYSE:YUMC) in Feb’24, which I recommended a buy rating due to my expectation that YUMC should do well in the current macroclimate in China and that its valuation is cheap relative to its growth and margin outlook, this post is to provide an update on my…
Ah, the wild west. John Wayne, the Man with No Name, Billy the Kid and Jesse James. The frontier has a way of capturing everyone’s imagination – young and old. The cowboys, the outlaws, the gold prospectors. A land of opportunity and harsh cruelty. Unforgiving yet irresistible. Bitcoin was once such a frontier. The early…
China is planning to turn a tropical island province roughly the size of Belgium into the world’s largest duty-free shopping zone, as it tries to persuade shoppers to buy their luxury goods at home and stimulate a lagging domestic economy. Policymakers aim to establish a single duty-free zone with a separate customs system in Hainan,…
Chinese authorities have kicked off plans to sell Rmb1tn ($140bn) of long-dated bonds, as Beijing ramps up spending to stimulate the economy. The People’s Bank of China has asked brokers for advice on pricing the sale of the first batch of the sovereign bonds, according to two people who received requests. China’s government announced plans…
DNY59 As of 2024, the status of rare earth materials outside China remains a critical concern for global supply chains, particularly given China’s dominance over the majority of the production and processing of these materials. China has come to control 67% of mining, 91% of refining activity, 87% of oxide separation and 94% of magnet…
Yum China Holdings, Inc. (NYSE:YUMC) Q1 2024 Earnings Conference Call May 29, 2024 8:00 PM ET Company Participants Joey Wat – Chief Executive OfficerAndy Yeung – Chief Financial OfficerFlorence Lip – Senior Director, Investor Relations Conference Call Participants Michelle Cheng – Goldman SachsBrian Bittner – OppenheimerChen Luo – Bank of AmericaLillian Lou – Morgan StanleyAnne…
Stay informed with free updates Simply sign up to the Chinese economy myFT Digest — delivered directly to your inbox. Factory profits in China have retreated from a two-year high, according to official data, highlighting concerns that industrial overcapacity is complicating Beijing’s efforts to revive momentum in the world’s second-biggest economy. Industrial profits at…
kokouu/E+ via Getty Images Camtek (NASDAQ:CAMT) is an Israeli company that designs and manufactures high-end inspection and measurement equipment for semiconductor businesses. As such, 84% of its revenues as of FY 2023 have come from China, Taiwan, and South Korea, three countries where semiconductor productions are concentrated. CAMT went public in 2000 at $6 per…
da-kuk Thesis China has been a hard hit jurisdiction this year when it comes down to stock performance. The Chinese Communist Party (‘CCP’) has taken a number of actions this year to stem the rout in Chinese equities and stimulate the local economy. Among these measures one can find cutting required bank reserves, issuing long-dated…
adventtr Positive news around EHang Holdings Limited (NASDAQ:EH) has continuously emerged in the past 6 months, including its first product’s listing on Taobao, the largest e-commerce platform in China, at a price of RMB 2.4 million (around $330,000), completion of a demo passenger flight in Japan, getting the approval and support from the government in…
Max Zolotukhin/iStock via Getty Images Having been cautious about Chinese equities pre-Lunar New Year (see ASHR: Too Early To Be A Mainland China Contrarian), more upbeat news flow out of China, particularly related to capital market stabilization and policy stimulus, has significantly altered the risk/reward. The market seems to agree, with A-shares (i.e., mainland China…
Jose Luis Pelaez Inc/DigitalVision via Getty Images The premium infant formula maker is taking a hit from China’s low birth rate, but investors may like its dividends and transition to other dairy products China Feihe Ltd.’s (OTCPK:CFEIY, OTCPK:CHFLF, 6186.HK) 2023 year-end results, announced last week, were dismal enough to leave investors crying over plenty of…
JHVEPhoto Introduction With 27% of Intel Corporation’s (NASDAQ:INTC) revenue coming from China, the news of a ban on using its chips in Chinese government computers is the kind of negative development that could create significant pressure on the semiconductor giant’s stock. Intel Q4 2023 Earnings Release However, after an initial 4% dip earlier this week,…
China Mengniu Dairy Company Limited (OTCPK:CIADF) Q4 2023 Earnings Conference Call March 26, 2024 9:30 PM ET Company Participants Lu Minfang – Vice Chairman and Executive DirectorGao Fei – CEO and Executive DirectorZhang Ping – CFOLi Pengchen – VP, Group Affairs Head Conference Call Participants Xiaopo Wei – CitiChen Luo – Bank of AmericaLillian Lou…
Aleksandr Grechanyuk/iStock via Getty Images Listen below or on the go on Apple Podcasts and Spotify China said to block use of Intel (INTC), AMD chips in government computers. (00:26) Boeing (BA) union wants board seat to ‘save company from itself’ – report. (01:14) Germany cannabis legalization on schedule as bill clears final hurdle. (02:34)…
cruphoto China Concerns For readers following our writing, you may recall that we rated Rio Tinto (NYSE:RIO) as Buy for price levels below $70 in the past 1~2 years. And that is also the price range where we accumulated our shares. Now, we are thinking about selling our shares and we are contemplating a target…
RHJ I’ve recently been writing about precious metals more broadly here on Seeking Alpha, and think it’s worth getting a bit more granular on specific commodities like Palladium. As a critical component in automotive catalytic converters, palladium benefits from stringent emission regulations driving demand, especially with the shift towards petrol engines where it’s more effective…
Ping An Insurance (Group) Company of China Ltd (OTCPK:PNGAY) Q4 2023 Results Conference Call March 21, 2024 11:45 PM ET Company Participants Richard Sheng – Board Secretary of the CompanyXin Fu – Senior VP & Director of the Group’s Strategic Development CenterRuisheng Sheng – Company Secretary, Board Secretary & Brand DirectorYonglin Xie – Co-CEO, President…
xrrr/iStock Editorial via Getty Images Investment Thesis: I take the view that Swatch Group (OTCPK:SWGAY) is potentially undervalued at this time and could see upside back to the $16 level. I take a bullish view on Swatch Group. The Swatch Group is a famous Swiss manufacturer of watches and jewelry, and is the largest watch…
njgphoto/E+ via Getty Images ATRenew Inc. (NYSE:RERE) is China’s largest pre-owned consumer electronics transaction and services platform. RERE concluded FY23 with revenue of RMB12,965.8 million (+31.4% YoY), marking continued impressive performance over the past three quarters. See my previous articles here, Q3’23: Another Strong Quarter With Strong Revenue Growth, Q2’23: Strong Revenue Growth And Improved…
Andrew Burton Downgrade to hold Readers following our articles know that we have been bullish on Alibaba (NYSE:BABA) in the past 1~2 years. Well, this update is our throw-in-the-towel article. In the remainder of this article, we will detail why we’ve changed our mind and downgraded the stock to a HOLD after weighing several factors,…
Nikada Tencent (OTCPK:TCEHY) faces present difficulties from a slowdown in the Chinese economy, but full-year fiscal 2023 results look to close the book on a promising year, indicating the slow return of continued future growth after a troubling 2022. I believe that the stock is presently significantly undervalued based on a long-term horizon, but investors…
cbarnesphotography By Fei Wang Chinese investors tend to exhibit high exposure to domestic equities. Incorporating U.S. equities could help Chinese investors diversify their strategies and alleviate home-country bias. For example, the S&P 500® may be relevant for exposure and sensitivity to the U.S. economy. Additionally, market participants seeking to offset domestic equity biases or express…
BAY ISMOYO/AFP via Getty Images Preface We’re coming out of the Lunar New Year holidays, which began February 10th, including 8 days of official holidays. This year, there are 240 million people traveling across regions to their natal towns and villages, and many more traveling within a region, for over 470 million trips – China…
kynny Veeco Instruments (NASDAQ:VECO), a supplier of semiconductor process equipment, closed the books on FY2023 with the release of the latest Form 10-K. In general, FY2023 was a good year for VECO, which found its way back to the stock with strong gains. In fact, VECO was able to grow the top and the bottom…
TexBr/iStock via Getty Images For the first time in 20 years, China is no longer the main seller of goods to the US. That title is now held by Mexico. Derek Burleton, Deputy-Chief Economist at TD, discusses the changing globalization landscape and Canada’s ability to compete. Transcript Kim Parlee: While it may have been unthinkable…
GOCMEN In my view, the Chinese stock market is one of the most important financial news stories for 2024. In recent months, China has experienced another crash in its precarious stock market as its economy enters a debt-deflation spiral. Surprisingly, this fundamental change has received little attention in most US financial news media, potentially because…
Yuichiro Chino/Moment via Getty Images Deals and Financings I-Mab (IMAB) will become a completely US-based company with operations in Rockville, Maryland and San Diego, divesting itself of I-Mab Biopharma (Hangzhou), an unconsolidated affiliate (see story). I-Mab Hangzhou will acquire rights to I-Mab’s drug assets in Greater China (eftansomatropin alfa, felzartamab, uliledlimab, givastomig, and lemzoparlimab) for…
Bloomberg/Bloomberg via Getty Images Yum China Holdings, Inc. (NYSE:YUMC) is one of the leading Chinese restaurant chains. The company was spun off from Yum! Brands, Inc. (YUM) in 2016. Since the spin off, Yum China hasn’t done as well as some would have expected. While it is higher than its debut price, it is still…
Yum China Holdings, Inc. (NYSE:YUMC) Q4 2023 Earnings Conference Call February 6, 2024 7:00 PM ET Company Participants Joey Wat – Chief Executive Officer Andy Yeung – Chief Financial Officer Michelle Shen – Director of Investor Relations Conference Call Participants Michelle Cheng – Goldman Sachs Brian Bittner – Oppenheimer Xiaopo Wei – Citi Lina Yan…
Anton Petrus/Moment via Getty Images Xie Yijing will take over as the troubled investment bank’s head, as missing former chairman and CEO Bao Fan steps down ‘for health reasons and to spend more time with his family’ After nearly a year of uncertainty, local investment bank China Renaissance Holdings Ltd. (OTCPK:CSCHF, 1911.HK) finally seems set…
Manuel Augusto Moreno/Moment via Getty Images China is finally giving up on China. Last week, Bloomberg reported that the country’s investors purchased US and Japanese funds, among other geographically focused ETFs, at the expense of Chinese funds. It has the feeling of near-capitulation following a more than 60% drawdown in the iShares China Large-Cap ETF…
Allexxandar/iStock via Getty Images By Seema Shah, Chief Global Strategist and Han Peng, CFA, Quantitative Strategist In response to the recent China equity market rout, policymakers vowed last week to stabilize the market through more forceful measures. Despite a very positive initial market reaction (an 8% rebound in three days), deeper fundamental issues such as…
Capuski By Doug Young Lots has been happening lately in the kitchen of appliance maker JS Global Lifestyle Co Ltd. (OTCPK:JGLCF, 1691.HK). Most recently, the maker of gadgets like coffee makers and blenders warned this week that its profit fell nearly 40% last year. But the big story for this company is the major haircut…
The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now. Last week, I put the massive buying pressure coming to bitcoin in context, but there is…
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The writer is the author of ‘Chip War’, a professor at the Fletcher School, a nonresident senior fellow at the American Enterprise Institute and a partner at Greenmantle On a recent quarterly earnings call, the…
ALIOUI Mohammed Elamine/iStock via Getty Images Deals and Financings ArriVent BioPharma (AVBP), a Philadelphia in-licensing company, priced its upsized NASDAQ IPO at $18 per share, raising $175 million (see story). The company’s stated goal is to find promising novel assets from China and other countries, which it brings to the US market. ArriVent’s lead product…
Stay informed with free updates Simply sign up to the US-China relations myFT Digest — delivered directly to your inbox. US national security adviser Jake Sullivan has urged Beijing to use its leverage with Tehran to rein in Iranian-backed Houthi attacks on vessels in the Red Sea in a back-channel meeting with Chinese foreign minister…
alexsl Introduction The iShares MSCI Emerging Markets ex China ETF (NASDAQ:EMXC) is a $9bn sized ETF, that has been providing exposure to non-China based emerging market (EM) stocks, for close to 7 years now. The focus universe here consists of stocks that belong to the following EMs- Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary,…
AndreyPopov/iStock via Getty Images By Breakingviews The initial public offering trail for Amer Sports (AS) warrants a black-diamond rating. The maker of Salomon skis and Arc’teryx parkas is sounding out new investors after a group led by ANTA Sports Products (OTCPK:ANPDY) bought it for about $5 billion in September 2019. Impressive growth in China should…
jxfzsy By Doug Young Offshore Chinese stocks may not be getting off to the best start this year, but don’t blame it on the regulators. China will “steadfastly promote the opening of China’s capital market and work together with all parties to further improve the overseas listing mechanism,” Fang Xinghai, a vice chairman of the…
joxxxxjo Overview The mostly consolidative week for the US dollar continues. Most of the G10 currencies are +/- about 0.25% today and only a slightly wider range for the week. The odds of a Fed rate cut in March is virtually unchanged on the week at around 75%. The JP Morgan Emerging Market Currency Index…
JHVEPhoto Thermo Fisher Scientific (NYSE:TMO) has revised their full-year revenue guidance, attributing the adjustment to a 1% core organic growth, primarily influenced by sluggish growth in China and the diminishing impact of COVID-related revenue. Their outlook for FY24’s core organic revenue growth mirrors the levels seen in FY23, indicating another year of modest expansion. In…
Robert Way Investor Confidence in China takes a hit but we remain bullish on a messy bottoming phase for their economy If you are an investor with a traditional long-term approach in China, no doubt there has been disappointment and even frustration in the outcomes from the past 2 years. I do believe the investing…
ninitta/iStock via Getty Images Is China Literature Ltd. (OTCPK:CHLLF) (0772.HK) on track to become the Disney of China, at least when it comes to animation? It took a step in that direction earlier this month when it announced its purchase of the comics and animation unit of its parent, Tencent (OTCPK:TCEHY) (0700.HK) for 600 million…
blackdovfx I always find it suspicious when a company is on a complete tear and some piece of the narrative is pulled out and held up well above the rest of the fundamental equation. This happened with NVIDIA Corporation (NASDAQ:NVDA) following its Q3 earnings report a few weeks ago. The company continued to blow away…
CUHRIG Elevator Pitch I award a Buy investment rating to Yancoal Australia Ltd (OTCPK:YACAF) [YAL:AU] [3668:HK]. Yancoal Australia’s valuations are poised for a re-rating, which warrants a Buy rating. Its China market’s prospects are good, and the company can leverage on its robust financial position to enhance shareholder value. Readers should take note that Yancoal…
China plans to use a blockchain-based blockchain initiative to verify users’ identities as they access the internet. This is being pushed by the Ministry of Public Security and the Blockchain-based Service Network. As many of us know, China has a complex relationship with the blockchain and crypto space. On one hand, the country has banned…
gopixa Introduction As one of the fastest growing economies in the world, China is too important to ignore, posing unique challenges for investors. In response to the Chinese government’s liberalisation of the Chinese capital markets, FTSE Russell added China A-shares to the FTSE Global Equity Index Series (GEIS) in June 2019, as part of a…
blueflames/E+ via Getty Images TH International Limited (NASDAQ:THCH) is a company that operates Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. The company is a subsidiary of Tim Hortons Inc. and is based in Shanghai, China. It was founded in 2018. I believe it is a good play on the increasing consumption…