M August 8, 2024 05:35 PM GMT Global Macro Strategy | North America US Rate Volatility Screener We analyze price action in US interest rate volatility markets, particularly in OTC (vanilla, curve, and forward vol) and CBOT options. Data are as of August 7, 2024. Key Takeaways The vol surface was higher, led by upper left products Both expiry and tail term structures flattened Curve vol was higher, and continues to screen rich on an I/R basis Forward vol was mixed, and looks cheap vs. midcurves and vanilla v ...

M August 7, 2024 06:30 AM GMT China Economics | Asia Pacific Dip in Exports and Jump in Imports Likely Transitory July's exports were likely disrupted by weather, while the jump in imports may also be a one-off. One print does not establish a trend: we still see resilient exports with a soft landing as the global base case, while imports remain soft amid reactive easing. Key Takeaways July's exports may be partly a hiccup from the extreme weather, with a large decline in the more susceptible labor-intensive ...

9 August 2024 | 10:36PM HKT _ Focus Media Information Tech (002027.SZ) 2Q24 Review: Accelerating ad revenue with 5% dividend yield; Buy Buy 0007.SZ 12mPrie Target: Rmb7.50 Prie: Rmb5.78 Upside: 9.8% We maintain our Buy rating on Focus Media while raise our 12-m TP to Rmb7.5 (30% upside) post its strong 2Q24 results (see our note) and mgmt call.The stock has dropped 3% post results despite the headline revenue beat (+10% yoy vs. ÍGSe of +4%, Visible Alpha Consensus of +4%), NI beat (+13% yoy, 9% ahead of GSe ...

12 August 2024 | 2:24AM HKT Angel Yeast (600298.SS): Earnings Review: DD% yoy growth in Jul but mainly on low base; Sequential improvement expected for 2H24 The Company reported 1H24 results on Aug 7th with better-than-feared NI mainly on admin cost savings and government grants while sales broadly in line. The company hosted online briefing on Aug 9, at 10AM HKT, key highlights include: 1) Recent update: In domestic, the company registered strong DD% growth in July but still tracked behind the monthly targ ...

M August 8, 2024 04:01 AM GMT Thematic Thursday | North America Is It Really the Economy, Stupid? 3-minute read, ~580 words Our Thematic Insights in just a few minutes. Want more? Reach out or click the links below. We think it's a reasonable question given that the economy is typically a top concern for voters heading into elections – a heuristic memorialized by political strategist James Carville's axiom that "it's the economy, stupid." The data last Friday accelerated market concerns about a slowing econ ...

9 August 2024 | 10:25PM SGT _ EM Weekly Fund Flows Monitor All EM Asian markets saw foreign selling this week, led by A-shares and Taiwan; US$18bn outflows since July peak; Not much HF de-grossing in Japan Foreign (FII) flows / positioning n EM Asian region saw selling (-US$6.5bn) across markets this week, led by A-shares (-US$2.1bn) and Taiwan (-US$2bn). Korea (-US$1.2bn), India (-US$1.1bn) and ASEAN (-US$0.1bn) also saw net outflows wow. n EM Asia ex-China has seen little net foreign buying this year afte ...

11 August 2024 | 4:13PM HKT _ China Insurance Framing and quantifying industry responses to lower yields; Buy China Life H, Ping An H/A, NCI H up to Neutral In response to declines in long-term bond yield, the regulator has asked lifers to reduce product pricing rates and improve expense efficiency, in order to stabilize long-term margin. We believe share prices have not reflected the potential benefits of lifers' responses in a lower yield environment. Within, we provide a framework to quantify the negativ ...

China: PBOC reiterated supportive stance and called for refinement of monetary policy framework in Q2 monetary policy report 10 August 2024 | 6:30PM HKT Bottom line: The PBOC maintained an easing bias in its Q2 monetary policy report with more focus on counter-cyclical adjustment to support economic growth and refinement of monetary policy framework. In the statement, the central bank pledged to "create a favorable monetary and financial environment for achieving the full-year economic and social developmen ...

9 August 2024 | 8:07PM HKT China: Q2 2024 BOP data suggest faster capital outflows Bottom line: China's preliminary Balance of Payments (BOP) data showed faster capital outflows in Q2 2024 on the back of more outflows through the direct investment channel and foreigners' selling of RMB assets as well. Current account surplus widened in Q2 from Q1 due entirely to a higher goods trade surplus, and FX reserves decreased in Q2. Main points: 1.The preliminary BOP data show three main categories of China's intern ...

Rating Change 12 August 2024 BUY Prior rating: HOLD 41% side Target price: HK$5.70 Prior TP: HK$3.60 1478 HK Price: HK$4.05 TP basis: PE Sector rating: NEUTRAL Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue 8.5 4.7 5.6 Core EPS 17.0 5.6 3.4 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0 40 80 120 160 200 240 280 Turnover Q Technology HSI ...