Thailand is moving to ease foreign business rules and speed up approvals in a bid to attract overseas investment and revive economic growth https://t.co/0a87FOn3eD ...

Core Insights - Many mutual fund investors have missed opportunities in international markets due to regulatory restrictions on new investments into such funds, while those who remained invested have benefited from overseas market rallies [1][5]. Group 1: Fund Performance - The asset under fund of funds (FoF) investing in global markets increased by 28% to ₹35,965 crore in November from ₹28,065 crore in January, driven by mark-to-market gains [2]. - The HSBC Brazil Fund and Edelweiss Europe Dynamic Equity Offshore Fund achieved the highest returns of 56% and 51%, respectively, over the last year [2]. - The DSP World Gold Mining Overseas Equity Omni FoF and DSP World Mining Overseas Equity Omni FoF delivered exceptional returns of 169% and 80%, respectively, in the past year [3]. Group 2: Regulatory Environment - The Securities and Exchange Board of India (SEBI) has restricted mutual funds from accepting fresh inflows into overseas funds since 2022, capping the mutual fund industry's overseas investment at $7 billion, with a separate limit of $1 billion for exchange-traded funds [4]. Group 3: Investor Behavior - High net worth and ultra-high net worth investors have utilized the Liberalized Remittance Scheme (LRS) to invest in overseas markets, while retail investors who maintained their investments in overseas funds benefited from mark-to-market gains [5]. Group 4: International Market Performance - The Nifty 50 index returned approximately 9% in 2025, while the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 indices returned 13%, 20%, and 17%, respectively [6]. - The MSCI All Country World Index rose over 21% last year, reaching a record high, with European stocks benefiting from bank-heavy gains [6]. - South Korea's KOSPI index saw a remarkable increase of nearly 76%, while Hong Kong's Hang Seng Index rose nearly 31%, and Japan's Nikkei 225 increased by about 28% [7].

"Part of our challenge is crime."Billionaire Patrice Motsepe says that the perception of South Africa as a dangerous place hampers overseas investment https://t.co/mttVUpKdVi https://t.co/PZq9DNWYPy ...

Overseas investors added to their holdings of US Treasuries in July, with the total value climbing to a record high — propelled by gains in the UK and French stockpiles that more than offset a drop in China’s https://t.co/034ijga5OW ...

Market Trends - Overseas investors are reducing dollar exposure at an unprecedented pace [1] - Investors are using currency hedges when purchasing US stocks and bonds [1] Investment Strategy - Deutsche Bank analyzed exchange-traded funds to reach this conclusion [1]

Regulatory Reforms - Vietnam is implementing regulatory reforms to attract more foreign investment into its stock market [1] Market Performance - Vietnam's stock market has outperformed its regional peers this year [1]

Summary of Gotion High-Tech Co. (002074.SZ) Conference Call Company Overview - **Company**: Gotion High-Tech Co. (002074.SZ) - **Market Cap**: Rmb69.4 billion / $9.7 billion - **Enterprise Value**: Rmb89.0 billion / $12.5 billion - **Target Price**: Rmb45.40 (up from Rmb28.80) with a current price of Rmb40.12, indicating an upside of 13.2% [1][20] Financial Performance - **2Q25 Results**: - **Net Profit**: Rmb266 million, +32% YoY, +164% QoQ, but below estimates by 31% (or ~Rmb120 million) [1] - **Gross Profit**: Rmb1.5 billion, -7% YoY, -8% QoQ, below estimates by 3% [1] - **Revenue**: Rmb10.3 billion, +11% YoY, +14% QoQ, above estimates by 17% [1] - **Sales Volume**: ~22 GWh, +47% YoY, +22% QoQ, beating estimates by 25% [1] Key Insights - **Earnings Miss**: Attributed to an unexpected asset impairment of Rmb154 million related to lithium price corrections [1] - **Unit Gross Profit (GP)**: Estimated at ~Rmb62/kWh in 2Q25, below estimates of ~Rmb78/kWh and down from Rmb84/kWh in 1Q25 due to: - Stronger-than-expected US tariff impacts hindering exports [2] - Industry-wide GP decline due to price competition [2] - Unit depreciation, depletion, and amortization (DD&A) inflation from new capacity ramp-up [2] - **OPEX Efficiency**: Improved OPEX efficiency at 11% of revenue, significantly below earlier estimates of 15% [2] - Consistent decline in OPEX ratio from 14% in 4Q24 to 11% in 2Q25 [2] - OPEX improvements expected to sustain due to stronger volume growth [2] Future Projections - **Revenue Forecasts**: - 2025E: Rmb44.14 billion (up from Rmb40.42 billion) - 2026E: Rmb54.91 billion (up from Rmb48.43 billion) - 2027E: Rmb58.71 billion (up from Rmb56.36 billion) [4][39] - **Earnings Per Share (EPS)**: - 2025E: Rmb0.86 - 2026E: Rmb2.24 - 2027E: Rmb2.36 [4][39] Risks and Challenges - **Volume Growth**: Slower-than-expected volume growth could lead to a 4%/2%/3% earnings downside in 2025E-2027E for every 1% volume miss [21] - **Market Competition**: Potential share loss with major OEMs could undermine revenue and earnings forecasts [21] - **Price Competition**: Stronger-than-expected price competition could significantly impact earnings, with a Rmb10/kWh GP decline potentially lowering earnings by ~60% in 2025E and ~30% in 2026E [21] Subsidy Insights - **Government Subsidies**: Major swing factor for earnings, with updated forecasts reflecting CAPEX-based subsidies from China and production-based subsidies from the US [26] - Total subsidies expected to peak in 2026E, representing 58%/25%/7% of net profit for 2025-2027E [28] Conclusion - **Investment Rating**: Maintain Buy rating with a revised target price reflecting strong volume trends and operational efficiency improvements [20]

Overseas Investment Trends - Chinese electric vehicle (EV) companies' overseas investment exceeded domestic investment for the first time in 2024 [1] Challenges in Foreign Projects - Foreign projects face higher costs, delays, and risks [1]