Since the trade war, and in particular after the imposition of US tariffs on China’s electric vehicles and solar panels, market observers have been speculating whether the PBoC will allow further depreciation of the yuan to counteract the impact. The latest RMB movement seems to indicate that this is the case, but the actual situation is more complex than it appears at first glance.The experience of recent years show that China’s exchange rate has been largely driven by capital flows rather than...
May 24 GGR met our and the street’s estimates. We expect the sector’s GGR to improve in 2Q24, on the back of supportive visa policies and operators’ attractive packages to drive premium-mass customers. Operating expenses of gaming operators should have largely stabilised in 2Q24 after a heated competition in 1Q24. Our top pick is Galaxy as it has reversed its market share loss 2Q24 to date and share gains could flow through EBITDA with a flattish opex qoq. Maintain MARKET WEIGHT.
Manufacturing PMI fell to 49.5% after two months of expansion, dragged by slower production and weaker new orders, which came in at 50.8% (-2.1ppt mom) and 49.6% (-1.5ppt mom) respectively. Although the non-manufacturing PMI (51.1%) remained in expansion, most of its key subcategories were still below the 50% mark. May’s weak reading aligns with the slowdown in the global manufacturing PMI; hence, it is crucial that the July Politburo meeting delivers further growth-supportive measures.
KEY HIGHLIGHTS Economics PMI Manufacturing PMI fell to 49.5% after two months of expansion, dragged by slower production and weaker new orders, which came in at 50.8% (-2.1ppt mom) and 49.6% (-1.5ppt mom) respectively. Although the non-manufacturing PMI (51.1%) remained in expansion, most of its key subcategories were still below the 50% mark. May’s weak reading aligns with the slowdown in the global manufacturing PMI; hence, it is crucial that the July Politburo meeting delivers further growt...
KEY HIGHLIGHTS Strategy Alpha Picks: Strong Performance. Add CENT, CVL, SIAEC And Remove CD, MPACT, YZJ, RSTON: Our Alpha Picks portfolio rose 3.8% mom in May 24, outperforming the STI by 2.5ppt Update Mapletree Pan Asia Commercial Trust (MPACT SP/BUY/S$1.22/Target: S$1.90): Deleveraging to add strategic flexibility. TRADERS’ CORNER Hongkong Land Holdings (HKL SP): Trading BUY Top Glove Corp (TOPG SP): Trading BUY
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Our portfolio underperformed for the first time in 2024, delivering a 5.7% decline in May 24 compared with the JCI’s -3.6% return. Recent winners such as ACES and JSMR suffered the largest magnitude of decline, but we view this as an opportunity to add positions as their fundamentals are still positive. We add EXCL for its synergies with FREN and drop AKRA as its land sales could be delayed until 2H24. Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO and JSMR.
GREATER CHINA Economics PMI May 24 PMI back to contraction. Sector Macau Gaming May 24 GGR up 9% mom. INDONESIA Strategy Alpha Picks: First Month Of Underperformance In 2024 Our picks are EXCL, BSDE, TLKM, ACES, BBTN, CMRY, SIDO, and JSMR. SINGAPORE Strategy Alpha Picks: Strong performance. Add CENT, CVL, SIA...
Immutep Announces Clinical Collaboration with MSD to Evaluate Efti in Combination with KEYTRUDA® (pembrolizumab) in Pivotal Phase III Trial Phase III collaboration will evaluate efti in combination with KEYTRUDA, MSD’s anti-PD-1 therapy, and standard chemotherapy in first-line non-small cell lung cancer (1L NSCLC)TACTI-004 Phase III trial will enrol approximately 750 patients regardless of PD-L1 expression in order to address the entire 1L NSCLC market eligible for anti-PD-1 therapyUnder the collaboration, Immutep will conduct the registrational TACTI-004 Phase III trial and MSD will supply...
Mesoblast Corporate Presentation at Investor Conference NEW YORK, June 02, 2024 (GLOBE NEWSWIRE) -- Mesoblast Limited (Nasdaq:MESO; ASX:MSB), Chief Executive Silviu Itescu provided a corporate update at the Bell Potter Emerging Leaders Conference. Dr. Itescu reiterated that the Company expects to file this quarter the Biologics License Application (BLA) resubmission with the United States Food and Drug Administration (FDA) for its lead product candidate Ryoncil®(remestemcel-L) in the treatment of steroid-refractory acute graft versus host disease, with potential approval in the second ha...
HUTCHMED Highlights Publication of Phase III FRUTIGA Results in Nature Medicine Updated subgroup efficacy and quality of life data were also presented on June 1 at ASCO 2024 HONG KONG and SHANGHAI and FLORHAM PARK, N.J., June 03, 2024 (GLOBE NEWSWIRE) -- HUTCHMED (China) Limited (“”) (Nasdaq/AIM:HCM; HKEX:13) today announces that results from FRUTIGA, HUTCHMED’s Phase III trial of fruquintinib in combination with paclitaxel for the treatment of second-line advanced gastric cancer in China, were in Nature Medicine. Updated efficacy data in key subgroups and data on quality of life (Qo...
Caribou Biosciences Presents Encouraging Clinical Data from CB-010 ANTLER Phase 1 Trial in Second-line LBCL Patients at the 2024 American Society of Clinical Oncology (ASCO) Annual Meeting -- CB-010 allogeneic CAR-T cell therapy with partial HLA matching has potential to rival efficacy and safety profile of approved autologous CAR-T cell therapies -- -- 14.4 months median PFS in ANTLER patients with partial HLA matching (≥4 alleles) -- -- Plan to enroll ~20 additional 2L LBCL patients in ANTLER to confirm that partial HLA matching improves patient outcomes; initial data expected in H1 202...
Telix Completes TLX250-CDx (Zircaix™) BLA Submission for Kidney Cancer Imaging MELBOURNE, Australia, June 03, 2024 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (ASX: TLX, Telix, the Company) today announces that it has completed the submission of a Biologics License Application (BLA) to the United States (U.S.) Food and Drug Administration (FDA) for its investigational radiodiagnostic PET1 agent, TLX250-CDx (Zircaix™2, 89Zr-DFO-girentuximab), for the characterisation of renal masses as clear cell renal cell carcinoma (ccRCC). The rolling BLA submission, initiated in December 20233 w...
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