When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
Int'l Equity Strategy In our latest Int'l Compass (September 28, 2023), we discussed how some key support levels on global equity indexes were starting to break on the EURO STOXX 50, MSCI ACWI ex-US (ACWX-US), and MSCI EAFE (EFA-US), as the U.S. dollar (DXY) and 10-year Treasury yield broke above $105.70 and 4.35%. We also discussed how the breakouts in the DXY and 10-year Treasury yield increased the odds of a break below major $91.50-$92 support on MSCI ACWI (ACWI-US), but that we need to see...
Supports Starting to Break Key support levels on global equity indexes are beginning to break as the U.S. dollar (DXY) and 10-year Treasury yield break above $105.70 and 4.35%. Since our Sept. 8th, 2023 Int'l Compass we have discussed how we need to see the DXY and 10-year Treasury yield hold below these resistance levels in order to be confident that $92-$93 support holds on MSCI ACWI (ACWI-US). Breakouts above these levels significantly increase the odds of a break below major $92-$93 support...
NIPPON YUSEN KK (JP), a company active in the Marine Transportation industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analys...
MITSUI OSK LINES (JP), a company active in the Marine Transportation industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 4 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date January 21, 2022, the closing price was JPY 8,240.00 and its expected value was est...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
GREATER CHINA Results CK Asset Holdings (1113 HK/BUY/HK$34.40/Target: HK$52.28): 2019: Results slightly beat our expectations. Trip.com Group (TCOM US/HOLD/US$23.00/Target: US$23.00): 4Q19: Solid beat on earnings; expect a sharp decrease in 1Q20 revenue due to COVID-19 pandemic. INDONESIA Results Pembangunan Perumahan (PTPP IJ/BUY/Rp595/Target: Rp1,800): 2019: Net income plunges 38% on high base: allocates Rp250b for share buyback. MALAYSIA Results Top Glove (TOPG MK/HOLD/RM5.85/Target: RM6.05...
Global Equities Beginning a New Leg Higher Positive technical developments have continued and global equities are now breaking out to new highs -- something we noted was increasingly likely in last week's Int'l Compass. These breakouts and other technical developments highlighted below argue that this is the beginning of a new leg higher. Now is the time to be playing offense. • MSCI ACWI, EAFE, and STOXX Europe 600 are Breaking Out. The ACWI, EAFE, and STOXX 600 are making bullish inflectio...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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