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  1. Reviewing Strategic Themes for Asia Pacific

    Reviewing Strategic Themes for Asia Pacific

    Slower growth could expose additional problems in the Asian economies. With the fall in APAC forward P/E multiple already comparable to that in prior downturns, investor focus is now turning to EPS cuts. 

  2. Did Chinese Cross-Border Biotech Licensing Deals Slow in the First Half of This Year?

    Did Chinese Cross-Border Biotech Licensing Deals Slow in the First Half of This Year?

    China's drug industry is seeing R&D transition to a best-in-class strategy by leveraging its engineering capabilities. The number of out-licensing deals from Chinese companies could continue at pace and grow the number of out-licensed assets to more than 30 per year, with in-licensed investments at ~50 per year.

  3. Will Foreign Institutional Investor Portfolio Flows Continue to Track Global Equities' Performance?

    Will Foreign Institutional Investor Portfolio Flows Continue to Track Global Equities' Performance?

    Rolling 12-month flows as a percentage of market capitalization had reached levels only better than the global financial crisis. Somewhat expectedly, flows to several markets turned positive in the past week. While sentiment switches to "bad news is good news," a lag between expectation and appearance of poor economic data may mean the rebound lasts long enough to test investor patience. Could this be the start of a multiyear inflexion?

  4. China's Dairy Sector Growth Keeping Profits Healthy

    China's Dairy Sector Growth Keeping Profits Healthy

    Owing to improved supply-demand dynamics and easing cost pressure after a record-high level, China's domestic raw milk price could decrease moderately after its increase in 2020/21. The current slowdown in total dairy demand in 2020/21 is likely due to supply chain disruption and the loss in certain consumption occasions amid the pandemic.

  5. Qatar 22 World Cup may be a disappointment for the brands

    Qatar 22 World Cup may be a disappointment for the brands

    As match schedules revolve around Arabian Standard Time this year, we believe viewership figures should be lower vs. prior World Cup tournaments, particularly in Europe and the Americas, which account for more than half of 2018 global viewership. In 2022, there will be a higher proportion of matches scheduled during working hours at 52% for European viewers (vs. 38%/29% in 2018/2014, respectively) and 75% for the Americas.

  6. Asian Semiconductor preview into the upcoming cyclical correction

    Asian Semiconductor preview into the upcoming cyclical correction

    We expect companies should experience more pressure from the macro slowdown. After two years of chip companies trying to catch up to demand and meet customers' desire to secure more inventory, macro pressures and demand shifts are changing the outlook. These pressures include rising supply chain inventories to 20-year highs, regional pressures from the Russia-Ukraine conflict and China's zero Covid policy, and a shift from discretionary consumer tech goods consumption toward services and essentials due to inflationary pressure.

  7. Reviewing Advances in AML Therapies

    Reviewing Advances in AML Therapies

    Acute Myeloid Leukemia (AML) remains an active area of drug development and investor interest. AML afflicts a relatively small number of patients (~20k new US patients/year) but is one of the deadliest hematologic malignancies. AML has attracted substantial interest from biopharma companies and investors. There are more than 100 public and private companies developing potential AML therapies across a broad range of therapeutic classes. These classes include small molecules, ADCs, bispecifics, and cell therapies.

  8. An Asian Perspective on the Global Food Crisis

    War in Ukraine has disrupted the global supply of the two foundations of the food system―agricultural grains and fertiliser―at a time when supply chains remain desynchronized, growth projections are trending down, the energy crisis is already affecting yields, labour shortages are disrupting operations and increasing cost and food protectionism already exceeds 2008.

  9. Summer Challenges in Housing; Likely to Stabilize as Year Progresses

    Summer Challenges in Housing; Likely to Stabilize as Year Progresses

    Following up on our Monthly Survey of Real Estate Agents from June 29, our ongoing channel checks and follow-ups pointed to some near-term challenges in housing based on the affordability issues following the spike in mortgage rates this spring/early summer. Early July trends reveal short-term friction in housing market conditions. Tight supply conditions have kept housing metrics healthy. However, the spike in mortgage rates’ impact on buyers has led to new frictions at the start of summer.

  10. China Market Strategy for Second Half of 2022

    China Market Strategy for Second Half of 2022

    Apart from domestic challenges, outside China, the Russia-Ukraine conflict and the ongoing Fed tightening cycle have also added more complexity. China’s economic activities are picking up from April's trough, but the road to recovery could be more gradual and bumpier than the V-shaped recovery seen in 2020.