China Investment Conference 2022
APAC Securities Research
Original research on over 1,300 companies, with a total market capitalization of USD 17.16 trillion, including over 400 Chinese-listed stocks. It provides thought-provoking thematic analysis, differentiated trading ideas and coordinated global views.
Fuel Cell Electric Vehicle: Fuelling the future of cargo mobility
Fuel cell electric vehicles (FCEV) likely to enjoy structural growth globally — 50% CAGR in 2022-30.
China TMT Sector: How to invest in China’s cloud: Migration within cloud
China cloud’s migration continues. According to IDC, China’s whole cloud market could deliver a 24.9% CAGR to reach US$155bn by 2025, driven by the ongoing localisation and digitalisation transformation, in which public cloud continues to outgrow private cloud, with 32.2% vs 17.3% CAGRs, respectively.
China Brokers Sector: Broad asset management: Vital fuel for the securities industry’s growth engine
We see strong growth prospect of securities companies’ broad AM business thanks to the weed-out of guaranteed-return products, household wealth reallocation and expansion.
Asia Semiconductor Sector: 4Q22 outlook: Adjusting to weak demand and
high inventory to restore industry health
Asian semi stocks are now down 47%, matching 2011 and worse than 2015/2020 despite 23% cuts to AxJ Tech earnings to date to bring the semi P/E ex-TSMC to post-crisis lows at 8x. The SOX is down 42% vs average 29%. While the correction is deep, stocks bottom out a quarter ahead of earnings and utilization when macro is a factor. Late 4Q22/1Q23 seem possible support as visibility into a bottom forms at higher trough earnings than feared.
China Chemical Sector: Transition into quality growth
The booming demand in new energy and consumption upgrade creates an estimated US$100bn addressable market for new materials by 2025. Chinese chemical producers are shifting focus towards high-value-add chemical products to cater to such exponential growth.
Global Renewables Sector: Disruptive innovations for Net Zero
Spotlight on key disruptive innovations to accelerate global progress in sustainable energy transition and Carbon neutrality.
