Morning News & Views - Asia: A Summary of Select Global Markets Research

研报英文原文证据摘录

Morning News & Views - Asia: A Summary of Select Global Markets Research

icles. As noted last month, US auto sales appear to be supported more by affordability-driven

pent-up demand than by a surge in hybrid demand linked to high gasoline prices. This suggests the current strength in the US

market is more sustainable over the longer term, even as gasoline prices moderate following the spike after the Iran war and the

subsequent US-Iran truce.

Malaysia equity strategy - Election season and a hawkish Fed

Tushar Mohata, CFA - NSM / Alpa Aggarwal, CFA - NSFSPL

Flows and fundamentals: Jun-26

2H26F– election season and a hawkish Fed: With upcoming state elections in Johor (11 July) and Negeri Sembilan (1 August),

investors are increasingly focused on the possibility of an earlier GE16 and a more hawkish Fed, though our economics team

believes GE16 is more likely in 2027F than 2026F. We view GE15 in 2022 as the most relevant historical reference point rather

than the earlier one-sided elections, given the new era of coalition politics and hung parliaments that now characterizes Malaysia's

political landscape. Current market conditions have notable similarities to the pre-GE15 period, with the KLCI trading at comparable

valuations (14.2x forward P/E versus 14.0x in June 2022) and a similarly challenging external rate environment as the Fed

maintains its hawkish bias.

Quick Note - CSPC (1093 HK) (Buy) - One more deal with AstraZeneca, this time in siRNA (TP HKD 12.04)

Jialin Zhang, CFA, CPA - NIHK

What is new? Another collaboration deal signed with AstraZeneca. On 2 July, post market close, CSPC announced that it has

entered into a R&D collaboration agreement with AstraZeneca (AZN LN, Not rated) to collaborate on pre-clinical candidates (PCC)