精選觀點 & Webinar
The highly anticipated G20 Summit seemed to have concluded in a nice conciliatory note as the world powers converged in Osaka this past weekend. Or did it? While it seemed to have eliminated the “total risk-off” worst case scenario, and perhaps rebuilt confidence for China equities especially the new economy sectors, beyond the rhetoric, what we have is not really a pause in the trade war. The war continues as evident in the tariffs. A more accurate description is that both sides have agreed not to escalate the trade war while talks resume.
Jul 02, 2019
Whatever happens over coming weeks and even months in the US-China trade war, Donald Trump has irreparably broken the global trade architecture. And with it, he has also forced a realignment of the global supply chain that will likely see ASEAN emerge as a new manufacturing centre.
Jun 27, 2019
As we head toward the G20 meeting in Osaka, we take a moment to review the latest status of the trade war between the two largest economies today. Is it about containment or tariffs? How does the current situation compare to Japan in the ‘80s? Do either China or the US actually want to make a deal? What are the possible paths going forward?
Jun 12, 2019
As we approach the end of 1H19, it is clear that the market now finds itself in a tug of war between the Fed Put and the potential for recession. We explore this dynamic, discuss Q1 vs future growth across the 4 major economies (US, Europe, Japan and China) and remind investors to stay defensive going forward by tilting toward value and quality where possible.
Jun 12, 2019
The Global Mobile Communication Systems Association estimates that by the end of this year, 5G services will be available in 29 markets around the world, with 10 million connections. What is 5G and where do we see potential investment opportunities from this significant technology upgrade in Asia?
Jun 06, 2019
As the issuer of world’s first two fundamental multifactor China A-shares ETFs, we look closely into the factors. The China A shares market went on a roller coaster ride since late 2018, and how about the factors – are they on the same ride or rotating around a Ferris wheel? In this piece, we re-cap the research on China A fundamental factors and share the recent observations on factor performances.
Jun 03, 2019
Investors looking for China’s NASDAQ seem to have settled on ChiNext as the default index to follow. BUT what if there is an even better option in the market, offering a more appropriate China new economy exposure with better performance, higher quality, lower volatility and discounted valuations?! It may sound too good to be true, but it is exactly what the Premia China New Economy ETF (3173.HK) has achieved so far.
May 20, 2019
Most investors assume that the more liquid the ETF, the easier and cheaper it is to trade. This is true in markets like the US, where on-screen liquidity is prevalent, but Asia markets are not as straightforward. China A ETFs with on-screen liquidity are easy to trade, but easier does not always mean cheaper to trade. There is market risk in trading on-screen and though it is easier, it can actually be more expensive than trading via the underling liquidity of China A stocks inside the ETF.
May 16, 2019
ASEAN equity markets have underperformed so far this year. Is it the start of a new trend, or simply a blip given the strong reversal in China? Say Boon Lim shares his views on why ASEAN is likely to outperform going forward.
May 06, 2019
Nasdaq has made new highs and investors are understandably excited. Similarly, here in Asia we have seen innovative technology companies outperform YTD but with much less fanfare. David Lai explores the major megatrends in Asia and why you need to invest in tech leaders across this region.
May 03, 2019
Premia 圖說
吳偉鋒
Year-to-date Premia J.P. Morgan Asia Credit Investment Grade USD Bond ETF (Premia Asia IG ETF) has outperformed longer duration peers. Even as US Treasuries yield widened to their highest yields in over two decades, the Asia IG ETF has proven relatively resilient. Across assets classes, some investors now see US Treasuries as better value than US equities and started rotating from US risk asset to duration – yet Asia IG still offers a yield pickup over US Treasury - making it even more attractive. Asian credit spreads widened modestly in recent weeks on concern about Indonesia and Philippines, and have begun to retrace as those worries ease. In our view, the current spread level offers a better window to add to Asia investment grade (IG) credit. Indonesia has been viewed as the region's main fiscal pressure point, with concerns over state spending and the credibility of the 3% of GDP deficit cap weighing on Asian spreads more broadly. The government has since begun to rein in expenditure. While the announced measures look modest, but markets read them as a sign of discipline : Indonesia's 5-year CDS has eased from a recent high of ~96bps to ~91bps as of 12 October, pointing to stabilisation. Meanwhile, despite the near-term pull back in the US 10-year yield, large US deficits point to heavier issuance, so holding long duration outright carries meaningful risk. Shorter-duration IG credit offers a better balance. The Premia J.P. Morgan Asia Credit Investment Grade USD Bond ETF (3411/9411 HK) offers a ~4.3-year duration and a ~5.5% average yield to maturity, with an average A rating and around 10% in floating-rate notes. That lets investors earn carry and stay invested with moderate rate exposure. In a market still arguing over where yields settle, The Premia Asia IG ETF offers a way to be paid while the debate plays out — a better balance between rate bets and carry, and a more sensible place to “keep calm and carry on”.
Oct 14, 2026
