Homebuilding
This report revisits China’s property market through both cyclical and structural lenses, assesses the likely policy responses, and evaluates their investment implications.
Looking Around: Sectors And Subindustries…
Executive Summary The structural downtrend in Chinese bond yields has a lot further to go, because it is helping to let the air out gently of stratospheric valuations in the real estate sector, and thereby preventing a hard landing for the Chinese economy. In the US, flagging mortgage and…
Highlights Electricity shortages in China are largely due to excessive power demand rather than a matter of shrinking electricity production. Chinese electricity consumption has been supercharged by the export sector’s booming demand for electricity. Excessive overseas (mainly US) demand for…
Underweight Housing stocks have been resilient to rising interest rates for the most part of the year, but now macro headwinds are taking over this consumer discretionary sub-sector and we recommend a below benchmark allocation. Rising mortgage rates (up 35 bps YTD), and skyrocketing housing…
On Shaky Ground
On…
Two Portfolio Changes And A Stop Buy Order…
Obeying The Stop: Close The Intra-Real Estate Pair Trade…
2021 High-Conviction Underweight Calls: S&P Homebuilders…
Dear client, Next Monday December 14, 2020 we will be hosting our last webcasts for the year “From Alpha To Omega With Anastasios”, one at 10am EST for our US, European and Middle Eastern clients and one at 8pm EST for our Asia Pacific, Australia and New Zealand clients; our final weekly…