Insights

What’s the big idea?

For 30 years, CLSA has asked this question to deliver differentiated insights on the issues driving global growth.

Thematic

Thematic Report

Global - Eye on Asian Economics

BY Eric Fishwick / Jun 2019
The world economy has fast forwarded to the slow-growth, disinflationary state we forecast for 2H19. Asian growth will slow but we do not expect recession. And the next easing cycle has begun. Rate cuts will be all but ubiquitous in the second half.
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Thematic Report

Korea, Japan and Balkanisation

BY Matthew Sigel / Jun 2019
Structural rifts among China’s neighbours further raises the risk that the “Asian Century” may fail to meet lofty expectations due to historical conflicts rather than economic ones.
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Thematic Report

Theorality - Half-time review

BY Shaun Cochran / Jul 2019
Head of research Shaun Cochran highlights the state of play of our 2019 investment themes. At this late stage of the cycle, we transition from the wavering (formerly leading) tech sector towards value, property and financials.
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Thematic Report

Paranoia pays

BY NASSIM TALEB / Sep 2018
How to survive and profit from blow ups
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Thematic Report

Ethical AI

BY KATHRYN HUME / Sep 2018
Ensuring machine learning reflects our values
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Thematic Report

Redesigning life

BY Shaun Cochran / Jun 2019
Synthetic biology is genetic biotech made more efficient and powerful with the addition of engineering principles, robotics and AI. In a new CLSA U Blue Book, Dr Ellen Jorgensen explains all and profiles the key companies bringing this industry to life.
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Thematic Report

Technicals - Tactical low

BY Laurence Balanco / Jun 2019
The global market selloff in late-May worked off the bullish sentiment extremes seen in late April, with sentiment now close to pessimistic extremes. This coupled with emerging-market outperformance suggests a tactical low is in.
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Thematic Report

Beyond Beyond Meat

BY Charles Yonts, CLSA / Jun 2019
Our love for meat is leading to an environmental catastrophe. A new wave of plant-based proteins promises to deliver the nutrition and flavour that we want without the ill effects. We recently hosted a lunch with plant-based protein pioneer, David Yeung.
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Thematic Report

Trumponomics

BY Edward Alden / Sep 2018
Why we should take Trump at his word on trade?
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Thematic Report

Future of Chinese Innovation

BY Edward Tse / Sep 2018
Beyond core competencies: What next for China innovation?
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Special Report

CG Watch - China Reforms

BY Charles Yonts, CLSA & Jamie Allen, ACGA / Dec 2018
China's reform agenda still leaves room for tighter CG rules and practices
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Special Report

CG Watch - Australia

BY Charles Yonts, CLSA & Jamie Allen, ACGA / Dec 2018
Australia top for corporate governance despite bank scandals
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Thematic Report

Digital drones, drugs and dollars

BY Shaun Cochran / May 2019
Theorality expects a digitally driven productivity revolution over the next two to three decades. Structural inflation looks unlikely in the absence of extreme monetary/fiscal policy options. The patient can simply buy very high quality long duration debt and wait.
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Thematic Report

Global semiconductors - Blacklisted

BY Sebastian Hou / May 2019
Huawei's blacklisting by the US government in May has profound implications for the global semiconductor supply chain. Sebastian Hou tells investors what to look out for as he expects a large reset after the overhyped 5G expectations of 1H19.
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Thematic Report

The Komodo - On the ground in Indonesia

BY Felicia Tjiasaka / May 2019
In Indonesia, start-ups have been venturing into the online credit “pay later” model in an effort to increase transaction value per user. Felicia Tjiasaka sees financial inclusion on an upswing, but the risk is a higher debt burden.
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Special Report

Where next for corporate governance in Asia?

BY Charles Yonts, CLSA & Jamie Allen, ACGA / Dec 2018
Asia faces tough questions on corporate governance
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Special Report

Gender diversity

BY Charles Yonts, CLSA & Jamie Allen, ACGA / Dec 2018
Australia, India and Malaysia lead Asia’s gender diversity efforts
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Thematic Report

Privacy as a product

BY Shaun Cochran / Apr 2019
March marked a rare occasion for Theorality: a positive take on Facebook’s prospects. The New York Times reported that the tech firm is working on a secretive project to issue a crypto currency to facilitate instant payments. The potential scale of the offering makes this a story investors must track.
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Thematic Report

China beats the world

BY Oliver Matthew / Apr 2019
In 2005, our seminal China eats the world report highlighted the country’s insatiable appetite for commodities. Today, the Chinese are looking to beat the world in sports consumption. The market can potentially become the world’s largest and is a must-win game for various brands, organisations, media channels and product makers.
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Thematic Report

Natural gas - The LoNG game

BY Ken Shin / Apr 2019
The transition towards a lower-carbon economy will have a profound impact on the global energy market. Natural gas will be the fastest-growing fossil fuel, aided by abundant cheap supplies and supportive environmental policies around the world.
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Thematic Report

E-bikes - Taking charge

BY Ken Shin / Mar 2019
Electric bikes continue to gain traction in Europe, and sales in the USA will shift up a gear as regulations take shape. A rebounding China market will also be a stabiliser for the traditional two-wheeler.
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Markets

Market Report

China - Tug of war

BY Steven Yang / Jul 2019
Compared to our defensive stance in 2H19, the latest G20 and upcoming US Federal Open Market Committee provide short-term clarity. With investors valuing quality growth more, we see continued easing policy as good news in a "no deal" world.
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Market Report

Malaysia - Stay tuned

BY Sue Lin Lim / Jul 2019
Optimism in Malaysia is gradually reviving. Our three catalysts for the market are panning out: foreign interest revival; possible earnings surprises; and sustained positive macro data.
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Market Report

Philippines - Age of disruption!

BY Marc Espino / Jul 2019
Online platforms have lowered entry barriers, causing established boundaries to crash. Firms able to adapt and execute digital capabilities will benefit most from this shift. When catalysts converge, opportunities will expand across multiple sectors.
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Market Report

Japan - Activists & the AGM season cheat sheet

BY Nicholas Smith / Jun 2019
There is no list of shareholder proposals until the voting is over. Benthos sifted through convocation documents so you don’t have to - and has picked out the most profitable ones.
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Market Report

Asia tourist - Chinese tourists still coming

BY Anthony Nafte / May 2019
To boost tourism, governments have focused on attracting more Chinese tourists. This is a realistic, but policies should not centre exclusively on mainland travellers. Overreliance runs the risk of an abrupt reversal due to geopolitical tensions.
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Market Report

Thailand - More downside risks

BY Weerapat Wonk-urai / Jun 2019
We see more downside risks to Thai GDP and bank-loan growth from shrinking exports, low public investment, falling oil prices and a rise in special-mention loans.
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Market Report

A stronger verdict for Modi

BY Mahesh Nandurkar / May 2019
With the bulk of its disruptive reforms now behind it, India’s freshly energised government can focus on growth. The ruling BJP took the lead in 302 seats, 20 more than it won in 2014, and Prime Minister Narendra Modi’s new absolute majority ensures policy continuity.
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Market Report

Corporate governance - Disrupters in the ecosystem

BY Jay Defibaugh / Apr 2019
In a new report, CLSA U guest author, Stephen Givens, details the impediments investors still face in their battle to unlock trapped value and raise returns.
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Market Report

US-China trade talks Renminbi risk

BY Eric Fishwick / May 2019
There is no reason to see the renminbi’s recent weakness as temporary, US-China trade wars will be recurrent. But the PBoC is defending CNY7/USD; it will continue to do so.
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Market Report

Philippines - Lots of people!

BY Alfred Dy / Apr 2019
Robust population growth will see the Philippines’ strong domestic story continue to gain momentum in coming years. This has positive implications for property developers, consumer companies and quasi-consumer plays.
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Market Report

China - A US$1tn deal

BY Haixu Qiu / Apr 2019
An additional US$1tn in imports from the USA over a six-year period would further integrate the two leading economies, thereby reducing the risk of “economic delinking” and the consequent damage to China’s supply chain.
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Market Report

Eye on Asian economics – Stall speed

BY Eric Fishwick / Mar 2019
The slowdown in developed-economy demand continues, with Europe the weakest region. But it is a collapse in Asian trade in 1Q19 that has taken global trade growth negative for the first time since 2012.
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Market Report

FONGO Down Under

BY Christopher Wood / Mar 2019
Australian housing loan commitments are likely to keep plunging so long as banks keep assessing a borrower’s ability to service a mortgage on an assumed 7.25% borrowing rate even though it is now possible to get a mortgage at a market rate of 3.55%.
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Market Report

Gallop to glory: Thailand and Vietnam

BY Anthony Nafte / Mar 2019
US protectionism has started the ball rolling for Asia supply-chain realignment. Vietnam’s continuing foreign-direct-investment surge and Thailand’s established supply chains leave both well placed to meet the challenge.
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Market Report

Industrial evolution

BY Sarina Lesmina / Mar 2019
Indonesia’s unique government-endorsed B2B models are attracting increasing investment, especially from China. With the length of toll roads doubling in the past five years and improving connectivity, industrial evolution is paving the way to sustained growth.
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Sectors

Sector Report

China healthcare - New life, new vision

BY David Li / Jul 2019
China’s healthcare spending is steadily rising along with its economic growth. Reforms are prompting hospitals to improve services and pushing development of the private sector. David Li explains why this is a boost for specialist hospitals.
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Sector Report

Korea memory - Rally in DRAM spot price

BY Sanjeev Rana / Jul 2019
PC DRAM's spot price rallied by 8% on potential production cuts at Korean memory suppliers and anxiety about Japan's export restrictions. Sanjeev Rana sees a possibility of mild ASP upturn for some NAND products in 2H.
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Sector Report

Malaysia property - Resident experts

BY Peter Kong / Jul 2019
Peter Kong recently met Hong Leong Bank and property-services firm Savills Malaysia to better appreciate on-the-ground dynamics and understand the conflicting evidence surrounding a recovery in the residential property and mortgage market.
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Sector Report

Korea memory - Bracing for uncertainty

BY Sanjeev Rana / Jun 2019
The trade war and Huawei issue have created uncertainty over second-half demand and are likely to lead to deeper-than-expected price erosion and a delay in the earnings recovery.
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Sector Report

Australian consumer - Margin tug-o-war

BY Richard Barwick / Jun 2019
Despite growing sales, supermarkets’ profitability is under pressure from new entrants and rising online penetration. We look at two Australian chains with similar growth outlooks, Coles and Woolworths, and major wholesaler Metcash.
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Sector Report

Australian banks - End of days

BY Ed Henning / May 2019
Australian banks have underperformed since March 2015's peaks. The Coalition re-election is positive, the Royal Commission benign, weaker housing prices manageable, forward earnings growth is negligible and capital risks remain.
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Sector Report

Gaming - It's almost raining yen!

BY Jay Defibaugh / May 2019
With Japan’s casino gaming market set to be the world’s third largest, Jay Defibaugh looks at progress on legalisation, estimated revenue, potential integrated-resort locations and key players.
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Sector Report

Philippine food services - Let’s eat!

May 2019
The Philippines is enjoying prosperous household growth. Consumers’ stronger propensity for eating out, new foods and novel dining experiences are incentivising foodservice players to ramp up their zoomtown store networks, driving a strong secular growth story.
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Sector Report

Korea autos - Virtuosity

BY Dohyoung Kim / Apr 2019
With powertrain upgrades, better segment positioning, improved pricing and a favourable won exchange rate, Korean automakers are orchestrating a virtuous cycle.
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Sector Report

Thai oil & gas - Pumping up

BY Narongpand Lisahapanya / Apr 2019
For Thai oil firms, petrol-station chains are an asset-light business through which they can sell fuel at wholesale prices and realise attractive margins.
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Sector Report

Japan retail - Wish fulfilment

BY Oliver Matthew / Apr 2019
Japanese retailing faces three major challenges in the next decade: depopulation and a contracting consumer market; labour shortages; and ecommerce. CLSA U specialists Michael Causton and Roy Larke give a flyover of this evolving and dynamic space.
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Sector Report

Courting Miss Saigon

BY Yew Kiang Wong / Mar 2019
Rising foreign direct investment, higher disposable income and rapid urbanisation could see Vietnam’s housing market experience similar growth to that of China’s two decades ago. Our proprietary survey confirms Singapore developers’ strong franchise among local buyers.
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Sector Report

Skin Gold China 4

BY Oliver Matthew / Feb 2019
Our fourth proprietary survey of Chinese cosmetics consumers provides an in-depth look into purchasing behaviour and brand perception. Premium-segment success is crucial, given the category’s growing importance, with opportunities for Japanese and Korean luxury brands.
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Thematic Report

E-bikes - Taking charge

BY Ken Shin / Mar 2019
Electric bikes continue to gain traction in Europe, and sales in the USA will shift up a gear as regulations take shape. A rebounding China market will also be a stabiliser for the traditional two-wheeler.
MORE

Sector Report

Global smartphone cameras - More is more

BY Cherry Ma / Feb 2019
Smartphone photography is on a roll, with handsets launched year to date packed with two to five back cameras. Cherry Ma expects camera-lens volume to reach 3.76bn units in 2019, increasing to 6.38bn units by 2023.
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Investor Forums

CLSA’s investor forums are renowned for their original content, comprehensive corporate access and actionable investment insights.

A platform for knowledge exchange, CLSA’s investor forums examine the economic, political, financial, environmental and technological trends impacting global markets today.

Held annually in Hong Kong our flagship event, the CLSA Investors’ Forum, has established itself as a must-attend event for institutional investors invested in Asia-Pacific markets and the region’s largest corporates.

The 26th CLSA Investors’ Forum will be held from 9 to 13 September 2019 at The Grand Hyatt in Hong Kong. Once again, we will present delegates with actionable ideas against a backdrop of continuing reforms overhauling the investment landscape.

Gathering experts in technology, health, environmental and social issues, together with geopolitical specialists and global finance and economics gurus, the conference will deliver thought-provoking insights and challenge norms and perceptions for five days. For CEOs, CLSA Investors’ Forum represents the ideal stage to deliver their corporate message to new and existing investors.

Over the past 25 years, scores of world leaders have acknowledged the power of CLSA audiences, using our Forums to deliver their political and economic messages directly to those investors that make a difference in their markets.

For more information on the 26th CLSA Investor’s Forum, please contact enquiries@clsa.com

Follow CLSA’s Forums at  LinkedIn and WeChat

CLSA TV

A selection of video and media coverage from CLSA.

CLSA TV

Sep 2018

CLSA TV

Sep 2018

CLSA TV

Feb 2018

CLSA TV

BY Merlissa Trisno / Jun 2016

CLSA TV

BY Seungjoo Ro / May 2016
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