Maple-Brown Abbott’s John Moorhead likes Alibaba and Country Garden as part of the China bounce, and Brazil’s best known cash and carry chain Assai.
How should investors be thinking about the China reopening theme?
Maple-Brown Abbott’s John Moorhead thinks a rebound in confidence and retail spending will flow through to consumer names like Alibaba.I think in reality, The real estate market has been the most ravaged, but government policies have moved to become more supportive. If a reopening brings back consumer confidence and enables buyers to get out to inspect properties for purchase, we expect that companies like Country Garden Services could see a continued rebound.The days of high single-digit GDP are clearly over. The headwinds facing China, such as an ageing population and an overly indebted property sector, are well known.
Another example is health care. China’s spend on health care at 5 per cent of GDP is about half the world average. Combine that low level of spending with an ageing population and we see many opportunities arising in China’s health care space.Sendas Distribuidora, better known by its brand name, Assai, is the largest pure play cash and carry retailer in Brazil, with 234 stores mainly in the wealthy states of Sao Paolo and Rio de Janeiro.
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