Published Date: November 28, 2024
Author: HANetf
The leading positive contributors to performance for the EMQQ Index in October were Brazil’s Nubank and China’s Meituan, posting gains of 10.55% and 6.01% respectively. Nubank jumped after crossing 100 million customers in Latin America, while also reporting strong operating numbers in Mexico, the company’s second largest market outside Brazil. Meituan has received a boost as growth in the company’s food delivery business rebounds following a decline in competitive intensity in the industry.
The two largest detractors for the month were Alibaba and Reliance Industries, falling -14.12% and -10.10% respectively. Reliance declined after relatively soft quarterly results while Alibaba took a breather following a strong jump in the previous month after China’s central bank announced a series of stimulus measures to boost the economy.
Source of all performance data: HANetf / Bloomberg. Data as of 31.10.2024. Please note that all performance figures are showing net data. Past performance is not indicative of future performance and when you invest in ETFs your capital is at risk.
EMQQ celebrates 10-year anniversary
The EMQQ Index was launched, 10 years ago this November, to track a basket of leading internet and ecommerce companies serving emerging markets, ranging from China and India to Brazil and Mexico, and many others in between. During that time, the ecosystem has expanded dramatically. In the 10 years since the index’s inception, the number of people globally who have smartphones has increased from roughly 1 billion to 4.5 billion, a majority originating from emerging markets. The plunging costs of smartphones and wireless broadband are providing unprecedentedly large swathes of the population in developing countries with access to the internet for the first time, enabling revolutions not just in consumption patterns but also in digital payments, communication, healthcare, education, entertainment, delivery, and more.
Source: Statista; EMQQ Global. For illustrative purposes only. Chart displays expected data.
Sea limited growth jumps – ecommerce unit turns profitable
Southeast Asia’s leading internet firm, Sea Ltd, reported strong third-quarter results, with revenue surpassing estimates, driven largely by its newly profitable e-commerce arm, Shopee. Shopee, which operates primarily in Southeast Asia and Brazil, saw a surge in purchases as holiday and travel seasons approached. The platform achieved an adjusted core profit of $34.4 million for Q3, a major turnaround from a -$346.5 million loss the prior year. Shopee’s revenue rose 42.6% to $3.2 billion, far exceeding analysts’ forecasts. Sea Ltd’s overall revenue grew 31% to $4.33 billion. Meanwhile, its financial services division, SeaMoney, saw 38% growth, outpacing estimates. Despite competition from rivals like Lazada and Amazon, Sea continues to diversify with expansions in digital finance and digital entertainment. CEO, Forest Li, highlighted that he expects the company’s e-commerce platform to remain profitable moving forward, marking a key inflection point in the business.
India’s festive ecommerce sales surge 23%
India’s ecommerce platforms achieved nearly $12 billion in sales during the Diwali festive season, marking a growth of over 23% from last year. This surge was driven largely by increased spending from non-urban consumers and a growing preference for more premium products. More than half of these sales, $6.5 billion, occurred in the first week alone, propelled by Flipkart’s Big Billion Days, which started on September 26.
Smartphones emerged as the leading category, with Flipkart noting high demand for premium and mid-premium Android models featuring advanced AI capabilities. Purchases from tier II and III cities were significant, especially across categories like smartphones, televisions, appliances, and fashion, underscoring the expanding reach of ecommerce across diverse regions. India’s low e-commerce penetration, in the range of 5-6% of overall retail sales, provides a solid backdrop for sustained growth for years to come.
Apple doubles down on India
Apple plans to increase iPhone production in India, aiming for 32% of global volume and 26% of production value by FY27, potentially valued at over $34 billion if global sales remain steady. In FY24, India’s contribution to iPhone production was 12-14% of global volume and over 10% in value, with FY25 targets at 17-18% volume and 14% value, reaching a projected production value of $18 billion (market value around $27 billion). This move aligns with Apple’s strategy to diversify manufacturing locations. India’s PLI incentives have accelerated Apple’s original target of 10% production by the fifth year, now surpassed by the third. By 2026-27, JP Morgan estimates India could handle 25-30% of iPhone production, establishing it as a significant manufacturing hub for Apple. The rise of India as a tech manufacturing hub should spill over to other sectors in the tech ecosystem and contribute to the overall growth of the digital economy over the next decade.
EMQQ (Fund)EMQQIET* (Index)1M-0.88%-0.78%3M5.96%6.38%6M-4.67%-4.17%YTD-14.50%-14.07%12M-17.93%-17.28%3Y14.39%18.64%Since Inception (02/10/2018)14.08%24.94%
INQQ (Fund)INQQETR* (Index)1M5.21%6.54%3M15.61%17.88%6M10.29%12.57%YTD-2.81%-1.97%12M-8.86%-7.82%3Y-27.23%Since Inception (15/11/2023)13.65%24.43%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/10/2024
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. Please remember that when you invest in ETFs and ETCs your capital is at risk.
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