Indonesia to offer incentives for 235,000 EVs

In today’s top stories, Hyundai and Wuling Motors are set to be beneficiaries of the Indonesian government’s new initiative to drive electric vehicle (EV) adoption, while Chinese EV firm BYD’s shares have dropped off in the past month, although it remains in a strong position. Elsewhere, pharma titan AstraZeneca has published encouraging results on its cancer drug Enhertu. Meta and Snap, meanwhile, would benefit from a mooted TikTok ban. Lastly, UK software developer WANdisco is proactively exploring a US listing, even while it remains committed to London's Alternative Investment Market.

BYD share price reverses

Shares in Buffett-backed BYD [1211.HK] have fallen 11.6% in the past month as of Monday, while the Tesla [TSLA] share price has climbed 4.1%. There are near-term concerns about the negative impact of price cuts on margins, Robert Mumford, an investment manager at GAM, told Bloomberg. However, BYD could come out as an EV race leader because of the fact it controls the majority of its supply chain and makes its own chips and batteries.

AstraZeneca’s positive cancer drug data

British pharmaceutical giant AstraZeneca [AZN.L] published data Monday morning showing that its cancer drug Enhertu could potentially be used to treat cervical, ovarian and pancreatic cancers, among others, in the future. “[T]hese positive initial results in other tumour settings with significant unmet need are very encouraging,” said chief medical officer Cristian Massacesi. Enhertu, developed in partnership with Daiichi Sankyo [4568.T], brought in global sales of approximately $1.1bn in the nine months to 31 December 2022.

Indonesia to incentivise EV production

Indonesia wants 10% of its population to be using green vehicles by next year. To help realise its clean energy dream, the government is handing out financial incentives for 200,000 electric motorbikes, 35,000 electric cars and 138 electric buses to automakers that have a production facility in the country and use at least 40% locally-produced components, reported Bloomberg. Hyundai Motors [005380.KS] and Wuling Motors [0305.HK] are currently the two automakers that would be eligible for the subsidies.

TikTok ban would benefit Meta, Snap

The recent Chinese spy balloon drama has intensified calls for the popular social media app TikTok to be banned. Two US senators plan to introduce legislation this week that could lead to a government ban or prohibition of foreign technology that poses security risks. “Implications are great for anybody that has been losing market share to TikTok,” Laura Martin, an analyst at Needham, told CNBC; this includes Meta [META] and Snap [SNAP].

WANdisco eyes US listing

Enterprise software developer, WANdisco [WAND.L] is “in the early stages of proactively exploring” a US listing, according to a regulatory filing, adding that it remains committed to London's Alternative Investment Market. WANdisco makes the majority of its revenue from big US customers, who include Advanced Micro Devices [AMD] and Juniper Networks [JNPR]. Listing in New York could help to attract a higher valuation and boost the company’s share price.