Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Jan 16th. The aggregated short interest is USD488m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in VS Industry, Datasonic, Greatech Technology, UEM Sunrise, Genting Malaysia.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Jan 16th. The aggregated short interest is USD488m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in VS Industry, Datasonic, Greatech Technology, UEM Sunrise, Genting Malaysia.


Bursa Short Interest Weekly (Jan 16th): VS Industry, Datasonic, Greatech Technology, UEM Sunrise

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Genting Berhad, Xiaomi Corp</li>
<li>UST yields rose 1-3 bps yesterday, to the highest levels in two months. The move appeared to be driven by lower expectations of Fed rate cuts next year, even as the market firmly priced in 25 bps of rate reductions this week.</li>
<li>The yield on the 2Y UST rose 1 bp to 3.58%, while the yield on the 10Y UST climbed 3 bps to 4.17%. Equities halted a four-day rally, with the S&amp;P and Nasdaq down 0.3% and 0.1%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Genting Berhad, Xiaomi Corp
UST yields rose 1-3 bps yesterday, to the highest levels in two months. The move appeared to be driven by lower expectations of Fed rate cuts next year, even as the market firmly priced in 25 bps of rate reductions this week.
The yield on the 2Y UST rose 1 bp to 3.58%, while the yield on the 10Y UST climbed 3 bps to 4.17%. Equities halted a four-day rally, with the S&amp;P and Nasdaq down 0.3% and 0.1%, respectively.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The process in the <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> transaction is egregiously bad and lacking in  transparency. This deal, as structured, is block-able, even if bumped.</li>
<li>There's been a lot of enthusiasm for HK spin-offs of late (<a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining (2899 HK)</a> and <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO (9896 HK)</a>). I'm not convinced <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> deserves similar accolades.  </li>
<li>If you've the ability to borrow <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>, this promises to be fun/interesting. If you're a long-only investor, it's more nuanced. And it depends on where you are post-tender.</li>
</ul>


The process in the Toyota Industries (6201 JP) transaction is egregiously bad and lacking in  transparency. This deal, as structured, is block-able, even if bumped.
There's been a lot of enthusiasm for HK spin-offs of late (Zijin Mining (2899 HK) and MINISO (9896 HK)). I'm not convinced Dongfeng Motor (489 HK) deserves similar accolades.  
If you've the ability to borrow Aeon (8267 JP), this promises to be fun/interesting. If you're a long-only investor, it's more nuanced. And it depends on where you are post-tender.


Last Week In Event SPACE: Toyota Inds, Dongfeng Motors, Aeon/TSURUHA, Jinke Smart, Genting Malaysia

<ul>
<li>The UST curve twisted marginally steeper yesterday, as the market focused on the selection for the next Fed Chairman amid little macro developments.</li>
<li>The yield on the 2Y UST declined 2 bps to 3.51%, while the yield on the 10Y UST was unchanged at 4.09%.</li>
<li>Equities recovered from Monday’s sell-off, in tandem with a rise in cryptocurrencies. The S&amp;P 500 and Nasdaq rose 0.2 and 0.6% to 6,829 and 23,414, respectively. </li>
</ul>


The UST curve twisted marginally steeper yesterday, as the market focused on the selection for the next Fed Chairman amid little macro developments.
The yield on the 2Y UST declined 2 bps to 3.51%, while the yield on the 10Y UST was unchanged at 4.09%.
Equities recovered from Monday’s sell-off, in tandem with a rise in cryptocurrencies. The S&amp;P 500 and Nasdaq rose 0.2 and 0.6% to 6,829 and 23,414, respectively. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>'s unconditional Offer for <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> closed yesterday, the 1st December, with GENT holding 73.13%, up from 49.99% initially. </li>
<li>The IFA previously opined the Offer to be NOT fair, and NOT reasonable. A bump in terms, long rumoured, failed to unfold. </li>
<li>Yesterday, GENM was one of three applicants selected by New York’s Gaming Facility Location Board for a full commercial casino license in downtown New York.</li>
</ul>



Genting Bhd (GENT MK)'s unconditional Offer for Genting Malaysia (GENM MK) closed yesterday, the 1st December, with GENT holding 73.13%, up from 49.99% initially. 
The IFA previously opined the Offer to be NOT fair, and NOT reasonable. A bump in terms, long rumoured, failed to unfold. 
Yesterday, GENM was one of three applicants selected by New York’s Gaming Facility Location Board for a full commercial casino license in downtown New York.


Genting Malaysia (GENM MK): Offer Closes As New York Casino Licence Awarded

Malaysia

Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

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Genting Bhd (GENT MK)

Bursa Short Interest Weekly (Jan 16th): VS Industry, Datasonic, Greatech Technology, UEM Sunrise

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in VS Industry, Datasonic, Greatech...

Ke Yan, CFA, FRM

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Adani Energy Solutions, Genting Berhad, Xiaomi...

Lucror Analytics

Last Week In Event SPACE: Toyota Inds, Dongfeng Motors, Aeon/TSURUHA, Jinke Smart, Genting Malaysia

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Lucror Analytics - Morning Views Asia

The UST curve twisted marginally steeper yesterday, as the market focused on the selection for the next Fed Chairman amid little macro developments.

Lucror Analytics

Genting Malaysia (GENM MK): Offer Closes As New York Casino Licence Awarded

I have no strong opinion on GENM's back-end value, post Offer. Metrics are roughly in sync with peers. GENM is going large in NYC, and hoping for...

David Blennerhassett

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