European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Coca-Cola Europacific Partners / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coca-cola-europacific-partners-plc" target="_blank" data-smartkarma-citation="entities:44040:1" rel="noopener">Coca-Cola Europacific Partners (CCEP LN)</a>, the leading global Coca-Cola bottler, has requested changing its listing category on the London Stock Exchange, aiming a spot in the FTSE 100.</li>
<li>CCEP would be the 25th largest company of the index, therefore there is a strong likelihood that CCEP could enter the FTSE 100 in the upcoming review.</li>
<li>Passive funds would need roughly 83 trading days of average volume to fully allocate the necessary shares to match the index weighting.</li>
</ul>



Coca-Cola Europacific Partners (CCEP LN), the leading global Coca-Cola bottler, has requested changing its listing category on the London Stock Exchange, aiming a spot in the FTSE 100.
CCEP would be the 25th largest company of the index, therefore there is a strong likelihood that CCEP could enter the FTSE 100 in the upcoming review.
Passive funds would need roughly 83 trading days of average volume to fully allocate the necessary shares to match the index weighting.


Coca-Cola Europacific Partners: Aiming FTSE 100 Inclusion

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aib-group-plc" target="_blank" data-smartkarma-citation="entities:43916:1" rel="noopener">AIB Group (AIBG IE)</a> is expected to experience an increase in free float from 75% to 80% in November 2024 due to the Irish Government reducing its stake this month.</li>
<li>
<a href="https://www.smartkarma.com/entities/commerzbank-ag" target="_blank" data-smartkarma-citation="entities:21596:1" rel="noopener">Commerzbank AG (CBK GR)</a> is forecasted to have a ~2% points free float <em>decrease</em> in Global and European Indices as <a href="https://www.smartkarma.com/entities/unicredit-spa" target="_blank" data-smartkarma-citation="entities:21234:1" rel="noopener">UniCredit</a> bought more than what the German Government sold.</li>
<li>The UK Government continues slashing its stake in <a href="https://www.smartkarma.com/entities/natwest-group-plc" target="_blank" data-smartkarma-citation="entities:21008:1" rel="noopener">NatWest Group (NWG LN)</a> with potential further free float increases coming in November and December 2024.</li>
</ul>



AIB Group (AIBG IE) is expected to experience an increase in free float from 75% to 80% in November 2024 due to the Irish Government reducing its stake this month.

Commerzbank AG (CBK GR) is forecasted to have a ~2% points free float decrease in Global and European Indices as UniCredit bought more than what the German Government sold.
The UK Government continues slashing its stake in NatWest Group (NWG LN) with potential further free float increases coming in November and December 2024.


European Governments' Bank Sell-Off: Boosting Confidence and Occasionally Free Float

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).</li><li>However, despite this positive movement, the SET still faces potential external risk factors this week.</li><li>Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.</li></ul>

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day EMA/25-day EMA).However, despite this positive movement, the SET still faces potential external risk factors this week.Investors are advised to be more cautious about investment in the Thai equity market amid risks of foreign fund outflows in case the Fed signals the tightening of monetary policies this week.

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>Q423 earnings demonstrated the inherent profitability and resilience of returns at NatWest Group (NWG). PBT came in 25% ahead of consensus, with beats on both revenues and impairments along with good cost control. Despite continuing normalisation of credit and assuming around two more base rate cuts in 2024 than are currently priced into the bond market, management expects to deliver a return on tangible equity (RoTE) of c 12%. On consensus estimates, the shares trade at 0.8x tangible net asset value (TNAV) and P/E of 6.4x in 2024e. Without a re-rating, the consensus 10% TNAV growth and 6.4% yield imply a 16.4% 12-month total return.</p>

Q423 earnings demonstrated the inherent profitability and resilience of returns at NatWest Group (NWG). PBT came in 25% ahead of consensus, with beats on both revenues and impairments along with good cost control. Despite continuing normalisation of credit and assuming around two more base rate cuts in 2024 than are currently priced into the bond market, management expects to deliver a return on tangible equity (RoTE) of c 12%. On consensus estimates, the shares trade at 0.8x tangible net asset value (TNAV) and P/E of 6.4x in 2024e. Without a re-rating, the consensus 10% TNAV growth and 6.4% yield imply a 16.4% 12-month total return.

<ul><li>KTX maintains an Outperform rating.</li><li>We project earnings growth at a 16% CAGR over the next three years.</li><li>The company targets 2024E sales growth in the range of 10-15%, projecting domestic sales growth of 5-10% and overseas sales growth of over 10%.</li></ul>

KTX maintains an Outperform rating.We project earnings growth at a 16% CAGR over the next three years.The company targets 2024E sales growth in the range of 10-15%, projecting domestic sales growth of 5-10% and overseas sales growth of over 10%.

R&B FOOD SUPPLY: Upbeat 2H23E Earnings; Forecasts Revised Up

United Kingdom

NatWest Group plc operates as a banking and financial services company. The Bank provides personal and business banking, consumer loans, asset and invoice finances, commercial and residential mortgages, credit cards, and financial planning services, as well as life, personal, and income protection insurance. NatWest Group serves clients worldwide.

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NatWest Group (RBS NA)

Coca-Cola Europacific Partners: Aiming FTSE 100 Inclusion

Coca-Cola Europacific Partners (CCEP LN), the leading global Coca-Cola bottler, has requested changing its listing category on the London Stock...

Jesus Rodriguez Aguilar

European Governments' Bank Sell-Off: Boosting Confidence and Occasionally Free Float

European governments are reducing stakes in AIB Group, Commerzbank AG, and NatWest, and triggering changes in free float percentages for European...

Dimitris Ioannidis

Weekly View & Earnings Results

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day...

Krungthai XSpring

NatWest Group - Time for a re-rating?

Q423 earnings demonstrated the inherent profitability and resilience of returns at NatWest Group (NWG). PBT came in 25% ahead of consensus, with...

Edison Investment Research

R&B FOOD SUPPLY: Upbeat 2H23E Earnings; Forecasts Revised Up

KTX maintains an Outperform rating. We project earnings growth at a 16% CAGR over the next three years. The company targets 2024E sales growth in...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coca-Cola Europacific Partners: Aiming FTSE 100 Inclusion

Coca-Cola Europacific Partners (CCEP LN), the leading global Coca-Cola bottler, has requested changing its listing category on the London Stock...

Jesus Rodriguez Aguilar

European Governments' Bank Sell-Off: Boosting Confidence and Occasionally Free Float

​European governments are reducing stakes in AIB Group, Commerzbank AG, and NatWest, and triggering changes in free float percentages for European...

Dimitris Ioannidis

Weekly View & Earnings Results

Technically, the SET Index is expected to weaken, with the support at 1,350/1,345 points and the resistance at 1,365/1,371 points (10-day...

Krungthai XSpring

NatWest Group - Time for a re-rating?

Q423 earnings demonstrated the inherent profitability and resilience of returns at NatWest Group (NWG). PBT came in 25% ahead of consensus, with...

Edison Investment Research

R&B FOOD SUPPLY: Upbeat 2H23E Earnings; Forecasts Revised Up

KTX maintains an Outperform rating. We project earnings growth at a 16% CAGR over the next three years. The company targets 2024E sales growth in...

Krungthai XSpring

European governments are reducing stakes in AIB Group, Commerzbank AG, and NatWest, and triggering changes in free float percentages for European...