Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The index is reviewed quarterly. The next review will be in March 2024 and the evaluation date for the rankings for the constituent selection process is 29th February 2024.</li>
<li>In this insight, we take a look at Potential ADDs and Potential DELs for the rebalance. We estimate US$13.1bn one-way flow on 3 ADDs and 3 DELs.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The index is reviewed quarterly. The next review will be in March 2024 and the evaluation date for the rankings for the constituent selection process is 29th February 2024.
In this insight, we take a look at Potential ADDs and Potential DELs for the rebalance. We estimate US$13.1bn one-way flow on 3 ADDs and 3 DELs.


Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR

J Capital Research

Independent Insight Provider

J Capital Research, a U.S. company, publishes highly diligenced research reports on publicly traded companies, relying on deep, on-the-ground primary research. J Capital has particular expertise in the Chinese market, but we look at over-valued companies throughout the world. As an activist short- and long-research shop, when we form a clear view, we publish free, public reports to inform the investing public and never disguise our identity. We believe the internet has afforded an opportunity to small, unaffiliated investors to leapfrog the big banks, with their conflicts of interest, and obtain unbiased information on traded companies. We pride ourselves on our independence and the quality of our work. We hope the work speaks for itself.

Equity Bottom-Up

<ul><li>Whirlpool Corporation has now suspended the rich dividend to common shareholders that far exceeded free cash flow, costing $300 mln in 2025.</li><li>The goal was to reduce debt, but WHR immediately started a preferred convertible dividend at a much higher equivalent interest rate than the credit facility debt it was apparently replacing.</li><li>The share price has suffered, but we think there could be more to come.</li></ul>

Whirlpool Corporation has now suspended the rich dividend to common shareholders that far exceeded free cash flow, costing $300 mln in 2025.The goal was to reduce debt, but WHR immediately started a preferred convertible dividend at a much higher equivalent interest rate than the credit facility debt it was apparently replacing.The share price has suffered, but we think there could be more to come.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Whirlpool Corporation's performance in 2025 and its outlook for 2026 present a nuanced picture of challenges and strategic initiatives aiming for recovery and growth.</li><li>The year 2025 proved difficult for Whirlpool, primarily due to the absorption of significant costs from tariffs and a sluggish housing market that has not yet unlocked potential demand for home appliances.</li><li>These factors combined to create a flat global organic revenue and an ongoing EBIT margin of 4.7%, slightly trailing industry expectations.</li></ul>

Whirlpool Corporation's performance in 2025 and its outlook for 2026 present a nuanced picture of challenges and strategic initiatives aiming for recovery and growth.The year 2025 proved difficult for Whirlpool, primarily due to the absorption of significant costs from tariffs and a sluggish housing market that has not yet unlocked potential demand for home appliances.These factors combined to create a flat global organic revenue and an ongoing EBIT margin of 4.7%, slightly trailing industry expectations.

Whirlpool’s New Product Engine—and What’s Driving Market Share Gains!

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coway-co-ltd" target="_blank" data-smartkarma-citation="entities:3022:1" rel="noopener">Coway Co Ltd (021240 KS)</a> counts around 35% of its revenue from Southeast Asia particularly Malaysia and Thailand, where it recorded high growth, offsetting the mature domestic Korean market. </li>
<li>Due to the current haze season that may last until November, Coway's revenues are supposed to be carried up and its share price may see multiple expansion as well. </li>
<li>At &lt;2x PBV, 11x PER and 8x EV/EBITDA, a defensive stock that is committed to Value Up program, including cancellations of treasury and maintaining dividends, it sounds like a bargin. </li>
</ul>



Coway Co Ltd (021240 KS) counts around 35% of its revenue from Southeast Asia particularly Malaysia and Thailand, where it recorded high growth, offsetting the mature domestic Korean market. 
Due to the current haze season that may last until November, Coway's revenues are supposed to be carried up and its share price may see multiple expansion as well. 
At &lt;2x PBV, 11x PER and 8x EV/EBITDA, a defensive stock that is committed to Value Up program, including cancellations of treasury and maintaining dividends, it sounds like a bargin. 


<ul><li>Whirlpool Corporation reported its third-quarter 2025 results, demonstrating both strengths and challenges.</li><li>The company achieved organic revenue growth despite a challenging environment, influenced by ongoing tariffs and an intensified promotional landscape.</li><li>This growth largely stemmed from two sources: the KitchenAid small domestic appliance business, which recorded double-digit revenue gains, and market share increases in the North American major appliance business, underpinned by new product launches.</li></ul>

Whirlpool Corporation reported its third-quarter 2025 results, demonstrating both strengths and challenges.The company achieved organic revenue growth despite a challenging environment, influenced by ongoing tariffs and an intensified promotional landscape.This growth largely stemmed from two sources: the KitchenAid small domestic appliance business, which recorded double-digit revenue gains, and market share increases in the North American major appliance business, underpinned by new product launches.

Whirlpool’s $300 Million Factory Upgrade: A Power Play for Made-in-USA Dominance?

United States

Whirlpool Corporation manufactures and markets major home appliances.  The Company's principal products include laundry appliances, refrigeration and room air conditioning equipment, cooking appliances, dishwashers, and mixers and other small household appliances.  Whirlpool's products are sold worldwide

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Whirlpool Corp (WHR US)

Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR

A new Quiddity Leaderboard for S&P500 Index Rebal predictions. We like Workday against a basket of peers, based on our expectation of US$6bn+ net...

Travis Lundy

Whirlpool (WHR): Too Little, Too Late

Whirlpool Corporation has now suspended the rich dividend to common shareholders that far exceeded free cash flow, costing $300 mln in 2025. The...

J Capital Research

Coway (021240): Haze Beneficiary

Coway is the company in South Korea that sells and rents out air purifier, with a large market in Southeast Asia. With the current haze, it should...

Henry Soediarko

Whirlpool’s $300 Million Factory Upgrade: A Power Play for Made-in-USA Dominance?

Whirlpool Corporation reported its third-quarter 2025 results, demonstrating both strengths and challenges. The company achieved organic revenue...

Baptista Research

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Quiddity Leaderboard S&P 500 Mar 24: Big Index Flows Possible for Workday and KKR

A new Quiddity Leaderboard for S&P500 Index Rebal predictions. We like Workday against a basket of peers, based on our expectation of US$6bn+ net...

Travis Lundy

Whirlpool (WHR): Too Little, Too Late

Whirlpool Corporation has now suspended the rich dividend to common shareholders that far exceeded free cash flow, costing $300 mln in 2025. The...

J Capital Research

Whirlpool’s New Product Engine—and What’s Driving Market Share Gains!

Whirlpool Corporation's performance in 2025 and its outlook for 2026 present a nuanced picture of challenges and strategic initiatives aiming for...

Baptista Research

Coway (021240): Haze Beneficiary

Coway is the company in South Korea that sells and rents out air purifier, with a large market in Southeast Asia. With the current haze, it should...

Henry Soediarko

Whirlpool’s $300 Million Factory Upgrade: A Power Play for Made-in-USA Dominance?

Whirlpool Corporation reported its third-quarter 2025 results, demonstrating both strengths and challenges. The company achieved organic revenue...

Baptista Research