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Smartkarma Daily Briefs

Dec 24
0

Daily Brief Financials: Embassy Office Parks REIT and more

By | Daily Briefs, Financials

In today’s briefing:

  • ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

By Ethan Aw

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
  • On the placement front, most of the action continued to come from India. 

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Dec 24
0

Daily Brief Consumer: TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Maybe Management Is Finally Becoming Aware of the Cost of Listing

Maybe Management Is Finally Becoming Aware of the Cost of Listing

By Aki Matsumoto

  • Many companies had the goal of IPOs as a means to save taxes rather than growth, but it’s good to seriously consider go private for the sake of their shareholders.
  • This is due to companies’ awareness of listing costs, such as demands from overseas investors for improved governance and requests from TSE for “management with awareness of the stock price.”
  • Another issue that needs to be examined is the loss of growth and profitability for companies that are delisted and then relisted.

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Dec 24
0

Most Read: Taiwan Semiconductor (TSMC) – ADR, Kinross Gold Corp, A2 Milk Co Ltd, Abacus Storage King, Tongcheng Travel Holdings , Vietnam Dairy Products JSC, Posco DX, Newmont and more

By | Daily Briefs, Most Read

In today’s briefing:

  • MVIS US Listed Semiconductor 25 Index Rebalance: TSMC Is the Big Sell
  • KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer
  • HSTECH Index Rebalance Preview: Tongcheng Travel (780 HK) Could Replace GDS (9698 HK)
  • MVIS Global Junior Gold Miners Index Rebalance: Few Large Weight Changes
  • MVIS Australia Equal Weight Index Rebalance: Three Deletions & Other Changes
  • MVIS Australia A-REITs Index Rebalance: ASKing for a Reversal
  • Index Rebalance & ETF Flow Recap: HSTECH, SIG/CWG, KQ150, REPT BATTERO
  • MarketVector Vietnam Local Index Rebalance: One Add & Other Changes
  • KOSDAQ150 Adhoc Index Rebalance: TEMC Added; Short Covering Expected in PoscoDX
  • Newmont’s Upcoming (March 2024) ASX Selldown

MVIS US Listed Semiconductor 25 Index Rebalance: TSMC Is the Big Sell

By Brian Freitas

KOSDAQ150 Index Rebalance Preview: Posco DX Listing Transfer

By Brian Freitas

HSTECH Index Rebalance Preview: Tongcheng Travel (780 HK) Could Replace GDS (9698 HK)

By Brian Freitas

MVIS Global Junior Gold Miners Index Rebalance: Few Large Weight Changes

By Brian Freitas

  • There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in December, but there are float and capping changes for some stocks.
  • Estimated one-way turnover is 2.8% and that leads to a one-way trade of US$122m.
  • There are 13 stocks with over US$5m to trade from passive trackers, though the impact is not very big on the stocks.

MVIS Australia Equal Weight Index Rebalance: Three Deletions & Other Changes

By Brian Freitas

  • A2 Milk Co Ltd (A2M AU), AMP Ltd (AMP AU) and Charter Hall (CHC AU) will be deleted from the MVIS Australia Equal Weight Index at the close 15 December.
  • Constituent changes plus capping and float changes result in a one-way turnover of 5.05% and will result in a one-way trade of A$99m.
  • There is a fair amount of short interest on the deletions and shorts could look to cover against the passive flow.

MVIS Australia A-REITs Index Rebalance: ASKing for a Reversal

By Brian Freitas

  • There are no constituent changes for the Vaneck Vectors Australian Property ETF (MVA AU) in December but there are float and capping changes.
  • Abacus Storage King (ASK AU) is the biggest sell and is due to a drop in float, a reversal of the excessively high float assigned at the September rebalance.
  • Estimated one-way turnover is 4.5% and will result in a one-way trade of A$26m. There are a few stocks with over 1x ADV to trade.

Index Rebalance & ETF Flow Recap: HSTECH, SIG/CWG, KQ150, REPT BATTERO

By Brian Freitas

  • It was a busy week with rebalance implementations at the close of trading on Thursday in Korea and then across the region on Friday.
  • The SET 50 Index changes should be announced this week and the Yuanta TW Div+ ETF will continue to implement the changes till Thursday.
  • There were inflows to China ETFs during the week while there were big outflows from Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) ETFs.

MarketVector Vietnam Local Index Rebalance: One Add & Other Changes

By Brian Freitas

  • CEO Group JSC (CEO VN) will be added to the MarketVector Vietnam Local Index at the close on 15 December.
  • Estimated one-way turnover is 5.24% and that results in a one-way trade of US$30m. There are a couple of stocks with more than 1x ADV to buy from passives.
  • The largest passive inflows will be in Vingroup Jsc (VIC VN), Vietnam Dairy Products JSC (VNM VN), CEO Group JSC (CEO VN) and Vinhomes (VHM VN). 

KOSDAQ150 Adhoc Index Rebalance: TEMC Added; Short Covering Expected in PoscoDX

By Brian Freitas

Newmont’s Upcoming (March 2024) ASX Selldown

By Travis Lundy

  • As warned in Newcrest-Newmont Merger: Fancy Index Shenanigans in October, the merger construct meant flowfront, index flowback, then later index flowback.
  • We are now between the second and third events. The data on the third is there, but it won’t be obvious to everyone. 
  • There should be a large, not publicly announced, downweight on Newmont (NEM AU) in the March 2024 index review for the major local indices.

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Dec 24
0

Daily Brief Quantitative Analysis: TWSE Short Interest Weekly (Dec 22nd): Inventec and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

TWSE Short Interest Weekly (Dec 22nd): Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Dec 22nd which has an aggregated short interest worth USD14.6bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Inventec, Walsin Lihwa, Getac Holdings, Hon Hai, Wistron, Quanta Computer, Wiwynn, Acer, TSMC.

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Dec 24
0

Daily Brief United States: Newmont , Livent, MillerKnoll and more

By | Daily Briefs, United States

In today’s briefing:

  • Newmont’s Upcoming (March 2024) ASX Selldown
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp
  • MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail

Newmont’s Upcoming (March 2024) ASX Selldown

By Travis Lundy

  • As warned in Newcrest-Newmont Merger: Fancy Index Shenanigans in October, the merger construct meant flowfront, index flowback, then later index flowback.
  • We are now between the second and third events. The data on the third is there, but it won’t be obvious to everyone. 
  • There should be a large, not publicly announced, downweight on Newmont (NEM AU) in the March 2024 index review for the major local indices.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp

By David Blennerhassett

MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail

By Water Tower Research

  • Following a strong margin performance in 2Q, we are raising our 3QFY24 EPS estimate to $0.43, just below the midpoint of guidance, from $0.38.
  • The increase is the result of higher margin assumptions on a lower revenue forecast.
  • We are also reviewing and lowering our revenue assumptions for the remainder of FY24 and FY25. 

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Dec 24
0

Daily Brief ESG: Maybe Management Is Finally Becoming Aware of the Cost of Listing and more

By | Daily Briefs, ESG

In today’s briefing:

  • Maybe Management Is Finally Becoming Aware of the Cost of Listing

Maybe Management Is Finally Becoming Aware of the Cost of Listing

By Aki Matsumoto

  • Many companies had the goal of IPOs as a means to save taxes rather than growth, but it’s good to seriously consider go private for the sake of their shareholders.
  • This is due to companies’ awareness of listing costs, such as demands from overseas investors for improved governance and requests from TSE for “management with awareness of the stock price.”
  • Another issue that needs to be examined is the loss of growth and profitability for companies that are delisted and then relisted.

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Dec 24
0

Daily Brief India: Embassy Office Parks REIT and more

By | Daily Briefs, India

In today’s briefing:

  • ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

ECM Weekly (24th Dec 2023) – Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

By Ethan Aw

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
  • On the placement front, most of the action continued to come from India. 

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Dec 24
0

Daily Brief Equity Bottom-Up: MillerKnoll and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail

MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail

By Water Tower Research

  • Following a strong margin performance in 2Q, we are raising our 3QFY24 EPS estimate to $0.43, just below the midpoint of guidance, from $0.38.
  • The increase is the result of higher margin assumptions on a lower revenue forecast.
  • We are also reviewing and lowering our revenue assumptions for the remainder of FY24 and FY25. 

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Dec 24
0

Daily Brief Thematic (Sector/Industry): New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready

New COVID Variant Is Emerging; Testing and Vaccine Euphoria May Be Back; Keep Your Watchlist Ready

By Tina Banerjee

  • A new COVID variant JN.1 is spreading fast. WHO has classified JN.1 as “variant of interest” due to its “rapidly increasing spread.” Thus far, JN.1 has not caused severe infection.
  • Symptoms of JN.1 may not be as mild as Omicron variants. If JN.1 becomes deadlier and more infectious, diagnostics and vaccine players are going to be benefitted primarily.
  • In this insight we have discussed two Asian vaccine companies and one diagnostic company, which should be kept in the watchlist.

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Dec 24
0

Daily Brief China: Tencent, Contemporary Amperex Technology (CATL) and more

By | China, Daily Briefs

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.
  • Mainland Connect NORTHBOUND Flows (To 22 Dec 23): CATL Is the BIG BUY This Week

HK Connect SOUTHBOUND Flows (To 22Dec23); CNOOC/Energy To The Buy Side; Tencent Heavily Sold, Again.

By Travis Lundy

  • SOUTHBOUND flows showing reversion tendencies still. Hs up vs As only slightly. Liquid Hs were down vs As. 
  • SOUTHBOUND saw HK$144bn of net INflows on the week to 22 Dec, which was HK$4bn of Tencent net sales and net buying of a bunch of ETFs.
  • Some banks and energy names were top net inflows as a percentage of ADV. This week was heavy for SOUTHBOUND, quiet for foreigners, next week may be quiet for both.

Mainland Connect NORTHBOUND Flows (To 22 Dec 23): CATL Is the BIG BUY This Week

By Travis Lundy

  • The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
  • Last week saw NORTHBOUND net sell RMB 2.2bn of A-shares on sharply lighter activity. Quieter all week.
  • Looking at the change in the weekly position charts over the last year is striking (easiest in the Sectors table to start). Still.

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