Smartkarma Daily Briefs

There could be 18 changes for the CSI A500 Index at the June rebalance. Turnover is estimated at 1.7% and the round-trip trade is around US$1bn.
The index was launched in September 2024, and the passive trackers have taken in a chunk of money since then. The flows to the stocks add to other index flows.
A long add/short deletes trade has been stable over the last few months. The forecast adds could outperform following announcement of the index changes on Friday.

A/H Premium Tracker (To 23 May 2025): AH Premia Contract, H Premia Names Perform Best; Batteries!

AH spreads are slightly narrower, but performance is concentrated in fewer names and broad spread volatility is up. BYD (1211 HK) now 5% through. CATL 10% through will help.
It feels like there were some concentrated shorts on H vs A. BYD performance on CATL and Hang Seng upweight/inclusion exacerbate the issue. CATL H less liquid than people think.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

CSI All Share Real Estate Sector Index Rebalance Preview: Multiple Changes in June

There could be up to 8 adds and 3 deletes for the CSI All Share Real Estate Sector Index in June.
Estimated one-way turnover is 3.2% at the rebalance leading to a round-trip trade of CNY 456m. There are a few stocks with over 0.5x ADV to trade.
The forecast adds and deletes have performed in line over the last few months, and the announcement of the changes could lead to short-term outperformance.

Foshan Haitian Flavouring H Share Listing: The Investment Case

Foshan Haitian Flavouring & Food (603288 CH), a leading Chinese pharmaceutical company, has filed its PHIP for an H Share listing to raise US$1 billion.
Foshan Haitian Flavouring & Food Company (FHF HK) has been China’s leading condiments company in terms of sales volume for 28 consecutive years.
The investment case rests on its market positioning, return to growth, industry-leading profitability, cash generation and strong balance sheet. However, the valuation of the A Shares is full.

PegBio IPO Trading Update

PegBio raised HKD 300.8m (USD 38m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, May 27th.
In our previous note, we looked at the company’s GLP-1 product and its valuation.
In this note, we provide an update for the IPO before trading debut. The free float shares are mostly at the hands of retail investors.

Connect SOUTHBOUND Flows (To 23 May 2025); Volumes OK, Telecoms & Banks Bought, Tech & Consumer Sold

Gross SOUTHBOUND volumes back below HK$100bn a day this past week, but net buying was nearly HK$19bn, which is decent.
Among the top buys as a percentage of volume, FINANCIALS and TELECOMS stand out, dramatically. Among top sells, it is CONSUMER and INFO TECH dominating the top 20.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.

Hengrui Pharma (1276 HK): Trying to Achieve Total Global Index Inclusion

By Dimitris Ioannidis

Jiangsu Hengrui Pharmaceuticals (1276 HK) debuted on the HKEX on 23 May, closing the first day 25% above its offer price, resulting in a market cap of ~$47bn.
The security is expected to be assigned to Global-M Standard. Uncertainty for inclusion arises due to relatively low float cap even after the lock-up expiry.
The security is forecasted to be added to Global-F All-World in December 2025 and receive an upweight in March 2025 following the lock-up expiry.

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

In today’s Morning Views publication we comment on developments of the following high yield issuers: Sands China, UPL Limited
US treasury yields ended slightly lower in a holiday-shortened session on Friday. The decline in yields was supported by Treasury Secretary Scott Bessent’s remarks that regulators may be “very close” to easing the supplementary leverage ratio, which could support banks’ trading of treasuries.
That said, larger yield declines earlier in the day were pared after President Donald Trump issued new tariff threats against the EU and Apple Inc. The yield on the 2Y UST was unchanged at 3.99% (after dropping as much as 9 bps in the day), while the yield on the 10Y UST ended 2 bps lower at 4.51% (after declining up to 8 bps).

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May 27

Most Read: Horizon Robotics, Eternal, Elite Material, Tsuruha Holdings, Bestechnic Shanghai , Fuji Media Holdings, Uni President Enterprises, Soundwill Holdings, Shandong Himile Mechanical Science & Technology, Taishin Financial Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows
Zomato/Eternal: The BIG Passive Selling Starts
Taiwan Top 50 ETF Rebalance Preview: Elite Material (2383 TT) Walking a Fine Line
[Japan Activism/M&A] – Shareholders Approve Tsuruha/Welcia Merger – Now It’s Partial Offer+Synergies
STAR Chip/ CES Chips/ CNI Chips Index Rebalance Preview: Multiple Stocks with Overlapping Flow
[Japan Activism] The Upcoming Fuji Media AGM Stoush – Foreigners Vs Voting Right Limits
Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Five Changes; US$5.2bn Trade; Other Index Flows
Soundwill (878 HK): Thoughts On The Latest Scheme Fail
CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade
Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows

Horizon Robotics (9660 HK) will be added to Southbound Stock Connect from the start of trading today. Then there will be passive buying at the close on 20 June.
The lock up expiry in April will result in large buying from trackers of the Hang Seng TECH Index (HSTECH INDEX) and HSIII Index in September.
The stock will also be added to another large global index, though the timing on inclusion is not certain at the moment.

Zomato/Eternal: The BIG Passive Selling Starts

Following shareholder approval of the proposal to reduce the Foreign Ownership Limit from 100% to 49.5%, NSDL has updated the FOL. This starts the process of passive selling in Zomato.
Passives will sell US$350m at the close on Tuesday. There is a low probability of more selling later in the week. There will be bigger selling in August.
The size of the selling in August and beyond will depend on what foreign investors do in the stock till the end of June. Watch the red flag/ breach list.

Taiwan Top 50 ETF Rebalance Preview: Elite Material (2383 TT) Walking a Fine Line

Elite Material (2383 TT)‘s stock price has soared recently and is forecast to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in June, replacing Unimicron Technology (3037 TT).
Passive trackers will have 1 day of ADV to buy in Elite Material (2383 TT) and over 1 day of ADV to sell in Unimicron Technology (3037 TT).
However, Elite Material is at risk of deletion from another ETF where the impact of passive selling is a lot bigger. Tricky interplay between the two ETFs.

[Japan Activism/M&A] – Shareholders Approve Tsuruha/Welcia Merger – Now It’s Partial Offer+Synergies

This morning the Nikkei reported shareholders of Welcia Holdings (3141 JP) and Tsuruha Holdings (3391 JP) approved their Merger. Activists opposed but it was going to be close at best.
As expected, Welcia shares popped, and the spread converged to 2% with Tsuruha falling back to just below ¥11,400. Some of this is unwind of speculative interest in Tsuruha.
The new yuhos are out, which shows roughly where we stand (as of end-Feb, and some updates). Now the trade is NEWCO vs Aeon’s interest and NEWCO vs World.

STAR Chip/ CES Chips/ CNI Chips Index Rebalance Preview: Multiple Stocks with Overlapping Flow

There could be 1 change each for the STAR Chip Index and CNI Semiconductor Chips Index, and 3 changes for the CES China Semiconductor Chips Index in June.
There are a few stocks that will have same-way flow from passive trackers of the STAR50 INDEX, STAR 100 Index, CSI 500 Index, CSI 1000 Index and CSI A500 Index.
The round-trip trade across the indices is CNY 2.9bn (US$400m) and will add to the impact across the other China indices that rebalance on the same day.

[Japan Activism] The Upcoming Fuji Media AGM Stoush – Foreigners Vs Voting Right Limits

Fuji Media Holdings (4676 JP) has for years been “undervalued” and owned by value-oriented actively-managed fund managers. Under-used real estate and IP assets. Lack of governance regarding capital.
A Shukan Bunshun article in Dec-2024 reported a former boy band SMAP member and Fuji TV regular made a big payment to an unidentified woman after a June 2023 “incident.”
Fuji TV hemmed and hawed about its involvement. Advertisers bolted. Activists activisted. The chairman resigned. Now Major Activist Dalton has a director slate for the AGM. What Next?

Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Five Changes; US$5.2bn Trade; Other Index Flows

There should be 5 changes for the Yuanta/P-Shares Taiwan Dividend Plus ETF in June. Most changes are due to missing dividend forecasts for constituent stocks.
Constituent changes along with capping changes will lead to a one-way turnover of 17.6% and in a round-trip trade of TWD 157bn (US$5.2bn).
There are multiple stocks that have same-way or opposite flow from trackers of other Taiwan dividend yield weighted indices and presents some interesting trading opportunities.

Soundwill (878 HK): Thoughts On The Latest Scheme Fail

By David Blennerhassett

After Goldlion (533 HK)‘s spectacular Scheme fail, Soundwill (878 HK) appeared destined to be the next failure as shares dipped hard ahead of the Scheme vote. And fail it did.
Just like for Goldlion, Soundwill’s Offer was clearly light. The counter-argument was that terms were, arguably, as good as it gets. And no competing Offer would emerge. Minorities voiced otherwise.
Hong Kong has been the proverbial graveyard for arb deals of late. However, in a positive sense, minorities in Goldlion and Soundwill simply rejected opportunistic Offers.

CSI A500 Index Rebalance Preview: Many Changes Expected; US$1bn Trade

By Research as a Service (RaaS)

There could be 18 changes for the CSI A500 Index at the June rebalance. Turnover is estimated at 1.7% and the round-trip trade is around US$1bn.
The index was launched in September 2024, and the passive trackers have taken in a chunk of money since then. The flows to the stocks add to other index flows.
A long add/short deletes trade has been stable over the last few months. The forecast adds could outperform following announcement of the index changes on Friday.

Quiddity Leaderboard TDIV Jun25: Final Expectations; Trade Successful; New Sector-Neutral Idea

By Janaghan Jeyakumar, CFA

The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
Today is the base date for the final ranks and we see five ADDs and five DELs.
We estimate one-way flow to be around US$2.55bn with multiple expected ADDs having 10x ADV or more to trade.

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May 26

Daily Brief Energy/Materials: Copper, National Aluminium, Empire Energy and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Copper Tracker 26th May 2025: TSF Momentum Dampened on Trump Tariffs in April
NALCO (NACL IN): Record FY25 Profit; Alumina-Led Fall Likely Priced In, Execution Remains Key Risk
Empire Energy Group Ltd – All that’s remaining is the gas rate

Copper Tracker 26th May 2025: TSF Momentum Dampened on Trump Tariffs in April

By Sameer Taneja

The narrative surrounding China’s front-loaded stimulus faced some headwinds as April’s total social financing (TSF) figures undershot expectations, registering 1.16 trillion yuan compared to expected 1.3-1.4 trillion yuan.
Nonetheless, TSF remains up 28% ytd, reaching 15.2 trillion yuan, indicating a robust overall increase relative to the prior year. We expect it to pick up steam in future months.
We believe this will be bullish for copper pricing, coupled with the supply side sluggishness. (Read: Post Results FY24: Mine-By-Mine Plan Production + Commentary on Copper From Global Listed Companies ).

NALCO (NACL IN): Record FY25 Profit; Alumina-Led Fall Likely Priced In, Execution Remains Key Risk

By Rahul Jain

NALCO has guided for alumina realizations around $400/t in FY26, with earnings further impacted by delays in ramp-up of its 1 MTPA alumina expansion project.
Q4 FY25 results were strong, but earnings outlook has weakened significantly with the steep drop in alumina prices.
Valuations appear inexpensive on FY27 earnings at 5x EV/EBITDA, however peristent delays in capacity rampup is concerning.

Empire Energy Group Ltd – All that’s remaining is the gas rate

Empire Energy Group Limited (ASX:EEG) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets.
EEG has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
Having successfully completed a $27.75m equity capital raise, with an additional $3.25m subject to shareholder approval and SPP take-up, the company should be funded through to first gas from the Carpentaria Pilot Project by around end-2025.

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May 26

Daily Brief Industrials: Aegis Vopak Terminals Ltd, Ashok Leyland and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

AVTL: Storage Platform Poised for Growth Amid Demand Visibility
Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead
Aegis Vopak Pre-IPO: Expensive Related to Peers

AVTL: Storage Platform Poised for Growth Amid Demand Visibility

By Rahul Jain

Aegis Vopak Terminals is raising Rs2,800 crore via a fresh issue to repay debt and fund expansion, marking its transition into a listed infrastructure platform.
LPG capacity is set to triple by FY26, with new industrial terminals planned under a Rs4,500 crore capex; revenue and EBITDA are projected to grow 20–25% CAGR through FY27.
Key risks include high dependence on group entities for revenue, delayed utilization of new capacity, and exposure to regulatory or energy demand shifts affecting LPG and chemical flows.

Ashok Leyland(AL IN)-Robust Growth ; Value Unlocking from Subsidiary Ahead

By Sreemant Dudhoria

Ashok Leyland (AL IN) posted 38% YoY PAT growth in Q4, driven by cost efficiency, premium product mix, and strong EBITDA margin improvement.
HLF IPO and Switch India’s PAT target for FY26 positions for significant value unlocking and improved subsidiary contribution.
CV demand, export momentum, and alt-fuel investments support a strong FY26 outlook, with valuations supported by improving profitability and resilient balance sheet. 4o

Aegis Vopak Pre-IPO: Expensive Related to Peers

By Nicholas Tan

Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.

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May 26

Daily Brief Thematic (Sector/Industry): Ohayo Japan | US Down 2.5% for the Weeka and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | US Down 2.5% for the Weeka
Japan Morning Connection: US Down on Trump Tariff Threat but Deadline Extention Will Lift Mood
Impact Of Contracting NIM On Indian Banks Earnings

Ohayo Japan | US Down 2.5% for the Weeka

By Mark Chadwick

US markets fell due to Trump tariff plans and rising yields; major indices declined ~2.5%, while gold and Bitcoin rose.
Tokyo stocks closed last week in negative territory, with the Nikkei 225 falling 1.6% as investors grappled with shifting U.S. monetary policy expectations, yen volatility, and geopolitical tensions
Key Japan corporate news includes SoftBank’s planned ¥43T fund, Nippon Steel’s ¥2T U.S. Steel investment, and proxy votes at Toyota Industries.

Japan Morning Connection: US Down on Trump Tariff Threat but Deadline Extention Will Lift Mood

By Andrew Jackson

Apple tariff threat likely just another scare tactic with markets failing to react excessively.
May see further Nuclear follow through after Trumps executive order Friday sends related names soaring.
Live-Action Elden Ring movie another positive angle for Bandai Namco which also has Gundan on the way.

Impact Of Contracting NIM On Indian Banks Earnings

By Nimish Maheshwari

Indian banks’ average Net Interest Margins fell 21 basis points in FY25, projected to decline another 9 basis points in FY2026 due to RBI rate cuts and deposit competition pressures.
Robust credit growth continues while deposit growth lags increasing funding costs. Nonperforming Assets for public and private banks are projected to stabilize or decline.
Contracting margins squeeze core income, public banks may see profit decline FY26 despite stable asset quality aiding earnings.

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May 26

Daily Brief Event-Driven: Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows
Tsuruha (3391 JP)/Welcia (3141 JP): Vote Musings
Weekly Deals Digest (25 May) – Toyota Industries, Shibaura, ESR, Soundwill, Mayne Pharma, GMO
Merger Arb Mondays (26 May) – Mayne, Seven & I, Shibaura, Welcia/Tsuruha, Nissin, ESR, Dickson
Zomato/Eternal: The BIG Passive Selling Starts
Clarifying a Few Points of Confusion Surrounding the Samsung Biologics Spin-Off
Underwriting Returns: A Risk Arb Look at Helvetia-Baloise

Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows

Horizon Robotics (9660 HK) will be added to Southbound Stock Connect from the start of trading today. Then there will be passive buying at the close on 20 June.
The lock up expiry in April will result in large buying from trackers of the Hang Seng TECH Index (HSTECH INDEX) and HSIII Index in September.
The stock will also be added to another large global index, though the timing on inclusion is not certain at the moment.

Tsuruha (3391 JP)/Welcia (3141 JP): Vote Musings

Leading proxies recommend that Tsuruha Holdings (3391 JP) shareholders vote against the Tsuruha/Welcia Holdings (3141 JP) merger on 26 May.
The share exchange terms favour Welcia over Tsuruha shareholders. The Tsuruha vote will be close but likely to be approved. Long Tsuruha is the trade, irrespective of the vote.
For a vote pass, you are long synergies and a likely partial offer bump. For a fail, you are long an undemanding multiple and the optionality of a new bid.

Weekly Deals Digest (25 May) – Toyota Industries, Shibaura, ESR, Soundwill, Mayne Pharma, GMO

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: GMO Internet (4784 JP) secondary offering of 91.7 million shares, worth around US$1.9 billion.
Event-Driven developments: Toyota Industries (6201 JP), Shibaura Electronics (6957 JP), ESR Group (1821 HK), Soundwill Holdings (878 HK), Mayne Pharma (MYX AU), Gold Road Resources (GOR AU).

Merger Arb Mondays (26 May) – Mayne, Seven & I, Shibaura, Welcia/Tsuruha, Nissin, ESR, Dickson

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Mayne Pharma (MYX AU), Insignia Financial (IFL AU), ENN Energy (2688 HK), Seven & I Holdings (3382 JP), Smartpay Holdings (SPY NZ), ZEEKR (ZK US).
Lowest spreads: Bright Smart Securities And (1428 HK), Dada Nexus (DADA US), Amara Holdings (AMA SP), Nissin Corp (9066 JP), Avjennings Ltd (AVJ AU), SLB Development (SLB SP).

Zomato/Eternal: The BIG Passive Selling Starts

Following shareholder approval of the proposal to reduce the Foreign Ownership Limit from 100% to 49.5%, NSDL has updated the FOL. This starts the process of passive selling in Zomato.
Passives will sell US$350m at the close on Tuesday. There is a low probability of more selling later in the week. There will be bigger selling in August.
The size of the selling in August and beyond will depend on what foreign investors do in the stock till the end of June. Watch the red flag/ breach list.

Clarifying a Few Points of Confusion Surrounding the Samsung Biologics Spin-Off

By Sanghyun Park

Will the newly listed spinco also IPO Samsung Bioepis? That’s a textbook ECO — and could spark shareholder value dilution concerns, regulatory pushback, or even a potential KRX block.
The 8% dip looks tied to IPO fears around Bioepis. If Samsung hard-locks its no-IPO stance and FSS signs off, a near-term bounce in Biologics could be in play.
Post-Listing, watch for Samsung C&T to shift exposure—potentially boosting the surviving company’s value while capping the spinco. Sets up a compelling relative-value trade worth positioning for.

Underwriting Returns: A Risk Arb Look at Helvetia-Baloise

By Jesus Rodriguez Aguilar

Shareholders of both firms have approved the merger, clearing a critical milestone ahead of expected regulatory clearance by late Q3 2025.
CHF 400m in net synergies and potential capital optimization could lift 2028 ROE to nearly 16%, offering meaningful value creation.
I recommend a long Baloise / short Helvetia strategy to capture the current 1.2% spread, translating to an estimated 3.4% annualized return.

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May 26

Daily Brief Utilities: Guangdong Investment and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Guangdong Investment (270): Stable Diversifier and USD 1.3 Bn FCF

Guangdong Investment (270): Stable Diversifier and USD 1.3 Bn FCF

By Henry Soediarko

Guangdong Investment (270 HK) exposure in water distribution provides the much-needed stability (low volatility). While its Real Estate exposure could provide some growth.
With low valuation and healthy dividend yield, owning GDI during the tumultuous period will provide healthy diversification for your portfolio and a hedge during Trump’ tariff period.
The water sector is undervalued, mainly due to the characteristically low growth, but free cash flow is generally quite strong yet undervalued. GDI generated USD 1.3 bn Free cash flow.

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May 26

Daily Brief ECM: Curator’s Cut: Korea’s Value and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge
ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony
Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) – Some Points Worth the Attention
Aegis Vopak Pre-IPO: Expensive Related to Peers

Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
In this cut, we look at Korea’s compelling valuation versus AxJ equities, CATL’s blockbuster Hong Kong listing and its market implications, and explore copper’s price surge amidst Chinese demand
Want to dig deeper? Comment or message with the themes you think should be highlighted next

ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Pharmaceuticals (1276 HK) performance has paved the way for a slew of A/H listings to follow.
On the placements front, there was a large selldown in HD Hyundai Marine Solution (443060 KS) and a lockup release for Pony AI (PONY US) is coming up.

Pre-IPO Foshan Haitian Flavouring & Food Company (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

Despite returning to positive growth, Haitian still failed to achieve its 2024 revenue target, mainly due to underperformance of Soy sauce products, consumption downgrades, slow online layout/distributors recovery.
Haitian would face dual challenges of “cost increase + structural transformation” in the next three years due to inflation and the negative impact of “new standard”. We shared our performance forecast.
High valuation is unsustainable if based on current growth rate.Reasonable valuation is about 20-30x P/E. However, due to the strong sentiment for AH listing, share price may still perform well.

Aegis Vopak Pre-IPO: Expensive Related to Peers

By Nicholas Tan

Aegis Vopak Terminals Ltd (1902844D IN) is looking to raise about US$328m in its upcoming India IPO.
It is the largest Indian third-party owner and operator (in terms of storage capacity) of tank storage terminals for liquified petroleum gas (LPG) and liquid products.
In this note, we look at the firm’s recent financial performance updates, as well as its potential valuation.

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May 26

Daily Brief Quantitative Analysis: A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium
HK Short Interest Weekly: AIA, Sinopec, Bilibili, Jd, HSBC
Bursa Short Interest Weekly (May 23rd): Petronas Chemicals, Top Glove, Genting Malaysia, Gamuda
TWSE Foreign Holding Weekly (May 23rd): Bizlink, TSMC, Ctbc Financial, Yang Ming Marine, Wistron
KRX Foreign Holding Weekly (May 23rd): Hyosung Heavy, SK Hynix, Samsung Electronics
HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi
Thailand Short Interest Weekly (May 23rd): Advanced Info Service, Minor International
TWSE Short Interest Weekly (May 23rd): Cathay Financial, Gigabyte Technology, Nanya Technology

A-H Premium Weekly (May 23rd): CATL and Hengrui Listing Lowered Premium

We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 81.5% as of May 23rd.
The average A-H premium changed by -2.2ppt week-on-week, led by health care, consumer discretionary, industrials and offset by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Junshi Biosciences, Remegen, Fuyao Glass, Jiangxi Copper.

HK Short Interest Weekly: AIA, Sinopec, Bilibili, Jd, HSBC

We analyzed the latest HK SFC report for aggregate short position as of May 16th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in AIA, Sinopec, Bilibili, Jd, HSBC.

Bursa Short Interest Weekly (May 23rd): Petronas Chemicals, Top Glove, Genting Malaysia, Gamuda

We analyzed the changes in short interest of Bursa stocks as of May 23rd. The aggregated short interest is USD344m.
We tabulate league tables 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 Petronas Chemicals, Top Glove, Genting Malaysia, Gamuda, Tenaga Nasional.

TWSE Foreign Holding Weekly (May 23rd): Bizlink, TSMC, Ctbc Financial, Yang Ming Marine, Wistron

We analyzed the changes in foreign holdings of TWSE Stocks as of May 23rd. The aggregated holding was USD1,015.2bn.
We estimate that foreign flows to be inflows of USD826mln. We tabulate the league tables for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Bizlink, TSMC, Ctbc Financial, Yang Ming Marine, Wistron, Mediatek.

KRX Foreign Holding Weekly (May 23rd): Hyosung Heavy, SK Hynix, Samsung Electronics

We analyzed the changes in foreign holdings of KRX stocks as of May 23rd. The aggregated holding was USD519.5bn.
We estimate that foreign flows to be outflows of USD210mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hyosung Heavy, SK Hynix, Samsung Electronics.

HK Connect Flows Weekly (May 23rd): CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Mobile, Meituan, BOC, CMB, Tencent, Xiaomi.

Thailand Short Interest Weekly (May 23rd): Advanced Info Service, Minor International

We analyzed the changes in short interest of Stock Exchange of Thailand as of May 23rd. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables 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 Advanced Info Service, Minor International, Central Pattana, Gulf Energy Development, True, Osotspa.

TWSE Short Interest Weekly (May 23rd): Cathay Financial, Gigabyte Technology, Nanya Technology