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Smartkarma Daily Briefs

Apr 19
0

Daily Brief ECM: Keppel Infrastructure Trust Placement – Very Well Flagged and more

By | Daily Briefs, ECM

In today’s briefing:

  • Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering
  • Mankind Pharma Pre-IPO – RHP Updates – A Mixed Bag
  • BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers
  • FactSet Research Systems Inc.: Collaboration On Continuus Technologies & Other Developments
  • Paychex Inc.: Strong Margin Expansion & Other Drivers

Keppel Infrastructure Trust Placement – Very Well Flagged, Should Expect Some Short Covering

By Clarence Chu

  • Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement.
  • The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.
  • Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV. 

Mankind Pharma Pre-IPO – RHP Updates – A Mixed Bag

By Sumeet Singh

  • Mankind Pharma  (MP) is now looking to raise around US$500m in its upcoming India IPO.
  • MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
  • We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the updates from its recently filed RHP.

BioMarin Pharmaceutical Inc.: A Story Of Two Possible Game Changers & Generics Competition – Key Drivers

By Baptista Research

  • BioMarin gave a mixed performance in the quarter and failed to meet the revenue expectations of Wall Street despite delivering a double-digit top-line growth.
  • Its total revenues for the quarter showed an increase despite the continued erosion of the KUVAN market in the US.
  • Moreover, lower KUVAN product revenues are mostly because of generic competition due to the loss of market individuality in the US.

FactSet Research Systems Inc.: Collaboration On Continuus Technologies & Other Developments

By Baptista Research

  • FactSet Research Systems delivered a mixed set of results for the last quarter.
  • The company’s organic ASV plus professional services growth increased by 9.1% year over year, driven by solid client growth and its sales team’s effective implementation of its pricing increase in the Americas.
  • We give FactSet Research Systems a ‘Hold’ rating with a revised target price.

Paychex Inc.: Strong Margin Expansion & Other Drivers

By Baptista Research

  • Paychex produced strong financial results, with third-quarter total revenue growth of 8% and adjusted diluted earnings per share growth of 12%.
  • It managed to deliver an all-around beat Revenue for Management Solutions climbed 7% to $1 billion because of new product attachments and auxiliary HR services.
  • The continued high demand for their ERTC service accounted for about 1% of the quarter’s revenue growth.

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Apr 19
0

Daily Brief Technical Analysis: PetroChina Co Ltd (857 HK) – 5.28 Target Achieved (+13%) In 8 Trading Days and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • PetroChina Co Ltd (857 HK) – 5.28 Target Achieved (+13%) In 8 Trading Days

PetroChina Co Ltd (857 HK) – 5.28 Target Achieved (+13%) In 8 Trading Days

By David Coloretti, CMT

  • At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. 1) Response to key levels. 2) Price action. 3) Momentum confirmation.
  • On 31 March 2023 we published a bullish recommendation in PetroChina Co Ltd (857 HK), targeting an initial 13% upswing from 4.68 to 5.28.  Longer term scope identified to 6.50/6.80.
  • Initial target at 5.28 (+13%) was achieved on 17 April 2023 (8 trading days). We continue to highlight strong evidence of LT bullish trend change targeting 6.50/6.80 (+40%) multi-quarter. 

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Apr 19
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Daily Brief Thematic (Sector/Industry): Deep Dive on Hong Kong Macroeconomics: The Hong Kong Dollar Peg and Its Significance on Hong Kong and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Deep Dive on Hong Kong Macroeconomics: The Hong Kong Dollar Peg and Its Significance on Hong Kong
  • Good Morning Japan |A Nothing Day as SPX up Small; NUGGET:BOJ to See 2% CPI in FY25=Easy for Longer
  • China TMT Update (Apr.18): XPEV/LKNCY/1211HK – Xpeng Unveils Next-Gen Technology Architecture

Deep Dive on Hong Kong Macroeconomics: The Hong Kong Dollar Peg and Its Significance on Hong Kong

By Jacob Cheng

  • HKD peg has been a financial cornerstone for HKSAR since 1983. The peg helps maintain financial stability, but it also ties Hong Kong’s monetary policy to the U.S. Federal Reserve.
  • HKMA maintains a narrow band of 7.75 – 7.85 HKD per USD.  HKMA’s undertaking is to step in if the FX hits either strong or weak side of the band
  • While there are (continued) discussions if HK should change or break the peg, HKMA ex-chief Norman Chan mentioned there are “4 essential conditions” for such consideration to take place

Good Morning Japan |A Nothing Day as SPX up Small; NUGGET:BOJ to See 2% CPI in FY25=Easy for Longer

By Mark Chadwick

  • OVERSEAS. Small Gains in Equities Industrials, Energy, Materials up on BTE China 1Q GDP Print; GS no so great  as earnings miss; NVIDIA up on final Sell->Buy capitalation
  • JAPAN. NKY Futs flat vs Cash; USDJPY 134.1; BOJ may forecast 2% CPI in FY25;  Tokyo Condo px hit new records; S&i to resist VALUEACT board change demands
  • NUGGET. BOJ to forecast 2% CPI in FY25. This is an interesting “leak” to the press.  Clearly BOJ is in no rush to tighten monetary policy

China TMT Update (Apr.18): XPEV/LKNCY/1211HK – Xpeng Unveils Next-Gen Technology Architecture

By Shawn Yang

  • XPEV:  Xpeng unveils next – gen technology architecture ( + )
  • LKNCY: Hot weather supports new product sales, bodes well for 2Q23(+)
  • 1211HK: Brazilian President Lula met with BYD CEO to promote opening of local EV plant (+)

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Apr 19
0

Daily Brief Private Markets: Nreal: AR/MR Technology Player Recognised for Affordable Glasses and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Nreal: AR/MR Technology Player Recognised for Affordable Glasses

Nreal: AR/MR Technology Player Recognised for Affordable Glasses

By Shifara Samsudeen, ACMA, CGMA

  • Founded in 2017 in Beijing, Nreal.ai (1690070D CH) is an Augmented Reality (AR)/ mixed reality (MR) technology company that develops and sells AR glasses.
  • The company’s glasses have received wide recognition as they are designed to be lightweight, comfortable and affordable, making them more accessible to consumers.
  • The company has raised more than USD240m in funding and as per the company, we could expect an IPO over the next 18-24 months.  

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Apr 19
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Daily Brief Event-Driven: HKBN (1310 HK): China Mobile Is the Latest to Show Interest and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • HKBN (1310 HK): China Mobile Is the Latest to Show Interest
  • Targeting the Widening of KT Corp ADR Premium Amid MSCI Inclusion
  • YFO Goes Hard for Board Spill – Independents AND Executives
  • Yamada Denki (9831) Buyback Almost Done and Odd Dividend “Cut”, and a Lightbulb Dilemma
  • Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?
  • Quiddity Leaderboard ASX Jun 23: DHG Could Underperform Peers
  • ZJLD Group (6979 HK): Index Inclusion Possibility & Timelines
  • Oishi Group: IFA Backs ThaiBev’s Offer
  • Sega Sammy Holdings/Rovio Entertainment: Agreed Offer

HKBN (1310 HK): China Mobile Is the Latest to Show Interest

By Arun George

  • Reuters reported that China Mobile (600941 CH) is exploring a potential buyout of HKBN Ltd (1310 HK). The shares surged 12.3% to HK$6.57, above I Squared’s rumoured HK$6.00 offer. 
  • To get an idea of the appropriate offer price, we examine shareholding dealings from substantial shareholders. Our analysis suggests that a scheme offer of around HK$8.50 would likely be required.
  • PAG is also a rumoured bidder. The flurry of interest around HKBN suggests a good probability that one of the bidders will come through with a formal offer.

Targeting the Widening of KT Corp ADR Premium Amid MSCI Inclusion

By Sanghyun Park

  • We should expect significant changes in KT’s ADR premium approaching the implementation date as foreign institutions leading the passive flow for MSCI Korea constituents have typically preferred ADRs.
  • Looking at the previous two occasions, the ADR disparity widened from the midpoint of the review period. And this trend continued for a while after the implementation.
  • Although KT’s ADR disparity has not yet significantly expanded, we may witness a similar pattern this time as well, given that it has been continuously moving in the premium recently.

YFO Goes Hard for Board Spill – Independents AND Executives

By Travis Lundy

  • At end-March, Toyo Construction (1890 JP) started playing hardball against YFO. They rejected the EGM call; they sent a letter to METI crying “FEFTA Breach!”, and raised the div BIGLY.
  • The new div at ¥63/share was meant to get the share price over ¥1,000/share so the YFO bid at that price would not be meaningful. So far, no luck. 
  • But YFO, which had threatened to propose a new slate, came out today with a list of nine, including two who would be executive directors. 👀👀

Yamada Denki (9831) Buyback Almost Done and Odd Dividend “Cut”, and a Lightbulb Dilemma

By Travis Lundy

  • In May 2022, Yamada Denki (9831 JP) announced a very large buyback. GINORMOUS – in fact – at 23.9% of shares out ex-Treasury if maximum shares were bought.
  • So far, YDH is 83.5% through, and at the recent pace, they will end it 8 May having bought 183-184mm shares (21.9% of TSO) spending 86.6% of funds allocated.
  • That’s why the announcement lowering the March 2023 div to ¥12/share vs ¥18/share last year was just weird. And bodes badly. We need a lightbulb moment for a lightbulb dilemma.

Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

By Victor Galliano

  • Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value
  • To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost
  • We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations

Quiddity Leaderboard ASX Jun 23: DHG Could Underperform Peers

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run up to the June 2023 Rebalance.
  • Based on the latest data, I do not expect any changes for ASX 20, ASX 50, and ASX 100.
  • I expect Neuren Pharmaceuticals (NEU AU) to be added to ASX 200 and Domain Holdings Australia (DHG AU) to be deleted from ASX 200.

ZJLD Group (6979 HK): Index Inclusion Possibility & Timelines

By Brian Freitas

  • ZJLD Group (ZJLD HK) is looking to raise between US$775m-US$933m (including the oversubscription option) in its IPO by selling 564.3m shares at a price range of HK$10.78-HK$12.98/share.
  • ZJLD Group (ZJLD HK) will not get Fast Entry to any indices but should be added to the HSCI and Stock Connect in September.
  • Peer performance has not been great this year and that could weigh on the ZJLD Group (ZJLD HK) listing.

Oishi Group: IFA Backs ThaiBev’s Offer

By David Blennerhassett

  • On the 10th March, Thai Beverage (THBEV SP) proposed taking 79.66%-held Oishi Group PCL (OISHI TB) private, at an Offer price of THB 59/share, a 26.9% premium to last close. 
  • This Delisting Offer requires a shareholder vote which will take place on the 3<May. Payment may occur mid-to-late August. 
  • In its report yesterday, the IFA reckons “that the shareholders should approve of the voluntary delisting“.

Sega Sammy Holdings/Rovio Entertainment: Agreed Offer

By Jesus Rodriguez Aguilar

  • Sega with better reputation and deeper pockets than Playtika, announces a €9.25/share recommended cash offer; 63% premium to Playtika’s announcement; it represents 2.1x EV/Fwd Revenue, 12.3x EV/Fwd EBITDA, 21.6x Fwd P/E.
  • Acceptance condition is over 90%, and irrevocables are 49.1%, so 80.4% of the float is needed, which is high. I value Rovio using DCF (9% WACC, 1.5% perpetuity growth rate).
  • My fair value base case estimate is €8.80/share (€9.45/bull case). I thus update my TP to €9.25. Spread is 0.59%/1.22% (gross/annualised), which is not massive. 

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Apr 19
0

Daily Brief Equity Bottom-Up: Alibaba (9988 HK): “Department One” in Reorganization and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Alibaba (9988 HK): “Department One” in Reorganization
  • TSMC:  Crowded Trade?
  • Whitehaven Coal: Production Guide Down, Solid Support From Buybacks, 80% Annualized OCF Yield in Q3!
  • Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023
  • [PDD Holdings Inc. (PDD US, BUY, TP US$95) Earnings Preview]: BUY on Expected Margin Beat
  • Anta Sports (2020 HK): Our View After Placement
  • British American Tobacco: New Category Growth
  • 10 in 10 with H2G Green – The Pivot to Green Hydrogen
  • First Solar Inc: A Strong Start To 2023 – Key Drivers
  • Rio Tinto: Expansion Plans

Alibaba (9988 HK): “Department One” in Reorganization

By Ming Lu

  • Alibaba broke down Taobao Tmall Center, the most important department, into three departments.
  • Industry Development Department One is actually “other businesses” after the reorganization.
  • Following Department One will help investors to understand Alibaba’s financials.

TSMC:  Crowded Trade?

By Steven Holden

  • Taiwan Semiconductor (TSMC) is by far the most dominant stock holding among active EM investors.
  • TSMC is owned by 87.5% of EM funds with an average weight of 6.1%, it is also the largest portfolio holding for 64.5% of managers.  
  • Despite high levels of positioning, there are no obvious signs that managers are scaling back positions. The risk of not holding TSMC may be greater than playing the contrarian.

Whitehaven Coal: Production Guide Down, Solid Support From Buybacks, 80% Annualized OCF Yield in Q3!

By Sameer Taneja

  • Whitehaven Coal (WHC AU) guided down production in an update released yesterday by 5-10% from a range of 19-20 mnt to 18-19 mnt for FY23.
  • Net cash increased 300 mn AUD QoQ from 2.5 bn to 2.7 bn AUD representing 44% of market capitalization with 1.2 bn AUD of operating cash flow alone in Q3!
  • We agree an OCF yield of 80% (1.2 bn*4 qtrs on a six bn mkt cap) is unsustainable; the capital allocation possible on this name is mind-boggling. 

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

By Douglas Kim

  • In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.
  • Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.
  • We highlight 38 pair trades that involve Korean holdcos and opcos.

[PDD Holdings Inc. (PDD US, BUY, TP US$95) Earnings Preview]: BUY on Expected Margin Beat

By Shawn Yang

  • We expect PDD to report 1Q23’s revenue and non-GAAP net income 6.1% and 23.8% ahead of consensus, respectively. 
  • PDD entered an adjustment period, reflected in lower S&M expenditure both overseas and domestically, which has led to declining PDD DAU and moderating growth of Temu’s GMV and losses.
  • We raise our PDD’s 2023’s EPS estimate by 14%~ to reflect better-than-expected cost control.  We maintain PDD’s BUY rating and US$ 95 TP, implying 21x 2023 P/E.

Anta Sports (2020 HK): Our View After Placement

By Osbert Tang, CFA

  • The new share placement of Anta Sports Products (2020 HK) has caught the market by surprise, but we think long-term story for the company should not be affected.
  • With proceeds to be used for repayment of outstanding debts, expansion in China and pursuing SE Asia markets, we should not overlook the benefits to be generated. 
  • An IPO of Amer Sports is clearly brewing and this represents an important catalyst. Anta’s 26.4x and 20.9x FY23 and FY24 PERs do not look stretched relative to earnings growth. 

British American Tobacco: New Category Growth

By Baptista Research

  • British American Tobacco delivered decent financial results and successfully navigated a progressively challenging macro environment.
  • In New Categories, the company delivered strong revenue growth driven by Geo expansion, innovation, and share growth.
  • British American Tobacco launched the first connected Vapour device of the Group, Vuse ePod2 plus, that drives increased pod consumption.

10 in 10 with H2G Green – The Pivot to Green Hydrogen

By Geoff Howie

10 in 10 with H2G Green – The Pivot to Green Hydrogen

First Solar Inc: A Strong Start To 2023 – Key Drivers

By Baptista Research

  • First Solar entered 2023 with an improved financial, operational, and commercial position with increased R&D, new international and domestic capacity coming online as well as a new Series 7 product.
  • The company commenced initial production at its next-generation Series 7 factory in Ohio will continue to ramp this year.
  • Furthering its manufacturing program, First Solar recently announced an innovative 3.5-gigawatt Series 7 factory in Alabama and also a 0.9-gigawatt rise to nameplate capacity at its Ohio factories.

Rio Tinto: Expansion Plans

By Baptista Research

  • Rio Tinto’s business remained resilient in the last quarter and the company successfully entered the year with quite a good operational momentum, particularly in Pilbara iron ore.
  • However, accelerating cost inflation and lower prices throughout the year led to margin compression.
  • At Simandou, Rio Tinto incorporated the infrastructure joint venture with its various partners and the government of Guinea.

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Apr 19
0

Daily Brief Macro: Is Singapore Setting Itself Up for a Fall? and more

By | Daily Briefs, Macro

In today’s briefing:

  • Is Singapore Setting Itself Up for a Fall?
  • Asian Urbanization Warrants Plugging Infrastructure Gaps
  • The Great Game – a New Migrant Wave into Europe?
  • UK: Wages Reflate Hawkish Pressure
  • CX Daily: China Emerges As Powerbroker On Global Diplomatic Stage

Is Singapore Setting Itself Up for a Fall?

By Manu Bhaskaran

  • The city-state has had a good few years due to sound pandemic management, adept investment promotion, and setbacks experienced by rival hubs such as Hong Kong. 
  • However, concerns over the costs of doing business, particularly in labour and rental costs, are early warning signs that firms may look elsewhere if these issues are not fixed. 
  • Structural shifts in policy are required, including enhancing regional integration with neighbours, rethinking the education system, and pro-competition policy reforms.  

Asian Urbanization Warrants Plugging Infrastructure Gaps

By Manu Bhaskaran

  • Emerging Asia is on the cusp of a rapid expansion in its urban population. This brings with it exciting opportunities for employment and business activity. 
  • However, investments into infrastructure need to be made now to ensure that the needs of the expanded urban population can be met to avoid downsides such as congestion. 
  • The medium-term financing needs for infrastructure are significant, with the transport, energy, and telecommunications segments facing their own set of challenges.

The Great Game – a New Migrant Wave into Europe?

By Mikkel Rosenvold

  • A new migrant wave threatens Europe as Italy declares emergency and Mediterranean deaths reach new heights
  • Refugees will be used as a tool of war in Putin’s hybrid war against Europe and the West
  • And Refugees will potentially shape a series of key elections in 2024

UK: Wages Reflate Hawkish Pressure

By Phil Rush

  • The UK unemployment rate increased back to 3.8% in Feb-23 as an unusually actively unemployed cohort joined the sample. The underlying trend remains broadly flat.
  • Vacancies are high, encouraging firms to pay up to hire and retain staff. Revisions into rapid Feb-23 wage growth remove signs of a slowdown.
  • Settlements are anchoring around 5%, with a skew up, fuelling problematic second-round effects. We maintain our call for the BoE to hike by another 25bp in May.

CX Daily: China Emerges As Powerbroker On Global Diplomatic Stage

By Caixin Global

  • Diplomacy /Cover Story: China emerges as powerbroker on global diplomatic stage
  • France /: France and U.S. are allies with different voices, French ambassador to China says
  • Yi Gang /: China calls for ‘fair burden sharing’ to address poor countries’ sovereign debt issues

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Apr 18
0

Daily Brief Indonesia: Merdeka Battery Materials, Health And Happiness (H&H) and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Merdeka Battery Materials IPO Trading – Earnings Might Be Long Drawn Out but Should Perform Fine
  • Morning Views Asia: Guangzhou R&F Properties

Merdeka Battery Materials IPO Trading – Earnings Might Be Long Drawn Out but Should Perform Fine

By Ethan Aw

  • Merdeka Battery Materials (2012725D IJ) raised around US$591m in its Indonesian IPO.
  • It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. 
  • In this note, we will talk about the trading dynamics and valuation.

Morning Views Asia: Guangzhou R&F Properties

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Apr 18
0

Daily Brief China: Anta Sports Products, ZJLD Group, Hang Seng China Enterprises Index, ADICON Holdings Limited, Health And Happiness (H&H) and more

By | China, Daily Briefs

In today’s briefing:

  • Anta Sports Placement – A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good
  • ZJLD Group IPO – Sentiment Could See a Positive Shift, Mid-Bottom End Digestible
  • ZJLD Group IPO: Valuation Insights
  • Hang Seng CEI (HSCEI) – Pending Confirmation of Bullish Breakout and Textbook 7770/80 Q2 2023 Target
  • ADICON Holdings IPO: The Bull Case
  • Morning Views Asia: Guangzhou R&F Properties

Anta Sports Placement – A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good

By Sumeet Singh

  • Anta Sports Products (2020 HK)  aims to raise around US$1.5bn in its top-up placement. 
  • Anta hasn’t specified what it aims to do with the money that it’s looking to raise, furthermore, it’s already net cash.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

ZJLD Group IPO – Sentiment Could See a Positive Shift, Mid-Bottom End Digestible

By Clarence Chu

  • ZJLD Group (ZJLD HK) is looking to raise around US$811m in its Hong Kong IPO.
  • ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
  • In this note, we will look at deal dynamics and share our thoughts on valuation.

ZJLD Group IPO: Valuation Insights

By Arun George

Hang Seng CEI (HSCEI) – Pending Confirmation of Bullish Breakout and Textbook 7770/80 Q2 2023 Target

By David Coloretti, CMT

  • At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. 1) Response to key levels. 2) Price action. 3) Momentum confirmation.
  • A prominent bottom below 5000 in Q4 2022 set up an impulsive multi-month uptrend and LT uptrend bias. Our 2023 target at 9450/70 reflects this major bottom.
  • 2023 has delivered a tangible downward correction. Since mid-February a Head and Shoulders Bottom has formed. A break above the neckline at 7085 targets 7770/80 in Q2 2023.

ADICON Holdings IPO: The Bull Case

By Arun George

  • ADICON Holdings Limited (ADI HK) is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.
  • Adicon is the third largest independent clinical laboratories (ICL) service provider in China, with an 8.6% market share of the non-COVID-19 testing market in 2021, according to Frost & Sullivan.
  • The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19 testing growth, stable EBITDA margin and cash generation. 

Morning Views Asia: Guangzhou R&F Properties

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Apr 18
0

Daily Brief South Korea: Ecopro Co Ltd and more

By | Daily Briefs, South Korea

In today’s briefing:

  • MSCI May 2023 QCIR: Potential Changes & Things to Watch as Review Period Commences

MSCI May 2023 QCIR: Potential Changes & Things to Watch as Review Period Commences

By Brian Freitas

  • The review period for the price cutoff for the MSCI May Quarterly Comprehensive Index Review (QCIR) starts today. MSCI should choose a day from this week to compute market cap.
  • The most changes (especially adds) are expected in mainland China following an expansion of the universe for inclusion of stocks in Northbound Stock Connect.
  • There are stocks in India where there will be FIF changes triggering large flows and there are things to watch on some stocks in Korea and China.

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