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Smartkarma Daily Briefs

Apr 18
0

Daily Brief Health Care: Max Healthcare Institute, ADICON Holdings Limited, Ergomed Plc, Incyte Corp and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term Growth
  • ADICON Holdings IPO: The Bull Case
  • Ergomed – Solid FY22 marked by broad-based growth
  • Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers

Max Healthcare (MAXHEALTH IN): Improving Operating Parameters; Well-Positioned for Long-Term Growth

By Tina Banerjee

  • Max Healthcare Institute (MAXHEALT IN) reported improved occupancies, revenues, EBITDA and other operating and financial parameters in Q3FY23 versus year-ago period.   
  • The company recorded highest-ever EBITDA – both in terms of absolute value and margins, EBITDA per bed, ARPOB, and ROCE for the third consecutive quarter in FY23.
  • During the last three-year, Max had revenue and EBITDA CAGR of 12% and 59%, respectively. Consensus expects the company to report double-digit revenue and EPS growth through FY25.

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. 

Ergomed – Solid FY22 marked by broad-based growth

By Edison Investment Research

Ergomed reported FY22 results broadly in line with our expectations. Group revenues grew 22.5% y-o-y to £145.3m, underpinned by sustained demand for both the CRO and PV segments and supported by the ADAMAS acquisition and foreign exchange benefit. Adjusted EBITDA rose 11.5% y-o-y, although margins were comparatively lower (19.5% versus 21.4% in FY21) due to previously flagged incremental investments in technology and senior management hires. The order book remained robust at £295m (up 23.1% over FY21), boding well for medium-term sales potential. Year-end net cash of £19.1m was an improvement over the £12m reported in H122 (after the £24.2m net cash purchase of ADAMAS in February 2022) and, with £80m in undrawn credit facilities, Ergomed remains well-capitalised to fund future growth. We make minor adjustments to our estimates and roll forward our model. We upgrade our valuation slightly to 1,577p/share from 1,573p/share previously.

Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers

By Baptista Research

  • Incyte Corporation generated strong financial performance in the last quarter and managed an all-around beat.
  • Revenues from the commercialized items in the company’s current portfolio increased by 18% year over year.
  • We give Incyte Corporation a ‘Hold’ rating with a revised target price.

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Apr 18
0

Daily Brief Industrials: Capita PLC, Qantm Intellectual Property, Otis Worldwide Corp and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs
  • QANTM Intellectual Property (ASX:QIP) – Registering Potential Operating Leverage
  • QANTM Intellectual Property Ltd – Registering Potential Operating Leverage
  • Otis Worldwide: Equipment Growth & Acceleration Of Service Portfolio – Key Drivers

Quiddity Leaderboard for UK F100/​​250 June 23: 20+ Days to Buy for Top-Ranked F250 Potential ADDs

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.
  • Based on latest prices, there could be one change for F100 and four changes in F250 between now and the June 2023 Rebalance including Mediclinic International (MDC LN)‘s intra-review change. 
  • Many of the high-ranked F250 potential additions could have very high impact according to our estimates.

QANTM Intellectual Property (ASX:QIP) – Registering Potential Operating Leverage

By Research as a Service (RaaS)

  • Initiation of Coverage with a DCF valuation of $1.57/share. QIP is trading at a 60% discount to its nearest peer, IPH (ASX:IPH)
  • Key areas of focus  are completing its business transformation programme and expanding geographically.
  • Success will lead to EBITDA margin expansion, greater exposure to Asia, and a growing exposure to automated and IP technology.

QANTM Intellectual Property Ltd – Registering Potential Operating Leverage

By Research as a Service (RaaS)

  • QANTM Intellectual Property Ltd (ASX:QIP) owns a group of intellectual property (IP) services businesses operating under the independent brands of Davies Collison Cave (DCC), FPA Patent Attorneys and Sortify.tm.
  • It is a major player in the mature and regulated Australian patent, trade marks and IP legal services market with 16.5% market share (H1 FY23) in its key patents segment (68% of revenue) and a diversified mix of local and foreign clients (~45%/55% split; ~50% US$ revenue).
  • QIP produces ~$97m service revenue (3.7% five-year CAGR) primarily via various workstreams underlying the patent and trade marks lifecycles, and has a history of profitability and cash flow generation which facilitates high dividend pay-outs. 

Otis Worldwide: Equipment Growth & Acceleration Of Service Portfolio – Key Drivers

By Baptista Research

  • Otis entered the year with good momentum and delivered an all-around beat with improved organic growth in its last result as it continues to execute its four strategic pillars – advancing digitization, accelerating service portfolio growth, and sustaining new equipment growth while focusing on and empowering the organization.
  • Strong service performance, particularly on price and volume, was partially offset by commodities in new equipment, mixed headwinds, and higher corporate costs.
  • The pricing on new equipment orders in the quarter rose, led by the Americas, with a solid performance in APAC and EMEA.

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Apr 18
0

Daily Brief Utilities: SJVN and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • SJVN Limited (SJVN IN): Renewable Energy Play; Installed Capacity To Double in 12-18 Months.

SJVN Limited (SJVN IN): Renewable Energy Play; Installed Capacity To Double in 12-18 Months.

By Mohit Surana

  • Fundamentally strong company with track record of high profitability and efficient operations. 
  • Installed power generation capacity will more than double to ~5,500 MW by FY24 and another 4-5x by FY30. 
  • Potential for DPS to improve from a trailing 1.70 INR to INR 2.50 by FY24, implying an attractive dividend yield of 7.5%. 

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Apr 18
0

Most Read: Ecopro Co Ltd, Rakuten Bank, Anta Sports Products, Arclands Corporation, Nitori Holdings, Lotte Shopping Co, Genting Bhd, ZJLD Group, Genesis Minerals and more

By | Daily Briefs, Most Read

In today’s briefing:

  • MSCI May 2023 QCIR: Potential Changes & Things to Watch as Review Period Commences
  • Rakuten Bank (5838) IPO – Let’s Go! (Part 2)
  • Anta Sports Placement – A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good
  • Arclands (9842) Overpays for Arclands Service Holdings (3085)
  • Nikkei 225 Sep 2023 Rebalance Gets Interestinger – Possible Fast Retailing Cap and Zozo Stretch
  • Aiming for Price Movement Patterns with Low Market Exposure in MSCI Korea May Review
  • StubWorld: Genting Berhad Is Cheap
  • ZJLD Group IPO – Sentiment Could See a Positive Shift, Mid-Bottom End Digestible
  • ZJLD Group IPO: Valuation Insights
  • Genesis To Acquire St Barbara’s Flagship As Merger Cancelled

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.

Rakuten Bank (5838) IPO – Let’s Go! (Part 2)

By Travis Lundy

  • SBI Sumishin Net Bank (7163 JP) lowered its listing price vs what were already lowered expectations from a year prior. Then Rakuten Bank (5838 JP) lowered its IPO range. 
  • SBI Sumishin dilly-dallied around IPO price for three days then went nuts, rising 40% as of Friday morning. Rakuten Bank’s IPO looks dirt cheap now. 
  • But it is worthwhile comparing it on a spectrum of OTHER Japanese banks and neobanks. 

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.

Arclands (9842) Overpays for Arclands Service Holdings (3085)

By Travis Lundy

  • On Friday Arcland Sakamoto (9842 JP) and restaurant franchise subsidiary Arcland Service (3085 JP), which it launched in 1993 and IPOed in 2007, announced they had agreed to merge. 
  • Arcland SHD runs 18 restaurant brands, of which Katsuya is most well-known, with a total of 750 or so restaurants managed globally. It has grown consistently.
  • The merger ratio is at an all-time high for Arcland SHD. This should be a done deal but I might expect some complaints. I think Arclands is probably overpaying. 

Nikkei 225 Sep 2023 Rebalance Gets Interestinger – Possible Fast Retailing Cap and Zozo Stretch

By Travis Lundy

  • With 3.5 months left in the dataset, the data is pretty close to settled. The interesting bits are elsewhere. There are three auto DELETEs and two auto ADDs. Maybe.
  • One auto-ADD is Toshiba, which may have a deal on it. That leaves two to add for sector balance. That could be Nitori (9843 JP) and Zozo (3092 JP).
  • Friday’s move on Fast Retailing brings in the issue of the new capping function. That would be a different US$2bn selldown. Lots of gory details here. 

Aiming for Price Movement Patterns with Low Market Exposure in MSCI Korea May Review

By Sanghyun Park

  • We should aim for price movement patterns with relatively low market exposure. One of them is the post-effective upward price movement of deletions.
  • The relative price performance for one week after the implementation compared to KOSPI 200 was consistently positive, ranging from 2.41% to 6.82%.
  • Given the recent price movement of four deletion candidates, there is again a high possibility that the price distortion caused by MSCI flow will revert after the effective date.

StubWorld: Genting Berhad Is Cheap

By David Blennerhassett

  • Genting Bhd (GENT MK)‘s implied stub and the simple ratio (GENT / Genting Singapore (GENS SP)) are at multi-year lows.
  • Preceding my comments on Genting are the weekly setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

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

Genesis To Acquire St Barbara’s Flagship As Merger Cancelled

By David Blennerhassett

  • Gold miner St Barbara Ltd (SBM AU)’s reverse merger with Genesis Minerals (GMD AU) always had a whiff of biting off more than they could chew. That’s now validated.
  • St Barbara has confirmed it will sell its flagship Leonora gold project to Genesis for $600mn (in cash and GMD scrip). The reverse merger has been cancelled.
  • Post transaction, St Barbara will hold up to ~19.5%,  and be left with no debt and ~$197m in cash. Genesis will emerge with no debt, and ~$175mn cash (pre-transaction costs). 

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Apr 18
0

Daily Brief ESG: Maintaining Labor Productivity by Cutting Working Hours Was Effective but Risks Should Be Considered and more

By | Daily Briefs, ESG

In today’s briefing:

  • Maintaining Labor Productivity by Cutting Working Hours Was Effective but Risks Should Be Considered

Maintaining Labor Productivity by Cutting Working Hours Was Effective but Risks Should Be Considered

By Aki Matsumoto

  • Many companies have worked to ensure labour productivity by curbing personnel costs by reducing work hours and shifting from full-time to part-time workers, as well as by controlling depreciation.
  • Maintaining labor productivity by converting to part-time and reducing working hours of full-time employees has been an effective measure to ensure operating profits margins, but it also carries risks.
  • Personnel cost/sales have bottomed out in 2018 and are on the rise. With cost structures changing dramatically after the economic reopening, controlling labor costs will be more difficult than ever.

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Apr 18
0

Daily Brief ECM: Anta Sports Placement – A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good and more

By | Daily Briefs, ECM

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
  • Rakuten Bank IPO: First Day Trading
  • Merdeka Battery Materials IPO Trading – Earnings Might Be Long Drawn Out but Should Perform Fine
  • ADICON Holdings IPO: The Bull Case
  • Pinterest Inc: Managing The Social Media Slowdown – Key Drivers
  • VF Corp: A Balanced Apparel Performer In Wholesale & D2C – Key Drivers
  • Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers
  • BlackBerry Limited: IoT Diversification And IVY Ecosystem Development – Key Drivers

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

Rakuten Bank IPO: First Day Trading

By Oshadhi Kumarasiri

  • It appears that Rakuten Bank (5838 JP) received a significant number of subscriptions at the revised offer range, leading the company to set the IPO price at ¥1,400 per share.
  • The grey market trading suggests that shares are currently trading close to the lower end of the previous IPO price range, indicating a potential upside of 20% on the debut.
  • The IPO has potential to rise beyond 20% on debut. However, in the event that it does not pop more than 100%, we would looking to buy more shares.

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.

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. 

Pinterest Inc: Managing The Social Media Slowdown – Key Drivers

By Baptista Research

  • Pinterest ended 2022 on a mixed note as its revenues were below Wall Street expectations.
  • Given the softening ad market, Pinterest delivered revenue of $877 million in Q4 but it did manage an earnings beat.
  • Overcoming pandemic challenges and achieving increased user engagement, Pinterest has achieved MAUs of 445 million, higher than in the third quarter.

VF Corp: A Balanced Apparel Performer In Wholesale & D2C – Key Drivers

By Baptista Research

  • VF Corp delivered a decent result which happened to be an all-around beat.
  • In Asia, VF Corp saw a sequential improvement with up in revenue.
  • VF Corp has new products expanding now, and the new school shoes and UltraRange VR3 are attractive.

Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers

By Baptista Research

  • Incyte Corporation generated strong financial performance in the last quarter and managed an all-around beat.
  • Revenues from the commercialized items in the company’s current portfolio increased by 18% year over year.
  • We give Incyte Corporation a ‘Hold’ rating with a revised target price.

BlackBerry Limited: IoT Diversification And IVY Ecosystem Development – Key Drivers

By Baptista Research

  • BlackBerry delivered a mixed result in a challenging macro environment.
  • Blackberry IoT closed out with strong year-over-year revenue growth.
  • In the quarter, Blackberry secured an overall 36 new design wins and in multiple auto domains, QNX is winning.

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Apr 18
0

Daily Brief Technical Analysis: Hang Seng CEI (HSCEI) – Pending Confirmation of Bullish Breakout and Textbook 7770/80 Q2 2023 Target and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

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

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.

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Apr 18
0

Daily Brief Macro: Asset Allocation Watch: Are Equities Cheap or Expensive Ahead of the Reporting Season? and more

By | Daily Briefs, Macro

In today’s briefing:

  • Asset Allocation Watch: Are Equities Cheap or Expensive Ahead of the Reporting Season?
  • Changes in Portfolio Weights: Lowering the Weight of Equities
  • IPO Price Band Widening, Cornerstone Investors Requirement, & Top 8 IPOs in Korea in 2H 2023
  • Soft commodities dominate 2023 – US orange crop falls to 86-year low
  • The Week That Was in ASEAN@Smartkarma – ASSA’s Mobility Edge, Alfamart’s Convenience, and ITMG.

Asset Allocation Watch: Are Equities Cheap or Expensive Ahead of the Reporting Season?

By Andreas Steno

  • Equities are NOT expensive in a historical context. They are relatively close to fair value
  • US equity markets look slightly expensive relative to European or Asian markets.
  • If we get a recession (our base case for H2), we find no signs that it is already priced in.

Changes in Portfolio Weights: Lowering the Weight of Equities

By Jeroen Blokland

  • US retail sales fell 1.0% in March, the fourth decline in the last five months. We expect the downturn in the housing market to cause another dip in consumer sentiment.
  • Our earnings-per-share vs. P/E ratio analysis provides little upside. It will demand higher valuations and/or positive earnings growth to allow for meaningful upside.
  • Sentiment has been the key market driver in recent weeks. But with the VIX Index down to 17 in a weakening macro environment, the impulse may be fading.

IPO Price Band Widening, Cornerstone Investors Requirement, & Top 8 IPOs in Korea in 2H 2023

By Douglas Kim

  • We provide details of the widening of the IPO price band in Korea, cornerstone investor requirement, and the potential top 8 IPOs in Korea in 2H 2023. 
  • The FSC is also in the process of allowing cornerstone investor requirement for Korean IPOs.
  • We also provide a list of top 8 potential IPOs in Korea (with market caps of at least 500 billion won) that could get completed in 2H 2023. 

Soft commodities dominate 2023 – US orange crop falls to 86-year low

By The Commodity Report

  • USDA on Tuesday pegged the 2022-2023 U.S. orange crop at 62.25 million boxes (2.57 million tonnes), an 86-year low and down 23% on the year.
  • That is less than 20% of U.S. output in the record 1997-1998 season.
  • Florida, which has previously accounted for more than 80% of the annual U.S. orange crop, is seen producing an 87-year low of 16.1 million boxes, down 61% on the year.

The Week That Was in ASEAN@Smartkarma – ASSA’s Mobility Edge, Alfamart’s Convenience, and ITMG.

By Angus Mackintosh

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Apr 18
0

Daily Brief Thematic (Sector/Industry): Good Morning Japan |SPX Gains; TSMC to Cut Capex; NUGGET: Nissan – Costly Decisions ? and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Good Morning Japan |SPX Gains; TSMC to Cut Capex; NUGGET: Nissan – Costly Decisions ?
  • The Innovations Portfolios – Week Twenty One
  • China Biotech – The Commercialization Performance and The Outlook
  • The Highlights : Cannabis News for the Week Ending April 14, 2023
  • Weekly Sustainable Investing Surveyor : Week Ended April 14, 2023

Good Morning Japan |SPX Gains; TSMC to Cut Capex; NUGGET: Nissan – Costly Decisions ?

By Mark Chadwick

  • OVERSEAS. SPX closes with gains,  Financials and Industrials lead; TSMC to cut capex – hits global SPE stocks; Samsung to (partially) abondon Google ? 
  • JAPAN. NKY Futs +0.3% vs Cash; USDJPY 134.5 as new Gov Ueda says he will stay the (dovish) course; Activists sharpen knives ahead of Japan AGM season
  • NUGGET. Nissan decouples from Renault- but at what cost ?

The Innovations Portfolios – Week Twenty One

By Pyari Menon

  • The three companies we write about this week are CATL (A) (300750 CH) , Kimberly Clark (KMB US) and BlackBerry Ltd (BB CN) 
  • For the twenty-one weeks since inception ended 14 April the combined innovation portfolio was +3.6%, versus DJIA +0.4%, S&P500 +4.3%, Nasdaq +8.8%, Russell2000 -3.7%, MSCI-ACWI-ETF +6.2%, all in US$ terms
  • For the same period the small cap innovation portfolio was up +5.9%, the mid cap portfolio was up +4.4% and the large cap portfolio was up +3.4%

China Biotech – The Commercialization Performance and The Outlook

By Xinyao (Criss) Wang

  • It is the time to reassess the commercialization performance and the outlook of China biotech companies, including BeiGene, Innovent, Henlus, Zai Lab, Hutchmed, Junshi, RemeGen, Innocare, Akeso. 
  • We summarized the data of these biotech companies’ product revenue and profit performance to judge whether their commercialization capability is sufficient to afford production, sales teams and long-term R&D activities. 
  • Most China Biotech cannot be said to achieve “commercialization success”, but they have showed some difference.We hope investors could have a better understanding about China biotech and make better decisions. 

The Highlights : Cannabis News for the Week Ending April 14, 2023

By Water Tower Research

  • Broad equity indexes booked their fourth straight week of positive returns, with the MSCI World Index and the S&P 500 up 1.23% and 0.79%, respectively.
  • Small caps followed suit, with the Russell 2000 gaining 1.48% this week.
  • Cannabis stocks slid for the sixth straight week, with the MSOS ETF declining 0.56%. It was shaping up to be a good week until the MSOS ETF fell 3.97% on Friday.

Weekly Sustainable Investing Surveyor : Week Ended April 14, 2023

By Water Tower Research

  • WTR Sustainable Index: During the week ended April 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 1.0% W/W versus the S&P 500 Index (up 0.8%), the Russell 2000 Index (up 1.5%), and the Nasdaq Composite Index (up 0.3%).
  • Energy Technology (8.0% of the index) drove the index performance, rising 4.7%, while Advanced Transportation Solutions (69.3% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 2.7%.
  • Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 28.5x versus 18.9x for the S&P 500.

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Apr 18
0

Daily Brief Crypto: ETH’s Big Post-Shapella Rally and more

By | Crypto, Daily Briefs

In today’s briefing:

  • ETH’s Big Post-Shapella Rally

ETH’s Big Post-Shapella Rally

By Kaiko

  • Last week, the Shapella upgrade went live without a hitch, enabling millions of staked ETH to be withdrawn.
  • While Ethereum’s Merge upgrade last September was more of a “buy the rumor sell the news” type of event, Shapella appears to have had the opposite impact on price.
  • ETH spot prices dropped by nearly 18% post-Merge while they are up 11% since Shapella, despite fears of mass selling. 

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