Category

Daily Briefs

Dec 31
0

Daily Brief Industrials: bpost SA, React Group PLC, Simpson Manufacturing Co, Inc, AZEK /, Resideo Technologies Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • What’s New(s) in Amsterdam – 30 December (Ahold Delhaize | bpostgroup)
  • React Group Plc (REAT) – Thursday, Sep 19, 2024
  • Simpson Manufacturing Company: Expansion of Manufacturing Facilities Driving Our ‘Outperform’ Rating! – Major Drivers
  • The AZEK Company: Will Its Enhanced Strategic Distribution & Market Expansion Be A Potential Game Changer? – Major Drivers
  • Resideo Technologies: Integration of Strategic Acquisitions As A Pivotal Growth Engine! – Major Drivers

What’s New(s) in Amsterdam – 30 December (Ahold Delhaize | bpostgroup)

By The IDEA!

  • In this edition: • Ahold Delhaize | to commence its EUR 1bn share buyback program • bpostgroup | aims to double number of parcel lockers in 2025

React Group Plc (REAT) – Thursday, Sep 19, 2024

By Value Investors Club

  • The React Group specializes in extreme cleaning tasks that regular cleaning companies do not cover, such as cleaning up after train accidents, violent crime scenes, and contaminated hospital rooms.
  • The company has shown strong revenue and free cash flow growth over the past five years, operating nationwide in the UK and able to respond to cleaning emergencies 24/7 with a lead time of 2 to 4 hours.
  • React Group offers a promising investment opportunity in the cleaning industry, with a low price per share and high market capitalization.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Simpson Manufacturing Company: Expansion of Manufacturing Facilities Driving Our ‘Outperform’ Rating! – Major Drivers

By Baptista Research

  • Simpson Manufacturing Company’s third quarter 2024 results provide an insight into its current operational and financial positioning.
  • The company’s net sales reached $587.2 million, showing a modest increase over the prior year, despite pressures in both U.S. and European housing markets.
  • This resilience is partly attributed to Simpson’s growth strategy, as North American volume growth outperformed U.S. housing starts by approximately 500 basis points.

The AZEK Company: Will Its Enhanced Strategic Distribution & Market Expansion Be A Potential Game Changer? – Major Drivers

By Baptista Research

  • The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some challenges that could impact future performance.
  • The company achieved a 12% year-over-year growth in net sales, marking another year of strong performance within its Residential segment, which grew by high single digits.
  • However, there was some softness in the Exteriors business during the latter half of the year.

Resideo Technologies: Integration of Strategic Acquisitions As A Pivotal Growth Engine! – Major Drivers

By Baptista Research

  • Resideo Technologies has reported strong third-quarter 2024 financial performance, seeing notable growth in both its Products and Solutions segment and ADI Global Distribution business.
  • The company registered organic revenue growth in both segments for the first time since Q2 2022, despite a complex global economic environment.
  • Market conditions showed mixed signals with favorable interest rates and increased new home sales in the U.S., but continued weakness in existing home sales and the EMEA region.

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Dec 31
0

Daily Brief Health Care: Apellis Pharmaceuticals, China Shineway Pharmaceutical, Cassava Sciences , Fortrea Holdings and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Apellis Pharmaceuticals: Ophthalmology Field Team Expansion As A Critical Growth Lever! – Major Drivers
  • China Shineway Pharmaceutical (2877 HK) – The Outlook Is Deteriorating
  • Cassava Sciences Inc (SAVA) – Sunday, Sep 29, 2024
  • Fortrea Holdings Inc.: A Tale Of Service Fee Revenue Growth & Margin Optimization!

Apellis Pharmaceuticals: Ophthalmology Field Team Expansion As A Critical Growth Lever! – Major Drivers

By Baptista Research

  • Apellis Pharmaceuticals reported its third-quarter 2024 financial results, highlighting key developments and offering insights into future expectations.
  • The company, co-founded and led by CEO Dr. Cedric Francois, focuses on targeting C3 to address complement-mediated diseases.
  • During the third quarter, Apellis saw progress in commercial demand for SYFOVRE, although net product revenue for SYFOVRE dipped slightly by 1.7% due to factors like higher gross-to-net adjustments and contracting dynamics.

China Shineway Pharmaceutical (2877 HK) – The Outlook Is Deteriorating

By Xinyao (Criss) Wang

  • Shineway’s 24Q1-Q3 performance is disappointing. So, we adjusted our forecast- 2024 Revenue could be about RMB3.7-4 billion, down 11-18% YoY. Net profit could reach about RMB1.05-1.1 billion, up 8-13% YoY.  
  • VBP is the biggest headwinds – Injection products/TCM formula granules/OTC medications all face VBP, which brings uncertainties to future performance. It’s uncertain whether the 2025 performance will rebound as expected.
  • Shineway seems to have lost growth momentum after COVID-19.Considering large cash balance, it doesn’t make much sense to hold the Company long term if it doesn’t significantly raise its dividend.

Cassava Sciences Inc (SAVA) – Sunday, Sep 29, 2024

By Value Investors Club

  • Cassava Sciences is deemed largely worthless with a cult-like retail investor base, making it an attractive target for shorting.
  • Their sole asset, simufilam, aims to address Alzheimer’s by restoring the shape of misfolded filamin A, but this approach has raised doubts.
  • Dr. Hoau-Yan Wang, a longtime scientific collaborator, is indicted for fraud related to grants associated with their trials, raising questions about the company’s credibility, alongside scrutiny on CEO Remi Barbier.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Fortrea Holdings Inc.: A Tale Of Service Fee Revenue Growth & Margin Optimization!

By Baptista Research

  • Fortrea reported its third quarter 2024 earnings with a mix of positives and challenges.
  • The company’s book-to bill ratio was 1.23x, reflecting a strong quarter for new business, mainly driven by large pharmaceutical clients and notable biotech wins across therapeutic areas like oncology, diabetes, dermatology, and autoimmune disease.
  • The company underscored its strategic position in the clinical research organization (CRO) arena, demonstrating balance between clientele from major pharmaceutical firms and biotechnologies, which made up 50% each of their business.

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Dec 30
0

Daily Brief Quantitative Analysis: TWSE Short Interest Weekly (Dec 27th): Evergreen Marine and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital
  • KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA
  • Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development
  • TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

TWSE Short Interest Weekly (Dec 27th): Evergreen Marine, Yang Ming Marine, SCSB, Asia Vital

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Dec 27th which has an aggregated short interest worth USD21.7bn.
  • 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 Evergreen Marine, Yang Ming Marine, Shanghai Commercial & Savings Bank, Asia Vital Components, Alchip Technologies, Far Eastern New Century, Wiwynn, Walsin Lihwa.

KRX Foreign Holding Weekly (Dec 27th): Samsung Electronics, KIA

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of KRX stocks as of Dec 27th which has an aggregated holding worth USD452.8bn.
  • We estimate that foreign flows to be outflows of USD840mln. We tabulate 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 Samsung Electronics, KIA.

Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 27th.We estimate that they had an aggregated short interest worth USD2.1bn.
  • 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 Bangchak, Gulf Energy Development.

TWSE Foreign Holding Weekly (Dec 27th): TSMC, FENC, Mediatek, Elite Material, Alchip Technologies

By Ke Yan, CFA, FRM

  • We analyzed the changes in foreign holdings of TWSE Stocks as of Dec 27th which has an aggregated holding worth USD1,030.0bn.
  • We estimate that foreign flows to be inflows of USD1,768mln. We tabulate 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 TSMC, Far Eastern New Century, Mediatek, Elite Material, Alchip Technologies, Yang Ming Marine, Evergreen Marine, Eva Airways, Hua Nan Financial.

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Dec 30
0

Daily Brief Thematic (Sector/Industry): Quantum Computing Part 1. Christmas Miracles & Multiverse Musings and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Quantum Computing Part 1. Christmas Miracles & Multiverse Musings
  • Ohayo Japan | Toyota Targets 20% ROE
  • “Buy the Worst” HSI Strategy: Another Disappointing Year in 2024, Let’s See 2025
  • Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains
  • Global Autos:  Falling Investor Confidence
  • China Growth Equity Weekly Wrap (52/2024): Positive Macro, BEV Revival & Good Time to Invest in SaaS
  • China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

Quantum Computing Part 1. Christmas Miracles & Multiverse Musings

By William Keating

  • Alphabet subsidiary, Google Quantum AI, launched its latest quantum computing chip, Willow, which can solve a specific problem in <5 mins that would take a supercomputer 10 septillion years
  • Share prices of quantum computing related companies soared in December, ranging from 4.5x in the case of IonQ to ~17x for Quantum Computing Inc. 
  • D-Wave & Rigetti, both threatened with delisting in November, got their Christmas miracle with their share prices surging by 8x and 11x respectively. 

Ohayo Japan | Toyota Targets 20% ROE

By Mark Chadwick

  • Global stocks ended mixed as US markets retreated from yearly highs while Tokyo’s Nikkei soared past 40,000, highlighting diverging year-end momentum between markets.
  • Toyota targets ambitious 20% return on equity through share buybacks and reduction of cross-shareholdings, potentially fuelling wave of similar corporate announcements.
  • Honda and Nissan’s potential merger talks could reshape Japan’s auto industry and affect thousands of smaller suppliers.

“Buy the Worst” HSI Strategy: Another Disappointing Year in 2024, Let’s See 2025

By Osbert Tang, CFA

Prospectus of Robotaxi Outside of China and US Is Bright for Chinese Supply Chains

By Stan Zhao

  • US and China are two biggest markets in autonomous driving and robotaxi. However, due to US-China decoupling, each market is off limits to the other;
  • This makes non-US/non-China markets heavily contended. Uber and Lyft leads Didi and Meituan in globalization. But Chinese EV makers and ADS vendors might benefit from partnering with the two;
  • We expect companies with low priced vehicle production capacity, like BYD, XPEV, LEAP and Zeekr to  benefit more. Among ADS vendors, WeRide and Poni.AI stand out.

Global Autos:  Falling Investor Confidence

By Steven Holden

  • Global fund positioning in the Motor Vehicles sector has entered a fresh decline following a revival between 2020 and 2023.
  • A record-low 10% of active Global funds are now overweight, with the sector holding an average underweight of -1.41%, making it the 4th largest industry-level underweight among active managers.
  • Long-Term declines in Japanese autos have hit new lows, while German and US autos have drifted lower since 2023.

China Growth Equity Weekly Wrap (52/2024): Positive Macro, BEV Revival & Good Time to Invest in SaaS

By Eric Wen

  • Macro: China may issue RMB3tn of special treasury bonds in 2025, accounting for 2.2% of GDP, 3rd highest in history;
  • EV: BEV sector showed renewed interest with (1) CATL made battery swapping move, (2) Xiaomi gained access to charging network of NIO, XPEV and LI;
  • SaaS: After making progress by its own, Beike terminated a major acquisition to save cost. Plus others…

China Internet Weekly Wrap (52/​2024): Visa Free Entry, Social Gift Sending & E-Commerce Tax

By Ying Pan

  • Online Travel: Korea and Japan eased tourist visa for Chinese. TRIP.com saw traffic gains in C4Q24;
  • Internet Platform: Scalping on government consumption vouchers in Shanghai will shift future programs to major Internet platforms;
  • Online game: December game code approval was both big and commercial. NetEase and Tencent games were included.

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Dec 30
0

Daily Brief ECM: Pre-IPO Bloks Group (PHIP Updates) – Some Points Worth the Attention and more

By | Daily Briefs, ECM

In today’s briefing:

  • Pre-IPO Bloks Group (PHIP Updates) – Some Points Worth the Attention

Pre-IPO Bloks Group (PHIP Updates) – Some Points Worth the Attention

By Xinyao (Criss) Wang

  • The assembly character toy segment market size is not big and Bloks is already China’s largest player. So, there will be a day when the growth ceiling is reached.
  • Bloks’ business model is more similar to Pop Mart, rather than LEGO, but Bloks’ profitability is lagging behind both of them. The current high revenue growth may not be sustainable.
  • Pre-IPO valuation of Bloks reached RMB7.2 billion. Valuation of Bloks should be lower than Pop Mart. If Bloks’ valuation could reach the industry average after IPO, it is already good.

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Dec 30
0

Daily Brief Event-Driven: Tsuruha (3391) And Welcia (3141) To Move UP Merger to End-2025; Makes It TWO Trades in 18mos? and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Tsuruha (3391) And Welcia (3141) To Move UP Merger to End-2025; Makes It TWO Trades in 18mos?
  • Shandong Hi-Speed New Energy (1250 HK): SPA Completed, Next Unconditional MGO
  • Vesync (2148 HK): 33.3% Premium For An Illiquid Arb – Yep, This Is Done.
  • InnoScience (2577 HK): Prices at Low End & Lists Today; Index Inclusion Timeline
  • Weekly Deals Digest (29 Dec) – Henlius, Vesync, SDHS New Energy, GA Pack, Makino, Malaysia Airports
  • Merger Arb Mondays (30 Dec) – ESR, Canvest, Vesync, GAPack, SDHS New Energy, CPMC, Makino, Arcadium
  • Adani Green Energy (ADANIGR IN): Facing the Passive Boot; But Who Will Buy?
  • Shandong Hi-Speed New Energy (1250 HK)’s Unconditional MGO. It Is What It Is
  • EQD | Nikkei Index Options Weekly – December 23 – 27
  • EQD | Kospi Index Options Weekly – December 23 – 27

Tsuruha (3391) And Welcia (3141) To Move UP Merger to End-2025; Makes It TWO Trades in 18mos?

By Travis Lundy

  • In Feb-24, Aeon (8267) agreed with Oasis Management to buy its stake in Tsuruha Holdings (3391) and Tsuruha and Welcia Holdings (3141) would discuss a merger, details decided by end-2027.
  • On Saturday 27 December, a Jiji article said the two would look to integrate by end-2025, now that they no longer need SEC approval. That reason sounds wrong.
  • The language of the articles is odd but we have to take it at face value. That means we look to what might happen between here and there.

Shandong Hi-Speed New Energy (1250 HK): SPA Completed, Next Unconditional MGO

By Arun George

  • Shandong Hi-Speed Holdings Gro (412 HK) completed the acquisition of CITIC Securities 13.52% stake in Shandong Hi-Speed New Energy G (1250 HK) at HK$1.78 per share. 
  • SPA completion triggers a mandatory unconditional offer at HK$1.78 per share. The composite document will be sent, and the offer will open by 28 January. 
  • At the last close and for an early February payment, the gross and annualised spread of the offer is 2.9% and 30.2%, respectively.

Vesync (2148 HK): 33.3% Premium For An Illiquid Arb – Yep, This Is Done.

By David Blennerhassett

  • When Vesync (2148 HK), a manufacturer of small home appliances, was suspended pursuant to the Takeovers Code, an Offer from the Yang family, led by chairman/CEO, controlling ~69.04%, was expected.
  • And on cue, that is what unfolded. HK$5.60/share, a premium of 33.33%, by way of a Scheme. The price is final. A scrip option afforded. No dividends.
  • The blocking stake is 1.675%. Expect around fourth months to complete. This is done.

InnoScience (2577 HK): Prices at Low End & Lists Today; Index Inclusion Timeline

By Brian Freitas

  • InnoScience Suzhou Technology (2577 HK) has priced its IPO at HK$30.86/share, the low end of the range. Over half the shares have been allotted to cornerstone investors.
  • InnoScience Suzhou Technology (2577 HK) should be added to the HSCI in March and will be added to Southbound Stock Connect early March.
  • Inclusion in global indices will take place in 2026 and there will be supply in mid- and late-2025 following lock-up expiries.

Weekly Deals Digest (29 Dec) – Henlius, Vesync, SDHS New Energy, GA Pack, Makino, Malaysia Airports

By Arun George

Merger Arb Mondays (30 Dec) – ESR, Canvest, Vesync, GAPack, SDHS New Energy, CPMC, Makino, Arcadium

By Arun George

Adani Green Energy (ADANIGR IN): Facing the Passive Boot; But Who Will Buy?

By Brian Freitas

  • Passive global index trackers sold Adani Green Energy (ADANIGR IN) in November following a big drop in free float for the stock.
  • There could be more selling in Adani Green Energy in February as the stock is deleted from the same large global index due to failing free float market cap thresholds.
  • With the company at the center of the U.S indictment focused on bribery charges, active foreign and local investors will be wary of buying the stock.

Shandong Hi-Speed New Energy (1250 HK)’s Unconditional MGO. It Is What It Is

By David Blennerhassett

EQD | Nikkei Index Options Weekly – December 23 – 27

By John Ley

  • NKY looks to be playing catch-up with USD/JPY, rising 4.03% on the week and breaking out of recent range after not moving much in the first half of the month.
  • Implied volatility continues to slide lower with 1M implied vol down 2.5 points on the week.
  • Call volumes larger than Put volumes for the first time in a while on Fridays 1.80% price surge.

EQD | Kospi Index Options Weekly – December 23 – 27

By John Ley

  • Since the end of September the Kospi has been diverging from the Nikkie which has rallied as JPY has weakened. Both Kospi and KRW have been moving lower.
  • Vast majority of option trading is in short dated expiries. The largest volume day of the week saw 99% of trading in expires <= Jan 09
  • Implied vols were quiet but there was some increased tilt to skew making out-of-the-money Puts slightly more expensive.

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Dec 30
0

Daily Brief Macro: Contrarian Bargains Among Santa’s Discards and more

By | Daily Briefs, Macro

In today’s briefing:

  • Contrarian Bargains Among Santa’s Discards
  • [ETP 2024/52] WTI Recovers on China’s Stimulus Plans, Henry Hub Falls on Volatile Weather Forecasts
  • Estimating Downside Risk
  • Asia Ex-Japan Funds:  Country Positioning Update
  • Supply Shortage Boost Likely Short Lived; Caution Prevails Around 2025 Outlook

Contrarian Bargains Among Santa’s Discards

By Cam Hui

  • The stock market is likely to advance during the Santa Claus rally window, which began on December 24 and ends January 3.
  • But the rally is attributed to an oversold bounce and marked by narrow leadership. Either the rebound fizzles in January or broadens into lagging issues.
  • We identified selected contrarian value opportunities for bulls among Santa’s discards for potential outperformance into January and beyond.

[ETP 2024/52] WTI Recovers on China’s Stimulus Plans, Henry Hub Falls on Volatile Weather Forecasts

By Suhas Reddy

  • For the week ending 20/Dec, U.S. crude inventories fell by 4.2m barrels, beating expectations of a 0.7m barrel decrease. Distillate stocks fell more than expected, while gasoline inventories unexpectedly rose.
  • U.S. natural gas inventories fell by 93 Bcf for the week ending 20/Dec, missing analyst expectations of a 98 Bcf drawdown. Inventories are 4.9% above the 5-year seasonal average.
  • Chevron signed a 20-year deal with Energy Transfer for 2 million tonnes of LNG annually. Stifel lowered Schlumberger’s 12-month price target while maintaining a Buy rating.

Estimating Downside Risk

By Cam Hui

  • The U.S. equity is highly vulnerable because of overvaluation and excessive growth expectations, but valuation is not very predictive of returns over a one-year time horizon.
  • We estimate downside risk on the S&P 500 in the 20–30% range in the event of a major bear market.
  • Despite our concerns, we see no immediate bearish triggers for investors to adopt defensive positioning in their portfolios.

Asia Ex-Japan Funds:  Country Positioning Update

By Steven Holden

  • China dominates allocations, India and Taiwan are equal 2nd, while South Korea lags a further 7% behind after seeing a big drop in exposure.
  • Indonesia leads the ASEAN region, emerging as the top overweight country as a record 79.8% of funds are ahead of the benchmark.
  • India sees 62% underweight the benchmark. Vietnam hits new highs in average fund weight (0.97%) and fund participation (34%).

Supply Shortage Boost Likely Short Lived; Caution Prevails Around 2025 Outlook

By Arusha Das

  • Possibility of short peak can result in short-lived shortage  
  • Declining Chinese TSR inventory can lend demand support  
  • Uncertainty around policies weighs upon the market confidence

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Dec 30
0

Daily Brief Equity Bottom-Up: TSMC (2330.TT; TSM.US): If Intel Was Split Up and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?(II)
  • Vesync (2148 HK): Proposed Privatisation at HK$5.60 Fair and Reasonable
  • Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount
  • Sumber Alfaria Trijaya (AMRT IJ) – Primed for Profitable Growth in 2025

TSMC (2330.TT; TSM.US): If Intel Was Split Up, What Impact Will It Have on the Foundry Industry?(II)

By Patrick Liao

Vesync (2148 HK): Proposed Privatisation at HK$5.60 Fair and Reasonable

By Osbert Tang, CFA

  • Vesync (2148 HK)‘s major shareholders proposed to privatise at HK$5.60, a 33.3% premium to the pre-suspension price. This is the same as we calculated using the 3-year average P/B. 
  • At such a price, it will sit at 7.6x PER for FY25F, a level that it only touched briefly 3 times in the last two years. 
  • This PER is at a 25-30% discount to the sector and justified by its smaller size and lesser diversification. All in all, the proposed price looks fair and reasonable.

Taiwan Dual-Listings Monitor: TSMC Spread Decline from Near Historical Highs; ChipMOS Discount

By Vincent Fernando, CFA

  • TSMC: +21.1% Premium; Spread Has Fallen From Previous Short Levels, Remains Elevated
  • UMC: -0.3% Discount; Middle of the Historical Trading Range, Not Compelling
  • ChipMOS: -1.2% Discount; Wait for Deeper Discount Before Going Long

Sumber Alfaria Trijaya (AMRT IJ) – Primed for Profitable Growth in 2025

By Angus Mackintosh

  • Sumber Alfaria Trijaya (Alfamart) looks well set for a strong finish to the year boosted by seasonal factors and a higher quarter for supplier rebates making it the peak quarter.
  • The company should be able to surpass its guidance for new store build-out in 2024, emphasising Alfamart and Alfamidi outlets, as it consolidates its Lawson rollout. 
  • Alfamart saw strong growth from online sales through Alfagift at +45% YoY, with Alfamart members reaching 20m, with 65% shopping every week. Valuations remain attractive with strong growth in 2025.

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Dec 30
0

Daily Brief South Korea: Korea Stock Exchange Kospi Index and more

By | Daily Briefs, South Korea

In today’s briefing:

  • EQD | Kospi Index Options Weekly – December 23 – 27

EQD | Kospi Index Options Weekly – December 23 – 27

By John Ley

  • Since the end of September the Kospi has been diverging from the Nikkie which has rallied as JPY has weakened. Both Kospi and KRW have been moving lower.
  • Vast majority of option trading is in short dated expiries. The largest volume day of the week saw 99% of trading in expires <= Jan 09
  • Implied vols were quiet but there was some increased tilt to skew making out-of-the-money Puts slightly more expensive.

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Dec 30
0

Daily Brief Singapore: SGX Rubber Future TSR20 and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Supply Shortage Boost Likely Short Lived; Caution Prevails Around 2025 Outlook

Supply Shortage Boost Likely Short Lived; Caution Prevails Around 2025 Outlook

By Arusha Das

  • Possibility of short peak can result in short-lived shortage  
  • Declining Chinese TSR inventory can lend demand support  
  • Uncertainty around policies weighs upon the market confidence

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