Daily Brief Energy/Materials: China Shenhua Energy Co H, Thungela Resources, Vedanta Resources and more

• In this insight, we take a look at the potential index changes and the resultant capping flows for the Hang Seng China Enterprises Index (HSCEI INDEX) in March 2023.
• According to our estimation, there could be one change for the HSCEI in March 2023 and there could be one-way index flows of US$440mn.
• The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.

• Thungela’s Goedehoop mine continues to deliver robust results, but most of its assets are underperforming.
• The stock’s more than 35% ex-post dividend yield had many investors excited.
• Nevertheless, cyclicality could play its hand soon, according to the canary.

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.

• Adani Ports & Special Economic Zone
• Vedanta Resources