In today’s briefing:
- Potential Adds & Deletes in a Major Global Index in August 2025 As Highlighted by Locals in Korea
- Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before
- Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names
- India’s Energy Exchanges: Market Coupling, the Next Big Disruption
- Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?
- [Earnings Preview] Shell Falters on Fundamentals, But Options Data Signals Optimism
- Lucror Analytics – Morning Views Asia
- CUU: Schaft Creek Program Update & Sombrero Butte Plan
- MSA: Initial MRE at the Guillermina Deposit, Hemco Property
- Bellevue Gold Ltd – In Case You Missed It – BC Extra Upgrades & Downgrades – 25-07-25
Potential Adds & Deletes in a Major Global Index in August 2025 As Highlighted by Locals in Korea
- In this insight, we discuss the potential adds and deletes of Korean stocks in a major global index in August 2025 as highlighted by the locals in Korea.
- There are about 10 potential additions to the major global index mentioned by various local media accounts. LIG Nex1, Hyosung Heavy Industries, and Doosan Corp are most likely inclusion candidates.
- There have been three companies that have been consistently mentioned in numerous local media as potential deletion candidates including LG Innotek, CJ Cheiljedang, and SKC Co.
Quiddity Leaderboard T50/100 Sep25: Tung Ho Steel TDIV Deletion Gets Closer than Before
- The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
- In this insight, we take a look at the potential ADDs and DELs for the September 2025 index rebal event.
- Currently, we see no changes for T50 and two changes for T100 in September.
Quiddity Leaderboard TDIV Sep25: Sector-Neutral Pair Trade Ideas with Some High Impact Names
- 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.
- In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.
- Currently, we expect no changes for the TDIV index for the September 2025 review and we estimate the one-way capping flow to be US$662mn.
India’s Energy Exchanges: Market Coupling, the Next Big Disruption
- India’s CERC has approved the implementation of Market Coupling in the DAM(Day Ahead Market) by Jan-26, with Real Time Market (RTM) coupling to follow after operational experience is gained.
- IEX currently commands 99.8% market share in both DAM and RTM. With MC, price discovery will be centralized, eroding IEX’s platform advantage and likely resulting in loss of market share.
- If MC had been implemented in FY25, IEX’s earnings would have been 20% lower. This regulatory shift poses a clear structural risk to IEX’s volume dominance and earnings growth.
Market Coupling Mandate: Structural Risk or Opportunity Reset for IEX (NSE: IEX, BSE: 540750)?
- CERC has mandated market coupling for the Day-Ahead Market starting Jan 2026, shifting price discovery to a central engine.
- This dilutes IEX’s pricing power but core execution role, user trust, and market share offer downside protection.
- Valuations at 38–40× FY25 EPS imply a fair value range of Rs175–195, with upside if growth in green and RTM segments accelerates.
[Earnings Preview] Shell Falters on Fundamentals, But Options Data Signals Optimism
- Shell’s Q2 2025 revenue is expected to drop 10.6% QoQ and 16.9% YoY. Its EPS is projected to drop 29.9% QoQ and 34.8% YoY.
- Despite stronger refining margins, unplanned maintenance is expected to drag down downstream and chemicals earnings, pressuring overall performance.
- However, options positioning reflects bullish sentiment, with traders betting on a potential upside surprise despite a downbeat operational update.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: West China Cement, SK Hynix
- US treasuries fell yesterday, with yields rising after three straight days of declines. That said, the sell-off in longer-dated treasuries moderated during the day, following strong demand for an auction of 20Y notes.
- The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.88%, while the yield on the 10Y UST was up 4 bps at 4.38%.
CUU: Schaft Creek Program Update & Sombrero Butte Plan
- What you need to know: • Copper Fox announced the results from the 2024 geotechnical investigations and an update on the 2025 activities at the Schaft Creek Project in BC.
- • On July 23rd, CUU provided its exploration plan and model for its 100% owned Sombrero Butte Project in Arizona.
- • On July 8th, our team published an interview with President and CEO Elmer Stewart, watch it here.
MSA: Initial MRE at the Guillermina Deposit, Hemco Property
- What you need to know: • Mineros announced an initial Mineral Resource Estimate for the Guillermina Deposit at its Hemco Property in Nicaragua.
- • On July 21st, MSA announced the appointment of David Splett as the new CFO of the Company.
- • Sun Valley has acquired 23.9M shares via a public tender on the Colombian Stock Exchange at COP$5,500/share.
Bellevue Gold Ltd – In Case You Missed It – BC Extra Upgrades & Downgrades – 25-07-25
- A summary of the highlights from Broker Call Extra updates throughout the week past.
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