In today’s briefing:
- Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025
- Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)
- Shenzhen Intl (152 HK): Realisation of Asset Values
- HK-Listed Apparel & Footwear Screener: Winners and Losers, Picks For 2025
- Fulcrum Therapeutics: Why Is There An Acquisition Interest Despite $80M Losmapimod Setback!
Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025
- In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2025.
- The recent martial law cancellation and numerous impeachments of acting Presidents have raised political uncertainty in Korea resulting in widening of some gaps among numerous holdcos and opcos in Korea.
- Of the 38 pair trades, 25 of them involved holdcos outperforming opcos in the past six months and the other 13 opcos outperforming holdcos in the same period.
Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (November and December 2024)
- In this insight, we discuss the alpha generation through companies that have been buying back their shares in the Korean stock market in November and December 2024.
- On average, the share buyback announcements for the 52 companies that announced share buybacks in Korea represented 2.2% of outstanding shares.
- Major companies that have announced share buybacks in Korea in the past two months include Celltrion, Samsung Electronics, Doosan Bobcat, and Hyundai Motor.
Shenzhen Intl (152 HK): Realisation of Asset Values
- The listing of Air China Cargo and progress on the transformation and upgrading of its South China Logistics Park again demonstrated Shenzhen International (152 HK)‘s asset value.
- Its 8.8% stake in Air China Cargo is now valued at HK$10.6bn, or 61% of its market capitalisation, suggesting its other assets are almost free.
- Government approval on the South China Logistics Park transformation Phase I has been obtained, implying potential land value gains to be booked.
HK-Listed Apparel & Footwear Screener: Winners and Losers, Picks For 2025
- Our stock screen for textile/apparel companies listed in Hong Kong for FY24 summarizes the winners and losers.
- Yue Yuen Industrial Holdings (551 HK) / JNBY Design Ltd (3306 HK) and Stella International (1836 HK) were the three best performers with returns of over 80% YTD.
- We continue to be bullish on JNBY Design Ltd (3306 HK) / Pacific Textiles (1382 HK) and like Nameson Holdings (1982 HK) for its rich dividend yield.
Fulcrum Therapeutics: Why Is There An Acquisition Interest Despite $80M Losmapimod Setback!
- Fulcrum Therapeutics reported its financial results and business developments for the third quarter of 2024 and reported that it is realigning its focus towards the advancement of pociredir, an oral HbF inducer intended for the treatment of sickle cell disease, and its preclinical pipeline.
- Previously, Fulcrum Therapeutics had been developing losmapimod for the treatment of facioscapulohumeral muscular dystrophy (FSHD).
- However, the Phase III REACH trial did not demonstrate a significant difference between losmapimod and placebo on the primary or key secondary endpoints.
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