In today’s briefing:
- HSI Leads Bear Move in Asia
- HS Holdings (8699 JP) – Huge Q1, Even Better Q2 Ahead, The 2nd To Last Asset Sale… And a Pawnshop?
- HSBC – Tax Income Grossly Distorts
- #33 To be or not to be a security
- Sporting Crypto – August 1st 2022: Immortalising Geoff Hurst’s Memories Using NFTs
HSI Leads Bear Move in Asia
- HSI remains a top short bet from the C wave dual top at 22,500, the break below wedge support and now the bear triangulation support breach targets new lows.
- A50 weakness is weighing on HK. HSI clear break down will lead the upcoming risk off cycle in Asia.
- We like adding to a short on upticks with near resistance at 20,500. 19,700 is the pivot support to break below that will open the way to 18,200.
HS Holdings (8699 JP) – Huge Q1, Even Better Q2 Ahead, The 2nd To Last Asset Sale… And a Pawnshop?
- Thursday post-close, HS announced Q1 earnings, and Khan Bank Q2 earnings. Both magnificent. Book Value is up HUGE, and combined HS Q1-Khan Q2 is ¥7.7bn – 20% of mkt cap.
- On Friday 29 July, HS Holdings (8699 JP) announced it had sold HS Debt Collection Agency – the last “earning asset” except for the 55% stake in Khan Bank.
- This lifts shadow book value even higher… Deep value with a catalyst. BUT… in an otherwise unannounced postscript to Q1 earnings, HS announced it bought a stake in a… pawnshop?
HSBC – Tax Income Grossly Distorts
- HSBC saw its net interest income rise substantially in the year, but it did not flow through
- The delta in credit costs was one major negator to the bank’s higher core income
- Tax expenses turned to tax income, is the ultimate distortion to net profit
#33 To be or not to be a security
- To be or not to be a security. The question of whether cryptocurrencies are securities or commodities (or another type of asset, for that matter) does not have a final answer yet.
- However, it has been on the table for a long time.
- Commodities are interchangeable goods, and securities are financial assets, in a dangerously short definition.
Sporting Crypto – August 1st 2022: Immortalising Geoff Hurst’s Memories Using NFTs
- Most sport athlete NFT projects are awful.
- But this project, that immortalises legendary England striker Geoff Hurst’s memories – in NFT form – is pretty awesome.
- World Cup Winner Geoff Hurst is digitally preserving his memories of the 1966 World Cup Final for The Everlasting Memory Project in support of Alzheimer’s Research UK.
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