In today’s briefing:
- HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September 2025
- PharmaResearch Spin-Off: A Textbook Case Study of Destroying Shareholder Value
- Lucror Analytics – Morning Views Asia
- PBSV: Margins Increase and Profitability Returns
HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September 2025
- We see 21 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
- There have been some big listings in the last couple of months and those stocks should be added to the index in September. That increases the number of potential deletions.
- There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.
PharmaResearch Spin-Off: A Textbook Case Study of Destroying Shareholder Value
- Last week, PharmaResearch announced that it has approved a corporate spin-off, to separate the existing company into two distinct entities including PharmaResearch Holdings (surviving entity) and PharmaResearch (newly created entity).
- PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal.
- The spin-off ratio is based on a pure net asset basis, not taking into consideration the future earnings and cash flow streams of the company’s most important product line Rejuran.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Biocon Biologics, Tata Motors, ReNew Energy
- US treasury yields rose for a second day, with the curve steepening despite good overall demand for an auction of 20Y notes. The yield on the 2Y UST rose 2 bps to 3.97%, while that on the 10Y UST was up 5 bps at 4.45%.
- Equities advanced on news that Iran was asking Gulf states to mediate a ceasefire with Israel. The S&P 500 increased 0.9% to 6,033, while the Nasdaq climbed 1.5% to 19,701.
PBSV: Margins Increase and Profitability Returns
- Pharma-Bio Serv(PBSV) Company Sponsored Research Report
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