In today’s briefing:
- Quiddity HSTECH Sep 23 Flow Expectations: Two ADDs/DELs Possible
- Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way
- Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia
- China Resources Pharmaceutical (3320.HK) – Growth Recovery and SOE Advantages Improve the Outlook
Quiddity HSTECH Sep 23 Flow Expectations: Two ADDs/DELs Possible
- In this insight, we take a look at the potential index changes and the resultant capping flows for the HSTECH Index in September 2023.
- Based on the latest available data, I see two ADDs and two DELs.
- For the September 2023 rebalance, I expect one-way capping flows to be around US$234mn.
Quiddity HSCEI Sep 23 Flow Expectations: Two Changes Likely, US$276mn One-Way
- In this insight, we take a look at the potential index changes and the resultant capping flows for HSCEI in September 2023.
- Based on the latest available data, I expect two ADDs and two DELs for HSCEI in the September 2023 Rebalance.
- I estimate one-way flow to be US$276mn. Only the two ADDs and two DELs involved in the index changes are likely to have more than one day to trade.
Thomson Medical Group (TMG SP): Scouting for Expansion in South East Asia
- Thomson Medical Group Limited (TMG SP) has updated its future growth plan in Southeast Asia. The company is currently in preliminary confidential discussions to explore a potential transaction.
- Media reports suggest, Thomson Medical is eyeing a controlling stake in Vietnam-based leading multi-specialized tertiary care provider, FV Hospital for $300–400M.
- Thomson Medical has a strong balance sheet, with cash reserve of S$143M, against debt of S$626M. Last month, the company has issued S$120M 5.5% notes due 2028.
China Resources Pharmaceutical (3320.HK) – Growth Recovery and SOE Advantages Improve the Outlook
- 2022 was a turning point for China Resources Pharmaceutical (CRP), because performance of core subsidiaries saw a historic improvement.After China reopens, CRP is expected to achieve double-digit growth in 2023.
- CRP’s development history indicates that its current scale/industry position are mainly due to continuous M&A based on SOE resource advantages/background, but holding platform companies have valuation discounts in secondary market.
- Different business models lead to different valuation logic. But Sinopharm/SH Pharma/CRP all enjoy SOE background dividends+valuation system with Chinese characteristics. If investors mainly focus on industry trend, they can all be invested.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
