In today’s briefing:
- Quiddity Leaderboard T50/100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion
- Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In
- Sea Ltd & Grab Holdings: Non-Benchmark Attraction
- VOLARA MM – Actinver Research – VOLAR 4Q24: Positive Quarterly Results (Quick View)
- Ingersoll Rand’s Strategy for Asia-Pacific Growth & Major Growth Drivers!
- ASR US – Actinver Research – ASUR 4Q24: Positive Results, Beating our estimates (Quick View)
Quiddity Leaderboard T50/100 Mar25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion
- 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).
- Today is the base date for the March 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
- We expect one change for T50 and two changes for T100 index for the March 2025 rebalance.
Taiwan Top 50 ETF Rebalance Preview: Wan Hai Lines (2615 TT) Sailing Its Way In
- Wan Hai Lines (2615 TT) is forecast to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in March, replacing Formosa Chemicals & Fibre (1326 TT).
- Passive trackers will have 2 days of ADV to buy in Wan Hai Lines (2615 TT) and 3 days of ADV to sell in Formosa Chemicals & Fibre (1326 TT).
- Positioning does not appear to be high in Wan Hai Lines (2615 TT) while any price declines in Formosa Chemicals & Fibre (1326 TT) could be bought.
Sea Ltd & Grab Holdings: Non-Benchmark Attraction
- Grab Holdings hits new high in EM fund ownership, Sea Ltd reverses downward momentum.
- Both stocks lag more established players in the ASEAN region.
- Grab Holdings attracted the highest number of new investors in the ASEAN region over the last 6-months, though Sea Ltd captures the larger portfolio positions among managers.
VOLARA MM – Actinver Research – VOLAR 4Q24: Positive Quarterly Results (Quick View)
- Operating revenues of US$835 m decreased by 7% YoY.
- Top-line results were negatively impacted by a 5% YoY contraction in the ASMs (due to mandatory engine inspections, which resulted in the landing of some airplanes) and a 6% YoY drop in RPMs. Yields in the quarter ended at US$50.0, implying an 8% YoY contraction.
- The load factor in 4Q24 was 87.3%, with a 0.8 pp YoY contraction.
Ingersoll Rand’s Strategy for Asia-Pacific Growth & Major Growth Drivers!
- Ingersoll Rand’s fourth-quarter 2024 earnings present a balanced view of the company’s current performance and future outlook.
- The company reported strong financial results, including robust free cash flow margins and double-digit adjusted EPS growth, despite facing a dynamic global market.
- This performance is attributed to their economic growth engine and the disciplined application of their competitive differentiation strategy, IRX.
ASR US – Actinver Research – ASUR 4Q24: Positive Results, Beating our estimates (Quick View)
- Operating Revenues of P$7.3bn were driven by solid aeronautical growth.
- Total operating sales growth of 19% YoY was driven by a 25% YoY gain in aeronautical revenues, mainly explained by higher average tariffs (+25% YoY), which offset the 0.3% drop in total PAX.
- On the other hand, non-aeronautical revenues (34% of the total) gained 9% YoY, supported by an implicit gain of 9% YoY in the non-aeronautical revenue per PAX.
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