In today’s briefing:
- Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade
- JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre
- China Comm Const (1800 HK): Well Worth Revisiting
- Furniture/Furnishings Weekly – MLKN Results Boost Sector; Consumer Confidence Dips
Yuanta/P-Shares Taiwan Dividend Plus ETF: 20% One-Way Turnover & US$2.72bn Trade
- Using data from the close on 28 September, there could be 6 adds and 5 deletes to the Yuanta/P-Shares Taiwan Dividend Plus ETF in December.
- There will also be capping and funding flows that will lead to a one-way turnover of 19.8% and a one-way trade of US$1.36bn.
- There are 15 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.
JSW Infrastructure IPO Trading – Decent Subscription Rates Although Anchor Quality Was Mediocre
- JSW Infrastructure (5978490Z IN) raised US$336m in its India IPO.
- JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
- We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.
China Comm Const (1800 HK): Well Worth Revisiting
- The fall in share price in the last five months have sent China Communications Construction (1800 HK) back to very attractive level. The market has misread the strong 2Q23 result.
- 2Q23 recurring net profit surged 68.5% as 2Q22 has an inflated base. Gross margin has recorded meaningful YoY recovery while capex, particularly for BOT, has scaled back significantly.
- There should not be concerns about CCCC’s contract outlook. Its backlog is enough to cover 4.9x FY23F revenue and its PER of 2.7x has provided more than sufficient buffer.
Furniture/Furnishings Weekly – MLKN Results Boost Sector; Consumer Confidence Dips
MillerKnoll earnings sparked a second week of outperformance for the commercial/contract furniture stocks, which rose ~8% in a week when broader indices were roughly flat.
- MLKN reported adjusted EPS of $0.37 in 1QFY24, above consensus of $0.21 consensus, and upped guidance.
- Shares jumped 27% on Wednesday. All three major US firms in the sector advanced last week.
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