In today’s briefing:
- Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows
- Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge
- Taiwan Top 50 ETF Rebalance Preview: Elite Material (2383 TT) Walking a Fine Line
- STAR Chip/ CES Chips/ CNI Chips Index Rebalance Preview: Multiple Stocks with Overlapping Flow
- Fabrinet – Fabrinet: The Rise of 1.6T Datacom Products & 4 Solid Growth Catalysts!
- ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony
Horizon Robotics (9660 HK): Southbound Stock Connect Inclusion Today & Upcoming Index Flows
- Horizon Robotics (9660 HK) will be added to Southbound Stock Connect from the start of trading today. Then there will be passive buying at the close on 20 June.
- The lock up expiry in April will result in large buying from trackers of the Hang Seng TECH Index (HSTECH INDEX) and HSIII Index in September.
- The stock will also be added to another large global index, though the timing on inclusion is not certain at the moment.
Curator’s Cut: Korea’s Value, CATL’s Charge and Copper’s Surge
- Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ insights published over the past two weeks on Smartkarma
- In this cut, we look at Korea’s compelling valuation versus AxJ equities, CATL’s blockbuster Hong Kong listing and its market implications, and explore copper’s price surge amidst Chinese demand
- Want to dig deeper? Comment or message with the themes you think should be highlighted next
Taiwan Top 50 ETF Rebalance Preview: Elite Material (2383 TT) Walking a Fine Line
- Elite Material (2383 TT)‘s stock price has soared recently and is forecast to be added to the Yuanta/P-Shares Taiwan Top 50 ETF in June, replacing Unimicron Technology (3037 TT).
- Passive trackers will have 1 day of ADV to buy in Elite Material (2383 TT) and over 1 day of ADV to sell in Unimicron Technology (3037 TT).
- However, Elite Material is at risk of deletion from another ETF where the impact of passive selling is a lot bigger. Tricky interplay between the two ETFs.
STAR Chip/ CES Chips/ CNI Chips Index Rebalance Preview: Multiple Stocks with Overlapping Flow
- There could be 1 change each for the STAR Chip Index and CNI Semiconductor Chips Index, and 3 changes for the CES China Semiconductor Chips Index in June.
- There are a few stocks that will have same-way flow from passive trackers of the STAR50 INDEX, STAR 100 Index, CSI 500 Index, CSI 1000 Index and CSI A500 Index.
- The round-trip trade across the indices is CNY 2.9bn (US$400m) and will add to the impact across the other China indices that rebalance on the same day.
Fabrinet – Fabrinet: The Rise of 1.6T Datacom Products & 4 Solid Growth Catalysts!
- Fabrinet has reported strong results for the third quarter of fiscal year 2025, which ended on March 28, 2025.
- The company achieved a revenue of $872 million, surpassing its guidance range, and non-GAAP earnings per share stood at $2.52, also above expectations.
- This performance highlights Fabrinet’s robust execution capabilities, especially in the optical communications sector where telecom revenue demonstrated significant growth, counterbalancing a predicted decline in datacom revenue.
ECM Weekly (26 May 2025) – CATL, Hengrui, Eastroc, Haitian, Schloss, Aegis, Hyundai Marine, Pony
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, Contemporary Amperex Technology (CATL) (300750 CH) and Jiangsu Hengrui Pharmaceuticals (1276 HK) performance has paved the way for a slew of A/H listings to follow.
- On the placements front, there was a large selldown in HD Hyundai Marine Solution (443060 KS) and a lockup release for Pony AI (PONY US) is coming up.
💡 Before it’s here, it’s on Smartkarma
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