In today’s briefing:
- Northern Star’s Acquisition of De Grey Mining: The Many Index Implications & Flows
- NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn
- Korea Short Selling: What Happened on Day 1?
- AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely
- Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale
- Global Stocks Outlook: Where Is the Bottom for This Crash?
- HEW: Yikes, At Tonto Tariff Hikes
- SP500: Friday Sell-Offs, the VIX, and a Bit of 1987
- Bangkok Chain Hospital – Expect Strong Earnings Growth in 2025E with a Higher ERP
- 20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil
Northern Star’s Acquisition of De Grey Mining: The Many Index Implications & Flows
- Northern Star Resources (NST AU)‘s acquisition of De Grey Mining (DEG AU) is expected to complete in the next 3 weeks.
- There will be an ad hoc inclusion to the S&P/ASX 200 (AS51 INDEX) and passive buying in Northern Star Resources (NST AU) from a bunch of trackers of different indices.
- The acquisition brings Northern Star Resources (NST AU) close to inclusion in the S&P/ASX 20 Index, but it’s not there yet.
NIFTY Indices: Flows (Post Capping) At the Close Today; Round-Trip US$2.6bn
- The NIFTY Index, Nifty Next 50 Index, Nifty Bank Index, Nifty IT Index, Nifty Midcap 150 Index, Nifty100 Low Volatility30 Index and the CPSE ETF rebalance at the close today.
- The round-trip trade across the indices is US$2.6bn and there are 26 stocks with over 1 day of ADV to trade from passive trackers.
- Stocks with the largest impact are Britannia Industries, Bharat Petroleum, Adani Total Gas, Indian Hotels, Jio Financial, IRCTC, Zomato, Federal Bank, Union Bank Of India and Crompton Greaves.
Korea Short Selling: What Happened on Day 1?
- Short notional ticked higher on the KOSPI and KOSDAQ markets and is expected to continue increasing over the next few months.
- Since the resumption of short selling, foreign holdings of Korean equities have increased from 29.26% to 29.3%.
- The Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) to KOSDAQ 150 Index (KOSDQ150 INDEX) ratio has stayed stable over the last 3 trading days.
AMFI Stock Reclassification Preview (Jun 2025): Plenty of Change With More Likely
- We currently forecast 10 stocks moving from MidCap to LargeCap, 10 stocks moving from LargeCap to MidCap, 9 stocks from SmallCap to MidCap, and 11 stocks from MidCap to SmallCap.
- From the new listings, 2 stocks are expected to be added to Mid Cap, and multiple stocks to Small Cap.
- There are multiple stocks among the AMFI changes that will be changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) and/or Nifty Midcap 150 Index in September.
Mitsubishi Logisnext (7105) – Worth Buying The Dip On Likely Sale
- There was a Nikkei article in December about the Mitsubishi Heavy Industries (7011 JP) selling its interests in Mitsubishi Logisnext Co., Ltd. (7105 JP).
- The stock popped. Then popped some more. It was not expensive yet, but no longer dirt cheap. Now the stock is falling as Trump Tariffs threaten to throttle exports.
- The reasons why this takeout price could be “high” are unchanged. Tariffs meant to drive US-manufacturing don’t reduce need for forklifts. Logisnext is not badly placed.
Global Stocks Outlook: Where Is the Bottom for This Crash?
- Analysis of the NIFTY, Nikkei 225, Hang Seng, KOSPI 200, S&P/ASX 200, S&P 500 and Nasdaq-100 stock indices: where is the bottom for the global stock market rout?
- As explained in this insight, our models have been battle-tested since 2008. While they can’t predict the future, they provide valuable insights for identifying market bottoms during crashes.
- What follows is a focused analysis of each market index we track, aimed at identifying potential bottoms amid extreme sell-offs, helping position ahead of the next Bear Market rally/reversal.
HEW: Yikes, At Tonto Tariff Hikes
- Severe global tariff increases have significantly impacted market sentiment, leading to lower equity prices and rate expectations. The market’s eagerness to discount ongoing US labour market resilience is considered excessive.
- The new tariff rates are set to take effect in the coming week. Any further trade conflicts could be the main macro news.
- US inflation, UK GDP, and the RBNZ are the conventional highlights, but these data may be disregarded as old news.
SP500: Friday Sell-Offs, the VIX, and a Bit of 1987
- Drops greater than 5% on a Friday are rare, we examine historical returns after such events.
- We revisit 1987 price action and reconstructed VIX levels to add historical context.
- With circuit breakers now in place and political volatility elevated, we assess what today’s sell-off might mean for the next trading day.
Bangkok Chain Hospital – Expect Strong Earnings Growth in 2025E with a Higher ERP
- We initiate our coverage on BCH with a Neutral rating and a fair value estimate of Bt15.70, based on the earnings yield method using a required return of 3.8%.
- KTX’s valuation view is positive on strong long-term growth potential, with 2025-27E core EPS CAGR expected at +9%, outpacing the industry average of +5%.
- However, the fundamental outlook is seen as neutral, with the fair value offering 8% upside and the tactical view also neutral.
20 Korean Stocks That Could Outperform Next 2 Months Amid Tariff War and Local Political Turmoil
- In this insight, we discuss 20 Korean stocks that could outperform the market in the next two months amid global tariff war and local political turmoil.
- Going forward, we believe these 20 Korean stocks could continue to outperform the market in the next couple of months.
- As the market tries to digest further the uncertainties due to tariff war and the local Presidential election, these 20 stocks could provide sound defensive outperformance.
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