Daily BriefsMost Read

Most Read: PEXA Group, Anycolor, Jb Financial Group, LG Chem Ltd, Fanuc Corp, DGB Financial Group, Asymchem Laboratories, LG Energy Solution, CP ALL PCL, Golden Energy & Resources and more

In today’s briefing:

  • ASX200 Index Rebalance: PEXA to Replace Pendal
  • Anycolor (5032 JP) Shareholder Structure Now And Future
  • KOSPI200 Index Rebalance: JB Financial (175330 KS) To Replace Meritz F&M (000060 KS)
  • Introducing KODEX Top 5 Plus ETF Rebalancing Event
  • Fanuc (6954) | Bullish on Robots
  • KOSPI 200 Ad Hoc Rebalance for Meritz Securities: DGB Financial Will Be Added
  • Hong Kong CEO & Director Dealings (20 Jan): Asymchem Labs, Honbridge, Flat Glass, Gushengtang
  • ECM Weekly (20th Jan 23) – HK Brokers, Wuxi, IQIYI, Anycol, Adani, WM Mot, LG Ene, AIn, Oasis, Perta
  • CP ALL PCL (CPALL TB) – A King for All Seasons
  • Golden Energy (GER SP): Long-Stop Date Extended as the Offer Looks Increasingly Light

ASX200 Index Rebalance: PEXA to Replace Pendal

By Brian Freitas


Anycolor (5032 JP) Shareholder Structure Now And Future

By Travis Lundy

  • Anycolor (5032 JP) is conducting a Secondary Offering so that three major pre-IPO shareholders can sell their shares. Legend Capital, Skyland Ventures, and Highsino Group are selling.
  • That should bring minimum publicly-traded longs to 6.3685mm shares, but it could easily be higher. 
  • Based on the most conservative read of all the data, Real World Float is a net 21.2% after this offering. In reality, probably higher. But there’s still overhang.

KOSPI200 Index Rebalance: JB Financial (175330 KS) To Replace Meritz F&M (000060 KS)

By Brian Freitas


Introducing KODEX Top 5 Plus ETF Rebalancing Event

By Sanghyun Park

  • At this point, one constituent change is expected, and LG Chem is expected to replace KT&G.
  • The return of the equal-weighted long/short basket trade for the constituent changes in the past two years was recorded from 2.3% to 3.8%.
  • Both LG Chem and KT&G are expected to have a significant rebalancing flow impact. It can be an event that brings a juicy day trading return.

Fanuc (6954) | Bullish on Robots

By Mark Chadwick

  • Fanuc is a core structural growth stock that has fallen by -4% over the past year. We turn bullish with 8 days to earnings
  • We believe that Fanuc is a key beneficiary of continued investment in automation and realignment of supply chains globally
  • We focus on Fanuc’s core value drivers – revenue, margins, risk and investment – and see 25% upside for long term investors

KOSPI 200 Ad Hoc Rebalance for Meritz Securities: DGB Financial Will Be Added

By Sanghyun Park

  • With JB Financial Group gone for Meritz Fire, the next one in line will enter KOSPI 200 in place of Meritz Securities. And the lucky one is DGB Financial.
  • DGB can expect an inflow of 8.23x ADTV and will face a 2.8x ADTV in one day on March 31.
  • Given the size of the preemptive flow that JB Financial is currently attracting, we should prepare for DBG to start receiving a similar level of price impact earlier than usual.

Hong Kong CEO & Director Dealings (20 Jan): Asymchem Labs, Honbridge, Flat Glass, Gushengtang

By David Blennerhassett


ECM Weekly (20th Jan 23) – HK Brokers, Wuxi, IQIYI, Anycol, Adani, WM Mot, LG Ene, AIn, Oasis, Perta

By Sumeet Singh

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • Things are starting to pickup on the IPO front with the first somewhat sizeable US ADR filing done this week.
  • Placements deal flow continued to stay strong this week, even as the performance didn’t.

CP ALL PCL (CPALL TB) – A King for All Seasons

By Angus Mackintosh

  • CP ALL is a unique and high-quality proxy for the recovery in domestic consumer demand plus increasing tourist arrivals, which should soon see a further boost from China.
  • We would expect a strong finish to the year with an even stronger pickup in 2023 across convenience stores, Lotus supermarkets and hypermarkets, as well as Siam Makro cash-and-carry. 
  • CP ALL is a top growth pick in Thailand, with EPS expected to grow by +35% and 25% for FY2023E and FY2024E, with ongoing expansion and economic recovery.

Golden Energy (GER SP): Long-Stop Date Extended as the Offer Looks Increasingly Light

By Arun George

  • The long-stop date for the satisfaction of the offer conditions has been extended from 9 April to 9 August, to help Dian Swastatika Sentosa (DSSA IJ) obtain shareholder approval.
  • An alternative explanation is that the Widjaja family’s offer for Golden Energy & Resources (GER SP) is increasingly looking unattractive in light of Stanmore Coal (SMR AU)’s share price rally. 
  • The offer remains light and we think that there is a good chance that the Widjaja family will raise its offer (likely a bump to the delisting price) to succeed.  

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