Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

Equity Bottom-Up

Kimberly-Clark De Mexico-A / Equity Bottom-Up

<ul><li>Better-than-expected 2Q24 results leads a more positive outlook.</li><li>While we had already forecasted healthy profitability ahead, we are raising our FY24E-25E estimates at the margin level, while leaving our top-line estimates fairly unchanged.</li><li>We continue to see KCM with healthy brand power, able to pass through potential cost headwinds and leveraging on potentially improving product mix.</li></ul>

Better-than-expected 2Q24 results leads a more positive outlook.While we had already forecasted healthy profitability ahead, we are raising our FY24E-25E estimates at the margin level, while leaving our top-line estimates fairly unchanged.We continue to see KCM with healthy brand power, able to pass through potential cost headwinds and leveraging on potentially improving product mix.

Actinver Research - Kimberly-Clark de Mexico: 2Q24 – Keeping it rolling

<ul><li>Within Consumer, we see Health & Personal Care as mostly defensive.</li><li>While perfect conditions are hard to align, or remain, these days, we see mostly favorable conditions ahead for this segment, at least where it matters the most.</li><li>Throughout the last years, consumers have faced a wide array of HPC options, some of them later phased out as companies started to focus on their core products amid rising costs.</li></ul>

Within Consumer, we see Health & Personal Care as mostly defensive.While perfect conditions are hard to align, or remain, these days, we see mostly favorable conditions ahead for this segment, at least where it matters the most.Throughout the last years, consumers have faced a wide array of HPC options, some of them later phased out as companies started to focus on their core products amid rising costs.

Actinver Research - Health & Personal Care: Healthy revaluation expected (Coverage Initiation)

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ansell-ltd" target="_blank" data-smartkarma-citation="entities:10777:1" rel="noopener">Ansell Ltd (ANN AU)</a> is looking to raise US$262m in its primary follow-on to partially fund its acquisition of KCPPE.</li>
<li>Despite the firm having been on an acquisition spree, it remains uncertain to us if the market has been factoring in such a large one. </li>
<li>The deal would be a large one to digest, representing 52.5 days of the stock’s three month ADV.</li>
</ul>



Ansell Ltd (ANN AU) is looking to raise US$262m in its primary follow-on to partially fund its acquisition of KCPPE.
Despite the firm having been on an acquisition spree, it remains uncertain to us if the market has been factoring in such a large one. 
The deal would be a large one to digest, representing 52.5 days of the stock’s three month ADV.


Ansell Placement - Undertaking a Large Acquisition as Sector Headwinds Remain

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

China Galaxy Securities (H) / Event-Driven

<ul>
<li>The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.</li>
<li>The October rebalance will result in a one-way turnover of ~45% and in a one-way trade of US$1.24bn. There are ~300 stocks with over 1 day of ADV to trade.</li>
<li>With only 4 trading days to implementation, there could be large moves on stocks with large flows and impact over the next few days.</li>
</ul>


The WisdomTree Emerging Markets SmallCap Dividend Index is a fundamentally weighted index that measures the performance of small cap stocks within Emerging Markets.
The October rebalance will result in a one-way turnover of ~45% and in a one-way trade of US$1.24bn. There are ~300 stocks with over 1 day of ADV to trade.
With only 4 trading days to implementation, there could be large moves on stocks with large flows and impact over the next few days.


WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: 45% Turnover & US$2.5bn to Trade

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ex US ETF / Technical Analysis

<ul>
<li>The bear market rally we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were the YTD downtrends on the ACWX-US and EFA-US.</li>
<li>As you will see below, many countries are reversing topside their 6.5-month to YTD downtrends.</li>
<li>As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral. Buy on pullbacks.</li>
</ul>


The bear market rally we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were the YTD downtrends on the ACWX-US and EFA-US.
As you will see below, many countries are reversing topside their 6.5-month to YTD downtrends.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral. Buy on pullbacks.


Positive Character Changes; MSCI ACWI Ex-US, EAFE, STOXX 50, Countless Others Reversing Downtrends

Mexico

Kimberly-Clark de Mexico, S.A.B. de C.V. manufactures, markets and distributes consumer, industrial, and institutional hygiene products. The Company produces feminine care items, diapers, toilet paper and facial tissues.

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Kimberly-Clark De Mexico-A (KIMBERA MM)

Actinver Research - Kimberly-Clark de Mexico: 2Q24 – Keeping it rolling

Better-than-expected 2Q24 results leads a more positive outlook. While we had already forecasted healthy profitability ahead, we are raising our...

Actinver

Actinver Research - Health & Personal Care: Healthy revaluation expected (Coverage Initiation)

Within Consumer, we see Health & Personal Care as mostly defensive. While perfect conditions are hard to align, or remain, these days, we see...

Actinver

Ansell Placement - Undertaking a Large Acquisition as Sector Headwinds Remain

Ansell Ltd (ANN AU) is looking to raise US$262m in its primary follow-on to partially fund its acquisition of KCPPE. The deal would be a large one...

Clarence Chu

WisdomTree Emerging Markets SmallCap Dividend Index Rebalance: 45% Turnover & US$2.5bn to Trade

There are 364 adds/325 deletes for the WisdomTree Emerging Markets SmallCap Dividend Index. One-way turnover is 45% resulting in a one-way trade of...

Brian Freitas

Positive Character Changes; MSCI ACWI Ex-US, EAFE, STOXX 50, Countless Others Reversing Downtrends

MSCI ACWI ex-US $ACWX and EAFE $EFA reversing their YTD downtrends, with countless other countries doing the same. This is a clear character...

Vermilion Research

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