Smartkarma Daily Briefs, Author at Smartkarma

Jul 15

Daily Brief Credit: Morning Views Asia: HPCL-Mittal Energy Ltd and more

By Smartkarma Daily Briefs | Credit, Daily Briefs

In today’s briefing:

Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

By Leonard Law, CFA

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

HPCL-Mittal Energy Ltd
JSW Steel Ltd
Lenovo
Lippo Malls Indonesia Retail Trust
Tata Steel Thailand

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Jul 15

Daily Brief Equity Bottom-Up: Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike
China Consumption Weekly (15 Jul 2024): Seres, BYD, Guangzhou Automobile,Trip.com
Zozo Still Expecting New Highs
CHARLES & COLVARD LTD (CTHR) – Sunday, Apr 14, 2024
Coherent Corp (COHR) – Monday, Apr 15, 2024

Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike

By Devi Subhakesan

Thai Beverage (THBEV SP) majority-owned SABECO, a leading beer company in Vietnam, may face volume declines if the proposed beer tax hike is implemented.
The tougher market outlook makes the earlier proposed BeerCo listing unlikely anytime soon.
With no meaningful stock catalyst, weak sector outlook and a stretched balance sheet, the stock could slip down after index inclusion related passive stock buying ends.

China Consumption Weekly (15 Jul 2024): Seres, BYD, Guangzhou Automobile,Trip.com

By Ming Lu

Guangzhou Automobile sales volume of new energy vehicle decreased by 38% YoY in June and by 31% YoY in 1H24.
BYD plans to invest US$1 billion to build a factory in Turkey.
AliPay announced that foreigners’ consumption amount in China in 1H24 was eight times of last year.

Zozo Still Expecting New Highs

By Michael Causton

Zozo continues to post solid gains in sales but a slight dip in new customers has led some to suggest that the online fashion mall is reaching its peak.
Meanwhile, The Japanese fashion retail sector has seen improved performance from retail stores at the expense of e-commerce, with stores actually outperforming online last year.
While further growth may be harder to achieve, Zozo has several strategies in place that should help it reach its target of ¥800 billion.

CHARLES & COLVARD LTD (CTHR) – Sunday, Apr 14, 2024

By Value Investors Club

Charles & Colvard operates in the lab-created diamond industry and plans to transition to lab-grown diamonds and direct distribution
The company experienced a challenging second quarter but has a solid foundation and potential for improved financial performance in the future
Despite current setbacks, Charles & Colvard could present a value investment opportunity for patient investors awaiting a turnaround

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Coherent Corp (COHR) – Monday, Apr 15, 2024

By Value Investors Club

Coherent Corp. is a maker of optical components with a focus on optical connectivity within GPU clusters
Predicted 20%+ internal rate of return over a 3-year holding period due to secular adoption trends
Emphasis on addressing interconnect bandwidth wall issue in data centers to improve data movement speed in relation to compute speeds

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief Event-Driven: Merger Arb Mondays (15 Jul) – China TCM and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Merger Arb Mondays (15 Jul) – China TCM, Canvest, Henlius, Hollysys, Second Chance, Anasarda, Rex
MMG (1208) – Rights Results Show High Take-Up, Small Unhedged Portion
POSCO Holdings: Announces Shares Buyback and Cancellation of Nearly 2 Trillion Won
CSI300 Index Rebalance Preview: 18 Changes in Dec; Third Plenum; ETF Inflows; Short Sell Crackdown
CK Infra (1038 HK): London Calling
A/H Premium Tracker (To 12 Jul 2024): Roughly Flat Week Ahead of 3rd Plenum, Possible A Short-Covers
Legend Biotech (LEGN US) – A Takeover Offer?
Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought
HK Connect SOUTHBOUND Flows (To 12 Jul 2024); Slower Flows Gross and Net (Buy), Still SOEs
EQD / NSE Vol Update / Vega Was Bid & Gamma Was Offered

Merger Arb Mondays (15 Jul) – China TCM, Canvest, Henlius, Hollysys, Second Chance, Anasarda, Rex

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), China Traditional Chinese Medicine (570 HK), Canvest Environmental Protection Group (1381 HK), A8 New Media (800 HK), Asia Cement China (743 HK).
Lowest spreads: Fancl Corp (4921 JP), Tatsuta Electric Wire & Cable (5809 JP), Alumina Ltd (AWC AU), Nagatanien Holdings (2899 JP), Mimasu Semiconductor Industry (8155 JP), Infocom Corp (4348 JP).

MMG (1208) – Rights Results Show High Take-Up, Small Unhedged Portion

By Travis Lundy

Friday post-close, MMG (1208 HK) released the results of its Rights Offering. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.
The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, but hey, free money?
The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.

POSCO Holdings: Announces Shares Buyback and Cancellation of Nearly 2 Trillion Won

By Douglas Kim

POSCO Holdings (005490 KS) announced a major shareholder return policy to buyback and cancel nearly 2 trillion won worth of treasury shares from 2024 to 2026.
The company will cancel 5.25 million treasury shares representing 6.2% of outstanding shares (about 1.9 trillion won). It will also repurchase and cancel additional 100 billion won of shares.
POSCO Holdings has taken a major initiative to provide greater returns to its shareholders and this should have a positive impact on its share price.

CSI300 Index Rebalance Preview: 18 Changes in Dec; Third Plenum; ETF Inflows; Short Sell Crackdown

By Brian Freitas

There could be 18 changes at the December rebalance with the Industrials sector gaining 3 index spots and the Information Technology sector losing 5 spots.
We estimate one-way turnover of 3.3% at the rebalance leading to a one-way trade of CNY 22.07bn (US$3bn). There are a lot of stocks with multiple days ADV to trade.
The potential adds have outperformed the potential deletes. There were ETF inflows last week amid a short selling crackdown as the Third Plenum kicks off.

CK Infra (1038 HK): London Calling

By David Blennerhassett

CK Infrastructure Holdings (1038 HK), 75.67%-held by CK Hutchison Holdings (1 HK), announced it is considering a second listing on an overseas stock exchange, such as London.
A UK-listing makes perfect sense. In excess of 90% of CKI’s FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.
The wording in the announcement is unclear – a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.

A/H Premium Tracker (To 12 Jul 2024): Roughly Flat Week Ahead of 3rd Plenum, Possible A Short-Covers

By Travis Lundy

The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND inflow continues, albeit smaller. SOE Banks/Energy/Telecoms remain a big net buy. Percentage of volume is large. NORTHBOUND saw finance buying. Possible short-covering ahead of new short-selling restrictions/access.
AH Premia were up small on average, down small on the liquid pairs. But HSI/HSCEI vs CSI300/500 performance spreads were higher. Third Plenum this week may drive “sentiment.”

Legend Biotech (LEGN US) – A Takeover Offer?

By Xinyao (Criss) Wang

Legend Biotech received takeover interest and hired Centerview Partners to review the offer. Due to the satisfactory clinical results/promising commercialization outlook of Carvykti, Legend Bio is an attractive M&A candidate.
Peak sales of Carvykti could exceed US$5 billion. After Carvykti is approved by the FDA/EC for 2L treatment of MM, future valuation leap of legend Bio is becoming more certain.
Legend Bio is clearly undervalued. We think reasonable market value range for Legend Bio is about US$12.5 – 15 billion, which means there is decent upward potential for share price.

Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought

By Travis Lundy

The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB +15.9bn of A-shares. NORTHBOUND bought Financials, Industry, Infotech, etc. They sold Communications (which was a HUGE SOUTHBOUND buy) and Pharma/Healthcare.
It is notable that net flows as a percentage of value traded are clearly “short gamma”, which is to say, sector underperformers are being sold, sector outperformers being bought.

HK Connect SOUTHBOUND Flows (To 12 Jul 2024); Slower Flows Gross and Net (Buy), Still SOEs

By Travis Lundy

SOUTHBOUND was again a net buyer, for HK$7.3bn this week, on smallish two-way volumes. Major buying was mostly SOEs.
The more I watch, the more I think the last few months have had serious national team buying of banks and energy, perhaps ahead of shareholder return policy changes.
But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows – national team and otherwise.

EQD / NSE Vol Update / Vega Was Bid & Gamma Was Offered

By Sankalp Singh

IVs for Monthly & Quarterly contracts rose as options market baked in additional risk premia for the Budget Announcement.
Vega bid & Gamma offered – Monthly IVs higher by +2.3 vols & Weekly IVs lower by -0.5 vols. Short-Dated IVs closed lower in spite of upcoming earnings events
Term structure is trading with a kinked shape, with Monthly IVs trading at a markup to rest of the curve

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief Macro: Real Interest Rate Plays a Key Role in Hong Kong Residential Property Market and more

By Smartkarma Daily Briefs | Daily Briefs, Macro

In today’s briefing:

Real Interest Rate Plays a Key Role in Hong Kong Residential Property Market
Overview #6 – Japanese Data Perks Up.
Trading the Slow Motion Melt-Up
A Roadmap for the Rest of 2024
Actinver – Macro Daily: Industrial Activity

Real Interest Rate Plays a Key Role in Hong Kong Residential Property Market

By Alex Ng

Negative real interest rate had been associated with booming residential property prices in Hong Kong from 2008 to 2021
However the party is over as Hong Kong interest rate moves up following ups in Fed Fund Rate due to Linked Exchange Rate System.
Residential prices rise 250% during the negative real interest rate period of 2008 to 2021, and are down 22.5% immediately during the real interest rate hike in 2022 to 2023.

Overview #6 – Japanese Data Perks Up.

By Rikki Malik

A review of recent events impacting our investment themes or outlook
Japan perks up as machine tool orders rise y/y for the first time in nearly 19 months
US Interest Rate cut expectations rise to a “sure thing” in September

Trading the Slow Motion Melt-Up

By Cam Hui

Valuation and breadth indicators are flashing concerning signs of excesses. We believe this market bull has more room to run.
If this is a market bubble, valuations are stretched but not bubbly.
Price and fundamental momentum are strong, and we are not seeing signs of distribution.

A Roadmap for the Rest of 2024

By Cam Hui

Our base-case scenario is based on an analysis of current market conditions and seasonal patterns of a near-term top in July and sideways consolidation for the remainder of the month.
Expect a rally in August, which could be consistent with an anticipation of a September rate cut in the wake of the July 31 FOMC meeting and Jackson Hole speeches.
Volatility and risk should rise into the November election, followed by a post-electoral rally into year-end.

Actinver – Macro Daily: Industrial Activity

By Actinver

In May, industrial activity grew 0.7% MoM, driven by mining and construction.
Unlike what happened at the beginning of the year, government projects are no longer the driving force of construction, but rather private sector construction.
In May, industrial production reversed the decline seen in April (-0.4% MoM), growing 0.7% MoM.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief Australia: MMG and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

MMG (1208) – Rights Results Show High Take-Up, Small Unhedged Portion

MMG (1208) – Rights Results Show High Take-Up, Small Unhedged Portion

By Travis Lundy

Friday post-close, MMG (1208 HK) released the results of its Rights Offering. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.
The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, but hey, free money?
The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief South Korea: POSCO Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

POSCO Holdings: Announces Shares Buyback and Cancellation of Nearly 2 Trillion Won

POSCO Holdings: Announces Shares Buyback and Cancellation of Nearly 2 Trillion Won

By Douglas Kim

POSCO Holdings (005490 KS) announced a major shareholder return policy to buyback and cancel nearly 2 trillion won worth of treasury shares from 2024 to 2026.
The company will cancel 5.25 million treasury shares representing 6.2% of outstanding shares (about 1.9 trillion won). It will also repurchase and cancel additional 100 billion won of shares.
POSCO Holdings has taken a major initiative to provide greater returns to its shareholders and this should have a positive impact on its share price.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief Singapore: Thai Beverage and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike

Thai Beverage (THBEV SP): Faces Potential Hit as Vietnam Proposes Beer Tax Hike

By Devi Subhakesan

Thai Beverage (THBEV SP) majority-owned SABECO, a leading beer company in Vietnam, may face volume declines if the proposed beer tax hike is implemented.
The tougher market outlook makes the earlier proposed BeerCo listing unlikely anytime soon.
With no meaningful stock catalyst, weak sector outlook and a stretched balance sheet, the stock could slip down after index inclusion related passive stock buying ends.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief United States: Charles & Colvard , Coherent and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

CHARLES & COLVARD LTD (CTHR) – Sunday, Apr 14, 2024
Coherent Corp (COHR) – Monday, Apr 15, 2024

CHARLES & COLVARD LTD (CTHR) – Sunday, Apr 14, 2024

By Value Investors Club

Charles & Colvard operates in the lab-created diamond industry and plans to transition to lab-grown diamonds and direct distribution
The company experienced a challenging second quarter but has a solid foundation and potential for improved financial performance in the future
Despite current setbacks, Charles & Colvard could present a value investment opportunity for patient investors awaiting a turnaround

Coherent Corp (COHR) – Monday, Apr 15, 2024

By Value Investors Club

Coherent Corp. is a maker of optical components with a focus on optical connectivity within GPU clusters
Predicted 20%+ internal rate of return over a 3-year holding period due to secular adoption trends
Emphasis on addressing interconnect bandwidth wall issue in data centers to improve data movement speed in relation to compute speeds

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief China: China Traditional Chinese Medicine, Eoptolink Technology , CK Infrastructure Holdings, Great Wall Motor, Legend Biotech Corp, Luxshare Precision Industry, China Construction Bank H, BYD, T.S. Lines, Shanghai Rural Commercial Bank and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Merger Arb Mondays (15 Jul) – China TCM, Canvest, Henlius, Hollysys, Second Chance, Anasarda, Rex
CSI300 Index Rebalance Preview: 18 Changes in Dec; Third Plenum; ETF Inflows; Short Sell Crackdown
CK Infra (1038 HK): London Calling
A/H Premium Tracker (To 12 Jul 2024): Roughly Flat Week Ahead of 3rd Plenum, Possible A Short-Covers
Legend Biotech (LEGN US) – A Takeover Offer?
Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought
HK Connect SOUTHBOUND Flows (To 12 Jul 2024); Slower Flows Gross and Net (Buy), Still SOEs
China Consumption Weekly (15 Jul 2024): Seres, BYD, Guangzhou Automobile,Trip.com
T.S. Lines Pre-IPO – Looks like an Opportunistic Listing
Quiddity Leaderboard CSI 300/500 Dec 24: Positive Start to the Trade; Some Changes to Expectations

Merger Arb Mondays (15 Jul) – China TCM, Canvest, Henlius, Hollysys, Second Chance, Anasarda, Rex

By Arun George

We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), China Traditional Chinese Medicine (570 HK), Canvest Environmental Protection Group (1381 HK), A8 New Media (800 HK), Asia Cement China (743 HK).
Lowest spreads: Fancl Corp (4921 JP), Tatsuta Electric Wire & Cable (5809 JP), Alumina Ltd (AWC AU), Nagatanien Holdings (2899 JP), Mimasu Semiconductor Industry (8155 JP), Infocom Corp (4348 JP).

CSI300 Index Rebalance Preview: 18 Changes in Dec; Third Plenum; ETF Inflows; Short Sell Crackdown

By Brian Freitas

There could be 18 changes at the December rebalance with the Industrials sector gaining 3 index spots and the Information Technology sector losing 5 spots.
We estimate one-way turnover of 3.3% at the rebalance leading to a one-way trade of CNY 22.07bn (US$3bn). There are a lot of stocks with multiple days ADV to trade.
The potential adds have outperformed the potential deletes. There were ETF inflows last week amid a short selling crackdown as the Third Plenum kicks off.

CK Infra (1038 HK): London Calling

By David Blennerhassett

CK Infrastructure Holdings (1038 HK), 75.67%-held by CK Hutchison Holdings (1 HK), announced it is considering a second listing on an overseas stock exchange, such as London.
A UK-listing makes perfect sense. In excess of 90% of CKI’s FY23 profit was sourced from businesses outside Asia, with ~50% from its UK ops.
The wording in the announcement is unclear – a dual primary listing, or a secondary listing? The LSE is also undergoing a listing regime change, effective 29th July.

A/H Premium Tracker (To 12 Jul 2024): Roughly Flat Week Ahead of 3rd Plenum, Possible A Short-Covers

By Travis Lundy

The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND inflow continues, albeit smaller. SOE Banks/Energy/Telecoms remain a big net buy. Percentage of volume is large. NORTHBOUND saw finance buying. Possible short-covering ahead of new short-selling restrictions/access.
AH Premia were up small on average, down small on the liquid pairs. But HSI/HSCEI vs CSI300/500 performance spreads were higher. Third Plenum this week may drive “sentiment.”

Legend Biotech (LEGN US) – A Takeover Offer?

By Xinyao (Criss) Wang

Legend Biotech received takeover interest and hired Centerview Partners to review the offer. Due to the satisfactory clinical results/promising commercialization outlook of Carvykti, Legend Bio is an attractive M&A candidate.
Peak sales of Carvykti could exceed US$5 billion. After Carvykti is approved by the FDA/EC for 2L treatment of MM, future valuation leap of legend Bio is becoming more certain.
Legend Bio is clearly undervalued. We think reasonable market value range for Legend Bio is about US$12.5 – 15 billion, which means there is decent upward potential for share price.

Mainland Connect NORTHBOUND Flows (To 12 July 2024): Finance, Industry, Infotech Bought

By Travis Lundy

The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net BUY RMB +15.9bn of A-shares. NORTHBOUND bought Financials, Industry, Infotech, etc. They sold Communications (which was a HUGE SOUTHBOUND buy) and Pharma/Healthcare.
It is notable that net flows as a percentage of value traded are clearly “short gamma”, which is to say, sector underperformers are being sold, sector outperformers being bought.

HK Connect SOUTHBOUND Flows (To 12 Jul 2024); Slower Flows Gross and Net (Buy), Still SOEs

By Travis Lundy

SOUTHBOUND was again a net buyer, for HK$7.3bn this week, on smallish two-way volumes. Major buying was mostly SOEs.
The more I watch, the more I think the last few months have had serious national team buying of banks and energy, perhaps ahead of shareholder return policy changes.
But valuations are acceptable. Flows are good. Policy changes are afoot. SOUTHBOUND may continue to see inflows – national team and otherwise.

China Consumption Weekly (15 Jul 2024): Seres, BYD, Guangzhou Automobile,Trip.com

By Ming Lu

Guangzhou Automobile sales volume of new energy vehicle decreased by 38% YoY in June and by 31% YoY in 1H24.
BYD plans to invest US$1 billion to build a factory in Turkey.
AliPay announced that foreigners’ consumption amount in China in 1H24 was eight times of last year.

T.S. Lines Pre-IPO – Looks like an Opportunistic Listing

By Clarence Chu

T.S. Lines (TSL HK) is looking to raise about US$300m in its upcoming Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In this note, we look at the firm’s past performance.

Quiddity Leaderboard CSI 300/500 Dec 24: Positive Start to the Trade; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
There have been multiple changes to our expected ADDs/DELs list since our last insight.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 15

Daily Brief India: NIFTY Index, Longfor Properties and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

EQD / NSE Vol Update / Vega Was Bid & Gamma Was Offered
Morning Views Asia: HPCL-Mittal Energy Ltd, JSW Steel Ltd, Lenovo, Lippo Malls Indonesia Retail Trust

EQD / NSE Vol Update / Vega Was Bid & Gamma Was Offered

By Sankalp Singh

IVs for Monthly & Quarterly contracts rose as options market baked in additional risk premia for the Budget Announcement.
Vega bid & Gamma offered – Monthly IVs higher by +2.3 vols & Weekly IVs lower by -0.5 vols. Short-Dated IVs closed lower in spite of upcoming earnings events
Term structure is trading with a kinked shape, with Monthly IVs trading at a markup to rest of the curve