Smartkarma Daily Briefs

SenseTime Group (20 HK) is a potential deletion in June while Zijin Mining Group Co Ltd H (2899 HK) is a potential inclusion.
For yet another review, BeiGene (6160 HK) is a close add with the Velocity Test determining if the stock will be added to the index or not.
Estimated one-way turnover at the rebalance is 2.95% resulting in a one-way trade of HK$1.6bn. Official capping will be based off the close of trading on 4 June.

Observations on Post-Election Flows of Value-Up Stocks, Based on Recent Local Institutional Trades

By Sanghyun Park

Opposition’s probable win in the election sparks concerns about Value-up initiative’s momentum. However, market sentiment doesn’t universally echo these worries.
Value-Up stocks’ recent corrections likely stem from Q4 dividend arbitrage liquidation, rather than election result concerns.
Post-Election, even if the opposition wins, the left-leaning Value-up program might continue, limiting the opposition’s influence, as seen in recent National Pension Service flows.

Merger Arb Mondays (08 Apr) – JSR, Jastec, Shinko, Azure, Genex, Best World, Isetan

By Research as a Service (RaaS)

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: Jastec Co Ltd (9717 JP), Qantm Intellectual Property (QIP AU), Southern Cross Media (SXL AU), Genex Power Ltd (GNX AU), QV Equities Ltd (QVE AU), China TCM.
Lowest spreads: Roland DG Corp (6789 JP), Tietto Minerals Ltd (TIE AU), Newmark Property REIT (NPR AU), Mma Offshore (MRM AU), CPMC Holdings (906 HK), Pact Group Holdings (PGH AU).

Empire Energy Group ASX:EEG RaaS Interview Transcript 8 April 2024

Discussion on progress of Beetaloo project and update on FID, discussion on outlook for gas supply in east coast Australia, comments on recent substantial shareholder notice from Sheffield Resources.

Sealed Air (SEE): A Melting Ice Cube Hiding In Plain Sight

By Bleecker Street Research

Sealed Air (SEE) is a disaster in motion: its entire business is facing extinction as customers move away from the thin-film plastics the company makes.
Sealed Air’s e-Commerce business has collapsed as Amazon has moved away from the single-use plastics, formerly ever present in its packaging.
California just passed two recycling and labeling bills that we think will make Sealed Air’s products unlikely to be used in the State and possibly in the US as a whole.

Tredegar Corp (TG) – Sunday, Jan 7, 2024

By Value Investors Club

Tredegar Corporation has been selling off businesses, annuitizing pension plans, and seeing key executives retire in recent years
With only two remaining businesses, the company is estimated to be worth $11-13 after accounting for debt, before tax implications
These actions indicate a significant shift in Tredegar’s strategy and possible future liquidation piece by piece

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.

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Apr 08

Daily Brief Industrials: J&T Global Express , Adani Enterprises, APM Human Services Internation and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry
SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play
APM (APM AU): Madison Dearborn’s “Disappointing” NBIO

J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry

J&T Global Express (1519 HK)’s 180-day IPO lock-up period for 88% of outstanding shares expires on 24 April. The shares exiting the lock-up period are worth US$9.9 billion.
The likely sellers will be the Series pre-A1, pre-A2, A and B investors as are they are materially in the money at the last close price.
J&T has returned to organic growth with a shift to profits and declining cash burn. While the last close is 17% below the IPO price, the shares are fairly valued.

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with Wipro Ltd (WPRO IN) in deletion zone.
Oil & Natural Gas Corp (ONGC IN), Coal India Ltd (COAL IN) and Adani Enterprises (ADE IN) are potential replacements with sector balance likely to come into play.
Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.

APM (APM AU): Madison Dearborn’s “Disappointing” NBIO

On the 28th Feb, PE-outfit CVC Asia Pacific bumped its NBIO to A$2.00/share, and was granted exclusive due diligence. On the 27th Mar, CVC said they were “unable to proceed“.
Today, the 8th April, Madison Dearborn Partners, holding ~29%, has pitched an non-indicative, non-binding Offer at A$1.40/share, in cash, by way of a Scheme. An unlisted scrip option is available.
A key condition is APM Human Services (APM AU)‘s executive-chair Megan Wynne, founding related parties, and key management, electing scrip. The Independent Board Committee reckons the Offer Price is disappointing.

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Apr 08

Daily Brief Industrials: J&T Global Express , Adani Enterprises, APM Human Services Internation and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry
SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play
APM (APM AU): Madison Dearborn’s “Disappointing” NBIO

J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry

J&T Global Express (1519 HK)’s 180-day IPO lock-up period for 88% of outstanding shares expires on 24 April. The shares exiting the lock-up period are worth US$9.9 billion.
The likely sellers will be the Series pre-A1, pre-A2, A and B investors as are they are materially in the money at the last close price.
J&T has returned to organic growth with a shift to profits and declining cash burn. While the last close is 17% below the IPO price, the shares are fairly valued.

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with Wipro Ltd (WPRO IN) in deletion zone.
Oil & Natural Gas Corp (ONGC IN), Coal India Ltd (COAL IN) and Adani Enterprises (ADE IN) are potential replacements with sector balance likely to come into play.
Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.

APM (APM AU): Madison Dearborn’s “Disappointing” NBIO

On the 28th Feb, PE-outfit CVC Asia Pacific bumped its NBIO to A$2.00/share, and was granted exclusive due diligence. On the 27th Mar, CVC said they were “unable to proceed“.
Today, the 8th April, Madison Dearborn Partners, holding ~29%, has pitched an non-indicative, non-binding Offer at A$1.40/share, in cash, by way of a Scheme. An unlisted scrip option is available.
A key condition is APM Human Services (APM AU)‘s executive-chair Megan Wynne, founding related parties, and key management, electing scrip. The Independent Board Committee reckons the Offer Price is disappointing.

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Apr 08

Daily Brief TMT/Internet: Jastec Co Ltd, Hanmi Semiconductor, Taiwan Semiconductor (TSMC) – ADR, Nintendo , United Microelectronics Corp, Shift4 Payments and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

NTT Data’s ¥1,940/Share Deal For Jastec (9717) – Not Enough But Probably Enough
KOSPI200 Index Rebalance Preview: Hanmi Semiconductor (042700 KS) Flying High
Taiwan Dual-Listings Monitor: TSMC, ASE Spreads Bounce Back to Historically Extreme Highs
Nintendo Co Ltd (NTDOY) – Sunday, Jan 7, 2024
UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ.
Payment Companies – Potential IPOs, Select Companies Being Taken Private and Sector Overview

NTT Data’s ¥1,940/Share Deal For Jastec (9717) – Not Enough But Probably Enough

By Travis Lundy

NTT Data Corp (9613 JP) on Friday announced a Tender Offer to take over small custom software developer and system integrator Jastec Co Ltd (9717 JP).
It’s at a premium. But for a growing company ahead of “The 2025 Problem” where synergies are expected, you’d want to get a premium vs where comps trade. You don’t.
But this gets to near 50% just from friendlies. Someone who wanted to interfere would have to be publicly noisy. I expect this gets done.

KOSPI200 Index Rebalance Preview: Hanmi Semiconductor (042700 KS) Flying High

Around 85% of the way through the review period, we see four changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the June rebalance.
The impact on the potential inclusions ranges from 0.4-8 days of ADV while the impact on the potential deletions varies from 1-13 days of ADV.
Hanmi Semiconductor (042700 KS) is up 72% in the last two months following its appearance on the list of potential Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) inclusions in June.

Taiwan Dual-Listings Monitor: TSMC, ASE Spreads Bounce Back to Historically Extreme Highs

By Vincent Fernando, CFA

TSMC: +16.2%, Bounced Back to Historically Extreme Level, Consider Short
UMC: -0.3% Discount, Flipped to Positive and Now Negative Again
ASE: +15.3% Premium; Bounced Back to Extreme Highs, Short the Spread

Nintendo Co Ltd (NTDOY) – Sunday, Jan 7, 2024

By Value Investors Club

AAOI recommends investing in Nintendo ahead of the launch of the Switch 2 console cycle in mid to late 2024
Analyst sees potential for multiple expansion, margin improvement, and continued monetization of intellectual property through theme parks and movies
Bullish on Nintendo’s stock in absolute terms and relative to other companies in the video game and media sectors, predicting significant gains based on past launch cycles.

UMC (2303.TT; UMC.US): Some Rush Orders Coming in and 2Q24F Could Post Positive QoQ.

By Patrick Liao

United Microelectronics Corp (2303 TT)‘s 2Q24F outlook is experiencing a slight upward now, possibly indicating a positive QoQ.
UMC’s notable contributors are showing a mixed outlook, and Novatek Microelectronics Corp (3034 TT) could be the most influencer.
Attention should be paid to the 3Q24F outlook for any potential changes and a shift from a bearish view could positively impact the outlook, potentially signaling the end of downturn.

Payment Companies – Potential IPOs, Select Companies Being Taken Private and Sector Overview

By Victor Galliano

We explore Klarna’s and Stripe’s IPO prospects and valuations based on recent share transactions; Nuvei and Cielo are close to being taken private, with Worldpay now controlled by private equity
Nuvei and Worldpay both grew by acquisition but failed to deliver on the market’s expected returns, in our view, ending up under PE ownership; is Nexi a potential PE target?
We retain Visa as a core holding and also keep PagSeguro and PayPal as buys, replacing Cielo with new peer group addition Shift4; we keep our sell rating on Affirm

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Apr 08

Daily Brief Health Care: Sino Biopharmaceutical, APT Medical and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

China Healthcare Weekly (Apr.6) – Boom of TCM Injections Is Coming, Defects in GLP-1s, Sino Biopharm
STAR50 Index Rebalance Preview: APT Medical Moving Higher

China Healthcare Weekly (Apr.6) – Boom of TCM Injections Is Coming, Defects in GLP-1s, Sino Biopharm

By Xinyao (Criss) Wang

The biggest changes in 2023 medical insurance catalog are the lifting of payment restrictions on TCM injections, which would drive rapid sales growth in the hospital market this year.
GLP-1s are not flawless, and patients will lose not only fat but also muscle during weight-loss process. Then, another noteworthy opportunity has emerged – reduce fat and increase muscle.
In 2024, Sino Biopharm is expected to achieve single-digit revenue growth. Deficiencies in corporate governance are one reason why the market is reluctant to offer Sino Biopharm high valuation.

STAR50 Index Rebalance Preview: APT Medical Moving Higher

The review period for the June rebalance ends 30 April. We expect the changes to be announced 31 May with the implementation taking place after the close on 14 June.
We expect the index committee to continue using a 6-month minimum listing history resulting in three changes to the index.
With a big jump in tracking AUM over the last few months, passives will need to trade a lot of stock on implementation date.

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Apr 08

Daily Brief Financials: NIFTY Index, Ethereum, HD Hyundai Marine Solution , Cactus Acquisition Corp 1 Ltd, Bread Financial Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

EQD / NSE Volatility Update / 01-Apr-24 to 05-Apr-24
Restaking, the Biggest Opportunity and Risk in Ethereum
ECM Weekly (8th Apr 2024) – Hyundai Marine, Waaree Energies, Horizon Robotics, Bharti Hexacom
Electrifying the Fleet
Bread Financial Holdings Inc (BFH) – Monday, Jan 8, 2024

EQD / NSE Volatility Update / 01-Apr-24 to 05-Apr-24

By Sankalp Singh

Equities shrug off hawkish RBI rhetoric – eye on $3 Billion inflows from MSCI rejig & June Elections results
Short dated IVs trade lower. Quarterly-expiry IVs continue to hold at >13.0% levels as they capture multiple event risks
Short vega positions recommended as “High & Down” vol state persists. Use current scenario to buy tail hedges as protection for long Equity positions.

Restaking, the Biggest Opportunity and Risk in Ethereum

By Edward Wu

Crypto market is driven by narrative in the short term, and capital favors new narratives. Ethereum restaking is the brand new narrative and biggest investment opportunity in this cycle.
Restaking and Liquid Restaking will bring upward pressure to ETH, and tokens of Liquid Restaking protocols will benefit from the growing restaking market.
DeFi use cases related to Liquid Restaked Tokens introduce increased financial leverage to the Ethereum DeFi ecosystem, which also entails heightened risks.

ECM Weekly (8th Apr 2024) – Hyundai Marine, Waaree Energies, Horizon Robotics, Bharti Hexacom

By Ethan Aw

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the focus remained on HD Hyundai Marine Solution (443060 KS) and Bharti Hexacom (6597372Z IN).
On the placement front, India remained at the forefront with JSW Energy Ltd (JSW IN) and the potential share sale of Vodafone Idea (IDEA IN).

Electrifying the Fleet

By subSPAC

This last week was packed with deals, amendments, and merger breakups.
A SPAC is set to merge with an electric utility firm, and a blank-cheque firm is taking a critical metals supply chain-focused firm.
Also, Sam Altman’s SPAC surges as it nears a deal, and a SPAC terminates a merger with a hydrogen energy firm. Read on to find out the latest about all things SPACs.

Bread Financial Holdings Inc (BFH) – Monday, Jan 8, 2024

By Value Investors Club

Bread Financial (formerly Alliance Data) has experienced a drop in stock price since 2015 but has improved its balance sheet.
The future earnings outlook is uncertain due to pending regulations, but the company is expected to generate a high return on equity.
Bread Financial issues private label and co-brand credit cards with major partners, making it a potentially valuable investment opportunity at its current price.

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Apr 08

Daily Brief Consumer: Perfect Medical Health, Fu Shou Yuan, TSE Tokyo Price Index TOPIX, BYD and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – April 2024
Fu Shou Yuan (1448.HK) – Due to the Pain Points, Investment Logic Changes
ETFs Held by BOJ with No Prospect of Sale Are Unfortunate for Shareholders
China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – April 2024

By Sameer Taneja

We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
Our top picks are Perfect Medical Health (1830 HK), Water Oasis (1161 HK), Taste Gourmet (8371 HK), Uchi Technologies (UCHI MK), and Ginebra San Miguel (GSMI PM).
We recently added Dream International (1126 HK). Read: Dream International (1126 HK): Dream Valuation of 3.7x PE and 12% Div Yield, >40% of Mkt Cap In Cash

Fu Shou Yuan (1448.HK) – Due to the Pain Points, Investment Logic Changes

By Xinyao (Criss) Wang

Fu Shou Yuan’s 2023 performance was indeed not good, with negative growth in 23H2.Shanghai alone has limited market capacity.No matter how strong it is, it cannot drive the national market.
Fu Shou Yuan has encountered difficulties in external expansion and M&A, so it chooses to increase dividends. However, this means the Company may have to say goodbye to high growth.
The founder’s “past bad record” and uncertain business outlook hinder the upward potential of valuation, which requires a high margin of safety.It’s better bought at low price to collect dividends.

ETFs Held by BOJ with No Prospect of Sale Are Unfortunate for Shareholders

By Aki Matsumoto

ETF sale is pie in the sky if the dividend income from ETFs held by BOJ is used to cover the interest payments associated with lifting of negative interest rates.
ETFs held by the Bank of Japan, which account for 7% of prime market capitalization, are actually reducing the number of actual tradable shares and hindering trading liquidity.
Furthermore, ETFs held by BOJ, which don’t indicate their intention to be shareholders, may be voting in favor of the company’s proposal as new silent shareholders in place of cross-shareholdings.

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

By Ming Lu

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.
AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.
Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.

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Apr 08

Most Read: Lalatech Holdings Co Ltd, J&T Global Express , Rakuten, Jastec Co Ltd, Zijin Mining Group Co Ltd H, GS Holdings, JSR Corp, Hanmi Semiconductor, Adani Enterprises, APT Medical and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | ‘Unbelievable’ Cost Control | Hidden Competition
J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry
Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science
NTT Data’s ¥1,940/Share Deal For Jastec (9717) – Not Enough But Probably Enough
HSCEI Index Rebalance Preview: One Change or Two in June?
Observations on Post-Election Flows of Value-Up Stocks, Based on Recent Local Institutional Trades
Merger Arb Mondays (08 Apr) – JSR, Jastec, Shinko, Azure, Genex, Best World, Isetan
KOSPI200 Index Rebalance Preview: Hanmi Semiconductor (042700 KS) Flying High
SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play
STAR50 Index Rebalance Preview: APT Medical Moving Higher

TRACKING TRAFFIC/Lalatech IPO: Attractive Segment | ‘Unbelievable’ Cost Control | Hidden Competition

By Daniel Hellberg

Lalatech’s largest segment by revenue — Chinese intra-city on-demand freight — features many of the attributes that are attractive to online logistics intermediaries
At the top of the list of red flags in its prospectus is Lalatech’s company’s dramatic 71% Y/Y reduction in Sales and Marketing expenses last year
Although Lalatech appears to be the leading platform for Chinese intra-city on-demand freight matching, the company faces ‘hidden’ competition from several larger groups

J&T Global Express (1519 HK): The US$9.9 Billion Lock up Expiry

J&T Global Express (1519 HK)’s 180-day IPO lock-up period for 88% of outstanding shares expires on 24 April. The shares exiting the lock-up period are worth US$9.9 billion.
The likely sellers will be the Series pre-A1, pre-A2, A and B investors as are they are materially in the money at the last close price.
J&T has returned to organic growth with a shift to profits and declining cash burn. While the last close is 17% below the IPO price, the shares are fairly valued.

Last Week in Event SPACE: JSR, Austal, Rakuten, Hyundai Home Shopping, Hanmi Science

Murakami to tender stake in JSR Corp (4185 JP)? Maybe the “double arb”: i.e. short on swap, long on cash, will tender the cash, remain short the back end.
Austal Ltd (ASB AU) rejected (for now) Hanwha Ocean (042660 KS)‘s bid based on regulatory concerns. Hanwha reckons these should not be an issue.
If you can tolerate owning the mobile biz, buy Rakuten (4755 JP) on dips. If not, avoid Rakuten Group and Rakuten Bank short-term; buy Rakuten Bank on larger dips.

NTT Data’s ¥1,940/Share Deal For Jastec (9717) – Not Enough But Probably Enough

By Travis Lundy

NTT Data Corp (9613 JP) on Friday announced a Tender Offer to take over small custom software developer and system integrator Jastec Co Ltd (9717 JP).
It’s at a premium. But for a growing company ahead of “The 2025 Problem” where synergies are expected, you’d want to get a premium vs where comps trade. You don’t.
But this gets to near 50% just from friendlies. Someone who wanted to interfere would have to be publicly noisy. I expect this gets done.

HSCEI Index Rebalance Preview: One Change or Two in June?

SenseTime Group (20 HK) is a potential deletion in June while Zijin Mining Group Co Ltd H (2899 HK) is a potential inclusion.
For yet another review, BeiGene (6160 HK) is a close add with the Velocity Test determining if the stock will be added to the index or not.
Estimated one-way turnover at the rebalance is 2.95% resulting in a one-way trade of HK$1.6bn. Official capping will be based off the close of trading on 4 June.

Observations on Post-Election Flows of Value-Up Stocks, Based on Recent Local Institutional Trades

By Sanghyun Park

Opposition’s probable win in the election sparks concerns about Value-up initiative’s momentum. However, market sentiment doesn’t universally echo these worries.
Value-Up stocks’ recent corrections likely stem from Q4 dividend arbitrage liquidation, rather than election result concerns.
Post-Election, even if the opposition wins, the left-leaning Value-up program might continue, limiting the opposition’s influence, as seen in recent National Pension Service flows.

Merger Arb Mondays (08 Apr) – JSR, Jastec, Shinko, Azure, Genex, Best World, Isetan

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: Jastec Co Ltd (9717 JP), Qantm Intellectual Property (QIP AU), Southern Cross Media (SXL AU), Genex Power Ltd (GNX AU), QV Equities Ltd (QVE AU), China TCM.
Lowest spreads: Roland DG Corp (6789 JP), Tietto Minerals Ltd (TIE AU), Newmark Property REIT (NPR AU), Mma Offshore (MRM AU), CPMC Holdings (906 HK), Pact Group Holdings (PGH AU).

KOSPI200 Index Rebalance Preview: Hanmi Semiconductor (042700 KS) Flying High

Around 85% of the way through the review period, we see four changes for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the June rebalance.
The impact on the potential inclusions ranges from 0.4-8 days of ADV while the impact on the potential deletions varies from 1-13 days of ADV.
Hanmi Semiconductor (042700 KS) is up 72% in the last two months following its appearance on the list of potential Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) inclusions in June.

SENSEX Index Rebalance Preview: Wipro Deletion to Bring Sector Balance into Play

Nearly 90% of the way through the review period of the June rebalance, we see one potential index change with Wipro Ltd (WPRO IN) in deletion zone.
Oil & Natural Gas Corp (ONGC IN), Coal India Ltd (COAL IN) and Adani Enterprises (ADE IN) are potential replacements with sector balance likely to come into play.
Passive trackers will need to trade over 13 days of delivery volume on the potential index changes.

STAR50 Index Rebalance Preview: APT Medical Moving Higher

The review period for the June rebalance ends 30 April. We expect the changes to be announced 31 May with the implementation taking place after the close on 14 June.
We expect the index committee to continue using a 6-month minimum listing history resulting in three changes to the index.
With a big jump in tracking AUM over the last few months, passives will need to trade a lot of stock on implementation date.

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Apr 08

Daily Brief Quantitative Analysis: TWSE Foreign Holding Weekly (Apr 5th): TSMC and more

By Smartkarma Daily Briefs | Daily Briefs, Quantitative Analysis

In today’s briefing:

TWSE Foreign Holding Weekly (Apr 5th): TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On
Northbound Flows (Apr 3rd): CATL, Moutai
TWSE Short Interest Weekly (Mar 29th): Evergreen Marine, United Integrate, Chicony Elec, Unimicron
A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High
Hong Kong Connect Flows (Apr 3rd): Tencent, Bank Of China, Xiaomi

TWSE Foreign Holding Weekly (Apr 5th): TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On

We analyzed the changes in foreign holdings of TWSE Stocks as of Apr 5th which has an aggregated holding worth USD3,983.2bn.
We estimate that foreign flows to be outflows of USD232mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign instutions.
We highlight foreign changes in TSMC, Wiwynn, Bora Pharma, Wistron, Faraday Tech, Lite-On Tech, Alchip Tech, Hon Hai, Asia Vital, Quanta Computer.

Northbound Flows (Apr 3rd): CATL, Moutai

We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of April 3rd.
We estimate the weekly outflows to be US$448.8 million, led by consumer discretionary, information technology, consumer staples, and offset by industrials, utilities, communication services.
We highlight flows for CATL, Moutai. Note that the connect was closed for three days last week due to exchange holidays.

TWSE Short Interest Weekly (Mar 29th): Evergreen Marine, United Integrate, Chicony Elec, Unimicron

We analyzed the changes in short interest of TWSE Stocks as of Mar 29th which has an aggregated short interest worth USD76.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Evergreen Marine, United Integrate, Chicony Elec, Unimicron Tech, Hon Hai, Global Unichip, Asia Vital.

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.
The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.

Hong Kong Connect Flows (Apr 3rd): Tencent, Bank Of China, Xiaomi

We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent Holdings, Bank Of China, Xiaomi.

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Apr 08

Daily Brief Australia: APM Human Services Internation, Empire Energy and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

APM (APM AU): Madison Dearborn’s “Disappointing” NBIO
Empire Energy Group ASX:EEG RaaS Interview Transcript 8 April 2024

APM (APM AU): Madison Dearborn’s “Disappointing” NBIO