Financials

• We update twelve Japanese regional banks, and add two new names, to target beneficiaries of the improving interest rate outlook; also banks with attractive credit quality, capital adequacy and valuations
• We identify the value of equity holdings for disposal among these banks; the lack of near-term easing prospects at the US Fed should support JGB yields and domestic bank valuations
• We add smaller cap Juroku Financial to our buy list of Tokyo Kiraboshi Financial, Gunma Bank and higher risk option Suruga Bank

• Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)‘s cross-shareholding.
• Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.
• In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.

• Practice of committing to ownership, governance, and leadership alignment with companies similar to other respected examples like Berkshire Hathaway and the Walnbergs in Sweden
• Focus on long-term thinking, staying current through innovation, and renewing oneself to ensure enduring success in business
• Importance of family ownership, stability, and long-term thinking in combination with the benefits of being a public company; John Elkann’s background and path to leadership within the family-owned company.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
• BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
• In this note, we talk about the not-so-positive aspects of the deal.

• Short recommendation for IRM due to reliance on core document storage business and highly leveraged balance sheet
• Weak cash flow generation and recurring addbacks in adjusted metrics make stock appear more expensive than it is
• Concerns about terminal value and ability to meet cash needs raise doubts about long-term viability of the business

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.

• Selective Insurance Group recently disclosed its financial results for the first quarter of 2024, providing a mixed picture of achievements and challenges that offer a nuanced view for investors.
• The company posted an operating return on equity (ROE) of 11.7% and reported a 16% growth in net premiums written, driven primarily by strong pricing, steady retention, and continued exposure increases.
• However, these positive developments were somewhat overshadowed by a combined ratio of 98.2%, which was above the target of 95%, largely due to increased reserving actions.

CoinShares International (CS) is a pioneer and a well-established player in the nascent, high-growth digital asset industry. The company recently introduced a dividend policy to pay out between 20% and 40% of its total comprehensive income adjusted for currency translation differences. This is underpinned by the steady income from management fees and capital market infrastructure activities, including rewards from staking digital assets, most notably Ether following the recent major upgrades to the Ethereum blockchain network.

• F&G started the year with robust first-quarter results, demonstrating a strategic focus on growth and maintaining a balanced capital management process while transitioning into more capital-light strategies.
• The company reported gross sales of $3.5 billion, marking its second-highest gross sales performance on record, which was a 6% increase from the previous year.
• This performance was driven by sustainable momentum across their multi channel new business platform and strong demand in a volatile and higher interest rate environment.

• The Hanover Insurance Group has demonstrated a strong start to the year with robust financial and operational performance in the first quarter.
• The company’s disciplined approach towards margin recapture, effective catastrophe management, and strategic growth initiatives are likely to continue supporting its profitability and shareholder value in the medium to long term.
• The Hanover Insurance Group reported after-tax operating income of $112 million or $3.08 per diluted share in the first quarter, representing an operating return on equity of 15%.

• Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. 
• BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
• In this note, we talk about the positive aspects of the deal.

• The June 2024 index changes for Thailand’s SET 50 index were announced after market close yesterday (17th June 2024).
• Initially we expected only three changes but after the index methodology was revised in May 2024, we revised our expectations and we had 4 expected ADDs/DELs.
• All 4 expected ADDs/DELs turned out to correct. In this insight, we take a look at our estimation of expected flows and potential trade ideas based on the flow dynamics.

• Sampo Oyj (SAMPO FH), top shareholder (49.5%) of Topdanmark A/S (TOP DC)  is launching a recommended all-share public takeover offer to buyout the minorities (1 TOP = 1.25 SAMPO).
• Despite being a cross-border merger, this deal, focused on scale and cost-cutting, is poised for success given rising costs in the insurance sector due to inflation. 
• My valuation as a takeover target is DKK 352/share, which indicates, in my view, that the offer is fair. Gross spread is 2.4%. I would be long the spread.

Picton Property Income’s 6% increase in the rate of quarterly DPS from Q423 demonstrates an increasing confidence in the outlook for organic income and earnings growth. The occupier market has remained robust and rents have increased across much of Picton’s diversified portfolio. Active asset management, including the repositioning of selected office assets, is unlocking the significant potential embedded in the portfolio.

• Short term borrowing rose 2.3x in the past four quarters, alongside rising interest rates
• During this time, long term borrowings were actually down, so no locking in of low rates
• As such, Chiba is not fully, or hardly benefiting from BOJ policy changes, with NIM down

• It has come to my attention that Lufax management has recently altered the terms of their convertible debt: Based on the terms and conditions of the Ping An Convertible Promissory Notes, as a result of the Special Dividend, the Conversion Price will be adjusted from US$12.
• Based on the terms and conditions of the Ping An Convertible Promissory Notes, as a result of the Special Dividend, the Conversion Price will be adjusted from US$12.76 per Share as at the date of this circular to US$2.32 per Share upon settlement of the Special Dividend, and thus, upon full conversion, the Ping An Convertible Promissory Notes can be converted into a maximum number of 421,077,586 Shares (the “Conversion Shares”).
• The Company considers that the adjustment formula is in line with market practice for anti-dilution provisions in convertible securities.

• Last Wednesday, the U.S. Consumer Price Index (CPI) for May was released, showing soft inflation.
• However, during the U.S. Federal Reserve’s (FED) subsequent FOMC meeting on the same day, the Fed was more hawkish than expected, indicating only a 25 basis points interest rate cut this year.
• This led to declines across the crypto market.

• Upstart has reported its financial results for the first quarter of 2024, showing several positives and negatives.
• The company, a leader in AI-enabled lending, has been proactive in adjusting its operational strategies to align with current economic conditions while also planning for sustainable growth.
• Focusing on the positives, Upstart announced a decrease in fixed expenses due to reduced headcount and streamlined operations, which saved the company approximately $20 million annually.

• India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
• India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
• Coming up for six-month lockup expiry on 18th Jun 2024 are the firm’s pre-IPO shareholders and a portion of the promoters’ stakes.

• Centrepoint Alliance (ASX:CAF) is an Australian financial services business providing licensing in both financial and credit advice along with a managed portfolios business and support services such as assistance with Xplan implementation (Financial Planning software.
• Centrepoint is a business I have been following for many years, having owned it myself in the past when it was a net-net.
• Back then it was paying significant amounts of cash to legacy clients claiming remediation for fee-for-no-service complaints. 

• Selfwealth is an ASX-listed online broker Selfwealth is ironically the domestic broker the trust uses with me having used it for over 6 years with great satisfaction.
• Comparing ASX pricing of Selfwealth to some of its primary competitors it is worthwhile to note that the cheapest broker I could find is Superhero which just this month introduced $2 brokerage fees on ASX trades up to $20,000 as it engages in a price war with Stake.
• Selfwealth at a price of $9.50 might seem monumental in comparison, but I would say that Selfwealth has a $9.50 regardless of trade size, making trades >$95,000 cheaper than both Stake and Superhero.

• Back on the 10th May, OCBC (OCBC SP) made a voluntary unconditional general Offer for the 11.56% in life/non-life insurer Great Eastern Holdings (GE SP) not held.
• At a 36.9% premium to last close, the S$25.60/share Offer Price appeared fair. Yet GE has consistently traded through terms, potentially as someone seeks to block delisting, and negotiate terms.
• OCBC has now declared terms final. The IFA says “not fair, but reasonable” – and recommends shareholders accept the Offer. GE will be suspended at the close of the Offer.

• IVs move lower at an accelerated pace driven by holiday shortened week & risk-seeking sentiment.  
• Vol-Regime has switched to “High & Down” state, projecting an elongated period of falling IV levels. 
• Nifty50 Smile & Skew dynamics continue to compress. Vol term structure has moved from Backwardation to Contango in conjunction with falling IVs

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.

• Bharti Airtel
• China Vanke
• Nickel Industries

• Great Eastern Holdings (GE SP) IFA opines that the OCBC (OCBC SP) S$25.60 offer is NOT fair but reasonable as it is below the valuation range of S$28.87-S$36.19 per share.
• In response, OCBC declared the price final, and the final closing date is 12 July. Great Eastern will likely breach free float requirements and be suspended when the offer closes.
• The offer will likely follow the Boustead Projects/Boustead Singapore blueprint, where SGX RegCo eventually (took seven months) enabled dissenters to receive a fair offer with a 24% uplift. 

• Abacus Storage King (ASK AU) will be deleted from the Vaneck Vectors Australian Property ETF (MVA AU) in June. There are float changes and capping changes too.
• Estimated one-way turnover is 3.33% and will result in a one-way trade of A$19m. There are a couple of stocks with over 1x ADV to trade.
• There has been a recent spike in shorts on Abacus Storage King (ASK AU) but passive selling will be larger than the short interest.

• Viettel Construction (CTR VN) and EVN Finance (EVF VN) will be added to the MarketVector Vietnam Local Index at the close on 21 June.
• Estimated one-way turnover is 5.2% and that results in a one-way trade of US$27m. There are 3 stocks with more than 1x ADV to buy from passives.
• There will be over US$1m to buy in Vinhomes (VHM VN), Bank for Foreign Trade of Vietnam (VCB VN) and Vingroup Jsc (VIC VN). 

• It is important for investors to not get swayed by popular narratives and instead look at the data and historical patterns to make informed decisions. 
• While a large short position by FIIs may seem concerning, it could actually signal a potential opportunity for positive returns in the Nifty 50 index. 
• By understanding the reasons behind this contrarian move and the historical trends, investors can navigate bet when FII’s short positions are high.

• Forensic Forsight will be a bi-monthly report covering Indian companies having corporate governance issues guiding investors on strengthening their ESG investment framework
• The issue covers SEBI warning against ICICI Bank for manipulation in delisting process of its key subsidiary.
• The report also covers how a EV company disguises shareholders while an Indian renewable energy company is under scrutiny owing to Independent Director Resignation

• The Hang Seng Index correction has restarted this week, after a brief 1-week bounce.
• The index may continue to downtrend for another 1-2 weeks, then a reversal should come and the uptrend should restart.
• Look at the price support area in the 17500-17000 range, because that is where my model indicates the highest chance of LONG reversal.

• Sales increased by 6.0% YoY to JPY11.4bn, but net income attributable to owners decreased by 54.1% YoY to JPY359mn.
• Wholesale Sales and Retail Sales segments saw YoY profit drops, while Real Estate Management posted YoY increases in both sales and profit.
• The company sold 15 condo buildings with 369 units (+11.5% YoY) and purchased nine condo buildings with 675 units (-61.2% YoY).

• Lincoln Financial Group delivered a robust performance in the first quarter of 2024, attributed to strategic repositioning and growth across its various business segments.
• The company reported strong results in its Annuities, Group Protection, Retirement Plan Services, and Life business areas.
• Key highlights include a significant earnings quarter for the Annuities division and strong year-over-year earnings growth in Group Protection.

• Old Republic International Corporation disclosed its first-quarter 2024 financial results, showcasing a mixed performance with strengths in General Insurance contrasted by challenges in the Title Insurance segment.
• The company reported a consolidated pretax operating income of $231.5 million, which marks an increase from $222.9 million in the corresponding period of the previous year.
• This growth was primarily driven by a robust performance in the General Insurance sector, which offset the subdued results in Title Insurance due to prevailing market conditions.

• Primerica’s first quarter of 2024 financial results demonstrated resilience amidst challenging economic conditions, although it faced underperformance in certain segments.
• The company reported an adjusted net operating income of $137 million, which represents a 4% increase compared to the previous year, and adjusted operating income per share rose by 10% to $3.91.
• These figures reflect the robust performance of Primerica’s core businesses, Term Life and Investment and Savings Products (ISP), along with notable growth in the sales force.

• Radian Group reported encouraging financial outcomes for the first quarter of 2024, reflecting its strong operational core and effective strategy implementation.
• The company witnessed a year-over year growth in its book value per share by 12%, with revenues increasing by 3% to $319 million.
• The primary mortgage insurance in force rose by 4% to an all-time high of $271 billion, bolstering future earning prospects.

• Revenue increased by 6.9% YoY to JPY8.7bn, but operating profit decreased by 9.9% YoY to JPY802mn.
• Directly Managed Beauty Salon Operation revenue grew 6.3% YoY to JPY7.2bn, while operating profit dropped significantly to JPY20mn.
• Franchise segment revenue rose 19.0% YoY to JPY1.3bn, with operating profit increasing 27.7% YoY to JPY528mn.

• Unum Group has reported a commendable first quarter for 2024, signaling a robust start to the year with mixed outcomes that illustrate both strengths and areas requiring attention.
• The company emphasized its achievement of a 13.6% increase in earnings per share, reaching a record $2.12 per share.
• This growth was supported by a significant $350 million in statutory earnings, alongside a 6.6% rise in core operations premium growth.

• Limiting extensions to four times after a 90-day repayment and mandating repayment after 12 months increases short-selling costs. The revision omits limits on position-holding cycles, disappointing retail investors.
• Today’s release did not set a timeline for short-selling resumption. The ruling party has requested it after March 2025, with key officials present suggesting next year March resumption.
• Regarding the electronic system implementation, core content aligns with the draft, but newly revealed institution numbers add a new perspective. Uncertainties remain on integrating overseas stock borrowing into the system.

• CNA Financial Corporation reported its first quarter 2024 results, showing positive dynamics in profitability, investment income, and top-line growth.
• The company achieved its highest first-quarter core income on record at $355 million, driven by a significant $84 million year-over-year increase in net investment income to $609 million.
• These results were bolstered by contributions from both the alternatives and the fixed income portfolios.

• In FY03/24, operating revenue was JPY184.8bn (+6.5% YoY), operating profit JPY33.1bn (+4.6% YoY), recurring profit JPY33.1bn (+4.1% YoY), and net income attributable to owners of the parent JPY23.8bn (+9.8% YoY).
• The consolidated operating revenue grew due to an increase in transaction volume and accumulation of the balance of deferred installment income and the balance of credit guarantees.
• Since the company decided to pay a commemorative dividend (JPY10/share) to celebrate its 70th anniversary, the annual dividend was JPY220/share (representing payout ratio 32.1%; up 30.0 yen from the previous year).  For FY03/25, JACCS forecasts consolidated operating revenue of JPY193.0bn (+4.4% YoY), operating profit of JPY28.0bn (-15.5% YoY), recurring profit of JPY28.0bn (-15.3% YoY), and net income attributable to owners of the parent of JPY19.5bn (-18.0% YoY).

• Kinsale Capital Group Inc. recently reported strong quarterly results, demonstrating robust growth and operational efficiency.
• The company’s operating earnings per share increased by 43.4%, and gross written premiums grew by 25.5% compared to the same quarter in the previous year.
• Kinsale’s combined ratio, an indicator of the profitability of its insurance operations, stood at an impressive 79.5%, highlighting an effective underwriting performance.

• Operating revenue increased by JPY1.4bn to JPY229.1bn, driven by gains in business revenue and offset by declines in financial and other operating revenues.
• Operating expenses rose by JPY8.3bn YoY, with significant increases in SG&A and financing expenses, despite a decrease in other operating expenses.
• The company forecasts FY03/25 operating revenue of JPY263.0bn, driven by growth in Settlement and Guarantee business and contributions from newly consolidated subsidiaries.

• NLOP announced the sale of two more properties bringing the aggregate count of properties sold since fourth quarter 2023 to twelve.   
• NLOP has been highly active in selling properties. We believe the motivation has more to do with the interest expense of its mortgage and mezzanine loans.   
• The latest two properties sold were materially higher than the company-wide price per square foot NLOP is carrying on its balance sheet.

• Cincinnati Financial Corporation reported strong financial results for the first quarter of 2024, highlighting significant progress in underwriting profitability and growth in investment income.
• The net income reported was $755 million, which included a substantial gain of $484 million attributed to the increase in the fair value of equity securities.
• The non-GAAP operating income also showed a positive trend, nearly doubling from the previous year to $272 million, thanks to a reduction in catastrophe losses and robust operating performance.

• Revenue decreased JPY1.4bn YoY (-22.5% YoY) to JPY5.0bn, with significant declines in Insurance Agency and Media businesses.
• Operating profit increased JPY419mn YoY to JPY343mn (-55.0% YoY), with notable declines in Insurance Agency and Media businesses.
• In the ASP business, revenue and profit increased YoY due to strong sales of Advance Create Cloud Platform (ACP).

• Revenue decreased JPY1.4bn YoY to JPY5.0bn, with significant declines in Insurance Agency and Media businesses.
• Operating profit increased JPY419mn YoY to JPY343mn, with notable declines in Insurance Agency and Media businesses.
• Full-year company forecast remains unchanged despite YoY revenue and profit decreases in several business segments.

• Revenue decreased 22.5% YoY to JPY5.0bn, with significant declines in Insurance Agency and Media businesses.
• Operating profit fell 55.0% YoY to JPY343mn, with notable decreases in Insurance Agency and Media businesses.
• Reinsurance business saw increased revenue and profit due to the reclassification of COVID-19 reinsurance payments.

• In cumulative Q3 FY07/24, the company reported sales of JPY30.2bn (-30.0% YoY) and business profit of JPY1.3bn (-80.8% YoY).
• Sales from recurring revenue businesses declined 2.8% YoY to JPY18.3bn, with segment profit falling 7.3% YoY to JPY1.9bn.
• The company revised its FY07/24 year-end dividend forecast to JPY50.00 per share, including a special dividend of JPY24.00.

• Element Fleet Management is a trusted partner for companies with large vehicle fleets, offering capital-light services and experiencing strong organic growth
• The company’s non-services revenue is also growing steadily, with a solid balance sheet and high operating margins
• Analysts predict mid-teens earnings growth in the coming years, with potential for the stock to trade at a higher earnings multiple and deliver a low-20s 5-year IRR for investors

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.

Martin Currie Global Portfolio Trust (MNP) has been managed by Zehrid Osmani since October 2018. He runs a high-conviction, relatively concentrated portfolio of quality growth companies with pricing power. The manager believes that pricing power is particularly important as he considers that consensus earnings expectations are too bullish and sticky inflation has pushed out the prospect of lower interest rates. With investors focusing on short-term economic data points and central bank commentary, Osmani expects continued share price volatility, which over the longer term should favour MNP’s portfolio of high-quality growth businesses with strong cash flows and robust balance sheets.

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.

• Nickel Industries
• Road King Infrastructure
• Yankuang Energy Group

S&U’s Q125 trading update disclosed increased pressure as the company steers cautiously through the changing regulatory landscape. The payment rate in the Advantage motor finance business fell to 87.7% from an average 92.1% in FY24, which led to group PBT falling by 34% to £6.9m (Q124: £10.5m) from higher impairments. The negative effects will likely have an impact on future quarters as management expects discussions with the Financial Conduct Authority (FCA) to conclude only in H2 CY24 and lending criteria were tightened at the end of Q1. On the positive side, demand remains strong, with applications at a record high. Moreover, the Aspen bridging business continues to grow rapidly, with Q1 PBT up by 36% y-o-y to a record £1.45m. We have cut our estimates for FY25 EPS by 22% to 179p and FY26 EPS by 15% to 223p for a return on equity (RoE) of 11%.

• The government will announce short selling improvements Thursday. A leaked detail includes limiting 90-day short position extensions.
• Limiting the 90-day short position holding period may ease local investor concerns, but it could shrink the short selling market, potentially affecting overseas fund outflows.
• Resuming short selling in early July may bring new flow patterns due to temporary distortions from mandatory repayment within 90 days and limitations on position extensions, increasing price impacts.

• Legend Capital (LC), one of the principal shareholders of Atour Lifestyle Holdings (ATAT US), is looking to raise around US$168m through a secondary selldown.
• This will be the third selldown by Legend Capital in just over a year’s time. Hence, the deal is well flagged.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• In February, Aozora Bank Ltd (8304 JP) extended its writedowns and the shares fell sharply. By end-Feb, we found out Japanese activist Murakami-san had bought shares. 
• I didn’t see the endgame. The pump worked, but he didn’t dump. Then Aozora got Daiwa to be a lead investor through a 3rd party share allotment, diluting Murakami-san.
• Last week we got news the FSA had approved the Daiwa transaction. Yesterday, we got news the Murakami Group would sell its whole stake to Daiwa. 

• CSR Ltd (CSR AU) is expected to stop trading on 19 June following the acquisition by Cie De Saint-Gobain (SGO FP). 
• Judo Capital (JDO AU) will be added to the S&P/ASX 200 (AS51 INDEX) at the close on 19 June to replace CSR Ltd (CSR AU). 
• There has been short covering in Judo Capital over the last 3 months and there does not appear to be enough positioning for the index inclusion yet.

• Rakuten Bank, in its present form, is positioned to benefit from rising interest rates in Japan, with its low LDR, high cash balances, growing loan book and healthy capital ratio
• The proposed FinTech reorganization of the group around the bank should drive further potential shareholder benefits; higher ROE, lower customer acquisition costs, increased active account penetration and lower operating costs
• We believe that there will be effective governance checks and balances in place to ensure fair valuations of the FinTech segments pre-reorganization; we include our base valuations in this report

• Activist Argyle Street’s approach to closed-end investment company China Merchants China Direct Investments (133 HK) (CMCDI) has a certain David Webb-like quality.
• Apart from the deep value angle, the analysis of director Elizabeth Kan’s potential conflict of interest is particularly insightful. Argle will vote against Kan’s re-election at the 20th June AGM
• Given this upcoming vote, as I’ve done with Giordano (709 HK) and L’Occitane (973 HK) previously, it’s useful to investigate the lesser-known shareholder register, a byproduct of investigative disclosure reports.

• We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
• The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
• Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.

• BTC Spot ETFs see record inflows, signaling strong market interest despite flat prices.
• Market structure remains bullish as BTC consolidates near all-time highs, indicating potential breakout.
• Altcoins suffer double-digit drawdowns amid BTC’s resilience, highlighting market dispersion.

• Bakkt Holdings, a crypto platform company, has recently reported its financial results for the first quarter of 2024, showcasing various strengths and facing some challenges as it explores potential sale opportunities.
• The CEO emphasized the focus on growing the client network, enhancing the product portfolio, and aligning costs with strategic priorities.
• The CFO outlined financial details, stressing cost management and asset growth.

• On Friday, the S&P index committee announced the June 2024 changes to the three major indices in the S&P1500 universe. 
• KKR, Crowdstrike (CRWD), and GoDaddy (GDDY) replace Robert Half (RHI), Comerica (CMA), and Illumina (ILMN) in the S&P500. There are 6 ADDs to S&PMidCap400, 13 DELETEs from Sm600. 
• There are some BIG and impactful flows here. Some are very big. Netted 2-way flow on 21 June is ~US$66-80bn. But as always, details matter. 

• Here is to another week in crypto, following an exceptionally strong performance for U.S.-based Bitcoin spot ETFs last week.
• Over the five trading sessions, these Bitcoin spot ETFs saw total net inflows of $1.829 billion.
• Last Tuesday was particularly notable, with the ETFs experiencing their second-best day since their launch on January 11, bringing in a net inflow of $887 million.

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.

• China Jinmao Holdings