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Daily Briefs

Daily Brief Quantitative Analysis: Quantamental LLM Primer 2: Convert Sellside/Buyside Ideas into a Long/Short Alpha Capture Portfolio and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Quantamental LLM Primer 2: Convert Sellside/Buyside Ideas into a Long/Short Alpha Capture Portfolio


Quantamental LLM Primer 2: Convert Sellside/Buyside Ideas into a Long/Short Alpha Capture Portfolio

By William Mann

  • Ask the AI to convert the Trading Strategy Recommendations from Part 1 into a L/S Alpha Capture portfolio of ETFs. Iterate several times to ensure the portfolio recommendations are sound. 
  • Sanity Checkand provide feedback to AI to iterate on portfolio. Generate report with final recommendations. Run same process with another AI to compare its interpretation of the Trading Strategy.
  • Using Prompt Engineer, compare these two separate AI-driven reports, in both AIs to highlight similarities and differences between the models. Resolve to a final portfolio with this Sanity-Check comparison

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Daily Brief ESG: Itelyum Group – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Itelyum Group – ESG Report – Lucror Analytics


Itelyum Group – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Itelyum Group’s ESG as “Adequate”, in line with its Environmental, Social and Governance pillars. Controversies are “Immaterial” and Disclosure is “Adequate”.


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Daily Brief Thematic (Sector/Industry): Japan Morning Connection: US Semis and Tech Set a Bullish Tone for Japan’s SPE Majors and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Japan Morning Connection: US Semis and Tech Set a Bullish Tone for Japan’s SPE Majors
  • Ohayo Japan | Fresh Highs
  • Biopharma Week in Review – October 14, 2024
  • Furniture/Furnishings Weekly – October 14, 2024


Japan Morning Connection: US Semis and Tech Set a Bullish Tone for Japan’s SPE Majors

By Andrew Jackson

  • US semis and tech related setting a bullish tone for JP SPE with NVDA closing at record highs.
  • Steep drop for oil to hit Japex, Index and refiners while US P&C strength should also be reflected in JP peers.
  • Possible downside for Fujitsu with NTT Docomo announcing a pivot away from their base station equipment.

Ohayo Japan | Fresh Highs

By Mark Chadwick

  • U.S. stock markets reached new heights on Monday, with the S&P 500 and Dow Jones Industrial Average setting fresh records.
  • Tech stocks led the day’s gains, with chip giant Nvidia rising nearly 3% to close at a new high above $138 per share
  • Shin-Etsu Chemical, the leading silicon wafer producer, plans to enter semiconductor manufacturing equipment business.

Biopharma Week in Review – October 14, 2024

By Water Tower Research

  • We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&A.
  • Last week, SRRK gained from muscle-building data in SMA, with positive read-through for obesity and BHVN.
  • WW joined HIMS in selling NVO GLP-1 copies, while the FDA backed off on LLY copiers after a lawsuit.

Furniture/Furnishings Weekly – October 14, 2024

By Water Tower Research

  • Furniture and furnishing stocks underperformed the broader market this week.
  • The Water Tower Research Commercial/Contract Furniture Index (-0.5%), Residential Manufacturers & Suppliers Index (-2.4%), and Home Goods Retailers Index (-1.1%) trailed the DJ30 and S&P 500 (both +2.1%) and the R2K (+1.7%).
  • The Water Tower Research Mass Retailers Index was up (+3.2%).

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Daily Brief ECM: FCP Capital Sends a Proposal to KT&G to Buy Korea Ginseng Corp for 1.9 Trillion Won and more

By | Daily Briefs, ECM

In today’s briefing:

  • FCP Capital Sends a Proposal to KT&G to Buy Korea Ginseng Corp for 1.9 Trillion Won
  • Hyundai Motor India IPO: The Good, The Bad and The Valuation. Not for Quick Gain Seekers
  • Horizon Robotics Pre-IPO – PHIP Updates – More of the Same, Lots to Watch Out For


FCP Capital Sends a Proposal to KT&G to Buy Korea Ginseng Corp for 1.9 Trillion Won

By Douglas Kim

  • On 14 October, FCP Capital sent a proposal to KT&G to purchase Korea Ginseng Corp for 1.9 trillion won. 
  • Although KT&G stated that it has no intentions to sell Korea Ginseng Corp, this proposal highlights the ongoing pressure by FCP Capital to improve further value in KT&G.
  • The 1.9 trillion won in proposed purchase price is higher than the 1.2 trillion won to 1.3 trillion won that KT&G revealed as the intrinsic value of Korea Ginseng Corp.

Hyundai Motor India IPO: The Good, The Bad and The Valuation. Not for Quick Gain Seekers

By Devi Subhakesan

  • Hyundai Motor India (HMIL) ‘s USD 3 billion+ IPO opens today, 15th October, at 10:00 am IST. The bidding will remain open until 4:30 pm IST on 17th October.
  • Near-Term Outlook: Limited Short-Term Gain Potential. While Hyundai is likely to outperform Maruti Suzuki given the valuation discount, it may underperform the broader sector in the near term.
  • Long-Term Opportunity: For investors with a longer-term horizon, Hyundai presents a relatively low-risk opportunity. Its established brand and world-class manufacturing facilities offer the potential for steady, long-term growth.

Horizon Robotics Pre-IPO – PHIP Updates – More of the Same, Lots to Watch Out For

By Sumeet Singh

  • Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. 
  • Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
  • In this note, we talk about the recent updates from its filings.

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Daily Brief Event-Driven: MBK’s Korea Zinc & Young Poong Precision Tender Results Officially Out and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • MBK’s Korea Zinc & Young Poong Precision Tender Results Officially Out
  • Korea Value-Up ETFs: Latest Market Info on Initial AUM Setup & Resulting Passive Impacts
  • Intouch? Or Perhaps “Out Of” Touch
  • Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Big Impact and US$3bn Round-Trip Trade
  • CSI Medical Service Index Rebalance Preview: Four Potential Changes in December
  • China Resources Beverage (2460 HK) IPO: Index Inclusions & Stock Connect in 2025
  • Dyna-Mac (DMHL SP): No Alternative As Hanwha Group Bumps
  • HK Connect SOUTHBOUND Flows (To 14 Oct 2024); A HUGE 5td; Net Flows Strong but BABA Dominant
  • WisdomTree Oct 24 Emerging Market Rebalance: Top Net Buys and Sells Across DGS, SOE & DEM
  • A/H Premium Tracker (To 14 Oct 2024): AH Premia Drop Sharply; High Premia May Contract More


MBK’s Korea Zinc & Young Poong Precision Tender Results Officially Out

By Sanghyun Park

  • MBK officially disclosed that they scooped up 5.34% of the Korea Zinc (010130 KS) shares in the tender that wrapped up today.
  • MBK scored a partial win by securing more voting rights than Choi, with unexpected backing from foreign and local institutions, likely due to proration risk over legal issues.
  • Still, securing just 5.34% puts MBK in a tough position, requiring them to navigate minority shareholder votes while pushing hard on the legal front to block the buyback.

Korea Value-Up ETFs: Latest Market Info on Initial AUM Setup & Resulting Passive Impacts

By Sanghyun Park

  • KRX will launch 12 ETFs tracking the Korea Value-Up Index on November 4—9 passive and 3 active—aiming for an initial AUM exceeding 1 trillion KRW.
  • KRX is pressuring ETF operators to reveal initial capital by November 4, with expectations to exceed 1 trillion KRW due to government pressure.
  • Early signs of position buildup are emerging, so it’s essential to monitor stocks with significant passive impact closely moving forward.

Intouch? Or Perhaps “Out Of” Touch

By David Blennerhassett

  • Intouch (INTUCH TB)‘s strange journey with Gulf Energy (GULF TB) continues. In April 2021, GULF made a surprising VTO for INTUCH. This past July, the two companies announced an amalgamation. 
  • The merger was not fair to INTUCH shareholders, with an estimated earnings value destruction of ~26.5% (for FY24E). But that didn’t stop shareholders overwhelmingly approving the 3rd October EGM resolutions.
  • What now? The next step  is the low-balled VTOs for Advanced Info Service (ADVANC TB) and Thaicom (THCOM TB). Then amalgamation. Then, arguably, the next unorthodox development will take place.

Yuanta/​P-Shares Taiwan Div+ ETF Rebalance Preview: Big Impact and US$3bn Round-Trip Trade

By Brian Freitas

  • Using data from the close on 11 October, there could be 6 adds and 5 deletes for the Yuanta/​P-Shares Taiwan Dividend Plus ETF in December.
  • There will also be capping and funding flows that will lead to a one-way turnover of 15% and a one-way trade of TWD 49bn (US$1.52bn)
  • Shorts have been building up in some of the forecast deletes and in a couple of the forecast adds as well.

CSI Medical Service Index Rebalance Preview: Four Potential Changes in December

By Brian Freitas

  • The review period ends on 31 October, the changes should be announced on 29 November and will be effective after the close of trading on 13 December.
  • We forecast 4 potential changes for the index in December where there could be buying of 0.5-3x ADV in the adds and selling of between 0.5-1.3x ADV in the deletes.
  • The forecast adds have drifted lower versus the forecast deletes following the rally in the markets and the large ETF creations. That could reverse from now till review period end.

China Resources Beverage (2460 HK) IPO: Index Inclusions & Stock Connect in 2025

By Brian Freitas

  • China Resources Beverage (CRB HK) is offering 347.8m shares in its IPO at a price range of HK$13.5-14.5/share. With the overallotment option, the IPO could raise up to HK$5.8bn (US$474m).
  • Cornerstone investors will take up nearly half the offer. Those shares will be locked up for 6 months and will significantly reduce the free float of the stock.
  • Index inclusions will commence with the HSCI in March 2025 – that will also result in Stock Connect inclusion. The next index inclusion will take place in June.

Dyna-Mac (DMHL SP): No Alternative As Hanwha Group Bumps

By David Blennerhassett

  • On the 11th September, Hanwha Ocean (042660 KS) and Hanwha Aerospace (012450 KS), collectively holding 25.36%, made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance.
  • The transaction stalled on the 24th September, when the estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong (holding ~35% currently) reckoned the Offer “does not adequately reflect” Dyna-Mac’s value.
  • Hanwha Group has now bumped terms by 11.67% to S$0.67/share, best & final. That’s a 35.4% premium to undisturbed, and a decade high. No word, yet, from the Lim estate.

HK Connect SOUTHBOUND Flows (To 14 Oct 2024); A HUGE 5td; Net Flows Strong but BABA Dominant

By Travis Lundy


WisdomTree Oct 24 Emerging Market Rebalance: Top Net Buys and Sells Across DGS, SOE & DEM

By Charlotte van Tiddens, CFA


A/H Premium Tracker (To 14 Oct 2024): AH Premia Drop Sharply; High Premia May Contract More

By Travis Lundy

  • A big “week” of 5 trading days from 30 Sep to 14 Oct, inclusive. Average AH premia dropped a lot. Liquid AH premia dropped less. Brokers are big winners.
  • Average AH volatility is super high. Intracorrelation of spreads quite low. Lots of room to market-make wide spreads/high premia. High premia may continue to contract on speculation.
  • Sharply differing onshore and offshore opinion regarding the nature and vibe of Chinese stimulus will lead to interesting dispersion. Identify the trend, then market make around it.

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Daily Brief Equity Bottom-Up: How Big Is the AI Accelerator Market? AMD and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC
  • The Beat Ideas: Welspun Corp- Growth, Capex, Acquisition & Revival of Bankrupt Companies
  • Unloved Japan Round-Up
  • China Consumption Weekly (14 Oct 2024): Tencent, Lalatech, Seres, BYD, NIO, Trip.com
  • Anta Sports (2020 HK): Healthy in Financials, Leader in Market, But High in Price
  • Anhui Conch (914 HK): Sharp Price Hikes Boost Our Confidence in 4Q Turnaround
  • CIMC Enric (3899 HK): Mispriced, with Good Upside
  • Arm Holdings plc (ARM): The Tale Of Rising Royalty Rates & New Architecture Adoption! – Major Drivers
  • Super Micro Shipping Over 100,000 AI GPUs Each Quarter! What It Means for Investors
  • Tri Pointe Homes Inc.: Enhanced Geographic Diversification


How Big Is the AI Accelerator Market? AMD, Broadcom, Nvidia, SK Hynix, TSMC

By Nicolas Baratte

  • Following AMD AI conference on 10 Oct, many question AMD’s estimate of the AI Accelerators market reaching US$500bn by 2028 (from $45bn in 2023).  
  • AI Accelerators market value is increasing by 150% in 2024, reaching US$113bn. Based on TSMC CoWoS capacity, we  think reasonable to expect 115% growth over 2025-26 or US$276bn in 2026.
  • TSMC makes all the chips. HBM is dominated by Hynix. Nvidia should remain the dominant vendor for years. AMD and Broadcom should grow faster than NVDA. Outsourcing: Alchip, Marvel, Mediatek. 

The Beat Ideas: Welspun Corp- Growth, Capex, Acquisition & Revival of Bankrupt Companies

By Sudarshan Bhandari

  • Welspun Corp (WLCO IN) expanded from just SAW pipe company to DI Pipe, TMT Bars, Building solutions and PVC Pipes as well. 
  • Company is known for reviving bankrupt companies, On the path to revive Sintex and ABG Shipyard.
  • high growth from US, Saudi and India driving the growth with capex 

Unloved Japan Round-Up

By Michael Allen

  • Below is a sample of the unloved Japanese stocks we focus on at Azabu Research, with key valuation metrics and latest news.
  • The average PBR in this week’s list is 0.5x and the average P/E is 5.9x.
  • Most of the stocks in this week’s round up are related to either the auto supply chain or the electric power grid.

China Consumption Weekly (14 Oct 2024): Tencent, Lalatech, Seres, BYD, NIO, Trip.com

By Ming Lu

  • Tencent repurchased 250 million shares and the market has not paid any attention to its significant margin improvements.
  • Lalatech updated its IPO file for 1H24, in which both GTV  and revenue were up by 18% YoY.
  • Seres expects its revenue will grow by 518% YoY to 559% YoY for 3Q24.

Anta Sports (2020 HK): Healthy in Financials, Leader in Market, But High in Price

By Ming Lu

  • Anta top line outperformed competitors, both overseas and domestic brands, in China.
  • We believe all margins will be stable and EPS will rise by 41% in 2024.
  • However, we believe Anta is overvalued at the current price.

Anhui Conch (914 HK): Sharp Price Hikes Boost Our Confidence in 4Q Turnaround

By Eric Chen

  • Recent significant clinker price hikes in Yangtze river region boost our confidence that 4Q will likely see the company’s earnings double Y/Y, ending 14 consecutive quarters of decline since 2Q21.
  • Beijing’s bazooka stimulus package to lift the property market and revive economy also improve industry outlook in 2025.
  • Consensus has been slow to adjust for the changes in industry dynamics. Our 2024 earnings is now 15% above consensus. We expect upward earnings revision will support P/B expansion.

CIMC Enric (3899 HK): Mispriced, with Good Upside

By Osbert Tang, CFA

  • CIMC Enric Holdings (3899 HK) has underperformed benchmark Indices YTD, and its business segments are undervalued based on their earnings performance. 
  • The clean energy segment is only valued at HK$3.4bn, or 24% of the stock’s total. However, it is the largest earnings generator in 1H24, contributing 60% of 1H24 profit.
  • CLPT’s earnings contribution is 22% more than CIMC Safeway’s, but it is only valued at 27% of the latter, equivalent to an undemanding 9.8x annualised PER.

Arm Holdings plc (ARM): The Tale Of Rising Royalty Rates & New Architecture Adoption! – Major Drivers

By Baptista Research

  • Arm Holdings plc recently reported its financial results for the first quarter of fiscal year 2025, showcasing a surge in revenue and solidifying its status as a key player in chip design, particularly with its focus on AI and CPU technology.
  • The company’s revenue hit $939 million, up 39% year-over-year, a testament to both burgeoning license and royalty streams.
  • Licensing revenue, often an indicator of future royalties, climbed by an impressive 72% due to increased demand for Arm’s technology across a multitude of applications including AI, data centers, and mobile devices.

Super Micro Shipping Over 100,000 AI GPUs Each Quarter! What It Means for Investors

By Baptista Research

  • In a major development that’s turning heads on Wall Street, Super Micro Computer (SMCI) announced it is now shipping over 100,000 GPUs per quarter, specifically targeting the surging artificial intelligence (AI) market.
  • This is a significant leap for the company as it seeks to capitalize on the growing demand for high-performance computing power required by AI training models and data-heavy applications.
  • With AI dominating conversations across industries, GPUs have become critical components in data centers, and Super Micro’s ability to ship these units at scale, coupled with its competitive pricing, could potentially generate billions in revenue.

Tri Pointe Homes Inc.: Enhanced Geographic Diversification

By Baptista Research

  • Tri Pointe Homes delivered a robust performance in the second quarter of 2024, showcasing an adept response to current market conditions and strategic planning.
  • The company reported a substantial increase in home deliveries, up by 45%, leading to significant revenue growth.
  • Home sales revenue rose to $1.1 billion, marking a 38% upsurge from the previous year, primarily driven by increased community counts and optimized cycle times.

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Daily Brief Crypto: Proph3t: Exploring MetaDAO and the Future of Markets-Driven Governance and more

By | Crypto, Daily Briefs

In today’s briefing:

  • Proph3t: Exploring MetaDAO and the Future of Markets-Driven Governance


Proph3t: Exploring MetaDAO and the Future of Markets-Driven Governance

By The Delphi Podcast

  • Prediction markets are considered efficient tools for aggregating information
  • Studies show that prediction markets are often better at predicting outcomes than professional pollsters
  • Small movements in prediction markets may not always accurately reflect significant changes in underlying factors, leading to debates over market efficiency and manipulation.

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


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Daily Brief Macro: What China’s trajectory mean for commodities (Huw McKay) and more

By | Daily Briefs, Macro

In today’s briefing:

  • What China’s trajectory mean for commodities (Huw McKay)
  • Global FX: US elections: A roadmap for FX and hedges
  • Technically Speaking, Breakouts and Breakdowns: HONG KONG (OCTOBER 14)
  • Portfolio Watch: China needs to deliver, or it could end in tears
  • Steno Signals #121: Whatever It Takes—In the US, but NOT in China
  • OVER THE HORIZON: Thematic Review Year-To-Date
  • Comparison Between China and Japan Debts
  • CrossASEAN Ground Zero  – Bukalapak, Astra International, OhHaju, and Sea Ltd
  • Malaysia Raring To Cross RM30 Bn In Rubber And Products Exports In 2024
  • [IO Technicals Weekly 2024/41] Iron Ore Prices Drop Amid Disappointing Stimulus Signals


What China’s trajectory mean for commodities (Huw McKay)

By Money of Mine

  • Hugh Mackay provides insights into the future of iron ore, copper, and steel dynamics
  • China’s recent stimulus announcement and its impact on global commodity markets
  • Challenges faced by Chinese authorities in addressing deflation and household sector confidence.

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


Global FX: US elections: A roadmap for FX and hedges

By At Any Rate

  • Discussion on the impact of elections on FX and various hedges
  • Focus on trade and fiscal policies as key factors influencing FX
  • Potential scenarios and dominant teams in different election outcomes, with Republican sweep seen as favorable for dollar strength

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


Technically Speaking, Breakouts and Breakdowns: HONG KONG (OCTOBER 14)

By David Mudd

  • Hong Kong Dollar continues to trade at the strong end of its band  resulting in upward pressure on HIBOR in turn causing a further unwind of the HKD carry trade.
  • HSI shows the strongest market breadth in 15 years as nearly all members trade above 200 DMA.
  • Xtep International (1368 HK) , Xiaomi Corp (1810 HK) and China Education Group (839 HK) all had breakouts to form uptrends.  All are part of the consumption sector in China

Portfolio Watch: China needs to deliver, or it could end in tears

By Andreas Steno

  • The fiscal briefing in China tomorrow will be crucial, as inflows into the country have significantly diminished in recent days.
  • This highlights the need for a constant stream of positive news to sustain the rally.
  • Given the expectations building around the message from Chinese authorities, we don’t have high hopes that they will exceed market consensus.

Steno Signals #121: Whatever It Takes—In the US, but NOT in China

By Andreas Steno

  • Happy Sunday from Copenhagen!I spent most of Saturday morning discussing the fiscal briefing with clients.
  • Even though I’m admittedly not as actively involved in business with China as I was a few years ago, I still feel relatively comfortable assessing the ramifications of the briefing.
  • It was exactly what I feared: a big nothing burger.

OVER THE HORIZON: Thematic Review Year-To-Date

By David Mudd

  • Our most prominent theme this year has been to BUY HK/China markets.  We are still very bullish on these SECULAR BULL markets.
  • We have been Bullish on gold and discussed the asymmetry of its price movements given the global tightening starting in 2021/22.  Gold will continues to benefit from negative real rates.
  • We have been Bearish on Japan since publishing Technically Speaking: Japan Meets Resistance and Hong Kong Finally Breaks Downtrend on April 2nd.  Japan’s market is facing significant headwinds going forward.

Comparison Between China and Japan Debts

By Alex Ng

  • China housing crisis will likely mean that household debt/GDP flat lines in the coming years like Japan after 1990 and be a headwind for consumption.
  • Meanwhile, the downturn in residential construction is already greater than that experienced by Japan after 1990 and in itself will be remain a structural headwind for China GDP.
  • Though China corporate debt/GDP ratio is higher than Japan in 1990, China LGFV debt is 50% of GDP and will be swapped for local and central government debt.

CrossASEAN Ground Zero  – Bukalapak, Astra International, OhHaju, and Sea Ltd

By Angus Mackintosh

  • This week we look at Bukalapak, as Emtek increases its direct stake, Astra‘s latest healthcare push into cardiology, and Ohhaju (OKJ TB), Thailand’s latest organic food IPO. 
  • We also look at Sea Ltd (SE US)‘s latest move to apply for a digital banking licence in Thailand, which will help to further increase the platform’s regional footprint.   
  • CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.

Malaysia Raring To Cross RM30 Bn In Rubber And Products Exports In 2024

By Vinod Nedumudy

  • USTR clamping 50% duty on Chinese gloves from Jan comes in handy
  • Over 35% Malaysian rubber glove exports directed to the US
  • Malaysia’s rubber and products exports rise to RM15.5 bn in H1 2024

[IO Technicals Weekly 2024/41] Iron Ore Prices Drop Amid Disappointing Stimulus Signals

By Pranay Yadav

  • Iron ore prices dropped below $105/ton on 8 Oct after China’s NDRC failed to announce new stimulus measures, tempering bullish sentiment from earlier liquidity injections.
  • Chinese portside inventories grew by 590k tons, reaching 147.84 million tons by 11 Oct, driven by higher arrivals and slower post-holiday consumption.
  • While RSI signals bullish momentum, MACD shows a fading rally. Prices approach the critical 200-day moving average at $110/ton, posing a potential resistance point.

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Daily Brief Australia: Iron Ore and more

By | Australia, Daily Briefs

In today’s briefing:

  • [IO Technicals Weekly 2024/41] Iron Ore Prices Drop Amid Disappointing Stimulus Signals


[IO Technicals Weekly 2024/41] Iron Ore Prices Drop Amid Disappointing Stimulus Signals

By Pranay Yadav

  • Iron ore prices dropped below $105/ton on 8 Oct after China’s NDRC failed to announce new stimulus measures, tempering bullish sentiment from earlier liquidity injections.
  • Chinese portside inventories grew by 590k tons, reaching 147.84 million tons by 11 Oct, driven by higher arrivals and slower post-holiday consumption.
  • While RSI signals bullish momentum, MACD shows a fading rally. Prices approach the critical 200-day moving average at $110/ton, posing a potential resistance point.

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Daily Brief Thailand: Intouch Holdings and more

By | Daily Briefs, Thailand

In today’s briefing:

  • Intouch? Or Perhaps “Out Of” Touch


Intouch? Or Perhaps “Out Of” Touch

By David Blennerhassett

  • Intouch (INTUCH TB)‘s strange journey with Gulf Energy (GULF TB) continues. In April 2021, GULF made a surprising VTO for INTUCH. This past July, the two companies announced an amalgamation. 
  • The merger was not fair to INTUCH shareholders, with an estimated earnings value destruction of ~26.5% (for FY24E). But that didn’t stop shareholders overwhelmingly approving the 3rd October EGM resolutions.
  • What now? The next step  is the low-balled VTOs for Advanced Info Service (ADVANC TB) and Thaicom (THCOM TB). Then amalgamation. Then, arguably, the next unorthodox development will take place.

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