In today’s briefing:
- Index Rebalance & ETF Flow Recap: MSCI, HSI, NIFTY 50/100/BANK, ASX200, PCOMP, KRX New Deal
- HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK…
Index Rebalance & ETF Flow Recap: MSCI, HSI, NIFTY 50/100/BANK, ASX200, PCOMP, KRX New Deal
- The big event in the coming week is the MSCI Feb QIR announcement. Sydney Airport (SYD AU) will be deleted from indices after the close of trading on 9 February.
- There are quite a few changes expected across the NIFTY Index (NIFTY INDEX), Nifty Bank Index (NSEBANK INDEX) and NIFTY100 Indices. The PCOMP INDEX rebalances on 11 February.
- There were large inflows to Australia focused ETFs during the week, while Japan saw some pretty chunky outflows from a few ETFs.
HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK…
Cadila Healthcare: Cadila’s Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&D and other expenses. The company expects its India business to grow in strong double digits in FY23. While it guides for a flattish FY23 in the US, it aspires to take US revenue to ~USD1bn (vs. ~USD800mn in FY22e) by FY24e. However, we believe this is far-fetched, given that it hinges on multiple factors like Moraiya resolution in CY22, normalised price erosion in FY23, and timely launch of two high-value products.
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