Daily Brief China: Galaxy Entertainment Group, BYD and more

In today’s briefing:

Asia Gaming: The Compelling Case for Galaxy Entertainment Group Founded on Balance Sheet Strength
Last Week in Event SPACE: BYD, Astra/United Tractor, Japan Passive, AGL, Genting Singapore
ECM Weekly (17th Jul 2022) – Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

Asia Gaming: The Compelling Case for Galaxy Entertainment Group Founded on Balance Sheet Strength

Galaxy presents a bull case as Macau still struggles with Beijing zero tolerance policy.
Its huge cash position will comfortably outlast the monthly burn rate for at least three to five years ahead by which time, covid might be long gone.
Galaxy stock is caught in the overall bearish outlook on the sector. Time to accumulate with a relatively low risk on.

Berkshire appears set to exit BYD (1211 HK) partially or in full. But why signal to market well in advance?
United Tractors (UNTR IJ)‘s buyback should be impactful. They could do another one afterwards as they have lots of cash. This is a raging buy. Buy now. With both hands.
The BOJ was expected to change its ETF allocations. It stopped buying Nikkei 225 and JPX Nikkei 400 ETFs. As the world moves more to passive, expect float to decrease.

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
Tianqi’s soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while
There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.

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