In today’s briefing:
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Index Rebalance & ETF Flow Recap: MSCI STD, Jardine C&C, Golden Agri, Delhivery, Origin Energy
- Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside
- ECM Weekly (13th Nov 2022) – I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank
- Hong Kong CEO & Director Dealings (11 Nov): C C Land, Impro Precision, SingAsia, Pharmaron
- Lygend Resources & Technology Pre-IPO – Thoughts on Valuation
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
Index Rebalance & ETF Flow Recap: MSCI STD, Jardine C&C, Golden Agri, Delhivery, Origin Energy
- On Friday, MSCI announced the changes to its indices as part of the November SAIR. Most changes were expected, but there were a few surprises.
- Friday was also the review cutoff for the FTSE Dec QIR. Next Friday has announcement of changes to the Hang Seng, Sensex and FTSE indices.
- Big inflow to iShares Core MSCI Emerging Markets ETF (IEMG US) during the week as inflows to IShares Edge MSCI Min Vol Emerging Markets ETF (EEMV US) continue.
Brilliance China: Parent Restructuring Overhang May Continue, but Dividends Itself Provide Upside
- No substantive progress is achieved on Brilliance Group’s bankruptcy restructuring so far.
- Besides estimated max Rmb6 per share, or HKD6.5 per share special dividend 2022E, shareholders may get more cash dividends in the next few years
- Our enterprise value analysis shows Brilliance China’s fair value could be as high as HHD21.9 per share, including estimated HKD6.5 per share special dividend 2022E.
ECM Weekly (13th Nov 2022) – I-Tail, Blibli, Nykaa, PB Fin, Five Star, Archean, GDRs, Axis Bank
- 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, Indian IPOs continue to trickle in, while other regions appear to be waking up from their slumber.
- There were a few GDR issuances this week, along with another placement in Axis Bank Ltd (AXSB IN) and a number of lock-up expiries.
Hong Kong CEO & Director Dealings (11 Nov): C C Land, Impro Precision, SingAsia, Pharmaron
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. However, such disclosures are by no means an absolute.
- These insights may flag those companies where shares have been pledged. Stocks mentioned include C C Land Holdings (1224 HK), Impro Precision Industries (1286 HK), and SingAsia Holdings (8293 HK).
Lygend Resources & Technology Pre-IPO – Thoughts on Valuation
- Lygend Resources & Technology (LR HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
- Lygend Resources & Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
- In this note, we will look at assumptions, and share our thoughts on valuation.
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