In today’s briefing:
- HSCEI: Index Handling Changes for Secondary & Dual-Primary Listings
- HSTECH: Index Handling Changes & Flows in March
- Sula Vineyards IPO – Does Offer a Unique Exposure with Lots of Ifs and Buts
- Getaround This SPAC Deal
- AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers
- Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey
- AutoZone Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
HSCEI: Index Handling Changes for Secondary & Dual-Primary Listings
- Hang Seng Indexes has changed the index handling treatment for Secondary Listings and Dual Primary Listings from the next rebalance in March.
- The changes could lead to an increase in the index weighting for Li Auto (2015 HK) and the inclusion of XPeng (9868 HK) at the March rebalance.
- The improved rankings for the Secondary and Dual Primary listings will lead to other changes to the index in March.
HSTECH: Index Handling Changes & Flows in March
- Hang Seng Indexes has changed the index handling treatment for Secondary Listings and Dual Primary Listings from the next rebalance in March.
- The change could result in Tencent Music Entertainment Group (1698 HK) replacing Ming Yuan Cloud Group (909 HK) in the index.
- There could be passive buying on Li Auto (2015 HK) and XPeng (9868 HK) due to an increase in the index shares with outflows on other index constituents.
Sula Vineyards IPO – Does Offer a Unique Exposure with Lots of Ifs and Buts
- Sula Vineyards is looking to raise around US$117m in its upcoming India IPO.
- Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” & “Dia”.
- We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.
Getaround This SPAC Deal
- This week, digital car-sharing platform Getaround made the headlines as the latest De-SPAC casualty to crash and burn on its stock market debut.
- After initially announcing plans to go public through a merger with interPrivate II Acquisition Corp in a deal valuing the combined company at $1.2 billion in May 2022, the company saw a decline of 65% on its debut.
- Essentially, at its current valuation, the market thinks that Getaround is worth a little more than the cash generated from its SPAC deal and less than half of the total cash it has raised to date.
AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers
- This is our first report on AutoZone, one of the largest distributors of automotive replacement parts and accessories in the U.S.
- The company had a strong fourth quarter, and managed an all-around beat.
- However, its domestic, commercial sales made up 30% of its domestic auto parts sales.
Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey
- Starbucks have launched a Web3 loyalty program called Odyssey.
- Members can engage in ‘journeys’, a series of activities, such as playing interactive games or taking on fun challenges to deepen their knowledge of coffee and Starbucks.
- They will be rewarded with a digital collectable ‘journey stamp’ — and yep, you guessed it — they’re NFTs.
AutoZone Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- AutoZone is one of the largest players in the distribution of automotive replacement parts and accessories in the U.S.
- The company has been delivering a decent set of results in recent times after the impact of the pandemic has gone down.
- However, its domestic, commercial sales make up 30% of its domestic auto parts sales.
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