In today’s briefing:
- CMCDI (133 HK): Kan Re-Elected. But Only Just
- CrowdStrike Joins S&P 500
- EQD | The KOSPI 200 Is Ready to Pullback (Again)
CMCDI (133 HK): Kan Re-Elected. But Only Just
- At the AGM yesterday, China Merchants China Direct Investments (133 HK)‘s director Elizabeth Kan was re-appointed, but by a wafer-thin margin: 29.97% of shares out FOR, and 29.44% AGAINST.
- Stripping out Victor Chu’s stake (~2%?) and China Merchant’s (27.6%), or collectively ~29.6% of shares out, it’s fair to say the remainder of the shareholder register wants her out.
- CMCDI is currently trading at a 55% discount to the latest NAV (as at 31st May 2024) of HK$30.42/share. Argyle continues to add to its position.
CrowdStrike Joins S&P 500
- On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&P 500, which follows strong financial results and guidance. Investors anticipated this inclusion, driven by improved profitability and operational efficiency.
- The volume traded has so far been on average 2x the 3-month daily average prior to the news. The enduring effect will be on liquidity (hedging basket for index exposure).
- CrowdStrike’s inclusion in the S&P 500 index increases the representation of pure cybersecurity stocks. Median IBES consensus PT is $400 (7.5% upside).
EQD | The KOSPI 200 Is Ready to Pullback (Again)
- After 3 weeks up in a row the KOSPI 200 is ripe for a pullback.
- The reversal is probably going to begin this coming week.
- If the index goes higher, look at 391 resistance targets to initiate SHORT trades or to cover your LONGs.
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