In today’s briefing:
- Daito Trust Construction (1878) – Big Buyback, Dense Register, 120% Payout This Year
- Unibail-Rodamco-Westfield: Superior Operational Performance and Manageable Leverage
- EQD | Nikkei 225 (NKY)’s November Rally: How Far Can It GO?
- Index Rebalance & ETF Flow Recap: NEXT50, SET50, L&F, Onewo, Celltrion, AMFI
Daito Trust Construction (1878) – Big Buyback, Dense Register, 120% Payout This Year
- Daito Trust last week announced H1 earnings, its 50% dividend payout ratio, and a ¥50bn stock buyback which results in a shareholder payout ratio of ~120% over the next year.
- This should help to keep ROE high, and as it is a clear distribution of surplus, it should help keep the multiple up.
- It is worth looking at shareholder structure to see how this buyback will be taken.
Unibail-Rodamco-Westfield: Superior Operational Performance and Manageable Leverage
- In this insight, we did a deep dive on Unibail, one of the biggest real estate companies in terms of developing and operating shopping malls in the world
- We think URW will continue to show superior operational performance than peers, we also think its leverage, which is one of market’s biggest concern, is manageable
- We see valuation upside for Unibail, we also recommend multiple trading strategies, subject to investors’ risk appetite, style and mandate
EQD | Nikkei 225 (NKY)’s November Rally: How Far Can It GO?
- The Nikkei closed the month of October down, 4 months down in a row (CC=-4), very OVERSOLD MONTHLY. The 30600 support indicated in our last MONTHLY insight did hold somehow.
- We think the Nikkei could continue to rally in November, but this explosive, fast rally, at one point will have to retrace back, before it can continue up.
- The index could rally for 2 months, into December. The target prices for the end of the rally are near 34000.
Index Rebalance & ETF Flow Recap: NEXT50, SET50, L&F, Onewo, Celltrion, AMFI
- There were a bunch of indices where the review period ended last week. The changes will be announced this month and implemented in December.
- Emerald Resources Nl (EMR AU) replaced Invocare Ltd (IVC AU) in the S&P/ASX 200 (AS51 INDEX) at the close on Friday.
- There were large outflows from mainland China listed ETFs during the week. Outflows from iShares Emerging Markets (EEM US) continued for another week.
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