Daily Brief Financials: DGB Financial Group, FTSE China A50 Index, Draper Esprit and more

• Samyang Foods (003230 KS) will replace Hyundai Greenfood (005440 KS) in the Korea Stock Exchange Kospi 200 Index (KOSPI2 INDEX) at the close on 12 April.
• We expect DGB Financial Group (139130 KS) will replace Meritz Securities (008560 KS) in early April.
• Then we expect another 3 changes at the regular rebalance in June. The potential adds have moved sharply higher recently and there are flows from other index trackers too.

• A50 sell res near 14,100. Hard down close followed by 3% squeeze needs some digestion off of dual MA support. Our take is to sell strength.
• HSI is trading heavy after a muted bounce with 19,600 targeted and remains our top short.
• SPX needs a nudge and firm close below 4,080 to induce downside momentum and tip the global cycle.

At its capital markets day (CMD) Molten Ventures highlighted its successful growth since it listed in 2016, having grown its gross portfolio value by a CAGR of 59% (supported by several capital raises). We note that Molten posted a six-year NAV total return (TR) to end-September 2022 of c 15% pa. Since IPO, Molten has deployed an average £133m in capital per year (excluding secondary investments) and received £452m in total realisation proceeds. Portfolio growth has been underpinned by the 24% pa growth in European venture capital (VC) series A, B and C deal volumes (Molten’s ‘sweet spot’) between 2015 and 2022 (based on PitchBook data).