In today’s briefing:
- Home Consortium (HMC AU) FTSE EPRA Index Deletion – Underperforming but STILL Expensive
- Terra Collapse Returns to the Spotlight
- Morning Views Asia: China Vanke, Greenko Energy Holdings, Powerlong Commercial Management Holdings
Home Consortium (HMC AU) FTSE EPRA Index Deletion – Underperforming but STILL Expensive
- Home Consortium Ltd (HMC AU) is a Super Stapled Security, having developed HomeCo Daily Needs REIT (HDN AU), overseen the Aventus Group (AVN AU) merger, IPOed HealthCo REIT (HCW AU).
- The current market cap is 1.6x book and probably closer to 2x tangible book as a large “management and development capability premium” is baked in.
- There is a FTSE EPRA Nareit index deletion on Friday. That could prompt further underperformance.
Terra Collapse Returns to the Spotlight
- Price Movements: BTC’s correlation with BNB has dropped significantly since FTX’s collapse, a sign that Binance’s token is diverging from wider markets.
- Market Liquidity: Curve, the DEX optimized for stablecoin swaps, is still mostly used by whale traders.
- Derivatives: Tron futures skew bearish after the network’s native stablecoin, USDD, depegged to $.97.
Morning Views Asia: China Vanke, Greenko Energy Holdings, Powerlong Commercial Management Holdings
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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