In today’s briefing:
- October 2023 TOPIX Free Float Review – $22.6bn to Trade and JPB (7182) The Biggie
- Seoul Guarantee Insurance IPO Industry Analysis
- EQD | HSI WEEKLY Resistance Levels UPDATED
- Inretail RE – ESG Report – Lucror Analytics
- Juniper Hotels Pre-IPO Tearsheet
October 2023 TOPIX Free Float Review – $22.6bn to Trade and JPB (7182) The Biggie
- The TOPIX October Free Float Weight Review details are out. This is the biggest FFW review of the year. This year, it’s $11.3bn a side.
- As discussed in Japan Post Bank (7182) – The October TOPIX FFW Adjustment, JPB is the big buy. $2bn/23d of ADV. There is $2bn to buy of trading cos too.
- There are lots of large names to trade in both directions. If you have interests to sell the buys and vice versa, it is good to know the flows.
Seoul Guarantee Insurance IPO Industry Analysis
- In this insight, we provide additional industry analysis of Seoul Guarantee Insurance Corp which is getting ready to complete its IPO in Korea in the next several weeks.
- The IPO of Seoul Guarantee Insurance is an important signal that the Korean government may allow greater competition in the local surety insurance market in 2-3 years.
- SGIC has promised high dividends. If we assume the IPO price at the low end of the IPO price range (39,500 won), this would suggest a dividend yield of 8%.
EQD | HSI WEEKLY Resistance Levels UPDATED
- The HSI INDEX has fallen for 2 more weeks since our last insight – current CC is =-5, and Q3 support was breached last week, the index is clearly OVERSOLD.
- If the HSI bounces this week, it could be an occasion to go SHORT – take note that the index could take 3 weeks to rally before rolling down again.
- The target price area where to enter SHORT trades,to benefit from a continuation of the downtrend is: 17598-18784.
Inretail RE – ESG Report – Lucror Analytics
- Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
- We assess InRetail RE’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Adequate”.
- We have based our assessment on parent InRetail Peru Corp’s sustainability reports, which disclose ESG-related information on a consolidated basis, with some details provided for its (bond-issuing) credit pools InRetail RE and InRetail Consumer.
Juniper Hotels Pre-IPO Tearsheet
- Juniper Hotels (6593708Z IN) is looking to raise up to US$217m in its upcoming India IPO. The deal will be run by JM Financial, CLSA and ICICI Securities.
- Juniper Hotels is the largest owner by no. of keys of Hyatt affiliated hotels in India as of 2Q23 (30th Jun 23), according to Horwath.
- The company is jointly held by Saraf Hotels and its affiliate, Juniper Investments and Two Seas Holdings (an indirect subsidiary of Hyatt Hotels Corporation).
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