Daily Brief Financials: Korea Stock Exchange Kospi 200 Index, Omni Bridgeway, Bitcoin, JPY, PICC Property & Casualty H, Greentown China, JPMorgan Global Growth & Income, Celsius Network and more

• On 31 January, Korea’s Financial Services Commission (FSC) and the Ministry of Justice announced plans to improve rules regarding dividends to bring them in line with international standards.
• Companies will be able to decide the dividend amount prior to the record dates for quarterly dividends, while the ex-date of the final dividend will be post the AGM.
• This was one of the issues highlighted by MSCI for Korea’s upgrade from EM to DM. There are also implications for the KOSPI200 futures basis and futures rolls.

• In this insight, we take a look at the potential index changes for S&P ASX 20, 50, 100, 200, 300 in the run up to the March 2023 Rebalance.
• There could be one change for ASX 20 and one change for ASX 100 while ASX 200 could see four ADDs/DELs.
• For ASX 300, there could be 15 ADDs and 12 DELs in the March 2023 Rebalance including some high impact names based on days-to-trade.

• Investors will remember 2022 as the first real credit crisis that bitcoin and the broader crypto space have suffered. In historical terms, it was a significant year.
• The ensuing deleveraging eliminated many entities that got overzealous in the bull market and didn’t adjust their strategies to new market conditions.
• Almost the entirety of those now-insolvent entities were centralised conduits to the world of blockchain and digital assets. 

• At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. •1) Response to key levels. •2) Price action. •3) Momentum confirmation.
• Last week delivered a host of bullish MT USD reversal patterns across USD/G10 and USD/Asia pairs.
• USDJPY has responded impulsively to critical LT support around 127.50. February has the potential to confirm a return to the multi-year uptrend with aggressive targets around 175/180.

• PICC P&C was a shelter for investors in 2022, as its earnings were largely shielded from the pandemic. However, momentum has shifted in favor of the rest of the sector.
• As the reopening story tails off, we expect the stock’s performance to recouple to the broader H-Financials index. 
• Valuation is undemanding, but the same can be said of almost any other stock in the space. If the HKD7.25/share resistance level breaks, we may see a major correction.

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.

• Country Garden Holdings Co
• Greentown China

JPMorgan Global Growth & Income (JGGI) invests in long-term structural winners, although in these uncertain times, managers Helge Skibeli, Tim Woodhouse and James Cook are looking to balance the portfolio via a mix of defensive and quality stocks. The trust’s strong performance track record continues. It has outperformed its benchmark, and its peers, over the short and longer term, thanks to the managers’ stock selection skills. JGGI also continues to deliver competitive and rising dividends, funded from a mix of portfolio income and reserves. Recent decisions by the boards of Scottish Investment Trust (SCIN) and JPMorgan Elect (JPE) to merge with JGGI attest to the relative attractiveness of the trust’s investment offering, while also greatly increasing assets under management (AUM) and liquidity, and reducing ongoing charges.

• Price Movements: DYDX has rallied 130% since the decentralized exchange announced they would postpone a planned unlock for the token. 
• Market Liquidity: BUSD’s market share has held steady since Binance admitted to mismanaging reserves.
• Derivatives: The open interest to market cap ratio suggests Optimism’s OP token is highly leveraged.