In today’s briefing:
- HSCEI Index Rebalance Preview: High & Low Probability Changes
- Crypto Crisp: Up Is Soon The Only Way
- K Bank IPO – Should Price Below Its Range
- Reawakening The Animal Spirits
- Casagrand Premier Builder Pre-IPO Tearsheet
HSCEI Index Rebalance Preview: High & Low Probability Changes
- PICC Property & Casualty H (2328 HK) inclusion and Longfor Properties (960 HK) deletion are high probability changes for the Hang Seng China Enterprises Index (HSCEI INDEX) in December.
- There is a lower probability of China Resources Power (836 HK) being added and of Sino Biopharmaceutical (1177 HK) being deleted at the rebalance.
- There has been big short covering in PICC Property & Casualty (2328 HK) over the last couple of months while shorts would have covered Longfor Properties (960 HK) recently.
Crypto Crisp: Up Is Soon The Only Way
- We have emphasized multiple times that we have been eagerly anticipating the fourth quarter of this year, driven by numerous factors that make us extremely bullish.
- With September’s liquidity squeeze now behind us, we expect U.S. Dollar liquidity to rise significantly through the remainder of the year.
- Additionally, there are several other strong tailwinds: robust seasonal trends, Chinese stimulus measures, the post-fourth Bitcoin halving phase—which historically delivers substantial returns—the possibility of positive focus on crypto during the U.S. presidential election, and a market that tends to thrive in a low-interest-rate environment, many of the reasons for which were discussed in Crypto Moves #42.
K Bank IPO – Should Price Below Its Range
- K Bank (279570 KS) plans to raise up to US$740m in its upcoming South Korean IPO.
- K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
- In our previous note, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we will talk about valuations.
Reawakening The Animal Spirits
- Global liquidity trifecta: US, China, and Japan’s policy shifts hint at a bullish environment for risk assets, including crypto.
- BTC’s trend reversal? Early signs of a market shift suggest a potential breakout as investor sentiment changes.
- Solana ecosystem is gaining momentum—real-world applications and a booming DeFi landscape are setting the stage for a strong 2024.
Casagrand Premier Builder Pre-IPO Tearsheet
- Casagrand Premier Builder Ltd (0949880D IN) is looking to raise about US$131m in its upcoming India IPO. The deal will be run by JM Fin and Motilal Oswal.
- Casagrand Premier Builder is a residential developer in India. It constructs apartments and independent villas spanning luxury, mid-end and affordable categories in the states of Karnataka, Telangana and Tamil Nadu.
- According to CBRE, it was the largest residential developer in Chennai with ~24% share in terms of launches and ~20% in terms of demand during 1st Jan’17 to 31st Mar’24.
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