In today’s briefing:
- TSE Action to Implement Management Conscious of Capital Cost and Stock Price – The Data Tool
- EQD | Nikkei 225 – MONTHLY Rally Trajectory Analysis + Resistance Targets
- Lendlease Global Commercial REIT (LREIT SP) – Growing Through a Sustainable Global Lens
- [Week 17] Namaste India 🙏 | Earnings Edition | HDFCB’s Core Concerns
- Global Rates: January ECB Meeting and Euro Rate Markets
- Global FX: Something’s Starting to Give
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TSE Action to Implement Management Conscious of Capital Cost and Stock Price – The Data Tool
- A few days ago, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】
- That translates to “Action to Implement Management That is Conscious of Cost of Capital and Stock Price”. The TSE asked companies in Mar-2023 to formulate and disclose a policy.
- Some have. Some have not. The TSE made a list. They will update the list every month. However, their list is wholly inadequate, so we made it better.
EQD | Nikkei 225 – MONTHLY Rally Trajectory Analysis + Resistance Targets
- The seasonal matrix indicates a possibility for the Nikkei 225 (NKY INDEX) to continue its current rally into April and that rally should end in May.
- The index at the moment is very overbought, we expect some form of WEEKLY pullback soon, please consult our previous insight to find the WEEKLY resistance levels.
- The pullback should be seen as a WEEKLY pullback within a larger, longer MONTHLY (multi-month) uptrend, i.e. an opportunity to buy and/or add positions at better prices.
Lendlease Global Commercial REIT (LREIT SP) – Growing Through a Sustainable Global Lens
- A Smartkarma Corporate Webinar | Lendlease Global: Sustainable Returns Through High-Quality Assets revealed a global commercial REIT with high-quality retail and office properties in Singapore and Italy.
- LREIT saw rental reversions of +16.3% YoY in its 1Q2024 with a portfolio committed occupancy of 99.9% and a weighted average lease expiry of 8.0 years by NLA.
- Management remains optimistic about the coming year with a strong capital position, a high level of sustainably linked finance, a low cost of debt, and an eye on potential acquisitions.
[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB’s Core Concerns
- Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.
- HDFC Bank (HDFCB IN) – The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead.
- Other interesting names highlighted include Delta Corp Ltd (DELTA IN), IndiaMart (INMART IN), Polycab India (POLYCAB IN), and Poonawalla Fincorp (POONAWAL IN).
Global Rates: January ECB Meeting and Euro Rate Markets
- The market is pricing in a 25 basis point cut in the June meeting, with additional easing expected to reach a neutral level by the first half of 2025.
- The ECB is expected to remain on hold at the upcoming meeting, with the focus on their updated views on growth, inflation, and any forward guidance.
- The sell-off in recent weeks has been driven by the repricing of monetary easing expectations, but the strategic over duration stance remains comfortable, particularly in the medium term.
This podcast is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.
Global FX: Something’s Starting to Give
- The market is pricing in aggressive rate cuts by the Fed, but the data does not fully support this expectation.
- The dollar has performed well this week, and further upside is plausible due to low-grade US exceptionalism and underwhelming global economic data.
- The focus on the Fed and US rates is important, but the non-US side should not be overlooked, as there is a stark difference in initial conditions between the US and other G7 rate curves. The rate differentials could lead to a convergence with the US catching up to other rate curves, resulting in a volatile and high-impact dollar trend.
This podcast is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.