In today’s briefing:
- Nifty the Clearest Short in Asia
- Aequitas India IPOs Bookrunner Performance (2019-2022)
- Bank of India – Off The Charts
- Bank Central Asia (BBCA IJ) – Embracing Its Digital Reach
- Thai Banks 4Q22 Screener; Krung Thai Back on Top
- What Is Kyber Network and How Does It Work?
- December Brazil Bank Data in Charts – Household and SME NPL Metrics Are the Focus Points
- What Is Rocket Pool and How Does It Work?
- What Is Frax Finance?
- What Is an NFT and Why Are Some Sold for Millions?
Nifty the Clearest Short in Asia
- We are lacking short ideas in Asia given we are long most markets. India presents a fresh short idea after failing at trend and price resistance.
- The failure at trendline and 18,200 price resistance was touted as a bearish turn. We have now formed a bear flat that is set to break lower.
- Macro: Remains bullish and we will probe for a long at 17,500/300. 19,470 is our macro bull projection.
Aequitas India IPOs Bookrunner Performance (2019-2022)
- In this note, we will take a look at bookrunner performance for Indian IPOs from 2019-2022.
- The following dataset includes all Indian IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 49 deals.
- The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.
Bank of India – Off The Charts
- Delta in core net interest income growth is accelerating like no other peer
- Net interest margin’s are now up 50% YoY at a reasonable level of 3.02%
- Credit costs have yet to decline despite NPL ratio down sharply
Bank Central Asia (BBCA IJ) – Embracing Its Digital Reach
- Bank Central Asia came through with a strong finish to the year as it took the brakes off lending, with the advantage of the highest CASA amongst Indonesian banks.
- Loan growth was focused on corporate borrowers, commercial & SMEs, and consumers, with mortgages and autos seeing strong growth in 4Q2022, whilst loans-at-risk continues to decline, boosting profitability.
- Bank Central Asia is highly capitalised but continues to invest in growth without sacrificing underwriting standards and continues to embrace its digital reach with growing numbers of customers.
Thai Banks 4Q22 Screener; Krung Thai Back on Top
- Krung Thai is our pick; it ranks top in terms of post-provision profitability, as well as screening well on NPL coverage and valuations, including its low PEG ratio
- We also like Ayudhya, with its strong pre and post-provision profitability in 4Q22, strong credit quality metrics and attractive valuations
- Kasikorn has had a difficult 4Q22 due to its high cost of risk and its need to bolster provision coverage; Kasikorn may be a 2023 opportunity, but not yet
What Is Kyber Network and How Does It Work?
- What is Kyber Network and how does it work?
- The relatively old protocol might not be the most popular option with its meager $15 million TVL, but future updates have the potential to turn Kyber into a liquidity hub for the entire DeFi market.
- There are almost too many decentralized exchanges in DeFi, which contributes to a rising problem of liquidity balkanization.
December Brazil Bank Data in Charts – Household and SME NPL Metrics Are the Focus Points
- In December many NPL ratio categories improved MoM, but there are still some areas of concerns namely household and SME credit
- System loan growth for full year 2022 decelerated further (from an annualized 14.7% in November) but still grew by +14%, due primarily to slower consumer loan growth
- New credit spreads declined MoM, along with lending rates implying that this was not due solely to funding costs; we favour Banco do Brasil, and are cautious on Santander Brasil
What Is Rocket Pool and How Does It Work?
- Rocket Pool is undoubtedly the most popular name in the arena of Ethereum 2.0 staking pools, but how does it work and is it secure enough for beginners?
- Ethereum 2.0 is here, and everyone is now interested in making profits from their existing crypto assets by staking.
- Ethereum 2.0 is here, and everyone is now interested in making profits from their existing crypto assets by staking.
What Is Frax Finance?
- Even if the Tether FUD is only typical FUD, we still have to search for other healthy alternatives that help investors with hedging against the market.
- For some, algorithmic stablecoins are the best option and one popular project that stands out is Frax Finance.
- Without a shadow of a doubt, stablecoins are the most boring type of cryptocurrencies.
What Is an NFT and Why Are Some Sold for Millions?
- Are NFTs more than just pictures issued on a blockchain?
- There must be surely something more to non-fungible tokens, given that one sold for $69 million last week. Not an avid reader? That’s fine.
- You can also learn about NFTs in video format! Non-fungible tokens (NFTs) have, for better or worse, expanded into new territory: mainstream circles.
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