In today’s briefing:
- Long/Short Position Under Currents
- Panin Financial – Vanishing Growth, Falling ROE, Despite Likely Rebalancing Beneficiary
- Hong Kong CEO & Director Dealings: Red Star’s New Controlling Shareholder
- Finfra Tops up with $1m to Enable Embedded Lending for Indonesian Firms
Long/Short Position Under Currents
- Rise into late June/early July cycle peak on track with scope to overshoot after the 4th of July break (then expect a more volatile mid-July period). Reducing on strength.
- SPX kissed our 4,500 target with an overshoot projection at 4,547. Recent long from 4,470.
- Top Asia longs: NKY, Taiwan and India. Top shorts have been HSI and Kospi 200 (heavy bias to add on upticks). July will usher in a more volatile phase.
Panin Financial – Vanishing Growth, Falling ROE, Despite Likely Rebalancing Beneficiary
- PNLF has seen its asset growth ratchet downward, running at near 12-year lows at +2% YoY
- Phases of ROE decline are apparent, from 12-13%, then to 9%, and now to 5-6%
- At least, there is a rebound in profit growth in FY22, after dismal 3 years
Hong Kong CEO & Director Dealings: Red Star’s New Controlling Shareholder
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
- The key stock mentioned in this regular insight is Red Star Macalline Group Corp (1528 HK).
Finfra Tops up with $1m to Enable Embedded Lending for Indonesian Firms
- Since 2015, Indonesia’s digital economy has grown 10x, reaching US$77 billion in gross merchandise value. However, credit penetration remains low for individuals and businesses alike, with only 3% of Indonesians having a credit card.
- Access to credit would allow businesses to boost customer adoption, among other things, and Indonesia-based fintech firm Finfra is looking to fill this niche.
- The startup has raised US$1 million to help make this happen.
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