In today’s briefing:
- StubWorld: Stay Long PICC (1339 HK)
- Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill
- OMH: Guiding to Strong Revenue Growth Following Acquisition, Organic Steps
- Comment on Exchange Rate – EUR/JPY – March 29, 2024
StubWorld: Stay Long PICC (1339 HK)
- People’s Insurance (PICC) (1339 HK) has bounced off its lifetime low implied stub and simple ratio (PICC/PICC Property & Casualty (2328 HK)); but still trades below its historical trailing/forward metrics.
- Preceding my comments on PICC are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Local Institutions’ Value-Up Momentum Moves: Watch the July Tax Reform Bill
- MMAS prioritizes dividends over low-PBR, key to government’s Value-up momentum. Despite initial market disappointment, dividend stocks rebounded, underscoring continued investor interest.
- Government officials are collecting historic dividend data to simulate separate taxation impact of dividend income, likely to be included in July’s tax reform bill for National Assembly approval.
- Local institutions focus on dividend-centric Value-up trading, targeting stocks with high cash reserves and dividends. Strategy needed to manage market impact pre-tax reform bill in July.
OMH: Guiding to Strong Revenue Growth Following Acquisition, Organic Steps
- Ohmyhome Property Management continues to increase the number of residential units managed.
- The business unit managed 6,746 residential units as of December 31, 2023, up about 45% compared to some 4,648 units at the end of 2022, according to the company’s filings, and up from 2,962 at the end of 2021.
- The goal is to continue to increase the number of units under management, which Ohmyhome believes will contribute to consolidated revenue growth.
Comment on Exchange Rate – EUR/JPY – March 29, 2024
- During the period under consideration, i.e. February 28th , 2024 to March 29th, 2024, the EUR/JPY exchange rate fluctuated between 160.55 and 165.17.
- The MA-10 line was moving above the MA-20 line for the first two weeks, and then it crossed below the MA-20, maintaining a steady movement until it crossed over again on March 22nd MA-20 line retained upward trend throughout the entire period.
- Based on Graph 2, the CCI (red line) was moving downwards at the beginning of the period under consideration but after March 12th the movement changed to the opposite direction.
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