Daily Brief Financials: SBI Sumishin Net Bank, iShares MSCI Emerging Markets, Japan Post Bank, Hopson Development and more

• SBI Sumishin Net Bank (7163 JP), an online bank in Japan, has revived its listing plans to raise up to US$440 million (vs the 2022 target of US$1 billion).
• We previously discussed the IPO in SBI Sumishin Net Bank IPO: The Investment Case. The shares will be listed on 29 March.
• In this note, we discuss valuation. Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the IPO reference price of JPY1,260. We would participate in the IPO.

• EEM stage is set for a rise from 38.20/37.80 but will find it hard to get back above 42. Intermediate risk to 36.50 from which point we are more constructive.
• USD and yield pullbacks are primary inputs amid weak EEM buy volume. Bull yield wedge breakout on the back of high degree bull divergence in yield and the USD.
• DXY trendline support turn. USD rise has not been aggressive and needs yield to clear 4.25% with a 4.70% target. Risk of a dual yield top exists.

• A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
• ECM developments – Japan Post Holdings (6178 JP)‘s large offering of Japan Post Bank (7182 JP) shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million. 
• Event-Driven developments – HKBN Ltd (1310 HK), Yashili International Holdings (1230 HK), GK Goh Holdings (GKG SP), Golden Energy & Resources (GER SP), Pushpay Holdings (PPH NZ), OZ Minerals. 

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Adaro Energy
• China Vanke
• Hopson Development