Daily Brief Financials: Srisawad Power 1979, Bitcoin Pro, Shaftesbury PLC, S&P 500, Custodian REIT and more

• The completion of the Total Access Communication (DTAC TB) – True Corp Pcl (TRUE TB) merger could cause an intra-review change next week.
• There could be two more index changes in the regular review in June 2023.
• In this insight, we take a look at the current rankings of potential ADDs and potential DELs and their recent price and volume performance. 

• On Monday, Hong Kong made its intentions clear to open the door to crypto trading for retail. 
• Reports claim that China is quietly encouraging the move, using Hong Kong as a testing ground for what safe crypto trading might look like.
• The Hong Kong Securities and Futures Commission (SFC) outlined various caveats for retail investing in crypto, namely hinting at only having a small subset of the largest tokens available to trade.

• On 23 December, the CMA announced the launch of its Phase 1 review. On 22 February, the CMA has unconditionally cleared the merger, therefore the CMA Condition has been satisfied.
• The Court sanction hearing is expected to take place on 2 March, and subject to the satisfaction or waiver of the remaining Conditions, completion is expected on 6 March. 
• Spread traded at a premium since the deal announcement until the CMA clearance, now at a discount. Spread (gross/annualised) is 0.78%/22.3%.

• SPX 3,980 is where a mild bounce should unfold. 4,060 sell resistance then the set-up calls for a break below 3,980 to test lower targets.
• This next leg down will cause more damage in EM/Asia and Europe. MACD on the verge of an ugly break below the “0” acceleration line.
• US 10yr yield dip is a buy for a push above the 3.95% pivot resistance with new highs in store.

In Q323, Custodian Property Income REIT (CREI) continued to capture occupational demand, lease vacant space across all sectors and grow rental income. This underpins fully covered dividends and provided a partial offset to strong market-wide pressure on property valuations. Moderate gearing mitigated the impact on NAV, while income is protected by 80% of drawn debt having a fixed cost.