Daily Brief Financials: Swire Pacific (A), Mapletree Industrial Trust, Hong Kong Hang Seng Index, Futu Holdings Ltd, Lido DAO Token, Sunac China Holdings and more

• A double dose of StubWorld this week. Swire Pacific (A) (19 HK)‘s P/B is back down to 0.31x as Cathay Pacific (293 HK) tackles alleged language bias by flight attendants.
• Preceding my comments on Japan Post 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%.

• Mapletree Industrial Trust (MINT SP) is looking to raise at least S$202m (US$150m) in its primary placement.
• The proceeds will be used to partially fund its acquisition of a data centre asset in downtown Osaka, Japan, while the remainder will be funded by debt.
• In this note, we’ll run the deal through our ECM framework and comment on deal dynamics.

• Hang Seng Index (HSI INDEX) Implieds are at Records Low, Cheap to Historic, Buy Options.
• Many Asian Indices have Tight Ranges, Flat Returns YTD,  Options Expensive to the Range.
• HSBC Holdings (5 HK) and  Citic Ltd (267 HK)  are up than 23% YTD, (with the Hang Sang flat), hedge them with cheap options

• Futu reported 1Q23 revenue 12.7%/14.8% higher than our est./cons., non-GAAP NI 21.2%/19.5% higher than our est./cons., mainly due to strong margin financing and security lending activities during volatile market; 
• Futu’s operation and client trading behaviours remain steady in 1Q23 after the implement of rectification measures from regulators. 
• On the other side, overseas expansion in Japan and Malaysia may start to kick-off in 2H23; We maintain BUY rating on FUTU and maintain TP at US$51.  

• Asset Metrics is perhaps the most powerful product that Kaiko has ever released.
• With a single endpoint, users are able to fetch historical liquidity and volume data for any asset we cover, including all instruments and all exchanges – centralized or decentralized.
• Additionally, it includes historical holder data for a wide variety of ERC-20 tokens.

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Sunac China’s ESG as “Weak”, in line with its Governance score. That said, the Environmental and Social pillars are “Adequate”. Controversies are “Immaterial” and Disclosure is “Adequate”.