Daily Brief Financials: Taiwan Stock Exchange Weighted Index, Shui On Land, Bank Mandiri Persero, Foxtons and more

• Taiwan has been a top long but losing bull energy. RSI second support break warns of a price break below pivotal trendline turning our stance from exhaustive to bearish.
• Taiwan has been a good hiding place but appears over owned amid waning upside momentum and high conviction RSI bear divergence.
• Bearish rising wedge amid divergence are the key chart components to focus on.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Vedanta Resources
2. Yankuang Energy Group
3. Alam Sutera Realty
4. Guangzhou R&F Properties
5. Fosun International

and more…

• Mandiri delivered solid 1Q23 results, underscoring its attractive valuations with single digit prospective PE multiples and premium growth potential all backed by a strong balance sheet
• Mandiri improved 1Q23 pre-provision operating profit and net profit YoY; Mandiri’s credit quality metrics were sound in 1Q23, with strong liquidity and funding ratios
• Mandiri has an attractive PEG ratio and delivers 20%+ ROE on a strong capital base for its PBV ratio comparing well against Indonesian and big cap EM bank peers

Foxtons Group’s Q1 trading update highlighted increased revenue per transaction and market share gains, evidence of early progress in rolling out the new strategy – characterised by upgrades to data infrastructure, investment in staff and a reinvigoration of the Foxtons brand. If the strategy succeeds, over the medium term Foxtons expects margins to expand by 500bp and operating profit to more than double. We retain our base case valuation of 59p/share and our preferred ‘bull’ case valuation of 124p/share, more than three times the current price.