Daily Brief Financials: Thai Life Insurance, Rakuten Bank , S&P 500 INDEX, Jenfi, Agile Property Holdings, Custodian REIT and more

• In this insight, we take a look at the potential ADDs/DELs for Thailand’s SET50 index rebalance in June 2023.
• There are only few more days left for the base date and we believe there could be two ADDs/DELs for the SET 50 index.
• The LONG Thai Life Insurance (TLI TB) – SHORT Bangkok Life Assurance (BLA TB) trade had a good spell of performance but now it might be time to rethink.

• SBI Sumishin Net Bank (7163 JP) and Rakuten Bank (5838 JP) listed over the last couple of months and the stocks will be added to various indices over the year.
• First up, Rakuten Bank (5838 JP) will be added to the Tokyo Stock Exchange Tokyo Price Index Topix (TPX INDEX) at the close on 30 May.
• Then both stocks will be added to other global indices between August and December bringing in passive flows and helping support the stock.

• SPX has once again slipped from the 4,200 high zone. Bounce support lies at 4,120/100.
• Our preferred sequence touted a pullback from 4,200-20 which holds 4,100 and rockets back to 4,200+ on the back of a debt deal with overshoot risk to 4,250. 
• Any new June high will be unsustainable and fall prey to macro undercurrents. USD getting a bid on yield and risk aversion.

• Jenfi, a fintech company specialising in revenue-based financing, has raised US$6.6 million in pre-Series B funding.
• Headline Asia led the round, with participation from Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures. Existing early investors also participated.
• With the funding, the fintech firm plans to expand its presence in Singapore, Vietnam and Indonesia by broadening its customer base while expanding into new markets across Southeast Asia.

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.

• Lenovo
• Vedanta Resources
• Xiaomi Corp

Custodian Property Income REIT (CREI) has met its 5.5p DPS target for the year to 31 March 2023 and, with property yields stabilising, the Q423 NAV total return was an income-driven 0.9%. Average rental values have continued to increase and this, combined with asset management opportunities and a strong balance sheet, provides strong ongoing support for the company’s high-income strategy.