In today’s briefing:
- TOPIX Rebalance: End-July Rebal Is $3.5bn One-Way – Some Big Sell Names
- Blue Tower Asset Management Q2 2022 Commentary
- MicroPort MedBot (2252.HK)- Lack an “anchor” for Valuation Due to Uncertainties in Commercialization
TOPIX Rebalance: End-July Rebal Is $3.5bn One-Way – Some Big Sell Names
- The July-end TOPIX FFW Rebalance is larger than most expected, I believe.
- There should be US$3.5bn one-way, with only a couple of major buy names.
- Chugai Pharmaceutical (4519 JP), Canon Inc (7751 JP), Unicharm Corp (8113 JP), Kubota Corp (6326 JP), Asahi Group Holdings (2502 JP), and Shiseido (4911) are each US$170mm+ to sell.
Blue Tower Asset Management Q2 2022 Commentary
- Blue Tower Asset Management provides portfolio management services to individuals, financial advisers, and institutions.
- With Q2 2022, the Blue Tower Global Value strategy composite returned 12.09% net of fees in the second quarter (12.41% gross) against a decline of -15.66% in the MSCI ACWI index.
- The sanctions on Russian investments have dramatically increased the internal dispersion of our composite performance results.
MicroPort MedBot (2252.HK)- Lack an “anchor” for Valuation Due to Uncertainties in Commercialization
- To achieve massive sales expansion, surgical robots and consumables have to reduce price largely to enter NRDL reimbursement. This is at odds with expectations that they will generate high profits.
- The actual market share gained and revenue generated by Medbot may fall far short of expectations, resulting in an inability to cover years of rapid growth in R&D/selling/administrative expenses.
- Due to uncertainties on commercialization and profitability outlook, Medbot lacks an “anchor” for valuation.The large fluctuation in share price would continue. Surgical robots are not a good business for now.
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