In today’s briefing:
- S&P BSE Quiddity Leaderboard Dec 2022: Multiple Adani Names with F&O Question Marks
- Antony Waste Handling Cell Ltd – Forensic Analysis
- Finding Leadership Within Emerging Markets
- Marvell Technologies: The Tanzanite Acquisition & Other Drivers
S&P BSE Quiddity Leaderboard Dec 2022: Multiple Adani Names with F&O Question Marks
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
- Based on the latest data, I expect one ADD/DEL for SENSEX, one ADD/DEL for BSE 100, and 3 ADDs/DELs for BSE 200.
- The potential ADDs/DELs for SENSEX could see index flows of US$100mn or more but the other index changes are both small in size and volume impact (days-to-trade).
Antony Waste Handling Cell Ltd – Forensic Analysis
- Antony Waste Handling Cell Limited (AWHCL IN) is one of the key players operating in the Municipal Solid Waste (MSW) industry.
- Key takeaways that warrant attention overlooked include disparity between accounting and management commentary on margins and reimbursements and stained auditor qualifications since F13
- Other forensic checks consist of poor quality of debtors, subsidiary stress and few eye-brow raising related party transactions.
Finding Leadership Within Emerging Markets
- We are starting to see early signs of a potential bottom on MSCI EM (EEM-US).
- Specifically, the EEM-US has reversed topside its 6-month downtrend. If MSCI EM has indeed bottomed, we want to be buying the leaders; that is where this report comes in.
- Specific themes include attractive opportunities in India and Thailand, and also many in Taiwan and South Korea. Attractive Sectors include Energy, Financials, Materials, and Industrials.
Marvell Technologies: The Tanzanite Acquisition & Other Drivers
- Marvell Technologies continued to drive operating leverage and delivered an earnings beat in the recent result while its revenues were on par with market expectations.
- In spite of the choppy supply environment, the strong end market demand and the successful adoption of its new products have enabled the company to grow revenue significantly.
- We provide the stock of Marvell Technologies with a ‘Buy’ rating with a revision in the target price.
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