In today’s briefing:
- MSCI Korea Standard/Small Cap Rebalancing & Tradable Names
- Toshiba – Worse Than Even We Thought
- IndiaFirst Life Insurance Pre-IPO Tearsheet
MSCI Korea Standard/Small Cap Rebalancing & Tradable Names
- In addition to Hyundai Mipo Dockyard and LG Energy Solution, it is worth noting that Krafton will also have a significant passive inflow.
- GS E&C can become a more focused flow trading target as it is an unexpected one that the market must have failed to notice.
- Since most deletions will have a relatively sizeable passive impact on considerable liquidity, building up a short position with a basket from now on wouldn’t be a flawed approach.
Toshiba – Worse Than Even We Thought
- Toshiba’s 2Q results were not pretty with OP of just ¥7.5bn despite strong revenues of ¥855bn, weak orders and a downward revision to guidance as we predicted.
- While we expected weakness, every downside risk we flagged came through and in greater force than we had predicted.
- It is almost as if some divine force completely unrelated to management is hinting that you should go for the JIP bid if and when it comes through.
IndiaFirst Life Insurance Pre-IPO Tearsheet
- IndiaFirst Life Insurance (1083896D IN) is looking to raise about US$250m in its upcoming India IPO. The deal will be run by ICICI, Ambit, BNP, BOBCap, HSBC, Jefferies and JMF.
- IndiaFirst Life Insurance (IFLI) Is a private life insurer in India with a product portfolio of retail and group products, ranging across different segments.
- The company’s retail product portfolio in India comprises nine participating products, 16 non-participating products (comprising 11 nonparticipating savings products and six non-participating protection products) and four unit-linked products.
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