In today’s briefing:
- Quiddity ChiNext/ChiNext 50 Jun 24 Rebalance: ~US$700mn One-Way Flows; Thoughts on Surprises
- KOSAIDO Holdings (7868) – Pursuing Comprehensive Growth
- Amaero International Ltd – Atomiser commissioned ahead of June 30 deadline
- Melrose Industries – Crystallisation of the 2020 Employee Share Plan
![](http://www.smartkarma.com/assets/plugins/a3-lazy-load/assets/images/lazy_placeholder.gif)
Quiddity ChiNext/ChiNext 50 Jun 24 Rebalance: ~US$700mn One-Way Flows; Thoughts on Surprises
- The June 2024 index review results for the ChiNext and ChiNext 50 indices were announced yesterday.
- There will be seven changes for the ChiNext index and five changes for the ChiNext 50 index. Some of these names surprised us.
- In this insight, we take a look at our final flow expectations for the confirmed index changes and our thoughts on the selection process.
KOSAIDO Holdings (7868) – Pursuing Comprehensive Growth
- Results underline high earnings visibility in Profit-Generating Funeral Services – Q1-4 FY3/24 results were in line with guidance, with positive high growth momentum being sustained at Profit- Generating Funeral Services.
- The legacy businesses (Information and HR) missed forecasts, highlighting turnaround challenges.
- However, the new business Asset Consulting has started strongly as a high-margin activity, and the outlook is positive.
Amaero International Ltd – Atomiser commissioned ahead of June 30 deadline
- RaaS Research Group has published a flash comment on advanced materials manufacturing group Amaero International (ASX:3DA) following its announcement that the first atomiser has been commissioned at its Tennessee facility ahead of schedule.
- The commissioning is an important step toward the production of C103 and specialty alloy powder at the facility and allows the company to move to the next step of achieving qualification and, ultimately, commercialisation.
- Amaero’s announcement underpins our confidence in the production timing we have applied to our estimates.
Melrose Industries – Crystallisation of the 2020 Employee Share Plan
The crystallisation of the employee plan highlights the value created through the GKN acquisition, benefiting from the strong performance from the restructuring programme and current positive trends in the aerospace sector. The impact of the scheme on our forecasts will be limited, having already assumed the full value the scheme would accrue. There are no changes to our valuation of 654p per share as set out in our previous note.