In today’s briefing:
- Ibiden (4062 JP): Another Chance for Long-Term Investors
- SENSEX Index Rebalance Preview: Adani Enterprises Could Replace Wipro
Ibiden (4062 JP): Another Chance for Long-Term Investors
- Operating profit hit a 15-year high in the six months to September. That appears to have been the cyclical peak.
- Guidance for 2H of FY Mar-23 is probably conservative, but year-on-year profit comparisons will probably be negative for at least a year.
- After rising by 44% from mid-October to mid-November, Ibiden’s share price has given up more than half that gain. Long term investors may again look for an entry point.
SENSEX Index Rebalance Preview: Adani Enterprises Could Replace Wipro
- A third of the way through the review period of the June rebalance, we see one potential index change with Adani Enterprises (ADE IN) replacing Wipro Ltd (WPRO IN).
- Adani Enterprises (ADE IN) could move lower in the short-term due to the public issue of shares but should find support from passive buying from local and global index trackers.
- Wipro Ltd (WPRO IN) has underperformed most of its peers by a wide margin over the last year and the passive selling could provide an entry point.
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