In today’s briefing:
- Korean Dems Push for Commercial Act Amendment by Year-End: Game-Changer for Value-Up Trade
- [Quiddity Index] MVIS Global Defense Index Dec24 Rebalance Results: Flow Expectations
- Nidec (6594 JP): India & Nvidia Point the Way Forward
Korean Dems Push for Commercial Act Amendment by Year-End: Game-Changer for Value-Up Trade
- The Dems are serious about the Commercial Act amendment, with Lee Jae-myung personally attending the policy forum to pitch the change directly to key business players.
- Key takeaways: expanding directors’ fiduciary duties to all shareholders and mandatory cumulative voting, which could empower minority shareholders and reignite value-up policies in Korean companies.
- The Dems plan to fast-track the Commercial Act amendment by year-end, with implementation likely by Q2 next year, boosting market moves and reigniting the value-up trade ahead of May’s election.
[Quiddity Index] MVIS Global Defense Index Dec24 Rebalance Results: Flow Expectations
- The MV Global Defense Industry Index represents the performance of companies in national defense industries.
- Amentum Holdings (AMTM US) is an ADD and Chemring Group PLC (CHG LN) is a DEL for the MV Global Defense Index in December 2024.
- We expect a one-way flow of US$138mm for December 2024, which translates to a turnover of 8.6%.
Nidec (6594 JP): India & Nvidia Point the Way Forward
- Shipping the first water-based cooling systems for servers equipped with Nvidia’s new Blackwell GPUs and building two new motor factories in India.
- Moving beyond excessive dependence on China while restructuring operations to reduce costs. Sales short of 1H guidnce, but operating profit up.
- Share price down 30% since May and close to its 52-week low. Selling at 17.5x this fiscal year’s EPS guidance, the lowest P/E multiple in a decade.
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