In today’s briefing:
- Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Last-Second Changes to the Last-Minute Changes
- Ecopro BM: Transfer of Listing from KOSDAQ to KOSPI Is Likely in 1Q 2025
- Carraro India Pre-IPO – Strategic Partnerships and Related Party Risks
- Lucror Analytics – Morning Views Asia
- HireQuest One Pager
- XPON: New OEM relationships improve the outlook for 2025
Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: Last-Second Changes to the Last-Minute Changes
- There are now new changes forecast for the Yuanta/P-Shares Taiwan Dividend Plus ETF in December for a total of 8 inclusions and 7 deletions.
- Constituent changes along with capping changes will lead to a one-way turnover of 21.8% and in a one-way trade of TWD 75.8bn (US$2.33bn).
- The potential changes had a big one-day move yesterday and we expect similar moves over the next couple of days.
Ecopro BM: Transfer of Listing from KOSDAQ to KOSPI Is Likely in 1Q 2025
- On 27 November, Ecopro BM (247540 KS) announced that it has filed an application for the transfer of listing from KOSDAQ to KOSPI.
- Ecopro BM is currently the second largest company in KOSDAQ. At the current market cap, Ecopro BM will be the 34th largest company in KOSPI (in terms of market cap).
- Lofty valuation is one of the main reasons why we continue to be bearish on Ecopro BM which is trading at P/E of 134x and P/B of 9.4x in 2026.
Carraro India Pre-IPO – Strategic Partnerships and Related Party Risks
- Carraro India Limited (810618Z IN) is looking to raise about US$216m in its India IPO.
- Carraro India Limited (CIL), is an independent tier 1 solution provider of axles, transmission systems and gears for the agricultural tractor and construction vehicle industries in India.
- In this note, we talk about the company’s historical performance.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Adani Ports, Vedanta Resources, Seazen Group
- In the US, October new home sales fell 17.3% m-o-m (-1.8% e / 7.0% revised p) to an annualised 610 k units, the lowest in almost two years, amid rising mortgage rates as well as disruptions caused by hurricanes Helene and Milton. Separately, the Conference Board consumer confidence index increased to 111.7 in November (111.8 e / 109.6 p), the highest since August 2023.
- “November’s increase was mainly driven by more positive consumer assessments of the present situation, particularly regarding the labour market. Compared to October, consumers were also substantially more optimistic about future job availability, which reached its highest level in almost three years”, according to Dana M. Peterson, Chief Economist at The Conference Board.
HireQuest One Pager
- HireQuest is a staffing company, founded in 1991 by Richard Hermanns and Dan McAnnar.
- It started as an on-demand labor provider for daily-paid jobs.
- Over the past 3 decades, HireQuest has added long-term placements and executive recruitment services, operating as a network of different brands.
XPON: New OEM relationships improve the outlook for 2025
- Expion360 announced several new OEM relationships that management “expects to generate incremental revenue of $5.0 million in 2025”.
- We are electing to be more conservative with our model for the moment but we are still raising our 2025 revenue estimate from $6 million to $8.9 million.
- Our valuation target also remains unchanged at $4/share as the improving 2025 outlook is tempered by concerns about the company’s financial condition in 2025.
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