In today’s briefing:
- WISE Theme Indexes Rebalancing: Conformity of Passive Flow to Price Return
- Adi Sarana Armada (ASSA IJ) – Building on Pillars
- BayCurrent (6532) | Jumping in Ahead of Earnings
- Hyundai Motor’s Ioniq 6 – To Take Away More Market Share From Tesla Model 3 Sedan?
- WCP IPO: Valuation Insights
WISE Theme Indexes Rebalancing: Conformity of Passive Flow to Price Return
- The ETF operator (TIGER)’s index tracking conformity was high enough to create trading opportunities aimed at the rebalancing flow.
- Flow/Price directions were mostly synched with only a few exceptions. Of particular importance is that the price impact was substantial compared to the passive flow size.
- The yield of the tradable names suitable for a basket based on the projected passive impact size was 4.51%.
Adi Sarana Armada (ASSA IJ) – Building on Pillars
- Adi Sarana Armada (ASSA IJ) continues to build on its three pillars of growth across transport, used car sales, and logistics including its leading last-mile delivery service under Anteraja.
- The company’s market-leading auto leasing business provides stable revenue and a source of used cars for the auction and online used car business under Caroline.
- Last-Mile delivery player Anteraja is already the largest revenue contributor and increasing profit driver, with significant upside through automation and scale. Valuations attractive after recent correction at 8.3x FY2022E EV/EBITDA.
BayCurrent (6532) | Jumping in Ahead of Earnings
- The company will report Q1 earnings today. We think they will beat expectations
- The stock has been a poor performer so far this year, despite profitable growth
- BayCurrent is THE key beneficiary of Digital Transformation in Japan
Hyundai Motor’s Ioniq 6 – To Take Away More Market Share From Tesla Model 3 Sedan?
- Hyundai Motor (005380 KS) launched its long-awaited Ioniq 6 on 14 July. This is the first EV sedan by Hyundai Motor.
- Ioniq 6 could be a big winner for Hyundai Motor. Among all the features of Ioniq 6, the driving range is the biggest improvement versus Ioniq 5.
- The combination of attractive price, sleek design, and higher driving range is likely to result in a strong demand for Ioniq 6.
WCP IPO: Valuation Insights
- WCP (WCP KS), a lithium-ion batteries separator company, is planning to launch a KRW900 billion (US$692 million) IPO in August.
- In WCP IPO: Hooked on Lithium we noted that WCP has attractive fundamentals due to the favourable demand/supply balance, technology, strong revenue growth and improving margins.
- In this note, we look at the syndicate’s valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive and we would pass on the IPO.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
