In today’s briefing:
- A/H Premium Tracker (To 28 Mar 2024): Liquid AH Premia Still Very Wide
- HD Hyundai Marine Solutions IPO: The Investment Case
A/H Premium Tracker (To 28 Mar 2024): Liquid AH Premia Still Very Wide
- The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
- SOUTHBOUND’s consecutive buying streak ended on Monday, and a new buying streak started Tuesday. NORTHBOUND net bought the dip. Last week’s (double long) choice Longyuan Power was up 5.24%.
- Narrow AH premia narrowed some. Wider AH premia saw Hs outperform. There is a LOT of spread left in this market. 7 recommendations this week.
HD Hyundai Marine Solutions IPO: The Investment Case
- HD Hyundai Marine Solution (443060 KS), the ship after-service subsidiary of HD Hyundai (267250 KS), aims to raise up to US$550 million.
- The international book-building will run from 8 to 22 April, while the domestic book will open from 16 to 22 April. Pricing will be announced on 24 April.
- The investment case rests on solid top-line growth, a healthy order book, rising margins, cash generation, and modest leverage.
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