In today’s briefing:
- Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up
- Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX
- (Mostly) Assia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries
- Comsys Holdings (1721): Q3 FY03/24 Update
- Nihon Chouzai (3341): Q3 FY03/24 Update
- TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit
Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up
- There were a few rebalance announcements in the last week and the SSE STAR50 (STAR50 INDEX) and STAR100 Index rebalances were implemented at the close on Friday.
- There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.
- Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX).
Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX
- Keisei Electric Railway Co (9009 JP) places out 1% of Oriental Land (4661 JP), but rejects lowering its stake to 15%. That is the end of the near-term catalyst.
- New World Development (17 HK) popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.
- The spreads for both Alumina Ltd (AWC AU) and Azure Minerals (AZS AU) are trading wide; both potentially FIRB-related.
(Mostly) Assia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries
- I tally 51 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Just one new deal was discussed this week on Smartkarma (possible four): Electric Power Development C (9513 JP)‘s tilt for Genex Power Ltd (GNX AU).
- Key updates took place on: Alumina Ltd (AWC AU), Azure Minerals (AZS AU), Vinda International (3331 HK), JSR Corp (4185 JP), and Shinko Electric Industries (6967 JP)
Comsys Holdings (1721): Q3 FY03/24 Update
- Comsys Holdings (1721 JP) is one of Japan’s three largest telecommunications construction companies.
- In FY03/23, sales were JPY563.3bn, operating profit was JPY32.1bn, recurring profit was JPY30.9bn, and net income attributable to owners of the parent was JPY19.3bn. Orders totaled JPY553.1bn.
- Comsys Holdings Corporation announced that it will change its representative directors, effective April 1, 2024.
Nihon Chouzai (3341): Q3 FY03/24 Update
- Nihon Chouzai (3341 JP) is an integrated healthcare company whose core business is the operation of dispensing pharmacies.
- In FY03/23, Nihon Chouzai reported sales of JPY313.3bn, operating profit of JPY7.6bn, recurring profit of JPY7.7bn, and net income attributable to owners of the parent of JPY4.5bn.
- Nihon Chouzai Co., Ltd. announced the retirement of treasury shares.
TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit
- Even if TSE requires new listed companies to disclose the reasons for listing and the possibility of raising funds, it’s questionable whether this will motivate them to grow their businesses.
- Companies that are not eligible for investment in terms of market capitalization and trading liquidity criteria will not be effective if they seek contact with institutional investors.
- If unlisted stock markets are created, IPOs will increase in size. If listing criteria are raised to tens billion yen in market capitalization, institutional interest in growth market will increase.
💡 Before it’s here, it’s on Smartkarma
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