In today’s briefing:
- CrossASEAN Ground Zero – Food Panda Sale, Lazada Fundraising, ACommerce, and PropertyGuru’s Loss
- Trading Idea Post Changes to KOSPI 200 and KOSDAQ 150
- Portfolio Watch: Trading the next of the rolling melt-ups
- Malaysia CPI Inflation 1.8% y-o-y (consensus 1.9%) in Apr-24
- Quant Signals: PCA model and Backtesting Features
- HEW: Punting On As Good As It Gets
- Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 24 May 2024
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CrossASEAN Ground Zero – Food Panda Sale, Lazada Fundraising, ACommerce, and PropertyGuru’s Loss
- This week we look at the sale of Food Panda Taiwan to Uber and what is next for Southeast Asian operations, and we look at the management changes at GoTo.
- We also look at Lazada’s latest capital raising, aCommerce’s results, and PropertyGuru (PGRU US), which slipped back into the red in 1Q2024.
- CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.
Trading Idea Post Changes to KOSPI 200 and KOSDAQ 150
- KRX announced changes to KOSPI 200 and KOSDAQ 150 indices. In KOSPI 200, 6 were added and 6 were removed. In KOSDAQ 150, 13 were added and 13 were removed.
- The six additions to KOSPI 200 had an average share price increase of 17.7% YTD. The six deletions had an average share price decline of 2.5% YTD.
- One trading idea post the announcement of the KOSPI 200 and KOSDAQ 150 rebalances is to highlight the potential underperformers (including 20 lowest market cap stocks in KOSPI200/KOSDAQ150 post rebalance).
Portfolio Watch: Trading the next of the rolling melt-ups
- Welcome to our weekly Portfolio Watch.
- We have had a decent week as our short bet on Utilities has started to deliver, while a continued long bet in technology (and ETH) has been the game in town in the risk asset space.
- The liquidity trajectory is slightly murky over the next 2-3 weeks before a major reversal from mid-June and onwards as the net issuance pace of T-bills will be ramped up again into July tapping liquidity from the ON RRP along the way.
Malaysia CPI Inflation 1.8% y-o-y (consensus 1.9%) in Apr-24
- Malaysia’s CPI inflation in April 2024 remained at 1.8% year-on-year, against the consensus expectation of a rise to 1.9%.
- The current rate is just 0.1 percentage points lower than the one-year average.
- This confirms broader stability at a near-target inflation rate.
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Quant Signals: PCA model and Backtesting Features
- Steno Research PCA model Using a Principal Component Analysis (PCA) model to analyze assets across financial markets provides a powerful framework for investment decisions.
- By mapping out the macro anatomy of a given asset, PCA identifies key trends and underlying patterns that influence price fluctuations and market dynamics.
- In this process, we have defined what we see as the most important global macro factors, ensuring that our analysis is comprehensive and targeted.
HEW: Punting On As Good As It Gets
- UK inflation was lowered due to falling utility prices, prompting a general election on 4 July. However, the fall and Ofgem cap cut were smaller than expected, leading to a delay in BoE rate cut pricing.
- Indicators suggest that real growth may have peaked and PMIs are expected to seasonally retrace.
- The upcoming week is relatively quiet due to a bank holiday and half-term breaks. The highlight is Friday’s flash HICP inflation data, with a consensus forecast of 2.5%. Colombia is one of the few countries with upcoming monetary policy decisions.
Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 24 May 2024
- Indonesia’s President-elect Prabowo Subianto’s impact on the economy is uncertain, with a need for increased foreign direct investment and improved economic strategies.
- China’s steady economic recovery features strong exports and government efforts to stabilize the property market, with a growing demand for wealth management products and longer-term bonds.
- The US Federal Reserve is expected to maintain higher interest rates throughout 2024 due to strong employment and high inflation, contrasting with more favorable borrowing conditions in China.