In today’s briefing:
- FTSE EPRA Nareit Index Rebalance: Now One Add for Korea
- Recap of Our IPO Research in 2022
- Kakao Bank – Only Major Internet Bank
FTSE EPRA Nareit Index Rebalance: Now One Add for Korea
- SK REITs (395400 KS) will now be added to the FTSE EPRA Nareit Global Real Estate Index Series after market close on 16 December.
- Based on the passive assets estimated to track the FTSE EPRA Nareit Index, there could be around 3.11m shares (US$11.3m; 19.2x ADV) to buy on SK REITs (395400 KS).
- SK REITs (395400 KS) trades expensive as compared to ESR Kendall Square REIT (365550 KS) and we’d use an index inclusion driven rally to pare positions in the stock.
Recap of Our IPO Research in 2022
- In this report, we review our IPO investment research in 2022, including the performance of our calls.
- The accuracy rate of our calls on IPOs this year was 79% (15 calls right, 4 calls wrong), higher than our average accurate rate of 77% from 2017 to 2022.
- In 2022, the 12 stocks (positive ratings) were up 50.1% on average from their IPO prices. The 7 stocks (negative ratings) were down 11.2% on average from their IPO prices.
Kakao Bank – Only Major Internet Bank
- KKBank is one of the only major internet banks in Asia-Pacific
- Operating metrics show increasing core income momentum and strong ALM
- Credit metrics have not yet proven to be a concern, as we near end of rising rates
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