In today’s briefing:
- MSCI August 2022 Index Rebalance: The Last QIR Throws Up One Big Surprise
- Betagro Pre-IPO – The Negatives – Muted Long Term Track Record and Operating on Razor Thin Margins
MSCI August 2022 Index Rebalance: The Last QIR Throws Up One Big Surprise
- As announced, there are 8 adds and 3 deletes for the MSCI Standard indices in Asia Pacific. To trade, there are 8 adds and 2 deletes.
- Most of the changes are inline with what we forecast. The non-inclusion of Gcl Poly Energy Holdings Limited (3800 HK) is the big surprise, though that could change.
- All the adds in China are potential inclusions to the FTSE All-World Index in September and that will add to the passive inflows on the stocks.
Betagro Pre-IPO – The Negatives – Muted Long Term Track Record and Operating on Razor Thin Margins
- Betagro Group (1737144D TB) is looking to raise about US$600m in its upcoming Thailand IPO.
- Betagro is an integrated agro-industrial and food business in Thailand. The firm’s products cover all stages of the food value chain including upstream, midstream and downstream.
- Margins have fluctuated and operating/net margins are razor thin. Over a longer term period, track record hasn’t been the greatest as well.
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