In today’s briefing:
- Japan Weekly | Kawasaki Kisen, Z Holdings, Rakuten, Uniqlo, Yaskawa
- A Quasi Bank Run at MG Community Credit Cooperative – What’s Next?
- SPAC Talk – SPACs and the EV Blow-Up
- Mat-Chem Notes For the Week Ended June 30, 2023
Japan Weekly | Kawasaki Kisen, Z Holdings, Rakuten, Uniqlo, Yaskawa
- Japanese stocks headed lower this week, tracking weaker US stocks.
- With a bout of profit-taking, we are also seeing some rotation out of high-valuation, strong momentum stocks into “cheap” laggards.
- Marine transportation stocks the big winners this week. Investors love those high dividends and low PBs
A Quasi Bank Run at MG Community Credit Cooperative – What’s Next?
- One of the biggest stories in the Korean economy in the past two days have been the quasi bank run at MG Community Credit Cooperative (MGCCC) (새마을금고).
- The negative news about this has contributed to KOSPI falling two consecutive days (down 2% from July 5th to 7th).
- MGCCC’s delinquency rate jumped from 1.93% at the end of 2021 to 3.59% at the end of 2022 and 6.18% as of June 29th 2023.
SPAC Talk – SPACs and the EV Blow-Up
As IBC deal cancellations continue to accelerate…. June brought 12 deal termination announcements, which happens to be the largest number of deal cancellations to occur in any one month ever.
Among the deal casualties in June is SPAC TKB Critical Technologies 1’s (USCT) proposed merger with already de-SPACed once WEJO.
This particular deal cancellation was always in the cards after the UK-based vehicle data provider filed for bankruptcy at the end of May.
Mat-Chem Notes For the Week Ended June 30, 2023
WTR-CMI last week. In an up-week for the market, our WTR-CMI index of 30 chemical and material technology companies appreciated 4.8%, surpassing both the S&P 500 and Russell 2000 returns of 2.3% and 3.7%, respectively.
FUL’s 13.2% appreciation led our index, as the company delivered strong margins in 2QFY23 (May- 23) and provided solid EBITDA guidance for the year.
The stock was also helped by FUL’s announcement of two bolt- on acquisitions, Adhezion Biomedical, a privately held medical adhesives company, and XCHEM International, a UAE specialty adhesives manufacturer with a strong position in MENA.
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