In today’s briefing:
- SFC’s Consultation Paper On Proposed Amendments To The Takeovers Code
- Ohayo Japan |SPX Flat;Crunch Time on the Debt; NUGGET: GX Promotion Law – Decarbonization Boom Ahead
- The Innovations Portfolios – Week Twenty Six
- The Highlights : Cannabis News for the Week Ending May 19, 2023
- Weekly Sustainable Investing Surveyor : Week Ended May 19, 2023
SFC’s Consultation Paper On Proposed Amendments To The Takeovers Code
- On the 19 May, Hong Kong’s Securities and Futures Commission (SFC) released a 145-page consultation paper on proposed amendments to the Codes on Takeovers and Mergers and Share Buy-backs.
- The paper proposes amendments to various provisions of the Codes together with the reasons for such changes.
- The consultation will last for five weeks until 23 June 2023.
Ohayo Japan |SPX Flat;Crunch Time on the Debt; NUGGET: GX Promotion Law – Decarbonization Boom Ahead
- OVERSEAS. SPX Flat as Debt Limit talks Weight; Fed’s Bullard sees 2 more hikes; China Ban’s Micron’s Chips; Ford Moves to secure Lithium supplies. CEO sees Auto prices falling 5%
- JAPAN. NKY Futs +0.4% premium vs Cash; Japan to tighten rules on Semi exports to China; Kansai Elect, CyrusOne set up Japan JV to invest in DataCenters
- NUGGET. Japan passed the GX Promotion Law that will support 150 trillion of investment over the next 10 years. Decarbonization boom in Japan is just beginning..
The Innovations Portfolios – Week Twenty Six
- The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT)
- For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&P midcap 400 -2.2%, all in US$ terms
- Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&P500 (+5.7%) .
The Highlights : Cannabis News for the Week Ending May 19, 2023
- Columbia Care (NEO: CCHW, OTCQX: CCHWF) reported 1Q revenue of $124.5 million, down 1.3% Q/Q and up 1.2% Y/Y.
- This beat consensus of $123.0 million. The revenue increase was driven by three new stores and strength in its New Jersey, Virginia, and West Virginia operations.
- 1Q adjusted EBITDA declined to $16.4 million from $17.4 million in 4Q. This was below consensus of $17.4 million.
Weekly Sustainable Investing Surveyor : Week Ended May 19, 2023
- WTR Sustainable Index: During the week ended May 19, 2023, the WTR Sustainable Index outperformed the broader market, rising 4.4% W/W versus the S&P 500 Index (up 1.6%), the Russell 2000 Index (up 1.9%), and the Nasdaq Composite Index (up 3.0%).
- Advanced Transportation Solutions (69.0% of the index) drove the index’s outperformance, rising 6.2%, while Energy Technology (7.9% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 0.9%.
- Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.9x versus 19.5x for the S&P 500.
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