In today’s briefing:
- HK Connect SOUTHBOUND Flows (To 1 Mar 2024); Continued Big Buys of SOEs (Getting Boring to Say This)
- Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE
- Tether, Solana co-founder back Oobit’s US$25M Series A round | e27
- Universal Display Corporation (OLED) – Long-term partnerships with OLED manufacturers & 5 Growth Factors In 2024 & Beyond! – Major Drivers
- Warner Bros. Discovery Inc.: Enhanced Content Distribution
HK Connect SOUTHBOUND Flows (To 1 Mar 2024); Continued Big Buys of SOEs (Getting Boring to Say This)
- A share indices were up on the week. HK stock indices were down except for HS Tech. H-shares with A-share pairs were up.
- Net SOUTHBOUND buying was HK$9.1bn in the second post-holiday week after being +HK$20bn in the first week. LOTS of SOEs on the net buying side. Still.
- SOUTHBOUND continues to buy high-div SOEs. ex-div is still three months away, and given the new KPIs discussed late January by SASAC official, these still seem to be appropriate targets.
Taiwan Dual-Listings Monitor: Long TSMC Taiwan Shares Vs. ADR on Historically High Spread; UMC, ASE
- TSMC: +22.9% ADR Premium is Near an All-Time High; Long Taiwan Shares vs. Short the ADR
- UMC: 2.2% Premium; Flipped Positive From a Discount; Likely to Contract
- ASE: +13.3%; Short the Historically High Spread at the Current Level
Tether, Solana co-founder back Oobit’s US$25M Series A round | e27
- Singapore-based crypto payment app Oobit has concluded its US$25 million Series A investment round.
- The backers in this round include the investment arm of USDT parent company Tether, CMCC Global’s Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko.
- The startup plans to use the funds to expand into Latin America, the UAE, the Asia-Pacific, Canada, and Australia beyond its primary markets in the European Union and the UK.
Universal Display Corporation (OLED) – Long-term partnerships with OLED manufacturers & 5 Growth Factors In 2024 & Beyond! – Major Drivers
- Universal Display Corporation (UDC), a leading provider of OLED technology and materials, experienced a revenue of $576 million, operating income of $217 million, and net income of $203 million in 2023.
- Its robust display impacted net income per diluted share, which amounted to $4.24.
- Several factors on both sides of the company’s balance sheet deserve attention while crafting an investment thesis.
Warner Bros. Discovery Inc.: Enhanced Content Distribution
- Warner Bros.
- Discovery is striving to create a pathway to growth in an evolving media industry as reflected in the Q4 Earnings.
- The company had prioritized achieving a well-grounded financial position and reducing its leverage, successfully lowering its debt by $5.4 billion in 2023 and expecting continued deleveraging in 2024.
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