In today’s briefing:
- SET50 Index: Market Moves Adjust for Consultation Proposal; DELTA in the Crosshairs (Again)
- Baudroie (4413 JP) – Fast Growth, Prime Promotion, and TOPIX Inclusion
- Potential KOSDAQ 150 Rebalance Candidates in June 2025
- Samsung Electronics (005930 KS) Outlook After 278B Won Shares Block Deal Sale
- The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.
- PDYN: Palladyne AI Leading in AI Software for Drones and Smart Machines
- AvePoint SGX Secondary Listing – Strong Growth and Large Client Base but Unclear Metrics
SET50 Index: Market Moves Adjust for Consultation Proposal; DELTA in the Crosshairs (Again)
- On 4 February, the SET floated a consultation paper on capping stocks in the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) at 10%.
- The move was aimed at Delta Electronics Thailand (DELTA TB) since it was the only stock with an index weight higher than 10%.
- Delta Electronics Thailand (DELTA TB) has slid since then and at the current weight of 9.27% will not need to be capped. The market has adjusted for it.
Baudroie (4413 JP) – Fast Growth, Prime Promotion, and TOPIX Inclusion
- In late November of 2024, Baudroie (4413 JP) announced it would try to move to TSE Prime and that day they announced a 2.76mm share secondary offering and a buyback.
- The buyback was a bit less than a quarter of the offering. Fast forward 3mos and in early March the company announced it would move to Prime. Yesterday it did.
- That puts the company in line for a TOPIX inclusion in end-April , and likely other index effects later. In the meantime, earnings and guidance are out ~10 April.
Potential KOSDAQ 150 Rebalance Candidates in June 2025
- In this insight, we discuss the potential KOSDAQ 150 rebalance candidates in June 2025.
- The top 10 inclusion candidates have sharply outperformed KOSDAQ so far this year. These 10 stocks are up on average 75.3% YTD, outperforming KOSDAQ which is up 6.4% YTD.
- The 10 potential deletion candidates in KOSDAQ 150 in June 2025 are down on average 0.9% YTD, underperforming KOSDAQ which is up 6.4% YTD.
Samsung Electronics (005930 KS) Outlook After 278B Won Shares Block Deal Sale
- As reported by Douglas Kim, Samsung Life Insurance and Samsung Fire & Marine Insurance plan to sell shares of Samsung Electronics (005930 KS) in block deal sales.
- Samsung Electronics (005930 KS) has been in a flat, bottoming behavior, since November 2024. We have previously discussed the possibility that the stock may start to rally.
- At the moment the stock has been down for 3 weeks in a row, our model is indicating a WEEKLY oversold condition that may trigger a (short-term) rally.
The Intel Drama Goes On. No Buyer It Seems, Who Would? More Wafers Made at TSMC for Longer.
- Following Broadcom CEO saying “no” and TSMC investing another US$100bn in Arizona, speculations of an Intel takeover have subsided.
- On the increase, rumors of further Intel 18A delays and production push out. This means more outsourcing to TSMC for longer as mentioned by Intel’s IR last week.
- Now is not a good time to buy Semiconductor stocks, but AMD and TSMC will benefit.
PDYN: Palladyne AI Leading in AI Software for Drones and Smart Machines
- Palladyne AI sells real-time learning and reasoning AI software platforms for robots, drones, and smart industrial systems.
- The company engages in the design, development, and manufacturing of industrial robotic systems that augment human performance by combining human intelligence, instinct, and judgment with the strength, endurance, and precision of machines to enhance employee safety and productivity.
- Its mobile robotic systems include the Guardian S, Guardian GT, Guardian XO, and Guardian XT. Palladyne AI was founded in 2015 and is headquartered in Salt Lake City, Utah.
AvePoint SGX Secondary Listing – Strong Growth and Large Client Base but Unclear Metrics
- AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
- As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
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