In today’s briefing:
- Quiddity Leaderboard ChiNext Dec 24: US$400mn Expected Inflow for Jiangsu Hoperun
- Taiwan Dual-Listings Monitor: TSMC Premium Holding Up; ASE & CHT See Sharp Drops
- Quiddity Leaderboard CSI 300/500 Dec 24: Some Changes to Exp ADDs/DELs; Large Flow Expectations
- Smartphone Growth Is Slowing Down to +4% YoY in 3Q. Mediatek Had a Good Rally, Time to Take a Break
- Horizon Robotics (9660 HK) IPO: Index Inclusion Possibility & Timelines
- Money Forward (3994) | Q3 Priced In; Look for Pull-Back
- Tech Supply Chain Tracker (16-Oct-2024): Taiwan seeks US defense contracts with efficiency.
Quiddity Leaderboard ChiNext Dec 24: US$400mn Expected Inflow for Jiangsu Hoperun
- The ChiNext Index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- In this insight, we have presented our updated rankings for Potential ADDs and DELs for the upcoming index rebal event in December 2024.
Taiwan Dual-Listings Monitor: TSMC Premium Holding Up; ASE & CHT See Sharp Drops
- TSMC: +15.6% Premium; Relatively Aggressive Trade is to Long Premium
- ASE: -3.0% Discount; Good Level to Go Long the Premium
- CHT: -2.8% Discount; Good Level to Go Long the Premium
Quiddity Leaderboard CSI 300/500 Dec 24: Some Changes to Exp ADDs/DELs; Large Flow Expectations
- CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.
- In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
- We currently expect 16 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500. Some of these names are different from what we had in our September 2024 insight.
Smartphone Growth Is Slowing Down to +4% YoY in 3Q. Mediatek Had a Good Rally, Time to Take a Break
- Smartphones units sold in 3Q24 increased by +4% YoY. That’s a slowdown from +7% YoY in 1H24.
- Growth comes from low-price Emerging Markets demand. But the Premium segment sees increasing ASP with AI-enabled phones.
- Hence for Mediatek and Qualcomm, the investment thesis rests on increasing ASP as AI is propagating – not volume growth. MTK had a nice rally, time to take a breather.
Horizon Robotics (9660 HK) IPO: Index Inclusion Possibility & Timelines
- Horizon Robotics (1395186D CH) is offering 1.355bn shares in its IPO at a price range of HK$3.73-3.99/share. With the overallotment option, the IPO could raise up to HK$6.2bn (US$801m).
- Cornerstone investors will take up a third of the offer. Those shares will be locked up for 6 months and will significantly reduce the free float of the stock.
- Index inclusions will commence with the HSCI in March 2025 – however, as a stock with Weighted Voting Rights, inclusion in Southbound Stock Connect will only take place in May.
Money Forward (3994) | Q3 Priced In; Look for Pull-Back
- In Q3, Money Forward demonstrated continued strong performance, with consolidated net sales posting 31% growth year-on-year to ¥9.81 billion
- EBITDA for the cumulative nine months stands at ¥1.48 billion, comfortably within the company’s full year guidance range of ¥1-3 billion.
- We now see a very modest 2% upside to our target price of ¥6,440, based on an 8x forward revenue multiple.
Tech Supply Chain Tracker (16-Oct-2024): Taiwan seeks US defense contracts with efficiency.
- Taiwan’s defense sector offers competitive advantage with better, faster, and cheaper solutions for securing US contracts.
- Growing tech sector demands secure, local storage solutions due to high energy usage.
- Google boosts investments in Asia-Pacific countries to expand its presence and tap into growing markets in the region.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
