In today’s briefing:
- Why Will KT’s Foreign Room Stay Above 15% Until MSCI Review Period?
- Xiaomi: Aggressive Spending on EVs as Smartphone Growth Slows Down
- Gap Trades in Korean Prefs Vs Common Share Pairs in 2Q 2023
- Vodafone Group ADR: Initiation of Coverage – Business Strategy
Why Will KT’s Foreign Room Stay Above 15% Until MSCI Review Period?
- There is only one factor that could have affected KT’s foreign flow in mid-February, and that is the repurchase of its shares.
- If KT continues its buyback at the current pace, which is highly likely, we can bet that the foreign room will not fall below 15% until MSCI’s review period.
- This implies an essential premise for us to set up a more aggressive preemptive position on KT.
Xiaomi: Aggressive Spending on EVs as Smartphone Growth Slows Down
- Xiaomi Corp (1810 HK) ’s share price has been down more than 10% over the last 12-months with weakening of the company’s earnings particularly the smartphone business.
- Xiaomi’s entry into premium segment has not much helped its smartphone biz as it faces stiff competition from Apple and Samsung in the premium segment.
- The company spends aggressively on EVs to drive growth, however, with EV subsidies not renewed and intense competition, this may not help Xiaomi in the near term.
Gap Trades in Korean Prefs Vs Common Share Pairs in 2Q 2023
- In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 2Q 2023.
- The excessive gaps in the preferred and common shares of CJ Corp, Samsung Electronics, and LG Electronics could reverse in the next several months, in our view.
- We see some attractive longer-term opportunities for Amorepacific Corp, Doosan Fuelcell, LG Electronics, and Samsung SDI which have especially high discounts for the preferred shares versus their counterpart common shares.
Vodafone Group ADR: Initiation of Coverage – Business Strategy
- This is our first report on a telecommunication giant, Vodafone Group ADR.
- The company produced a resilient financial performance in 2022.
- We initiate coverage on the stock of Vodafone Group with a ‘Buy’ rating.
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