In today’s briefing:
- Index Rebalance & ETF Flow Recap: Nikkei225, KOSDAQ150, KT Corp
- Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG
- Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Bull Market?
- Global Payments Inc.: Initiation of Coverage – Detailed Credit Analysis & Financial Strength Evaluation Report
Index Rebalance & ETF Flow Recap: Nikkei225, KOSDAQ150, KT Corp
- The March rebalances of the NIFTY indices and the Nikkei 225 (NKY INDEX) were implemented last week. Plus some ad hoc rebalances for the KOSPI2 INDEX and KOSDQ150 INDEX.
- A quieter week coming up with multiple market holidays across markets. We also near the start of the review period for the MSCI May QCIR.
- There were inflows to Tracker Fund of Hong Kong Ltd (2800 HK) and iShares FTSE/Xinhua A50 China (2823 HK) during the week while there were outflows from some Korea ETFs.
Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG
- One may presume that Prosus (PRX NA) moved their Meituan (3690 HK) shares received from their non-CCASS holdings of Tencent (700 HK). It does not tell us much else.
- Allocation in the S.M.Entertainment Co (041510 KS) partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome.
- Toyo Construction (1890 JP) has asked the Japanese government to investigate YFO’s alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it.
Global Payments Inc.: Initiation of Coverage – Recent Restructuring & Other Drivers
- This is our first report on Global Payments Inc., a financial technology company providing payment solutions and services in the U.S.
- The company managed an all-around beat in its last result with a strong performance in Global Payments despite the increased global macroeconomic uncertainties.
- The most significant development was that their core Issuer business once more produced sequential financial and operational improvement, in line with their expectations and the strongest results since their merger with TSYS in 2019.
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Bull Market?
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
Global Payments Inc.: Initiation of Coverage – Detailed Credit Analysis & Financial Strength Evaluation Report
- Global Payments is a financial technology player providing payment solutions and services in the U.S.
- The company has decent fundamentals and performed well in 2022 despite the increased global macroeconomic uncertainties.
- With EVO, they strengthened their position as a major provider of payments technology with broad reach around the globe.
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