In today’s briefing:
- Index Rebalance & ETF Flow Recap: CSI500, SSE180, KOSPI2, Sensex, MSCI IN/KR, TW Div+, Socionext
- Nanya Tech: Another Example of Capex Reduction, Major Share Price Divergence
- ECM Weekly (16th Oct 2022) – Socionext, Betagro, Lionheart, Five-Star, Giant Biogene, GLP J-REIT
Index Rebalance & ETF Flow Recap: CSI500, SSE180, KOSPI2, Sensex, MSCI IN/KR, TW Div+, Socionext
- The review period for the MSCI November SAIR starts this week and will run till 31 October. We also near the end of the review period for many local indices.
- AIPL has announced a S&P BSE SENSEX Index market consultation while FTSE has announced the result of the FTSE TWSE Taiwan Dividend+ Index market consultation.
- There were big weekly inflows to ETFs that track China, Taiwan, Korea and Hong Kong equities.
Nanya Tech: Another Example of Capex Reduction, Major Share Price Divergence
- Nanya Technology recently reported 3Q22 results and its gross margin fell substantially, but this appears mostly digested into consensus estimates.
- The company also announced a major reduction in capex, which highlights the latest industry trend whereby supply/demand imbalances are being addressed by reduced capacity expansion.
- Nanya Technology has outperformed the TAIEX Semi Index by ~27% in less than three weeks.
ECM Weekly (16th Oct 2022) – Socionext, Betagro, Lionheart, Five-Star, Giant Biogene, GLP J-REIT
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, Socionext (6526 JP) provided a welcome respite with a positive listing, while South Korean IPOs continued to struggle.
- There was only one large placement this week, with GLP J-REIT (3281 JP) deciding to brave the markets.
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