In today’s briefing:
- KOSDAQ150 Index Rebalance: Short Sell Ban Definitely Helping
- KOSPI200 Index Rebalance: Index Committee Knows Best; Cosmo AM&T the Winner
- Taiwan Tech Weekly: TSMC’s Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead
- Vanguard (5347.TT): Planning to Announce the Construction of a 12″ Fab in Singapore in 2024.
- ECM Weekly (27th May 2024) – Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan
- Baidu: Priced to Fail
KOSDAQ150 Index Rebalance: Short Sell Ban Definitely Helping
- There are 13 inclusions and 13 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the June rebalance to be implemented at the close on 13 June.
- For the second consecutive review, Fadu (440110 KS) and Shinsung DeltaTech (065350 KS) have been kept out of the index. Not sure what the index committee’s beef with them is.
- The adds have outperformed the deletes and the KOSDAQ150 since the start of the review period. This has been helped, in no small, part by the ban on short selling.
KOSPI200 Index Rebalance: Index Committee Knows Best; Cosmo AM&T the Winner
- There will be 6 additions and 6 deletions for the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) at the June rebalance that will be implemented on 13 June.
- The index committee has used a boatload of discretion in the inclusion of CosmoAM&T (005070 KS) and the deletion of some of the stocks.
- The adds and deletes from the Information Technology sector will also have passive flow from the sector ETF and will increase the impact of the changes.
Taiwan Tech Weekly: TSMC’s Latest Sub-Industry Guidance; PC Names Strong; Computex & Apple WDC Ahead
- TSMC’s Latest 2024E Industry Guidance Provided at Symposium in Taiwan
- More Potential Details on Nvidia & Mediatek’s AI PC Chip to Compete with Qualcomm & Intel
- Samsung’s HBM DRAM Chips Face Challenges in Meeting Nvidia’s AI Requirements
Vanguard (5347.TT): Planning to Announce the Construction of a 12″ Fab in Singapore in 2024.
- Vanguard should declare to established 12″ Fab in Singapore within 2014.
- Vanguard is likely to announce the establishment of 2 sets of 12″ fabs in the next 6 months.
- China is expanding 28/22nm and above technologies, and we believe it’s more appropriate for Vanguard to compete with others rather than TSMC.
ECM Weekly (27th May 2024) – Renesas, AUB, Modec, Tata Tech, MUFG, Shift Up, Novelis, Shulan
- 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, Go Digit managed to do well despite somewhat tepid subscription rates, while Shift Up (462870 KS) was looking to be the next hot listing in Korea.
- On the placement front, Renesas Electronics (6723 JP) mega-block kept the cross-shareholding unwind going.
Baidu: Priced to Fail
- Since late 2020, Search’s share of digital advertising revenue has stabilised at around 8-10%, seemingly retaining its core advertising customers and industries.
- Baidu management expects AI Cloud to maintain strong revenue growth momentum in the upcoming quarters.
- Baidu trades on a 3.6x NTM EV/EBITDA multiple, well below one standard deviation lower than its 5-year historical average trading range and the lowest it has ever been.
💡 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
