In today’s briefing:
- Selamat Sempurna (SMSM): Less Filters
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
- The Nightcap from SPAC Track
- Ace Hardware Indonesia (ACES IJ) – 4Q21F preview: Q
Selamat Sempurna (SMSM): Less Filters
- The company’s main product, filers, are no longer key features in Electric Vehicles thus earnings will be pressured.
- Venture into air-purifying business is commendable yet it may not plug the hole immediately.
- Foreign investors in the company are mainly looking for exposure in the auto-related business, so the change into air purifier may cause them to sell.
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended slightly higher on Friday with the S&P and Nasdaq up 0.1% and 0.6% respectively. Sectoral gains were led by Energy and IT, up 2.5% and 0.9% while losses were led by Real Estate and Financials, down 1.2% and 1%. US 10Y Treasury yields were up 9bp to 1.79%. European markets were lower on Friday with the DAX, CAC and FTSE down 0.9%, 0.8% and 0.3% respectively. Brazil’s Bovespa was up 1.3%. In the Middle East, UAE’s ADX was flat and Saudi TASI was up 0.3% on Sunday. Asian markets have opened broadly higher following – Shanghai, STI and Nikkei were up 0.6%, 0.1% and 0.8% while HSI was down 0.6%. US IG CDS spreads were 0.3bp wider and HY CDS spreads tighter 0.4bp. EU Main CDS spreads were 1.3bp wider and Crossover CDS spreads were 4.1bp wider. Asia ex-Japan CDS spreads widened 3.5bp.
The Nightcap from SPAC Track
- Akulaku Inc is working with advisers on a potential deal and is in early talks with Catcha Investment Corp (CHAA)
- ReKTGlobal, an esports startup, is in talks to go public through a merger with Baron Davis’s blank-check firm Bull Horn Holdings Corp. (BHSE)
- Dog-walking startup Wag Labs Inc. is in talks to go public through a merger with CHW Acquisition Corp. (CHWA)
Ace Hardware Indonesia (ACES IJ) – 4Q21F preview: Q
4Q21F preview: Q
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