In today’s briefing:
- TIGER Theme ETF “Secondary Cell” Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro
- Sinotrans (598 HK): How Much Value Can Be Unlocked from Its First REIT?
- Toshiba (6502) Fresh Buy Zone
TIGER Theme ETF “Secondary Cell” Rebalancing Projections: SKIET, Ecopro BM, SKI, SKC, & Ecopro
- This ETF’s AUM has stayed flat over the past three months, sitting at ₩1.3T. It has 28 constituents, and it is unlikely that there will be any addition/deletion.
- SKIET is expected to have the most inflow relative to ADTV. Then, we have Ecopro BM, which will increase the number of shares through a rights offering.
- On the other hand, among the top-tier stocks, SK Innovation, SKC, and Ecopro Co Ltd deserve our attention for shorting.
Sinotrans (598 HK): How Much Value Can Be Unlocked from Its First REIT?
- Sinotrans (598 HK) has confirmed its plan to issue infrastructure REIT using six warehouse logistics assets as underlying assets, and they represents 7.6% of its total warehouse area.
- The proposed issuance may boost its value by HK$0.16/share, or 7.3% of share price. Should all 4m sq.m. of warehouse assets are securitised, this may nearly double the stock’s price.
- Since Jun, Sinotrans has repurchased 14m H-shares, suggesting positive view on outlook. There will be more to come, and as the shares will be cancelled, EPS will be enhanced.
Toshiba (6502) Fresh Buy Zone
- Toshiba bull trend remains intact with buy support at 5,200/300 above the 5,000 bull/bear pivot. Macro PT remains at 6,500.
- RSI buy support to gel with the price buy zone. Sell volumes on the pullback have been tepid in line with a correction.
- 5,000 breakout point is the bull/bear inflection point and the more aggressive buy zone (low odds of being met).
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