In today’s briefing:
- HSCI Index Rebalance: 29 Adds, 12 Deletes & Changes to Stock Connect
- KOSPI Lockup Releases: Details & Trading Approaches
- HSIE Results Daily: Nestle India, PNC Infratech
HSCI Index Rebalance: 29 Adds, 12 Deletes & Changes to Stock Connect
- There are 29 inclusions and 12 deletions for the HSCI at the March rebalance. 26 of the inclusions will be added to Connect while all deletes will leave Stock Connect.
- Some of the Stock Connect deletions have a lot of mainland holdings and there could unwinding of some of the positions ahead of becoming sell-only on the link.
- Orient Overseas International, United Energy, Cloud Village and Gcl Poly Energy Holdings Limited could also move higher over the next couple of weeks before the stocks enter Stock Connect.
KOSPI Lockup Releases: Details & Trading Approaches
- The stocks worth our attention are mostly IPO institutional lockup releases. In particular, LG Energy, Iljin HySolus, and Hyundai Heavy Industries will be of the most interest.
- Most of these have undergone significant price corrections. Nevertheless, current prices significantly outperform the offering prices. So, the incentives for IPO institutional investors to realize profits should be pretty intense.
- Kakao Pay’s volume isn’t that much. Even with a heavier release last time, it didn’t meet our expectations. Probably it is because it is bottoming out at the current level.
HSIE Results Daily: Nestle India, PNC Infratech
- PNC Infratech: PNC Infratech (PNC) reported a muted quarter (owing to delay in execution of Jal Jeevan Mission (JJM) projects) with revenue/EBITDA/APAT of INR 15.2/2/1.1bn missing our estimates by 8/10/20%.
- Whilst FYTD22 order inflow was tepid at INR 27bn, PNC maintained its INR 80bn order inflow target for FY22. In the water segment (INR 41bn OB), PNC has INR 32bn OB under JJM (ex of INR 23.4bn of new JJM projects won Jan-22).
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