In today’s briefing:
- MSCI May 2022 Index Rebalance Preview: Changes in a Volatile Market
- Quarz Capital Again Objects to the MNACT/MCT Deal – This Time to MAS
- Index Rebalance & ETF Flow Recap: MSCI May, FTSE June, HFCAA/China ADRs, GoTo
- Vulcan Value Partners Q4 And Annual 2021 Letter
- Oneness Biotech (4743 TT): Worth of Attention Ahead of Upcoming Key Milestones
MSCI May 2022 Index Rebalance Preview: Changes in a Volatile Market
- The review period runs from 18-29 April for the May SAIR, the results will be announced on 13 May (Asia-time) with the changes implemented after the close on 31 May.
- Most of the potential changes are in China with few changes spread across the other Asian markets. China loses the most number of index members, followed by Japan.
- There are over 4 weeks to the start of the review period and there will be changes over that time as stock prices move around.
Quarz Capital Again Objects to the MNACT/MCT Deal – This Time to MAS
- Quarz Capital objects to the proposed Mapletree Commercial Trust (MCT SP) / Mapletree North Asia Commercial Trust (MAGIC SP) as they claim it is damaging to MNACT unitholder interests.
- Now they have written a letter to the Monetary Authority of Singapore asking them to Do Something to force MNACT directors to Do Something Different.
- I doubt it comes to anything, but activist-ish letter commentary is my bag so…
Index Rebalance & ETF Flow Recap: MSCI May, FTSE June, HFCAA/China ADRs, GoTo
- It was a busy Friday with a whole lot of rebalance implementations – FTSE AW/AC, EPRA Nareit, China 50, China A50, Taiwan 50, S&P/ASX. This week is quieter.
- We take an early look at potential changes to the MSCI Standard Index in May, to the FTSE AW/AC in June, China ADRs that could list in Hong Kong.
- There were some big inflows to Tracker Fund of Hong Kong Ltd (2800 HK) and Hang Seng H Share Index ETF (2828 HK) during the week.
Vulcan Value Partners Q4 And Annual 2021 Letter
- We are value investors – business analysts with a long-term time horizon focused on purchasing publicly traded companies that are competitively entrenched at significant discounts to intrinsic worth.
- After very strong absolute and relative returns through the first nine months of the year, all of our investment strategies lagged their benchmarks during the fourth quarter.
- All of our portfolios are fully invested in world class businesses with stable values trading at a significant discount to intrinsic worth.
Oneness Biotech (4743 TT): Worth of Attention Ahead of Upcoming Key Milestones
- Oneness Biotech (4743 TT)’s approved drug in Taiwan, Fespixon is the world’s first drug to treat diabetic foot ulcers with superiority in complete wound closure to the standard of care.
- Fespixon is under review in China, and is under multiple NDA submissions to Asian health authorities. The U.S. phase 3 study is expected to be completed in H1 2023.
- Key milestones are expected from two other late-stage pipeline drug candidates, FB825 and FB704A in 2022 and beyond.
Before it’s here, it’s on Smartkarma
