Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 INDEX</a> has been stuck in the 7000-7400 range for the past 16 weeks.</li>
<li>If the index continues to be trendless for some more weeks, it's possible to profit from repeatedly writing Covered Calls against ASX 200 index holdings.</li>
<li>Strike target areas for Covered Calls begin in the 7319-7409 (July 20 expiry). Deeper OTM Strikes are safe,  but the premiums are smaller.</li>
</ul>


The S&amp;P/ASX 200 INDEX has been stuck in the 7000-7400 range for the past 16 weeks.
If the index continues to be trendless for some more weeks, it's possible to profit from repeatedly writing Covered Calls against ASX 200 index holdings.
Strike target areas for Covered Calls begin in the 7319-7409 (July 20 expiry). Deeper OTM Strikes are safe,  but the premiums are smaller.


EQD | S&P/ASX200: Ideas to Profit From a Directionless Market

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally widened during July. Discounts to NAV: C.F.Alba, 47.5%; GBL, 39.1%; Heineken Holding, 16.4%; Industrivärden C, 6.6%; Investor B, 15%; Porsche Automobile Holding, 43.8%.</li>
<li>The spread of Rio Tinto DLC tightened to 19%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Interesting situations: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally widened during July. Discounts to NAV: C.F.Alba, 47.5%; GBL, 39.1%; Heineken Holding, 16.4%; Industrivärden C, 6.6%; Investor B, 15%; Porsche Automobile Holding, 43.8%.
The spread of Rio Tinto DLC tightened to 19%. Rio Tinto is a candidate for an Australian top hat structure.
Interesting situations: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.


Selected European HoldCos and DLC: July’23 Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Keisei Electric Railway Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric (9009 JP)</a>'s valuation has deviated from <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>'s since the proposed expansion of Tokyo Disney Sea, Fantasy Springs. That bifurcation should now reverse. </li>
<li>Don't expect a serious fight in <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a>'s hostile for <a href="https://www.smartkarma.com/entities/takisawa-machine-tool-co-ltd" target="_blank" data-smartkarma-citation="entities:7344:1" rel="noopener">Takisawa Machine Tool (6121 JP)</a>.  Fanuc could counter. It is possible others could step up but we wouldn't know. </li>
<li>On the back of the news to spin off and list some logistics ops, <a href="https://www.smartkarma.com/entities/shenzhen-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9:1" rel="noopener">Shenzhen International (152 HK)</a> is probably a buy on weakness vs Stub Ops Peers. </li>
</ul>



Keisei Electric (9009 JP)'s valuation has deviated from Oriental Land (4661 JP)'s since the proposed expansion of Tokyo Disney Sea, Fantasy Springs. That bifurcation should now reverse. 
Don't expect a serious fight in Nidec (6594 JP)'s hostile for Takisawa Machine Tool (6121 JP).  Fanuc could counter. It is possible others could step up but we wouldn't know. 
On the back of the news to spin off and list some logistics ops, Shenzhen International (152 HK) is probably a buy on weakness vs Stub Ops Peers. 


Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/​Oriental, Shenzhen Int’l/E'Way, HMM

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 14th (reported today) which has an aggregated short interest worth USD16.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Fortescue Metals, BHP, Lynas Rare Earth, Suncorp, Woolworths.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 14th (reported today) which has an aggregated short interest worth USD16.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Fortescue Metals, BHP, Lynas Rare Earth, Suncorp, Woolworths.


ASX Short Interest Weekly (Jul 14th): Fortescue Metals, BHP, Lynas Rare Earth, Suncorp, Woolworths

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 30th (reported today) which has an aggregated short interest worth USD16.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 30th (reported today) which has an aggregated short interest worth USD16.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.


ASX Short Interest Weekly (Jun 30th): Rea, ANZ, Xero, Westpac, NAB, Liontown

Australia

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Rio Tinto Ltd (RIO AU)

EQD | S&P/ASX200: Ideas to Profit From a Directionless Market

Overall it seems the index for now is respecting the prediction we made 3 weeks ago: directionless, shortable - but also you can go LONG when the...

Nico Rosti

Selected European HoldCos and DLC: July’23 Report

Discounts to NAV of covered holdcos have generally widened during July. Interesting situations, in my view: Heineken Holding/Heineken, Porsche SE...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/Oriental, Shenzhen Int’l/E'Way, HMM

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

ASX Short Interest Weekly (Jul 14th): Fortescue Metals, BHP, Lynas Rare Earth, Suncorp, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue Metals, BHP, Lynas Rare Earth, Suncorp,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 30th): Rea, ANZ, Xero, Westpac, NAB, Liontown

We analyzed ASX short interest report for the past week and highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | S&P/ASX200: Ideas to Profit From a Directionless Market

Overall it seems the index for now is respecting the prediction we made 3 weeks ago: directionless, shortable - but also you can go LONG when the...

Nico Rosti

Selected European HoldCos and DLC: July’23 Report

Discounts to NAV of covered holdcos have generally widened during July. Interesting situations, in my view: Heineken Holding/Heineken, Porsche SE...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/​Oriental, Shenzhen Int’l/E'Way, HMM

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

ASX Short Interest Weekly (Jul 14th): Fortescue Metals, BHP, Lynas Rare Earth, Suncorp, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue Metals, BHP, Lynas Rare Earth, Suncorp,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 30th): Rea, ANZ, Xero, Westpac, NAB, Liontown

We analyzed ASX short interest report for the past week and highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.

Ke Yan, CFA, FRM

Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/Oriental, Shenzhen Int’l/E'Way, HMM