Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>HAR is expected to enter the RESI and AMS is expected to fall out.</li><li>After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.</li></ul>

We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.HAR is expected to enter the RESI and AMS is expected to fall out.After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.

DMA ONE: JSE December ‘23 Rebalance Rankings

Quantitative Analysis

<ul>
<li>The week ahead is packed with economic, index and earnings releases.</li>
<li>MSC announce index changes tomorrow evening for the November rebalance (30 Nov). We highlight potential deletions from MSC SA below (ANG, GRT, ARI, NPH).</li>
<li>Tencent is due to release earnings on Wednesday after the Hong Kong close. The market is expecting a robust set of results.</li>
</ul>


The week ahead is packed with economic, index and earnings releases.
MSC announce index changes tomorrow evening for the November rebalance (30 Nov). We highlight potential deletions from MSC SA below (ANG, GRT, ARI, NPH).
Tencent is due to release earnings on Wednesday after the Hong Kong close. The market is expecting a robust set of results.


The Week Ahead: No Shortage of Potential Catalysts; Tencent (700) Reports, MSC Index Changes, US CPI

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a> saw its shareholder meeting vote through the Scheme, then on teh 18th, the Special Div went ex-. </li>
<li>Since then, as gold has rebounded sharply, <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> has underperformed peers and juniors (<a href="https://www.smartkarma.com/entities/vaneck-gold-miners-etf-usa" target="_blank" data-smartkarma-citation="entities:32924:1" rel="noopener">VanEck Gold Miners ETF/USA (GDX US)</a>) since gold has spiked.</li>
<li>Thursday is the last day of trading and there is a LOT of NEM to trade.</li>
</ul>



Newcrest Mining (NCM AU) saw its shareholder meeting vote through the Scheme, then on teh 18th, the Special Div went ex-. 
Since then, as gold has rebounded sharply, Newmont Mining (NEM US) has underperformed peers and juniors (VanEck Gold Miners ETF/USA (GDX US)) since gold has spiked.
Thursday is the last day of trading and there is a LOT of NEM to trade.


Newcrest/Newmont Conclusion Nearing - Flowfront & Gold Price

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>'s IE considers <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a>’s offer of 0.400 Newmont shares per Newcrest share + special dividend + FY2023 dividend <strong><em>to be reasonable but not fair</em></strong>.</li>
<li>The IE valued Newcrest at US$18.64-21.13 per share vs. the transaction value of US$17.10-18.70 per share. The sharp sector de-rating, including Newmont's shares, has impacted the scrip-heavy offer.</li>
<li>The offer remains attractive compared to peer multiples, historical prices and VWAP exchange ratios. At the last close prices and for the 6 November payment, the gross/annualised spread is 1.2%/7.8%. </li>
</ul>



Newcrest Mining (NCM AU)'s IE considers Newmont Mining (NEM US)’s offer of 0.400 Newmont shares per Newcrest share + special dividend + FY2023 dividend to be reasonable but not fair.
The IE valued Newcrest at US$18.64-21.13 per share vs. the transaction value of US$17.10-18.70 per share. The sharp sector de-rating, including Newmont's shares, has impacted the scrip-heavy offer.
The offer remains attractive compared to peer multiples, historical prices and VWAP exchange ratios. At the last close prices and for the 6 November payment, the gross/annualised spread is 1.2%/7.8%. 


Newcrest Mining (NCM AU): Scheme Meeting on 13 October

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise up to US$868m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

South Africa

AngloGold Ashanti Limited is a holding company for a group of companies which explore for and mine gold internationally. The Group has operations in the Vaal River and West Witwatersrand areas of South Africa as well as Namibia, Mali, Brazil, Argentina, Australia, Tanzania and the United States.

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AngloGold Ashanti Spon Adr (AU US)

DMA ONE: JSE December ‘23 Rebalance Rankings

The Week Ahead, NPN x PRX discount update post Tencent results, trading statements released after close yesterday. We do not expect any constituent...

DMA

The Week Ahead: No Shortage of Potential Catalysts; Tencent (700) Reports, MSC Index Changes, US CPI

The earnings, index and economic events calendar is packed for the week ahead. Tencent reports on Wednesday & MSC announce index changes for the...

DMA

Newcrest/Newmont Conclusion Nearing - Flowfront & Gold Price

Newmont Mining has run into a "perfect storm" of increasing negative correlation and increasing negative beta to gold vs Peers, and Newcrest...

Travis Lundy

Newcrest Mining (NCM AU): Scheme Meeting on 13 October

The offer remains attractive compared to peer multiples, historical prices and VWAP exchange ratios. At the last close prices and for the 6...

Arun George

Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. In this note, we undertake a quick peer...

Ethan Aw

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