Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Nec Networks & System Integr / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.</li>
<li>
<a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a>'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. </li>
<li>The FTC' blocking the giant grocery merger of <a href="https://www.smartkarma.com/entities/kroger-co" target="_blank" data-smartkarma-citation="entities:20824:1" rel="noopener">Kroger Co (KR US)</a> and <a href="https://www.smartkarma.com/entities/albertsons-cos-inc" target="_blank" data-smartkarma-citation="entities:33026:1" rel="noopener">Albertsons Cos (ACI US)</a> spells trouble for ACT and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>.</li>
</ul>



Nec Networks (1973 JP)'s own FA didn't include any measure of transaction synergies to be created about which NEC and NESIC were so sure. This is not being done right.

Singapore Post (SPOST SP)'s muted price action after announcing the ~S$900mn FMH sale is illustrative. But expect more value to be unlocked from divesting non-core ops going forward. 
The FTC' blocking the giant grocery merger of Kroger Co (KR US) and Albertsons Cos (ACI US) spells trouble for ACT and Seven &amp; I Holdings (3382 JP).


Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/talabat-holding-plc" target="_blank" data-smartkarma-citation="entities:44118:1" rel="noopener">Talabat Holding (TALABAT UH)</a> is expected to be listed on 10 December 2024, on the Dubai Financial Market at a valuation of ~$10.3bn.</li>
<li>Fast-Entry is forecasted to be announced for the one Global Index at the close of 10 December and traded on 20 December in conjunction with the review.</li>
<li>Uncertainty regarding the Fast-Entry arises due to lack of shareholder information in the Institutional Offering which can result in the float market cap being determined as invalid.</li>
</ul>



Talabat Holding (TALABAT UH) is expected to be listed on 10 December 2024, on the Dubai Financial Market at a valuation of ~$10.3bn.
Fast-Entry is forecasted to be announced for the one Global Index at the close of 10 December and traded on 20 December in conjunction with the review.
Uncertainty regarding the Fast-Entry arises due to lack of shareholder information in the Institutional Offering which can result in the float market cap being determined as invalid.


Talabat Holding (TALABAT UH): IPO Fast-Entry to Be Delivered with Caution

<ul>
<li>For the first time in 2024, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> lodges a substantial shareholder notice,  as its stake in <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> dips below 24%. </li>
<li>Preceding my comments on Prosus, Tencent and <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>, are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


For the first time in 2024, Prosus NV (PRX NA) lodges a substantial shareholder notice,  as its stake in Tencent (700 HK) dips below 24%. 
Preceding my comments on Prosus, Tencent and Naspers (NPN SJ), are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Business As Usual As Prosus Sells, & Tencent Buys Back

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. </li>
<li>IPO price is between AED 1.50 ($0.41) and AED 1.60 per share. At the high end of IPO price range, Talabat could raise up to AED 7.5 billion (US$2 billion).</li>
<li>The final IPO offer price will be announced on Friday (29 November). This IPO is expected to start trading on 10 December. </li>
</ul>


Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. 
IPO price is between AED 1.50 ($0.41) and AED 1.60 per share. At the high end of IPO price range, Talabat could raise up to AED 7.5 billion (US$2 billion).
The final IPO offer price will be announced on Friday (29 November). This IPO is expected to start trading on 10 December. 


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.

<ul>
<li>It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.</li>
<li>Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).</li>
<li>Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.</li>
</ul>


It has been an eventful week for Naspers and Prosus - Tencent reported 3Q FY24 results yesterday after the HK close and Swiggy listed on the NSE and BSE.
Prosus sold shares in Swiggy worth $500m and retains an interest of 25% (fully diluted basis).
Since 2017, Naspers and Prosus invested $1.3bn to build a 31% stake. The group have created $2bn of value for shareholders following the listing.


NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

Germany

Delivery Hero SE offers e-commerce services. The Company provides online food ordering services. Delivery Hero serves customers Germany.

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Delivery Hero SE (DHER GR)

Last Week in Event SPACE: NEC Network, SingPost, Seven & I, CPMC, Exedy

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Talabat Holding (TALABAT UH): IPO Fast-Entry to Be Delivered with Caution

Fast-Entry has been announced as forecasted for the one Global Index with a trade date at the close of 20 December in conjunction with the review....

Dimitris Ioannidis

StubWorld: Business As Usual As Prosus Sells, & Tencent Buys Back

Current levels for Prosus are neither here nor there. For long-onlies, I'd still prefer replacing your Tencent with Prosus; or specifically, ~80%...

David Blennerhassett

Talabat Holding IPO Preview

Talabat Holding, one of the leading food delivery platforms in the MENA region, is getting ready to complete an IPO in Dubai. IPO price is between...

Douglas Kim

NPN X PRX: Swiggy Lists, Tencent 3Q FY24 Results, Market Awaits H1 FY25 Results and Strategy Update

Comments made by Bloisi in a recent interview with the Financial Times have weighed on the discount, reiterating whether it was the right approach...

DMA

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