Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.</li>
<li>Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. </li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.
Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. 


Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

Banca Popolare Di Sondrio Scar / Index Rebalance

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days <em>including an intra-review change!</em>
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>'s acquisition of Carrier commercial refrigeration business is earnings accretive. It will also be strategically positive to its growth outlook. </li>
<li>With net cash of Rmb17.3bn, HSH has no problem funding the deal internally. Instead of earning a single-digit return on cash, the business' 9% earnings yield is attractive. </li>
<li>The transaction will extend HSH's application scenarios from household to commercial while elevating its competitiveness in Europe and allowing it to capture the B-end customers. </li>
</ul>



Haier Smart Home (6690 HK)'s acquisition of Carrier commercial refrigeration business is earnings accretive. It will also be strategically positive to its growth outlook. 
With net cash of Rmb17.3bn, HSH has no problem funding the deal internally. Instead of earning a single-digit return on cash, the business' 9% earnings yield is attractive. 
The transaction will extend HSH's application scenarios from household to commercial while elevating its competitiveness in Europe and allowing it to capture the B-end customers. 


Haier Smart Home (6690 HK): Further Expansion of Footprint

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous note. In this note, we talk about the updates from the recent filing.</li>
</ul>



Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous note. In this note, we talk about the updates from the recent filing.


Midea A/H Listing - Filing Updates - Growth and Margins Pick Up

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Event-Driven

<p>is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> overvalued or undervalued?   It depends on the what investors see as the right comps and given the current situation regards to <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Chuxing (DIDI US)</a> ,  there is a growing possibility that <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a> looks to diversify away from <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> sooner versus later. </p>

is LG Electronics (066570 KS) overvalued or undervalued?   It depends on the what investors see as the right comps and given the current situation regards to DiDi Chuxing (DIDI US) ,  there is a growing possibility that Apple Inc (AAPL US) looks to diversify away from Hon Hai Precision Industry (2317 TT) sooner versus later. 

Does LG Group Hold Leverage over Apple and Not the Other Way Around?

Sweden

Electrolux AB is an appliance company based in Sweden. The Company's products include refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances.

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Electrolux (ELUXB SS)

Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

My latest estimate for one-way flow is US$95mn. The expected ADDs have strong positive momentum while the expected DELs have strong negative momentum.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Haier Smart Home (6690 HK): Further Expansion of Footprint

Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...

Osbert Tang, CFA

Midea A/H Listing - Filing Updates - Growth and Margins Pick Up

Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.

Sumeet Singh

Does LG Group Hold Leverage over Apple and Not the Other Way Around?

Apple needs LG more than vice versa? The current situation might force Apple to diversify away from Hon Hai faster than anticipated

Ken S. Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

My latest estimate for one-way flow is US$95mn. The expected ADDs have strong positive momentum while the expected DELs have strong negative momentum.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Haier Smart Home (6690 HK): Further Expansion of Footprint

​Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...

Osbert Tang, CFA

Midea A/H Listing - Filing Updates - Growth and Margins Pick Up

Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.

Sumeet Singh

Does LG Group Hold Leverage over Apple and Not the Other Way Around?

Apple needs LG more than vice versa? The current situation might force Apple to diversify away from Hon Hai faster than anticipated

Ken S. Kim

Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...