Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In August, <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a> / <a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a> announced that the company would give up its US listing and move to an ASX Primary Listing.</li>
<li>The NASDAQ delisting has been confirmed (as expected) for 12 November. October saw significant CDI conversions. More have come in the last few days. </li>
<li>This creates a significant, and interesting set of index events to track. </li>
</ul>


In August, Light &amp; Wonder (LNW AU) / Light &amp; Wonder (LNW US) announced that the company would give up its US listing and move to an ASX Primary Listing.
The NASDAQ delisting has been confirmed (as expected) for 12 November. October saw significant CDI conversions. More have come in the last few days. 
This creates a significant, and interesting set of index events to track. 


[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting / ASX Relisting Index Event

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light &amp; Wonder (LNW US)</a> will stop trading on the NASDAQ after the close on 12 November and the sole primary listing will move to <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a>. </li>
<li>Index trackers will need to sell a lot of <a href="https://www.smartkarma.com/entities/light-wonder-inc" target="_blank" data-smartkarma-citation="entities:36929:1" rel="noopener">Light&amp;Wonder (LNW US)</a> at the close on 12 November. The buying in <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light&amp;Wonder (LNW AU)</a> is a lot smaller.</li>
<li>
<a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU)</a> trades at a much lower forward PE compared to <a href="https://www.smartkarma.com/entities/aristocrat-leisure-ltd" target="_blank" data-smartkarma-citation="entities:10303:1" rel="noopener">Aristocrat Leisure (ALL AU)</a> and there could be a re-rating over the medium-term.</li>
</ul>



Light &amp; Wonder (LNW US) will stop trading on the NASDAQ after the close on 12 November and the sole primary listing will move to Light &amp; Wonder (LNW AU). 
Index trackers will need to sell a lot of Light&amp;Wonder (LNW US) at the close on 12 November. The buying in Light&amp;Wonder (LNW AU) is a lot smaller.

Light &amp; Wonder (LNW AU) trades at a much lower forward PE compared to Aristocrat Leisure (ALL AU) and there could be a re-rating over the medium-term.


Light & Wonder (LNW AU): Index Implications of NASDAQ Delisting & ASX Primary Listing

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>The <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a> IE considers Novomatic’s A$1.00 to be fair and reasonable, as it falls within its A$0.93-1.07 valuation range. The vote is on 29 August.</li>
<li>The offer has drawn opposition from several notable shareholders. There remains at least a 50% chance that the scheme vote fails.  </li>
<li>Novomatic can switch to an alternative takeover offer, which limits the downside risk. At the last close and for a 26 September payment, the gross/annualised spread was 1.5%/8.2%.  </li>
</ul>


The Ainsworth Game Technology (AGI AU) IE considers Novomatic’s A$1.00 to be fair and reasonable, as it falls within its A$0.93-1.07 valuation range. The vote is on 29 August.
The offer has drawn opposition from several notable shareholders. There remains at least a 50% chance that the scheme vote fails.  
Novomatic can switch to an alternative takeover offer, which limits the downside risk. At the last close and for a 26 September payment, the gross/annualised spread was 1.5%/8.2%.  


Ainsworth (AGI AU): A Dicey Scheme Vote Underwritten by an Alternative Takeover Offer

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges.</li><li>The company reported a 12% year-over-year increase in consolidated revenue to $817 million, marking its 14th consecutive quarter of revenue growth.</li><li>This growth was driven by strong performance across its diversified portfolio, including land-based, social, and iGaming channels.</li></ul>

Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges.The company reported a 12% year-over-year increase in consolidated revenue to $817 million, marking its 14th consecutive quarter of revenue growth.This growth was driven by strong performance across its diversified portfolio, including land-based, social, and iGaming channels.

Light & Wonder: An Insight Into Its Strategic Portfolio & Product Pipeline Expansion & Other Major Drivers

<ul><li>Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple segments.</li><li>The company reported consolidated revenue growth of 12% year-over-year, reaching $818 million, and a 17% increment in Consolidated AEBITDA, which stands at $330 million for the quarter.</li><li>Notable is the increase in Adjusted NPATA by 40% year-over-year to $130 million.</li></ul>

Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple segments.The company reported consolidated revenue growth of 12% year-over-year, reaching $818 million, and a 17% increment in Consolidated AEBITDA, which stands at $330 million for the quarter.Notable is the increase in Adjusted NPATA by 40% year-over-year to $130 million.

Light & Wonder Inc.: Will Its Robust Investments in Technology & Content Diversity Pay Off? - Major Drivers

United States

Light & Wonder Inc. provides gambling products and services. The Company creates content and products for land-based casino gaming, social, and digital organizations. Light & Wonder serves customers worldwide.

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Light & Wonder (LNW US)

[Quiddity Index] Light & Wonder (LNW US/AU) US Delisting / ASX Relisting Index Event

Light & Wonder in August announced plans to delist from the US and move its primary listing to Australia where it has a secondary CDI listing. That...

Travis Lundy

Light & Wonder (LNW AU): Index Implications of NASDAQ Delisting & ASX Primary Listing

Light&Wonder stops trading on the NASDAQ after 12 Nov and becomes an ASX primary listing. Big passive selling in November followed by smaller...

Brian Freitas

Ainsworth (AGI AU): A Dicey Scheme Vote Underwritten by an Alternative Takeover Offer

The offer has drawn opposition from several notable shareholders, which suggests scheme vote risk. Novomatic can switch to an alternative takeover...

Arun George

Light & Wonder: An Insight Into Its Strategic Portfolio & Product Pipeline Expansion & Other Major Drivers

Light & Wonder's third-quarter earnings reflect a balance of positive growth trends and strategic challenges. The company reported a 12%...

Baptista Research

Light & Wonder Inc.: Will Its Robust Investments in Technology & Content Diversity Pay Off? - Major Drivers

Light & Wonder has presented its Q2 2024 earnings with noteworthy results, primarily reflecting continuous growth across its multiple...

Baptista Research

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