Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast Ltd (MSB AU)</a> shares have been put on trading halt on August 4 due to pending announcement on private placement. The company undertook last private placement in March 2021.</li>
<li>Net operating cash usage has been declining over the last six quarters. In Q4FY22, net cash usage for operating activities decreased 33% y/y to $13.9 million.</li>
<li>Last month, Mesoblast announced promising results from rexlemestrocel-L trial in chronic heart failure patients. Rexlemestrocel-L delivered an improvement in left ventricular ejection fraction at 12 months.</li>
</ul>



Mesoblast Ltd (MSB AU) shares have been put on trading halt on August 4 due to pending announcement on private placement. The company undertook last private placement in March 2021.
Net operating cash usage has been declining over the last six quarters. In Q4FY22, net cash usage for operating activities decreased 33% y/y to $13.9 million.
Last month, Mesoblast announced promising results from rexlemestrocel-L trial in chronic heart failure patients. Rexlemestrocel-L delivered an improvement in left ventricular ejection fraction at 12 months.


Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. </li>
<li>The constituency changes for ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20 were announced today.</li>
<li>Below is a discussion of the official results and potential trading strategies to generate market-neutral returns in the run up to the Inclusion Event.</li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. 
The constituency changes for ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20 were announced today.
Below is a discussion of the official results and potential trading strategies to generate market-neutral returns in the run up to the Inclusion Event.


S&P/​​​ASX Indices: March 2022 Index Changes and Trading Strategy

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hochtief-ag" target="_blank" data-smartkarma-citation="entities:21652:1" rel="noopener">Hochtief AG (HOT GR)</a> has finally launched an unconditional offer for the rest of <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a> (where it already owns 78.58%).</li>
<li>As <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> writes in <a href="https://www.smartkarma.com/insights/hochtief-s-unconditional-offer-for-cimic" target="_blank" data-smartkarma-citation="insights:65774" rel="noopener">Hochtief's Unconditional Offer For CIMIC</a>, this should be a done deal. Completion would free up a place in the S&amp;P/ASX200.  </li>
<li>This looks to be one of the earlier Q2 intra-quarter changes, but there are technicalities.</li>
</ul>



Hochtief AG (HOT GR) has finally launched an unconditional offer for the rest of CIMIC Group Ltd (CIM AU) (where it already owns 78.58%).
As David Blennerhassett writes in Hochtief's Unconditional Offer For CIMIC, this should be a done deal. Completion would free up a place in the S&amp;P/ASX200.  
This looks to be one of the earlier Q2 intra-quarter changes, but there are technicalities.


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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.</li>
<li>An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.</li>
<li>Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.</li>
</ul>


Hang Seng announced the results of the March rebalance post market close Friday. Two adds for the HSI, one set of changes for HSCEI, three sets for HSTECH.
An ad hoc rebalance was announced for the KOSDAQ150 following Osstem being designated an 'Administrative Issue'. In IPO world, we have LIC in India and SBI Sumishin NetBank coming up.
Friday was the review cutoff date for the March rebalance of the ASX200 Index. The ATO has provided Aventus with the tax ruling and that creates a timing issue.


Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

<ul>
<li>When the <a href="https://www.smartkarma.com/entities/aventus-group" target="_blank" data-smartkarma-citation="entities:25897:1" rel="noopener">Aventus Group (AVN AU)</a> / <a href="https://www.smartkarma.com/entities/homeco-daily-needs-reit" target="_blank" data-smartkarma-citation="entities:33526:1" rel="noopener">HomeCo Daily Needs REIT (HDN AU)</a> Scheme was announced four months ago, it looked to complete in late January or very early February. </li>
<li>Because of an ATO staff shortage, the Second Court Hearing was delayed by nearly three weeks, pushing implementation back. The calculation of S&amp;P/ASX index rankings may not be as expected.</li>
<li>Most or all of the AVN downweight is covered by a HDN upweight next Wednesday but whither ASX200 in March?</li>
</ul>


When the Aventus Group (AVN AU) / HomeCo Daily Needs REIT (HDN AU) Scheme was announced four months ago, it looked to complete in late January or very early February. 
Because of an ATO staff shortage, the Second Court Hearing was delayed by nearly three weeks, pushing implementation back. The calculation of S&amp;P/ASX index rankings may not be as expected.
Most or all of the AVN downweight is covered by a HDN upweight next Wednesday but whither ASX200 in March?


The Weird Ways of the Aventus/HomeCo Daily Needs Index Rebalances (ASX200)

Australia

Mesoblast Limited provides biomedical services. The Company develops drugs for cardiovascular diseases, oncology, hematology, and spine orthopedic disorders treatment. Mesoblast conducts its business worldwide.

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Mesoblast Ltd (MSB AU)

Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results

Mesoblast intends to undertake a private placement. Currently, funding is available for an estimated seven quarters. Its net operating cash usage...

Tina Banerjee

S&P/ASX Indices: March 2022 Index Changes and Trading Strategy

A look at the S&P ASX Index March 2022 index constituent changes and discussion on potential trading strategies to generated market-neutral returns.

Janaghan Jeyakumar, CFA

CIMIC (CIM AU) Replacement in ASX200

CIMIC's takeover by Hochtief triggers another index change in ASX200 - likely sometime in April. This brings forward the first intra-quarter ASX200...

Travis Lundy

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

The Weird Ways of the Aventus/HomeCo Daily Needs Index Rebalances (ASX200)

Aventus and Homeco Daily Needs now have the last doc/approval needed to proceed with their merger. The last day of trading for Aventus is 23 Feb....

Travis Lundy

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Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results

Mesoblast intends to undertake a private placement. Currently, funding is available for an estimated seven quarters. Its net operating cash usage...

Tina Banerjee

S&P/​​​ASX Indices: March 2022 Index Changes and Trading Strategy

A look at the S&P ASX Index March 2022 index constituent changes and discussion on potential trading strategies to generated market-neutral returns.

Janaghan Jeyakumar, CFA

CIMIC (CIM AU) Replacement in ASX200

CIMIC's takeover by Hochtief triggers another index change in ASX200 - likely sometime in April. This brings forward the first intra-quarter ASX200...

Travis Lundy

Index Rebalance & ETF Flow Recap: HSI, HSCEI, HSTECH, HSCI, S&P/ASX, SET50, LIC, SBI Sumishin, Crown

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

The Weird Ways of the Aventus/HomeCo Daily Needs Index Rebalances (ASX200)

Aventus and Homeco Daily Needs now have the last doc/approval needed to proceed with their merger. The last day of trading for Aventus is 23 Feb....

Travis Lundy

S&P/ASX Indices: March 2022 Index Changes and Trading Strategy