Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>. Done. Finally. Look at whether you could borrow shares just before the close of the tender and short tender and buy back post ex-date</li>
<li>
<a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group Ltd (REA AU)</a> rolls over as <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> bets big on key rival Domain <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill (3978 JP)</a>'s tender extended. Still not a done deal. Look to buy shares at terms with the goal of NOT tendering and owning the back end.</li>
</ul>



Shinko Electric Industries (6967 JP). Done. Finally. Look at whether you could borrow shares just before the close of the tender and short tender and buy back post ex-date

REA Group Ltd (REA AU) rolls over as Costar Group (CSGP US) bets big on key rival Domain Domain Holdings Australia (DHG AU).

Macromill (3978 JP)'s tender extended. Still not a done deal. Look to buy shares at terms with the goal of NOT tendering and owning the back end.


Last Week in Event SPACE: Shinko Electric, REA Group, Macromill, CNBM, Prosus/Tencent

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>Discounts likely set for further narrowing as Chinese government adopts a more positive stance towards the private sector (Tencent).</li>
<li>The discounts of Naspers and Prosus have recovered to levels last seen prior to the publication of the Chinese Military Companies list by the DoD at start of the year.</li>
<li>Last week Friday, Tencent rallied 7.4% following news that the Chinese government are expected to host a summit with Jack Ma and DeepSeek founder, Liang Wenfeng.</li>
</ul>


Discounts likely set for further narrowing as Chinese government adopts a more positive stance towards the private sector (Tencent).
The discounts of Naspers and Prosus have recovered to levels last seen prior to the publication of the Chinese Military Companies list by the DoD at start of the year.
Last week Friday, Tencent rallied 7.4% following news that the Chinese government are expected to host a summit with Jack Ma and DeepSeek founder, Liang Wenfeng.


NPN X PRX: Discounts Likely to Catch Further Bid on China News Flow

<ul><li>JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out.</li><li>Naspers and Prosus will be sold down in the Capped ALSI and the Capped Top 40 as a result of capping.</li><li>Prosus will be sold down in the uncapped indices due to a reduction in shares in issue as well as the SWIX float.</li></ul>

JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out.Naspers and Prosus will be sold down in the Capped ALSI and the Capped Top 40 as a result of capping.Prosus will be sold down in the uncapped indices due to a reduction in shares in issue as well as the SWIX float.

JSE December 2024 Rebalance OUT to Enter Top 40, NPH to Fall Out / NPN X PRX Top Sells (Capping)

<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

Index Rebalance

<ul>
<li>On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).</li>
<li>OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.</li>
<li>Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.</li>
</ul>


On Wednesday, after the close, the JSE released index changes scheduled for the December rebalance (Friday, 20 Dec).
OUT will enter the Top 40, with NPH falling out. AMS will enter the RESI 10 and EXX will fall out.
Naspers and Prosus released 1H results on Monday. The discounts have narrowed through the last 3 trading days, Naspers and Prosus are up 6% and 3.1%, respectively.


JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

South Africa

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

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Naspers (NPN SJ)

Last Week in Event SPACE: Shinko Electric, REA Group, Macromill, CNBM, Prosus/Tencent

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

NPN X PRX: Discounts Likely to Catch Further Bid on China News Flow

The discounts of Naspers and Prosus are expected to catch a further bid as China adopts a more positive stance towards private sector. Tencent...

DMA

JSE December 2024 Rebalance OUT to Enter Top 40, NPH to Fall Out / NPN X PRX Top Sells (Capping)

JSE indices will be rebalanced in the closing auction tomorrow. OUT will enter the Top 40 and the Capped Top 40, with NPH falling out. Naspers and...

DMA

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

JSE Dec 2024 Rebal: OUT to Enter Top 40, NPH to Fall Out / NPN PRX 1H Results: Discounts Catch Bid

Naspers and Prosus have outperformed the underlying portfolio following the release of 1H FY25 results. Naspers has outperformed Prosus, reducing...

DMA

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