Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After a protracted succession stoush, Rupert Murdoch's son Lachlan is set to take control of <a href="https://www.smartkarma.com/entities/news-corp-class-b" target="_blank" data-smartkarma-citation="entities:5990:1" rel="noopener">News Corp (NWS US)</a> and <a href="https://www.smartkarma.com/entities/fox-corp-b470c4a5-c947-401c-af9f-3e6497d73406" target="_blank" data-smartkarma-citation="entities:36135:1" rel="noopener">Fox (FOXA US)</a>.</li>
<li>Preceding my comments on News Corp and 62%-held <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> 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>


After a protracted succession stoush, Rupert Murdoch's son Lachlan is set to take control of News Corp (NWS US) and Fox (FOXA US).
Preceding my comments on News Corp and 62%-held REA Group Ltd (REA AU) 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: The Murdoch Succession Into News Corp, Fox & REA

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>News Corp reported a modest 2% increase in annual revenue to nearly $8.5 billion, with total segment EBITDA improving by 14% to over $1.4 billion.</li><li>This growth marks a record for the company in terms of profitability based on continuing operations.</li><li>The rise in revenue and EBITDA also contributed to a 71% increase in net income from continuing operations, reaching $648 million.</li></ul>

News Corp reported a modest 2% increase in annual revenue to nearly $8.5 billion, with total segment EBITDA improving by 14% to over $1.4 billion.This growth marks a record for the company in terms of profitability based on continuing operations.The rise in revenue and EBITDA also contributed to a 71% increase in net income from continuing operations, reaching $648 million.

News Corporation: Initiation Of Coverage- Expansion of Digital & Professional Information Services & Key Factors That Could Unlock Shareholder Value!

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>This is a follow-up on the pair trade between <a href="https://www.smartkarma.com/entities/rea-group-ltd" target="_blank" data-smartkarma-citation="entities:699:1" rel="noopener">REA Group (REA AU)</a> and <a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News Corp (NWS AU)</a>, originally flagged due to a significant deviation in their price ratio.</li>
<li>
Highlight: The pair hit its profit target as REA Group outperformed its parent post-earnings, pushing the price ratio back across the one-standard-deviation line.</li>
<li>
Why Read: This Insights shows how catalysts such as earnings events can accelerate mean-reversion trades and deliver above-target returns.</li>
</ul>


This is a follow-up on the pair trade between REA Group (REA AU) and News Corp (NWS AU), originally flagged due to a significant deviation in their price ratio.

Highlight: The pair hit its profit target as REA Group outperformed its parent post-earnings, pushing the price ratio back across the one-standard-deviation line.

Why Read: This Insights shows how catalysts such as earnings events can accelerate mean-reversion trades and deliver above-target returns.


REA Group (REA AU) Vs. News Corp (NWS AU): Earnings Catalyst Drives Mean-Reversion Win

Fisher & Paykel Healthcare Cor / Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Currently six pair trade opportunities across three markets and three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Currently six pair trade opportunities across three markets and three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlight: Currently five pair trade opportunities across three markets and three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlight: Currently five pair trade opportunities across three markets and three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

United States

News Corporation is a media and information services company. The Company's business is comprised of news and information, book publishing, digital real estate, and cable network programming services. News serves customers globally.

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News Corp (NWS AU)

StubWorld: The Murdoch Succession Into News Corp, Fox & REA

Current levels for News Corp are elevated but not extreme. If in, I'd look to unwind the stub, with a view to reversing - short News Corp, Long REA.

David Blennerhassett

News Corporation: Initiation Of Coverage- Expansion of Digital & Professional Information Services & Key Factors That Could Unlock Shareholder Value!

News Corp reported a modest 2% increase in annual revenue to nearly $8.5 billion, with total segment EBITDA improving by 14% to over $1.4...

Baptista Research

REA Group (REA AU) Vs. News Corp (NWS AU): Earnings Catalyst Drives Mean-Reversion Win

Pair trade between REA Group and News Corp hits profit target as REA Group outperforms post-earnings, showcasing the impact of catalysts on mean...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

Statistical methodology identifies six pair trade opportunities across three markets and three sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

StubWorld: The Murdoch Succession Into News Corp, Fox & REA

Current levels for News Corp are elevated but not extreme. If in, I'd look to unwind the stub, with a view to reversing - short News Corp, Long REA.

David Blennerhassett

News Corporation: Initiation Of Coverage- Expansion of Digital & Professional Information Services & Key Factors That Could Unlock Shareholder Value!

News Corp reported a modest 2% increase in annual revenue to nearly $8.5 billion, with total segment EBITDA improving by 14% to over $1.4...

Baptista Research

REA Group (REA AU) Vs. News Corp (NWS AU): Earnings Catalyst Drives Mean-Reversion Win

​Pair trade between REA Group and News Corp hits profit target as REA Group outperforms post-earnings, showcasing the impact of catalysts on mean...

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (04 Aug)

​Statistical methodology identifies six pair trade opportunities across three markets and three sectors, offering unique insights into relative value.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Jul)

​Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.

Gaudenz Schneider

Pair trade between REA Group and News Corp hits profit target as REA Group outperforms post-earnings, showcasing the impact of catalysts on mean...

Statistical methodology identifies six pair trade opportunities across three markets and three sectors, offering unique insights into relative value.

Statistical methodology identifies five pair trade opportunities across three markets and sectors, offering unique insights into relative value.