Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The September 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.</li>
<li>There will be two ADDs and two DELS for the F100 index. Separately, there will be five ADDs and six DELs for the F250 index.</li>
<li>As a consequence of new transfers and the relaxation of trading currency requirements, some F100 and F250 ADDs will also be added to the F-All Share index simultaneously.</li>
</ul>


The September 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.
There will be two ADDs and two DELS for the F100 index. Separately, there will be five ADDs and six DELs for the F250 index.
As a consequence of new transfers and the relaxation of trading currency requirements, some F100 and F250 ADDs will also be added to the F-All Share index simultaneously.


Quiddity Leaderboard F100/F250 Sep25: 14/15 Expected ADDs/DELs Correct; Intra-Review ADDs Next!

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.</li>
<li>Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.</li>
<li>After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the September 2025 index rebal event.
Our latest estimates suggest there could be two regular changes for F100 and six regular changes for F250 during the September 2025 rebalance.
After that, we expect multiple M&amp;A-related intra-review changes over the next few weeks.


Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Pendragon sells UK car dealer and leasing businesses to Lithia Motors, leaving behind dealer management software segment Pinewood Technologies</li><li>Dividend payout from sale proceeds leaves Pinewood with around 20 million GBP of net cash</li><li>With Lithia Motors owning shares and potential for growth through software rollout, there is significant upside potential in Pinewood's valuation at a low multiple of 8x TTM EBITDA</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pendragon sells UK car dealer and leasing businesses to Lithia Motors, leaving behind dealer management software segment Pinewood TechnologiesDividend payout from sale proceeds leaves Pinewood with around 20 million GBP of net cashWith Lithia Motors owning shares and potential for growth through software rollout, there is significant upside potential in Pinewood's valuation at a low multiple of 8x TTM EBITDAThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pendragon Plc (PDG LN) - Wednesday, Jan 3, 2024

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>If <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a> earnings disappoints, buy the dip. <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> is buying for the long-term.</li>
<li>
<a href="https://www.smartkarma.com/entities/mgm-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China Holdings (2282 HK)</a> has gained market share in mass table market, VIP, and total revenue. Yet MGM's FY24E EV/EBITDA is ~40% below its two-year forward average EV/EBITDA pre-Covid.</li>
<li>If you had a J-REIT portfolio, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> would go in and push something else out or smaller. I think one gets beta-plus, which is usually called alpha.</li>
</ul>


If Descente Ltd (8114 JP) earnings disappoints, buy the dip. Itochu Corp (8001 JP) is buying for the long-term.

MGM China Holdings (2282 HK) has gained market share in mass table market, VIP, and total revenue. Yet MGM's FY24E EV/EBITDA is ~40% below its two-year forward average EV/EBITDA pre-Covid.
If you had a J-REIT portfolio, Sankei Real Estate (2972 JP) would go in and push something else out or smaller. I think one gets beta-plus, which is usually called alpha.


Last Week In Event SPACE: Shinko Electric Industries, MGM China, Decente, Sankei Real Estate,

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>On 17 October, <a href="https://www.smartkarma.com/entities/autonation-inc" target="_blank" data-smartkarma-citation="entities:16548:1" rel="noopener">Autonation Inc (AN US)</a> also withdrew its proposal for <a href="https://www.smartkarma.com/entities/pendragon-plc" target="_blank" data-smartkarma-citation="entities:22080:1" rel="noopener">Pendragon PLC (PDG LN)</a>. Lithia's deal is likely to obtain shareholder's approval, for lack of a better offer.</li>
<li>Holding on would mean receiving 24.5p and staying in a small cap SaaS, whose shares are implicitly valued at 6.5p, instead of the 10.9p that Pendragon claims it is worth.</li>
<li>Readacross: Hedin, AutoNation, or someone else, could take a closer look at <a href="https://www.smartkarma.com/entities/vertu-motors-plc" target="_blank" data-smartkarma-citation="entities:23247:1" rel="noopener">Vertu Motors (VTU LN)</a>.</li>
</ul>


On 17 October, Autonation Inc (AN US) also withdrew its proposal for Pendragon PLC (PDG LN). Lithia's deal is likely to obtain shareholder's approval, for lack of a better offer.
Holding on would mean receiving 24.5p and staying in a small cap SaaS, whose shares are implicitly valued at 6.5p, instead of the 10.9p that Pendragon claims it is worth.
Readacross: Hedin, AutoNation, or someone else, could take a closer look at Vertu Motors (VTU LN).


United Kingdom

Pinewood Technologies Group PLC is a leading cloud-based full-service technology provider for automotive retailers and OEMs, offering Dealer Management System (DMS) software, automotive intelligence platforms, Business Intelligence reporting, and AI-powered automotive solutions across sales, aftersales, accounting, and CRM. The company serves a global user base across more than 36 countries with long-standing partnerships with over 50 OEM brands. It was established in 1981 and is headquartered in Birmingham, UK.

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Pinewood Technologies (PINE LN)

Quiddity Leaderboard F100/F250 Sep25: 14/15 Expected ADDs/DELs Correct; Intra-Review ADDs Next!

We got 14/15 expected ADDs/DELs correct. The only surprise was Bloomsbury getting deleted from F250 instead of Ocean Wilson.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Sep25: ~10 Regular & Intra-Review Changes Likely in September

F100/250 Sep25 index changes will be confirmed after market close today. Yesterday was the base date for final ranks. Please see discussion point...

Janaghan Jeyakumar, CFA

Pendragon Plc (PDG LN) - Wednesday, Jan 3, 2024

Pendragon sells UK car dealer and leasing businesses to Lithia Motors, leaving behind dealer management software segment Pinewood Technologies

Value Investors Club (VIC)

Last Week In Event SPACE: Shinko Electric Industries, MGM China, Decente, Sankei Real Estate,

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

AutoNation Drops from the Race

On 17 October, Autonation Inc (AN US) also withdrew its proposal for Pendragon PLC (PDG LN). Lithia's deal is likely to obtain shareholder's...

Jesus Rodriguez Aguilar

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