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.

Index Rebalance

<ul>
<li>Following Ibex’s disposal of its 28% stake in Pepcor earlier this week, Pepcor (PPH) will be upweighted in the closing auction today.</li>
<li>PPH’s free float will increase to 99.82% from 71.61%. Passive funds and hedgers will need to increase their exposure by between 37 and 47bps.</li>
<li>In addition, active managers looking to maintain their active positioning would need to buy PPH, failure to do so would result in an underweight of 39bps (assuming a Capped ALSI benchmark and an active weight of 0%).</li>
</ul>


Following Ibex’s disposal of its 28% stake in Pepcor earlier this week, Pepcor (PPH) will be upweighted in the closing auction today.
PPH’s free float will increase to 99.82% from 71.61%. Passive funds and hedgers will need to increase their exposure by between 37 and 47bps.
In addition, active managers looking to maintain their active positioning would need to buy PPH, failure to do so would result in an underweight of 39bps (assuming a Capped ALSI benchmark and an active weight of 0%).


JSE Indexation Research: PPH to Be Upweighted in Closing Auction Today, PPH Rebalance Yesterday

Northam Platinum Holdings  / Index Rebalance

<ul><li>JSE indices are due for rebalancing in the closing auction tomorrow.                              </li><li>NPH will enter the Top 40, with GLN falling out. </li><li>GLN will also fall out of the RESI 10, with NPH entering.</li></ul>

JSE indices are due for rebalancing in the closing auction tomorrow.                              NPH will enter the Top 40, with GLN falling out. GLN will also fall out of the RESI 10, with NPH entering.

FTSE/JSE June 2025 Rebalance: GLN to Fall Out of Top 40, NPH to Enter

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the lockup dynamics and possible placement.


Swiggy IPO Lockup - US$7.9bn Lockup Release

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Prosus' €4.1bn all-cash offer for Just Eat Takeaway.com represents a 63% premium to the pre-announcement share price and an EV/NTM EBITDA multiple of 9.3x, above the sector median of 7.2x.</li>
<li>The deal strengthens Prosus' global food delivery footprint, complementing its stakes in iFood, Delivery Hero, and Meituan, with potential synergies in AI-driven logistics, customer acquisition, and operational efficiency.</li>
<li>Regulatory approval remains a key hurdle, especially in markets where Just Eat Takeaway.com and Delivery Hero hold significant shares, potentially impacting the likelihood and timeline of deal completion.</li>
</ul>


Prosus' €4.1bn all-cash offer for Just Eat Takeaway.com represents a 63% premium to the pre-announcement share price and an EV/NTM EBITDA multiple of 9.3x, above the sector median of 7.2x.
The deal strengthens Prosus' global food delivery footprint, complementing its stakes in iFood, Delivery Hero, and Meituan, with potential synergies in AI-driven logistics, customer acquisition, and operational efficiency.
Regulatory approval remains a key hurdle, especially in markets where Just Eat Takeaway.com and Delivery Hero hold significant shares, potentially impacting the likelihood and timeline of deal completion.


Prosus/Just Eat Takeaway: A Strategic Takeover in the Food Delivery Sector

<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

China

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Prosus NV (PRX SJ)

JSE Indexation Research: PPH to Be Upweighted in Closing Auction Today, PPH Rebalance Yesterday

Following Ibex’s disposal of its 28% stake in Pepcor earlier this week, Pepcor (PPH) will be upweighted in the closing auction today.

DMA

FTSE/JSE June 2025 Rebalance: GLN to Fall Out of Top 40, NPH to Enter

NPN & PRX top sells as shares in issue fall. BTI, CFR & AGL scrip moves offshore. JSE indices are due for rebalancing in the closing auction tomorrow.

DMA

Swiggy IPO Lockup - US$7.9bn Lockup Release

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Prosus/Just Eat Takeaway: A Strategic Takeover in the Food Delivery Sector

Prosus offers €4.1bn for Just Eat Takeaway.com, boosting global food delivery presence with potential synergies but facing regulatory hurdles.

Jesus Rodriguez Aguilar

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JSE Indexation Research: PPH to Be Upweighted in Closing Auction Today, PPH Rebalance Yesterday

Following Ibex’s disposal of its 28% stake in Pepcor earlier this week, Pepcor (PPH) will be upweighted in the closing auction today.

DMA

FTSE/JSE June 2025 Rebalance: GLN to Fall Out of Top 40, NPH to Enter

NPN & PRX top sells as shares in issue fall. BTI, CFR & AGL scrip moves offshore. JSE indices are due for rebalancing in the closing auction tomorrow.

DMA

Swiggy IPO Lockup - US$7.9bn Lockup Release

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Prosus/Just Eat Takeaway: A Strategic Takeover in the Food Delivery Sector

​Prosus offers €4.1bn for Just Eat Takeaway.com, boosting global food delivery presence with potential synergies but facing regulatory hurdles.

Jesus Rodriguez Aguilar

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

Prosus offers €4.1bn for Just Eat Takeaway.com, boosting global food delivery presence with potential synergies but facing regulatory hurdles.