Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the September 2024 index rebal event.</li>
<li>In July 2024, a couple of important Australian M&amp;A deals could close and one of them could trigger intra-review additions for ASX 100 and ASX 200.</li>
<li>Separately, we see one ASX 100 change and one ASX 200 change during the September 2024 rebalance. For ASX 300, there could be 13 ADDs and 6 DELs.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the September 2024 index rebal event.
In July 2024, a couple of important Australian M&amp;A deals could close and one of them could trigger intra-review additions for ASX 100 and ASX 200.
Separately, we see one ASX 100 change and one ASX 200 change during the September 2024 rebalance. For ASX 300, there could be 13 ADDs and 6 DELs.


Quiddity Leaderboard ASX Sep 24 Rebal: Altium to Trigger Two Intra-Review Replacements in July

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a> has entered a scheme implementation deed with MACH Metals Australia at A$0.47 per share, a 70.9% premium to the undisturbed price (5 July).</li>
<li>The key conditions are shareholder and FIRB approvals. FIRB approval should be forthcoming as Salim is the largest shareholder and the cordial Indonesia-Australia relations.</li>
<li>While the offer represents a 10-year high, it implies multiples, which are light compared to precedent transactions. Nevertheless, this is a done deal. At last close, the spread was 9.3%.</li>
</ul>



Rex Minerals (RXM AU) has entered a scheme implementation deed with MACH Metals Australia at A$0.47 per share, a 70.9% premium to the undisturbed price (5 July).
The key conditions are shareholder and FIRB approvals. FIRB approval should be forthcoming as Salim is the largest shareholder and the cordial Indonesia-Australia relations.
While the offer represents a 10-year high, it implies multiples, which are light compared to precedent transactions. Nevertheless, this is a done deal. At last close, the spread was 9.3%.


Rex Minerals (RXM AU): Salim Group’s Binding Offer at A$0.47

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a> is looking to raise up to A$229m (US$150m) via a secondary block trade in <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <strong>which will be a clean-up. </strong>
</li>
<li>The deal is a large one to digest, at approximately 51.6 days of three month ADV and 13.8% of current mcap. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Mineral Resources (MIN AU) is looking to raise up to A$229m (US$150m) via a secondary block trade in Azure Minerals (AZS AU), which will be a clean-up. 

The deal is a large one to digest, at approximately 51.6 days of three month ADV and 13.8% of current mcap. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Azure Minerals Block - Removal of Overhang but Still a Risky Bet

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orica-ltd" target="_blank" data-smartkarma-citation="entities:895:1" rel="noopener">Orica Ltd (ORI AU)</a> is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to partially fund the acquisition of Cyanco. </li>
<li>The deal is a large one to digest, representing 21.3 days of three month ADV and 5.2% dilution. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Orica Ltd (ORI AU) is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to partially fund the acquisition of Cyanco. 
The deal is a large one to digest, representing 21.3 days of three month ADV and 5.2% dilution. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Orica Placement - Keeping the Acquisition Momentum Going

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jan 26th (reported today) which has an aggregated short interest worth USD18.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in ANZ, CSL, Domino'S Pizza.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jan 26th (reported today) which has an aggregated short interest worth USD18.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in ANZ, CSL, Domino'S Pizza.


ASX Short Interest Weekly (Jan 26th): ANZ, CSL, Domino'S Pizza

Australia

Sandfire Resources Limited is an Australian copper and gold producer. The Company's key asset is the DeGrussa Copper-Gold Mine located in Western Australia. Sandfire also has exploration assets targeting a range of commodities throughout Australia.

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Sandfire Resources Limited (SFR AU)

Quiddity Leaderboard ASX Sep 24 Rebal: Altium to Trigger Two Intra-Review Replacements in July

The LONGs (intra-review ADD candidates TLX, SFR, ZIP, & CDA) have now outperformed the SHORT (ASX 200) by +4.8% since the beginning of July. Based...

Janaghan Jeyakumar, CFA

Rex Minerals (RXM AU): Salim Group’s Binding Offer at A$0.47

While the offer represents a 10-year high, it implies multiples, which are light compared to precedent transactions. Nevertheless, this is a done...

Arun George

Azure Minerals Block - Removal of Overhang but Still a Risky Bet

Mineral Resources (MIN AU) is looking to raise up to A$229m (US$150m) via a secondary block trade in Azure Minerals (AZS AU), which will be a clean...

Ethan Aw

Orica Placement - Keeping the Acquisition Momentum Going

Orica Ltd (ORI AU) is looking to raise up to A$400m (US$260m) in its primary placement. The proceeds will be used to to partially fund the...

Ethan Aw

ASX Short Interest Weekly (Jan 26th): ANZ, CSL, Domino'S Pizza

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, CSL, Domino'S Pizza.

Ke Yan, CFA, FRM

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