Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals this week: <a href="https://www.smartkarma.com/entities/amcor-limited" target="_blank" data-smartkarma-citation="entities:674:1" rel="noopener">Amcor (AMC AU)</a> takes out <a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global (BERY US)</a>;<a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona (SYA AU)</a> and <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont (PLL AU)</a> merge; and <a href="https://www.smartkarma.com/entities/integrated-design-engineering-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44096:1" rel="noopener">Integrated Design &amp; Engineering  (9161 JP)</a>'s TOB. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/xingda-international-holdings" target="_blank" data-smartkarma-citation="entities:17836:1" rel="noopener">Xingda International (1899 HK)</a>, and <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>.</li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals this week: Amcor (AMC AU) takes out Berry Global (BERY US);Sayona (SYA AU) and Piedmont (PLL AU) merge; and Integrated Design &amp; Engineering  (9161 JP)'s TOB. 
Key updates/news took place on: Arcadium Lithium (LTM AU), Pacific Smiles (PSQ AU), Hotel Property Investments (HPI AU), HKBN (1310 HK), Xingda International (1899 HK), and Malaysia Airports Holdings (MAHB MK).


(Mostly) Asia-Pac M&A: Sayona/Piedmont, I D & E Holdings, Arcadium, Pacific Smiles, HKBN, MAHB

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 15th (reported today) which has an aggregated short interest worth USD24.6bn.</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, James Hardie Industries, Endeavour, Goodman.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 15th (reported today) which has an aggregated short interest worth USD24.6bn.
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, James Hardie Industries, Endeavour, Goodman.


ASX Short Interest Weekly (Nov 15th): ANZ, James Hardie Industries, Endeavour, Goodman

<ul>
<li>North American hard-rock lithium plays <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont Lithium (PLL AU)</a> and <a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining (SYA AU)</a> are to combine in all-stock merger with a ~50%/50% ownership split on a fully diluted basis.</li>
<li>Sayona will be the ultimate/surviving parent, via issuing 5.27 Sayona ordinary shares for each Piedmont share. Various equity raisings will also take place, before and after the merger.</li>
<li>EGMs for both Sayona and Piedmont shareholders are expected to be held in 1H25, with expected completion also in the 1H25. </li>
</ul>


North American hard-rock lithium plays Piedmont Lithium (PLL AU) and Sayona Mining (SYA AU) are to combine in all-stock merger with a ~50%/50% ownership split on a fully diluted basis.
Sayona will be the ultimate/surviving parent, via issuing 5.27 Sayona ordinary shares for each Piedmont share. Various equity raisings will also take place, before and after the merger.
EGMs for both Sayona and Piedmont shareholders are expected to be held in 1H25, with expected completion also in the 1H25. 


Sayona (SYA AU)/Piedmont (PLL AU)'s Merger Of Equals

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining (SYA AU)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/vaneck-rare-earth-strategic-me" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Rare Earth/Strategic Me (REMX US)</a> at the close of trading on 20 September.</li>
<li>Constituent changes, float changes and capping changes result in an estimated one-way turnover of 5.7% and in a round-trip trade of US$35m.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/eramet" target="_blank" data-smartkarma-citation="entities:21452:1" rel="noopener">Eramet</a>, <a href="https://www.smartkarma.com/entities/tronox-holdings-plc" target="_blank" data-smartkarma-citation="entities:6778:1" rel="noopener">Tronox</a> and <a href="https://www.smartkarma.com/entities/lithium-americas-argentina-cor" target="_blank" data-smartkarma-citation="entities:40445:1" rel="noopener">Lithium Americas Argentina</a> while the largest outflows will be from <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp</a>, <a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona Mining</a> and <a href="https://www.smartkarma.com/entities/mp-materials-corp" target="_blank" data-smartkarma-citation="entities:33108:1" rel="noopener">MP Materials (MP US)</a>.</li>
</ul>



Sayona Mining (SYA AU) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close of trading on 20 September.
Constituent changes, float changes and capping changes result in an estimated one-way turnover of 5.7% and in a round-trip trade of US$35m.
The largest inflows will be in Eramet, Tronox and Lithium Americas Argentina while the largest outflows will be from Lynas Corp, Sayona Mining and MP Materials (MP US).


MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Deletion & Other Changes

<ul>
<li>Total short interest in Australia is A$34.46bn and has decreased by A$1.36bn in constant price terms since the start of the year.</li>
<li>The highest short interest is in <a href="https://www.smartkarma.com/entities/commonwealth-bank-of-australia" target="_blank" data-smartkarma-citation="entities:14:1" rel="noopener">Commonwealth Bank of Australia (CBA AU)</a>, <a href="https://www.smartkarma.com/entities/pilbara-minerals-ltd" target="_blank" data-smartkarma-citation="entities:7460:1" rel="noopener">Pilbara Minerals (PLS AU)</a>, <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> and <a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a>. </li>
<li>The largest increase in shorts as a percentage of shares outstanding is in <a href="https://www.smartkarma.com/entities/idp-education-ltd" target="_blank" data-smartkarma-citation="entities:1098:1" rel="noopener">IDP Education (IEL AU)</a>, <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>, <a href="https://www.smartkarma.com/entities/emerald-resources-nl" target="_blank" data-smartkarma-citation="entities:17495:1" rel="noopener">Emerald Resources (EMR AU)</a> and <a href="https://www.smartkarma.com/entities/develop-global-ltd" target="_blank" data-smartkarma-citation="entities:19413:1" rel="noopener">Develop Global (DVP AU)</a>. </li>
</ul>


Total short interest in Australia is A$34.46bn and has decreased by A$1.36bn in constant price terms since the start of the year.
The highest short interest is in Commonwealth Bank of Australia (CBA AU), Pilbara Minerals (PLS AU), Rio Tinto Ltd (RIO AU) and Goodman Group (GMG AU). 
The largest increase in shorts as a percentage of shares outstanding is in IDP Education (IEL AU), Strike Energy (STX AU), Emerald Resources (EMR AU) and Develop Global (DVP AU). 


Australia Short Interest (Q1 2024): A Recap

Australia

Sayona Mining Ltd is a diamond exploration and production company whose primary exploration tenements are located in the Republic of Botswana.

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Sayona Mining (SYA AU)

(Mostly) Asia-Pac M&A: Sayona/Piedmont, I D & E Holdings, Arcadium, Pacific Smiles, HKBN, MAHB

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

ASX Short Interest Weekly (Nov 15th): ANZ, James Hardie Industries, Endeavour, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, James Hardie Industries, Endeavour, Goodman.

Ke Yan, CFA, FRM

Sayona (SYA AU)/Piedmont (PLL AU)'s Merger Of Equals

An enlarged player should help weather the wild swings in the lithium market. IF you can take down borrow cheaply on Piedmont, you could look at a...

David Blennerhassett

MV Global Rare Earth/Strategic Metals Index Rebalance: One Deletion & Other Changes

Sayona Mining will be deleted from the MV Global Rare Earth/Strategic Metals Index at the close on 20 Sep. Estimated one-way turnover is 5.7%...

Brian Freitas

Australia Short Interest (Q1 2024): A Recap

Total short interest in Australia is A$34.46bn and has decreased by A$1.36bn since the start of the year. We look at the stocks with the largest...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Sayona/Piedmont, I D & E Holdings, Arcadium, Pacific Smiles, HKBN, MAHB

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

ASX Short Interest Weekly (Nov 15th): ANZ, James Hardie Industries, Endeavour, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in ANZ, James Hardie Industries, Endeavour, Goodman.

Ke Yan, CFA, FRM

Sayona (SYA AU)/Piedmont (PLL AU)'s Merger Of Equals

An enlarged player should help weather the wild swings in the lithium market. IF you can take down borrow cheaply on Piedmont, you could look at a...

David Blennerhassett

MV Global Rare Earth/​​​​​Strategic Metals Index Rebalance: One Deletion & Other Changes

Sayona Mining will be deleted from the MV Global Rare Earth/​​​​​Strategic Metals Index at the close on 20 Sep. Estimated one-way turnover is 5.7%...

Brian Freitas

Australia Short Interest (Q1 2024): A Recap

Total short interest in Australia is A$34.46bn and has decreased by A$1.36bn since the start of the year. We look at the stocks with the largest...

Brian Freitas

MV Global Rare Earth/Strategic Metals Index Rebalance: One Deletion & Other Changes

Sayona Mining will be deleted from the MV Global Rare Earth/Strategic Metals Index at the close on 20 Sep. Estimated one-way turnover is 5.7%...