Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we discuss Korean government's new task force for Korea to be included in a major global index. </li>
<li>Prior to this major market moving event, there will be some important signals. </li>
<li>One of the most important signals could be major global securities companies (such as IBKR/TD Ameritrade) allowing trading of Korean stocks to customers world-wide. </li>
</ul>


In this insight, we discuss Korean government's new task force for Korea to be included in a major global index. 
Prior to this major market moving event, there will be some important signals. 
One of the most important signals could be major global securities companies (such as IBKR/TD Ameritrade) allowing trading of Korean stocks to customers world-wide. 


Korean Government's New Task Force for Inclusion in a Major Global Index + IBKR Korea Trading Signal

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/sbi-sumishin-net-bank-ltd" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> at JPY4,900 per share, a 23.0% premium to the last close.</li>
<li>Irrevocables from the two largest shareholders, representing a 68.38% ownership ratio, ensure a done deal as it exceeds the required 66.67% ownership ratio to pass the EGM share consolidation vote.</li>
<li>The offer is attractive compared to historical trading ranges and peer multiples. The tender offer runs from 30 May to 10 July (30 business days).</li>
</ul>



SBI Sumishin Net Bank (7163 JP) has recommended a tender offer from NTT (Nippon Telegraph &amp; Telephone) (9432 JP) at JPY4,900 per share, a 23.0% premium to the last close.
Irrevocables from the two largest shareholders, representing a 68.38% ownership ratio, ensure a done deal as it exceeds the required 66.67% ownership ratio to pass the EGM share consolidation vote.
The offer is attractive compared to historical trading ranges and peer multiples. The tender offer runs from 30 May to 10 July (30 business days).


SBI Sumishin Net Bank (7163 JP): NTT’s (9432 JP) JPY4,900 Tender Offer a Done Deal

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.</li>
<li>At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.</li>
<li>BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.</li>
</ul>


EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.
At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.
BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.


EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>China smartphone market in 4Q 2024 expected to see growth, intensifying competition among top brands.</li><li>GlobalWafers remains stable despite uncertainty around US CHIPS Act funding.</li><li>Yageo surprises with Shibaura Electronics takeover bid, Foxconn proposes partnership with Nissan, Forces Mos wins patent case against Asus.</li></ul>

China smartphone market in 4Q 2024 expected to see growth, intensifying competition among top brands.GlobalWafers remains stable despite uncertainty around US CHIPS Act funding.Yageo surprises with Shibaura Electronics takeover bid, Foxconn proposes partnership with Nissan, Forces Mos wins patent case against Asus.

Tech Supply Chain Tracker (15-Feb-2025): China smartphone market, 4Q '24

United States

The Charles Schwab Corporation provides a variety of financial services to individual investors, independent investment managers, retirement plans, and institutions.  The Company provides its clients with securities brokerage, banking, and related financial services through offices in the United States, Puerto Rico, and the United Kingdom.

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Schwab (Charles) (SCHW US)

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

Korean Government's New Task Force for Inclusion in a Major Global Index + IBKR Korea Trading Signal

In this insight, we discuss Korean government's new task force for Korea to be included in a major global index. Prior to this major market moving...

Douglas Kim

SBI Sumishin Net Bank (7163 JP): NTT’s (9432 JP) JPY4,900 Tender Offer a Done Deal

Irrevocables from the two largest shareholders ensure a done deal. The offer is attractive compared to historical trading ranges and peer multiples.

Arun George

EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

eToro is expected to IPO next week. In my insight, I discuss IPO valuation, comps groups, operating metrics and key investment risks for eToro...

Andrei Zakharov

Tech Supply Chain Tracker (15-Feb-2025): China smartphone market, 4Q '24

China's smartphone market is growing, GlobalWafers remains stable, quantum computing advances, Yageo bids for Shibaura Electronics, Foxconn...

Tech Supply Chain Tracker

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