Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In <a href="https://skr.ma/rCoay" target="_blank" rel="noopener">Webjet (WJL AU): Undisclosed Buyer Buying</a>, I addressed the rumours that an undisclosed buyer with ~5% was seeking to add an additional 5% (19.6mn shares).</li>
<li>On the 12th May, <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a> emerged with a <a href="https://announcements.asx.com.au/asxpdf/20250512/pdf/06jmy55csx8lvm.pdf" target="_blank" rel="noopener">5.015% stake</a>. The same day, BGH said it had <a href="https://announcements.asx.com.au/asxpdf/20250512/pdf/06jnjftqrg7vpw.pdf" target="_blank" rel="noopener">10.76%</a>. BGH followed with a <a href="https://announcements.asx.com.au/asxpdf/20250513/pdf/06jpsydh9mwsff.pdf" target="_blank" rel="noopener">A$0.80/share NBIO</a>.</li>
<li>BGH wants a controlling stake in <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet (WJL AU)</a>, and potentially maintaining the listing; suggesting an off-market Offer, with say, a 50% acceptance hurdle being one possibility. </li>
</ul>


In Webjet (WJL AU): Undisclosed Buyer Buying, I addressed the rumours that an undisclosed buyer with ~5% was seeking to add an additional 5% (19.6mn shares).
On the 12th May, Helloworld Ltd (HLO AU) emerged with a 5.015% stake. The same day, BGH said it had 10.76%. BGH followed with a A$0.80/share NBIO.
BGH wants a controlling stake in Webjet (WJL AU), and potentially maintaining the listing; suggesting an off-market Offer, with say, a 50% acceptance hurdle being one possibility. 


Webjet (WJL AU) In Play: BGH/Weiss' NBIO And Helloworld's Substantial Stake

<ul>
<li>We have a deal in <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>. It's big, liquid, and a great place to hide for long-only investors who are bearish the market.</li>
<li>Li Shufu-backed <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> offers an ordinary 13.6% premium for 65.7-held <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr (ZK US)</a>. Li/Geely have the necessary votes to force a privatisation.  But still might bump terms.</li>
<li>
<a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> has now strongly overbid Minebea's weak overbid of Yageo's strong overbid of Minebea's weak overbid of Yageo's initial hostile offer for <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>.</li>
</ul>


We have a deal in NTT Data Corp (9613 JP). It's big, liquid, and a great place to hide for long-only investors who are bearish the market.
Li Shufu-backed Geely Auto (175 HK) offers an ordinary 13.6% premium for 65.7-held Zeekr (ZK US). Li/Geely have the necessary votes to force a privatisation.  But still might bump terms.

Yageo Corporation (2327 TT) has now strongly overbid Minebea's weak overbid of Yageo's strong overbid of Minebea's weak overbid of Yageo's initial hostile offer for Shibaura Electronics (6957 JP).


Last Week in Event SPACE: NTT Data Corp, Zeekr, Shibaura Electronics, Swire Pacific/ThaiNamthip

<ul>
<li>On the 30th September 2024, B2C-player <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a> demerged from (now) B2B-player <a href="https://www.smartkarma.com/entities/web-travel-group-limited" target="_blank" data-smartkarma-citation="entities:17059:1" rel="noopener">WEB Travel Group (WEB AU)</a>. This was discussed in <a href="https://skr.ma/wU2NB" target="_blank" rel="noopener">Thoughts On Webjet (WEB AU)'s Demerge</a>r. </li>
<li>Webjet is up 34% this week, on decent volume. The word on the street is that an undisclosed buyer with ~5% was seeking to add an additional 5% (19.6mn shares). </li>
<li>Webjet announced after market yesterday it had became aware of such a buyer. That's all the information at hand.</li>
</ul>


On the 30th September 2024, B2C-player Webjet Group (WJL AU) demerged from (now) B2B-player WEB Travel Group (WEB AU). This was discussed in Thoughts On Webjet (WEB AU)'s Demerger. 
Webjet is up 34% this week, on decent volume. The word on the street is that an undisclosed buyer with ~5% was seeking to add an additional 5% (19.6mn shares). 
Webjet announced after market yesterday it had became aware of such a buyer. That's all the information at hand.


Webjet (WJL AU): Undisclosed Buyer Buying

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 Oct 18th (reported today) which has an aggregated short interest worth USD26.3bn.</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 Fortescue, Australia And New Zealand Banking, Evolution Mining, BHP, Webjet.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 18th (reported today) which has an aggregated short interest worth USD26.3bn.
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 Fortescue, Australia And New Zealand Banking, Evolution Mining, BHP, Webjet.


ASX Short Interest Weekly (Oct 18th): Fortescue, Australia And New Zealand Banking, Evolution Mining

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.</li>
<li>We currently do not see any index changes for ASX 20 and ASX 100.</li>
<li>We see one change for ASX 100 and two changes for ASX 200 but the final result could depend on relative share price movements for the next two months.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.
We currently do not see any index changes for ASX 20 and ASX 100.
We see one change for ASX 100 and two changes for ASX 200 but the final result could depend on relative share price movements for the next two months.


Quiddity Leaderboard ASX Dec 24: Three Changes Possible; New Long-Short Ideas

Australia

WEB Travel Group Limited is a global B2B organization servicing the travel industry. The Company offers online digital travel marketplace that connects hotels and other travel sellers to a diverse network of travel buyers. WEB Travel Group serves customers worldwide.

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WEB Travel Group (WEB AU)

Webjet (WJL AU) In Play: BGH/Weiss' NBIO And Helloworld's Substantial Stake

Trading 12.5% through terms; and ~58% above the undisturbed price. BGH/Weiss have the clout to bid higher. But unless your bent is illiquid, non...

David Blennerhassett

Last Week in Event SPACE: NTT Data Corp, Zeekr, Shibaura Electronics, Swire Pacific/ThaiNamthip

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Webjet (WJL AU): Undisclosed Buyer Buying

On a forward PER/PBR, Webjet is trading at a premium to Aussie-listed peers. Without the benefit of understanding the intention(s) of this mystery...

David Blennerhassett

ASX Short Interest Weekly (Oct 18th): Fortescue, Australia And New Zealand Banking, Evolution Mining

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Australia And New Zealand Banking,...

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Dec 24: Three Changes Possible; New Long-Short Ideas

There could be 5x-9x ADV to trade for the expected ADDs and DELs for ASX 200 in December 2024. We currently estimate one-way flow for the ASX 200...

Janaghan Jeyakumar, CFA

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