European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gxo-logistics-inc" target="_blank" data-smartkarma-citation="entities:35654:1" rel="noopener">GXO Logistics (GXO US)</a> offers 605p for <a href="https://www.smartkarma.com/entities/wincanton-plc" target="_blank" data-smartkarma-citation="entities:23839:1" rel="noopener">Wincanton PLC (WIN LN)</a>, in a strategic move worth a 104% premium, 8.6x EV/25e EBITDA, 18.2 Fwd P/E (IBES), via scheme with 34% irrevocables.</li>
<li>Regulators are used to monitoring this industry, gradually consolidating on a worldwide scale as a result of cost pressures. GXO has smaller scale in the UK. </li>
<li>I don't think antitrust issues are going to prevent this transaction. Interloper risk is minimal (DHL, Deutsche Post would have regulatory issues). Spread is 1.00%/7.14% (gross/annualised). Long.</li>
</ul>



GXO Logistics (GXO US) offers 605p for Wincanton PLC (WIN LN), in a strategic move worth a 104% premium, 8.6x EV/25e EBITDA, 18.2 Fwd P/E (IBES), via scheme with 34% irrevocables.
Regulators are used to monitoring this industry, gradually consolidating on a worldwide scale as a result of cost pressures. GXO has smaller scale in the UK. 
I don't think antitrust issues are going to prevent this transaction. Interloper risk is minimal (DHL, Deutsche Post would have regulatory issues). Spread is 1.00%/7.14% (gross/annualised). Long.


Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2024 index rebal event.</li>
<li>I see two regular changes for the F100 index during the June 2024 review. There are more names very close to triggering F100 index changes.</li>
<li>I see eight other changes for F250 in the run up to the June 2024 review including three intra-review changes. One of those intra-review changes will be confirmed later today.
</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2024 index rebal event.
I see two regular changes for the F100 index during the June 2024 review. There are more names very close to triggering F100 index changes.
I see eight other changes for F250 in the run up to the June 2024 review including three intra-review changes. One of those intra-review changes will be confirmed later today.



Quiddity Leaderboard F100/​​​250 Jun 24: Potential ADDs Could Outperform the Index

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2024 index rebal event.</li>
<li>There could be up to three intra-review changes for the F250 index during the next two months.</li>
<li>Separately, there could be one change for F100 and two changes for F250 during the regular rebalance in June 2024.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2024 index rebal event.
There could be up to three intra-review changes for the F250 index during the next two months.
Separately, there could be one change for F100 and two changes for F250 during the regular rebalance in June 2024.


Quiddity Leaderboard F100/​​​250 Jun 24: LONG OCN - SHORT FSJ Could Be Interesting

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>The trade of being short <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.</li>
<li>
<a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano (709 HK)</a>'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.</li>
<li>
<a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> intends to launch a Tender Offer on <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a> without having contacted C&amp;F first. A HOSTILE deal. Yum!</li>
</ul>


The trade of being short Fast Retailing (9983 JP) vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.

Giordano (709 HK)'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.

AZ-Com Maruwa Holdings (9090 JP) intends to launch a Tender Offer on Chilled &amp; Frozen Logistics Holdings (9099 JP) without having contacted C&amp;F first. A HOSTILE deal. Yum!


Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the March 2024 index rebal event.</li>
<li>I see one change for the F100 index and two other changes for the F250 index. There could be more as there are many names close to the border.</li>
<li>There are also a couple of potential intra-review changes expected in the next few weeks for <a href="https://www.smartkarma.com/entities/lxi-reit-plc" target="_blank" data-smartkarma-citation="entities:40684:1" rel="noopener">LXI REIT (LXI LN)</a> and <a href="https://www.smartkarma.com/entities/network-international-holdings-plc" target="_blank" data-smartkarma-citation="entities:28918:1" rel="noopener">Network International Holdings (NETW LN)</a> </li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the March 2024 index rebal event.
I see one change for the F100 index and two other changes for the F250 index. There could be more as there are many names close to the border.
There are also a couple of potential intra-review changes expected in the next few weeks for LXI REIT (LXI LN) and Network International Holdings (NETW LN) 


Quiddity Leaderboard F100/​​​250 Mar 24: One More Day to Base Date. Lots of Possibilities!

United Kingdom

Wincanton plc provides a variety of consumer and industrial logistics services. The Group's business consists of the operation, design and procurement of automated warehouses and storage systems.  Wincanton also provides fleet management services, which encompass the planning, operation and maintenance of customer distribution networks and vehicle fleets.

Wincanton PLC (WIN LN)

GXO/Wincanton: Scheme Document

GXO Logistics offers 605p for Wincanton PLC, a strategic move with a 104% premium and minimal antitrust concerns, amidst industry consolidation.

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/250 Jun 24: Potential ADDs Could Outperform the Index

The top 10 F250 potential ADDs could outperform the F250 index over the next few weeks. These names could have very high impact if they were to be...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/250 Jun 24: LONG OCN - SHORT FSJ Could Be Interesting

There could be 50+ days of volume to buy in OCN if the stock outperforms the other F250 potential ADDs and climbs into the expected ADDs basket and...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard F100/250 Mar 24: One More Day to Base Date. Lots of Possibilities!

There could be two slots for intra-review replacements in March 2024. Currently, Alfa Financial Software (ALFA LN) and Brunner Investment Trust...

Janaghan Jeyakumar, CFA

GXO/Wincanton: Scheme Document

​GXO Logistics offers 605p for Wincanton PLC, a strategic move with a 104% premium and minimal antitrust concerns, amidst industry consolidation.

Jesus Rodriguez Aguilar

Quiddity Leaderboard F100/​​​250 Jun 24: Potential ADDs Could Outperform the Index

The top 10 F250 potential ADDs could outperform the F250 index over the next few weeks. These names could have very high impact if they were to be...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/​​​250 Jun 24: LONG OCN - SHORT FSJ Could Be Interesting

There could be 50+ days of volume to buy in OCN if the stock outperforms the other F250 potential ADDs and climbs into the expected ADDs basket and...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard F100/​​​250 Mar 24: One More Day to Base Date. Lots of Possibilities!

There could be two slots for intra-review replacements in March 2024. Currently, Alfa Financial Software (ALFA LN) and Brunner Investment Trust...

Janaghan Jeyakumar, CFA

GXO Logistics offers 605p for Wincanton PLC, a strategic move with a 104% premium and minimal antitrust concerns, amidst industry consolidation.

Quiddity Leaderboard F100/250 Jun 24: Potential ADDs Could Outperform the Index

Quiddity Leaderboard F100/250 Jun 24: LONG OCN - SHORT FSJ Could Be Interesting

Quiddity Leaderboard F100/250 Mar 24: One More Day to Base Date. Lots of Possibilities!