Event-Driven and Index Rebalance

Weekly Top Ten Event-Driven and Index Rebalance – Mar 15, 2026

By March 15, 2026 No Comments
This weekly newsletter pulls together summaries of the top ten most-read Insights across Event-Driven and Index Rebalance on Smartkarma.

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1. [Japan M&A] Denso (6902) Reportedly Made a ¥1.3trln Takeover Proposal to Rohm (6963). Light & Iffy.

By Travis Lundy, Quiddity Advisors

  • The Nikkei reported mid-day that Denso Corp (6902 JP) made a ¥1.3trln takeover proposal to ROHM Co Ltd (6963 JP) in February. That’s big news. Last year Denso bought ~5%.
  • The goal would be to be dominant in power chips and to serve Toyota Group. There is a big Toshiba angle here too. Rohm bought into Toshiba, also has JVs.
  • Toshiba owns a big stake in Kioxia which trickles down to Rohm. Much will be made of the look-through valuation. It’s complicated.

2. Denso (6902 JP)’s Offer for Rohm (6963 JP): Bump Likely & Potential Nikkei225 Replacement

By Brian Freitas, Periscope Analytics


3. [Japan M&A] Now Rohm (6963) And Toshiba Mulling Power Semis Integration, Thwarting Denso?

By Travis Lundy, Quiddity Advisors


4. Samsung Electronics: Cancellation of 16 Trillion Won Worth of Treasury Shares

By Douglas Kim, Douglas Research Advisory

  • Samsung Electronics announced that it plans to cancel approximately 87 million of its 105.43 million treasury shares held as of the end of 2025 within the first half of 2026.
  • This represents 82.5% of treasury shares and 1.5% of its outstanding shares. Based on the closing price of Samsung Electronics on 10 March, this represents nearly 16 trillion won.
  • This should have a positive impact on Samsung Electronics’ share price, albeit the overall positive impact should be less than that of SK Inc. 

5. Samsung’s Pref-Skewed Burn in Latest Filing & Impact on Discount Dynamics

By Sanghyun Park, Clepsydra Capital

  • Even after accounting for commons reserved for stock comp, the burn skews toward prefs, with the preferred line seeing ~10% more shrink, keeping this round clearly pref-skewed.
  • This isn’t 2015-level pref skew, but the setup today echoes 2015, as Samsung may tilt toward pref buybacks to hit the 50% FCF payout target.
  • Pref skew is small vs 2015, but Samsung burning more prefs hints at capital-return bias; with the pref discount pivoting, this could sustain compression post-AGM.

6. SK Inc: Cancellation of 20.3% of Outstanding Shares

By Douglas Kim, Douglas Research Advisory

  • SK Inc (034730 KS) announced that it will cancel about 4.8 trillion won ($3.3 billion) worth of treasury shares, representing about 20.3% of its outstanding shares.
  • This should have a big positive impact on SK Inc’s share price. The treasury shares cancellation date is scheduled for 4 January 2027.
  • Our updated NAV valuation suggests target NAV per share of 662,130 won, which is 82% higher than current price.

7. IJM (IJM MK): 26th March Sunway Vote. Independent Advice Still Pending

By David Blennerhassett, Quiddity Advisors

  • On the 12th January 2026, Sunway Bhd (SWB MK) tabled a voluntary RM3.15 cash/scrip Offer for Ijm Corp Bhd (IJM MK), a so-so 14.55% premium to undisturbed.
  • On the 20th January, IJM confirmed it had met with Malaysia’s anti-graft body. Sunway is still  proceeding with the Offer. The Offer Doc is out. And now is the Circular.
  • This Circular is largely a nothing burger.  If Jeffrey Cheah (60.5% holder in Sunway) says yes, the transaction proceeds. The key Independent Advice Circular is due before the 16th March. 

8. How the Iran War Triggered Asia’s Fastest Fund Outflows in Years

By Nimish Maheshwari, Beat the Street

  • Global funds have pulled a net $11 billion from developing Asia ex-China in a single week, the largest outflow since March 2022.
  • Asia’s structural dependence on Middle East oil through Strait of Hormuz makes the region disproportionately exposed to energy shock that US, now a net oil exporter, is largely insulated from.
  • Now, “Sell America, Buy Asia” macro trade may be facing a structural pause, not a cyclical dip. 

9. Merger Arb Mondays (09 Mar) – ENN, Dongfeng, Skyworth, Qoria, Bluescope, Toyota Ind, Sankei

By Arun George, Global Equity Research Ltd


10. Revisiting ENN Energy (2688 HK)’s Scheme & Parent’s H-Share Listing

By David Blennerhassett, Quiddity Advisors

  • We are two weeks shy of a year since ENN Energy (2688 HK) first announced a cash/scrip Offer from ENN Natural Gas (600803 CH) (ENN-NG) its largest shareholder.
  • The pushback, from the onset, was that the majority of the “Consideration” was in scrip into newly-listed ENN-NG H-shares. 
  • Pre-Con approvals now received from SAFE, NDRC, and MoC. CSRC, the listing watchdog, has yet to sign off.  The Scheme Doc dispatch has thrice been delayed, now due ~30th April.