Smartkarma Daily Briefs

SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
In this note, we look at the firm’s past performance.

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Nov 15

Daily Brief China: iSoftStone Information Technology Group, ZEEKR, Livzon Pharmaceutical Group, Haier Smart Home , Keymed Biosciences and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

CSI500 Index Rebalance Preview: Potential Adds Starting to Close the Gap
Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely
Livzon Reloads Diagnostic Spin-Off
Haier Smart Home (6690 HK): Stays Smart
Keymed Biosciences (2162.HK) – Looking Forward to the Next Leap in Valuation

CSI500 Index Rebalance Preview: Potential Adds Starting to Close the Gap

With the review period for the December rebalance of the CSI500 Index complete, we forecast 50 changes (the maximum permitted) for the index at the close on 8 December.
Estimated one-way turnover is 9.66% at the December rebalance resulting in a one-way trade of CNY 6.36bn. There are 29 stocks with over 1 day of ADV to trade.
The potential deletes have outperformed the potential adds over the last 6 months though there has been a narrowing of the gap recently. Position for a further narrowing.

Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely

By Sumeet Singh

ZEEKR, a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the not-so-positive aspects of the deal.

Livzon Reloads Diagnostic Spin-Off

By David Blennerhassett

Back in late 2020, Livzon Pharmaceutical Group (1513 HK) proposed spinning off 39.4%-held Livzon Diagnostics on Chinext. After numerous filings with the regulators … crickets.
Livzon has now proposed listing Livzon Diagnostics on the National Equities Exchange and Quotations with an intention of transitioning listed shares to the Beijing Stock Exchange (BSE).
The CSRC recently introduced a raft of initiatives to spur investor interest in the BSE. After all-but-abandoning the prior listing, Livzon looks to be cashing in on this recent excitement.

Haier Smart Home (6690 HK): Stays Smart

By Osbert Tang, CFA

Haier Smart Home (6690 HK) is less exposed to China’s real estate market than one would have thought. Despite poor property industry, HSH still generated 12.9% earnings growth in 3Q23.
We are delighted to see further margin pick-up in 2Q23-3Q23, thanks to digitalisation and better efficiency. We believe such a trend can be sustained over the next 12-18 months.
More innovative products will drive market share, and better margin can support a 13% 3-year earnings CAGR. ROE is high at 17-8% despite net cash (8.8% of share price).

Keymed Biosciences (2162.HK) – Looking Forward to the Next Leap in Valuation

By Xinyao (Criss) Wang

Abrocitinib/Upadacitinib/Dupilumab will all exert great pressure on the future commercialization space of CM310 in China. If Keymed doesn’t run head-to-head trials with dupilumab, CM310’s internationalization outlook would be gloomy.
Compared with IL-4 that has been almost occupied by dupilumab, Keymed has more opportunity on TSLP. Even with Keymed-AstraZeneca deal, our valuation of CMG901 is cautious based on our analysis.
The current valuation of Keymed is not cheap. The next big catalyst to share price is a new license-out deal with MNC on CM310/CM326, marking the beginning of qualitative changes.

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Nov 15

Daily Brief Singapore: Amara Holdings, Sea , Singapore Airlines, Grab Holdings , CDL Hospitality Trusts and more

By Smartkarma Daily Briefs | Daily Briefs, Singapore

In today’s briefing:

Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer
Sea Ltd: A Detour Back to the Land of Losses
Singapore Airlines: Supply Dislocations Will Underpin Strong Profits for Much Longer
Grab Holdings (GRAB US) – Steering and Batching Towards Profitability
Amara (AMA SP): Teo Family’s Lifetime High Offer
10 in 10 with CDL Hospitality Trusts – Taking a Long-Term View on Singapore

Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer

Amara Holdings (AMA SP) has disclosed a voluntary unconditional offer from Dymon Asia and the Albert Teo Family at S$0.60 per share, a 30.4% premium to the last close price.
On 17 June, Amara received a written notification from Mr Albert Teo Hock Chuan (CEO) and Ms Susan Teo Geok Tin (Company Secretary) that they are mulling an offer.
The offer price is final. The offer is attractive and marginally below the ten-year high. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 79.3%.

Sea Ltd: A Detour Back to the Land of Losses

By Oshadhi Kumarasiri

Looks like Sea (SE US) decided to take a detour back to the land of losses this quarter.
But it’s not a massive issue. They’ve maintained close to 7% QoQ revenue growth, so things should be okay.
Investors likely won’t delve into the details further to uncover the substantial costs hidden behind that apparent growth.

Singapore Airlines: Supply Dislocations Will Underpin Strong Profits for Much Longer

By Mohshin Aziz

Dearth of international flights from Chinese and Russian carriers — 2nd & 3rd biggest global aviation market, will distort supply, underpins strong yields and profitability.
SIA’s cost management is superior thanks to high asset utilisation, stable SGD vs. the USD, and access to attractive financing. SIA’s competitors severely lack these attributes.
We forecast FY24 net profit of SGD2.4b (+13.1% YoY) and peg it to 10x PE to derive a TP of SGD8.07, +30% UPSIDE potential.

Grab Holdings (GRAB US) – Steering and Batching Towards Profitability

By Angus Mackintosh

Grab‘s 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a broadening of product offerings.
The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.
Grab remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be earnings accretive and beneficial to the ecosystem.

Amara (AMA SP): Teo Family’s Lifetime High Offer

By David Blennerhassett

Back in mid-June, hotel and investment property play Amara Holdings (AMA SP) gained 38% over three consecutive days on news of a possible Offer from its controlling shareholders.
The Teo family controls ~51% of shares out. No price was mentioned. This development was discussed in Amara Holdings Gains On Possible Offer.
After shares were halted on the 10th November, Amara has now announced a best-and-final unconditional cash Offer at S$0.60/share, a chunky 53.8% to undisturbed and a lifetime high.

10 in 10 with CDL Hospitality Trusts – Taking a Long-Term View on Singapore

By Geoff Howie

10 in 10 with CDL Hospitality Trusts – Taking a Long-Term View on Singapore

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Nov 15

Daily Brief United States: ZEEKR, Aspira Women’s Health, NOW Inc and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

ZEEKR IPO: The Bull Case
Aspira Women’s Health, Inc. – Reports 3Q23 Results
NOW, Inc. – Resilient Model Withstands Industry Headwinds

ZEEKR IPO: The Bull Case

ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
ZEEKR has launched three models – the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.
The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.

Aspira Women’s Health, Inc. – Reports 3Q23 Results

Aspira Women’s Health reported 3Q23 financial results, mostly in line with our estimates.
Revenue of $2.2 million was below our estimate, but good expense control is in place and is expected to continue.
Our estimates for 2023 and 2024 remain in line with our prior estimates.

NOW, Inc. – Resilient Model Withstands Industry Headwinds

DNOW’s business has been resilient in the face of a declining US rig count through the first three quarters of 2023.
3Q23 US revenue was $448 million, 3% higher than 3Q22 despite an 11% fall in the average rig count.
On a per rig basis, US 3Q23 revenue averaged ~$689,000, a 20% Y/Y gain

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Nov 15

Daily Brief Japan: Benefit One Inc, Mitsubishi UFJ Financial (MUFG), Ajinomoto Co, Takashimaya and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Big M3 (2413) Partial TOB As Pasona Sells Control of Benefit One (2412): Really Interesting Dynamics
I Like Big Bank Buybacks And I Cannot Lie
Benefit One (2412 JP): M3’s Partial Tender Offer
Ajinomoto Placement – Share Buyback Should Aid Group Selling
Takashimaya: At Last a Revival in Department Store Profits

Big M3 (2413) Partial TOB As Pasona Sells Control of Benefit One (2412): Really Interesting Dynamics

Today after the close with Benefit One Inc (2412 JP) reporting earnings, M3 Inc (2413 JP) announced a Partial Tender Offer to buy 81.21-83.31mm shares of Benefit One at ¥1600/share.
That cleans out Pasona, which owns 81.21mm shares. Or does it… Shareholder structure dynamics and the problems they cause later bear some detailed examination.
This one is going to be a fun special sit.

I Like Big Bank Buybacks And I Cannot Lie

Today, Sumitomo Mitsui Financial Group (8316 JP) and Mitsubishi UFJ Financial (MUFG) (8306 JP) reported H1 earnings. Mizuho Financial Group (8411 JP) reported yesterday.
Mizuho raised full-year NP guidance by ~5%, passing the Street. SMFG raised its FY NP guidance 12.2%, also beating the Street. MUFG didn’t raise guidance but H1 saw 71% progress.
Today, SMFG raised its div, and both SMFG (¥150bn) and MUFG (¥400bn) announced buybacks. Cross-holding unwind progress is waaay lower than we’d like, but capital stronger as a result.

Benefit One (2412 JP): M3’s Partial Tender Offer

Benefit One Inc (2412 JP) announced a partial tender offer from M3 Inc (2413 JP) at JPY1,600 per share, a 40.0% premium to the undisturbed price.
The transaction facilitates Pasona Group (2168 JP)‘s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%).
Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices.

Ajinomoto Placement – Share Buyback Should Aid Group Selling

A group of shareholders are looking to raise US$444m by trimming their respective stakes in Ajinomoto Co (2802 JP) via an extended secondary follow-on.
While the selldown doesn’t seem particularly well flagged, it won’t be a very large one to digest at just eight days of three month ADV.
In a bid to cushion the selldown, Ajinomoto plans to buyback its stock to the tune of 10m shares, which would amount to 80% of the base shares on offer.

Takashimaya: At Last a Revival in Department Store Profits

By Michael Causton

Takashimaya saw a strong increase in sales in 1H2023, helping profit rise to record levels with much of the growth coming from clothing and expects similar for the full year.
Unlike many rivals, the department store is not at all sanguine about the prospects for continued growth in luxury sales and the inbound tourist market – calling it a bubble.
It is instead emphasising profit growth over higher sales by targeting locals through store upgrades and better cost performance clothing – while also closing stores that are no longer viable.

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Nov 15

Most Read: Brilliance China Automotive, Benefit One Inc, Zhejiang Expressway Co H, Mitsubishi UFJ Financial (MUFG), Li Auto , Hygon Information Technology C, Hyundai Home Shopping Network, DGB Financial Group, Ajinomoto Co and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Brilliance China (1114 HK): Driving Back Into Passive Portfolios
Big M3 (2413) Partial TOB As Pasona Sells Control of Benefit One (2412): Really Interesting Dynamics
Zhejiang Expressway (576 HK) Rights Offering – The Dynamics May Be Interesting
I Like Big Bank Buybacks And I Cannot Lie
Quiddity Leaderboard for Hang Seng Index Dec 23: High Conviction Names Have Decent Momentum Vs HSI
CSI300 Index Rebalance Preview: 13 Potential Changes in December
KOSPI200 Rebalance in December 2023 Highlighted by Locals
Step-By-Step Guide to Spot Companies Postponing Dividend Base Date to April in Korea
Benefit One (2412 JP): M3’s Partial Tender Offer
Ajinomoto Placement – Share Buyback Should Aid Group Selling

Brilliance China (1114 HK): Driving Back Into Passive Portfolios

Brilliance China Automotive (1114 HK) was deleted from local and global indices following its prolonged trading suspension from April 2021 to September 2022.
Following the resumption of trading, Brilliance China Automotive (1114 HK) was added to the HSCI in March and subsequently to Southbound Stock Connect.
The stock should be bought by global passive trackers over the next few months and there should be substantial passive inflows.

Big M3 (2413) Partial TOB As Pasona Sells Control of Benefit One (2412): Really Interesting Dynamics

Today after the close with Benefit One Inc (2412 JP) reporting earnings, M3 Inc (2413 JP) announced a Partial Tender Offer to buy 81.21-83.31mm shares of Benefit One at ¥1600/share.
That cleans out Pasona, which owns 81.21mm shares. Or does it… Shareholder structure dynamics and the problems they cause later bear some detailed examination.
This one is going to be a fun special sit.

Zhejiang Expressway (576 HK) Rights Offering – The Dynamics May Be Interesting

Last week, Zhejiang Expressway Co H (576 HK) announced its rights offering on both its H-Shares and its A-Shares, previously mooted on 23 May, and the Circular on 26 June.
The company applied, got CSRC approval on 5 Nov, announced the issuance on 6 Nov, and shares went ex- on 10 November. It’s probably unneeded, but it’s there.
The stock is cheap. The company will boost its payout ratio. And it isn’t that “heavy” a deal. The Rights Trading Dynamics may be interesting.

I Like Big Bank Buybacks And I Cannot Lie

Today, Sumitomo Mitsui Financial Group (8316 JP) and Mitsubishi UFJ Financial (MUFG) (8306 JP) reported H1 earnings. Mizuho Financial Group (8411 JP) reported yesterday.
Mizuho raised full-year NP guidance by ~5%, passing the Street. SMFG raised its FY NP guidance 12.2%, also beating the Street. MUFG didn’t raise guidance but H1 saw 71% progress.
Today, SMFG raised its div, and both SMFG (¥150bn) and MUFG (¥400bn) announced buybacks. Cross-holding unwind progress is waaay lower than we’d like, but capital stronger as a result.

Quiddity Leaderboard for Hang Seng Index Dec 23: High Conviction Names Have Decent Momentum Vs HSI

By Janaghan Jeyakumar, CFA

In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in September 2023.
The index changes for the December 2023 rebalance will be announced in mid-November (17 Nov) and implemented in early-December (with effect from 4 Dec).
Although the Hang Seng index has a highly subjective constituent selection process and index changes are somewhat unpredictable, we will continue sharing our thoughts for each quarterly review.

CSI300 Index Rebalance Preview: 13 Potential Changes in December

With the review period for the December rebalance of the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX) complete, there could be 13 changes for the index.
We estimate one-way turnover of 1.94% at the December rebalance leading to a one-way trade of CNY 6.98bn. There are a lot of stocks with over 1x ADV to trade.
Over the last 6 months, the potential adds and potential deletes have tracked each other and underperformed the index. Positioning has led to outperformance in the last week.

KOSPI200 Rebalance in December 2023 Highlighted by Locals

By Douglas Kim

This article discusses the potential inclusions and exclusions of KOSPI200 rebalance inDecember 2023 (especially those that are highlighted by the locals).
Stocks that are expected to be added to the KOSPI200 index include Posco DX, HD Hyundai Electric, Sam-A Aluminum, TCC Steel, and Dentium.
Stocks that are expected to be excluded in the KOSPI200 index Include Zinus, Handsome, Cuckoo Homesys, Taekwang Industrial, and Hyundai Home Shopping.

Step-By-Step Guide to Spot Companies Postponing Dividend Base Date to April in Korea

By Sanghyun Park

We can check this on KIND, KRX’s disclosure site. As an example, SK Inc. disclosed this information on July 26, two weeks before the dividend record date, August 10.
We can capture this information in English without the need for Korean. The disclosure title we must hunt is “Decision on Closure of Shareholder’s Registry (including Record Date) for Dividends.”
The critical aspect here is that we need to identify disclosures from companies that still use the year’s last trading day as the dividend base date.

Benefit One (2412 JP): M3’s Partial Tender Offer

Benefit One Inc (2412 JP) announced a partial tender offer from M3 Inc (2413 JP) at JPY1,600 per share, a 40.0% premium to the undisturbed price.
The transaction facilitates Pasona Group (2168 JP)‘s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%).
Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices.

Ajinomoto Placement – Share Buyback Should Aid Group Selling

A group of shareholders are looking to raise US$444m by trimming their respective stakes in Ajinomoto Co (2802 JP) via an extended secondary follow-on.
While the selldown doesn’t seem particularly well flagged, it won’t be a very large one to digest at just eight days of three month ADV.
In a bid to cushion the selldown, Ajinomoto plans to buyback its stock to the tune of 10m shares, which would amount to 80% of the base shares on offer.

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Nov 15

Daily Brief ESG: Azul – ESG Report – Lucror Analytics and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

Azul – ESG Report – Lucror Analytics
Puregym – ESG Report – Lucror Analytics
Tele Columbus – ESG Report – Lucror Analytics

Azul – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Azul’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Adequate”.
Founded in 2008, Azul SA is a Brazilian airline offering the largest number of flights and destinations in the domestic market.

Puregym – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess PureGym’s ESG as “Adequate”, in line with its Social and Governance scores. The company has a “Weak” score for the Environmental pillar. Controversies are “Immaterial”, but Disclosure is “Weak”.
PureGym is the second-largest gym and fitness operator in Europe by number of gyms

Tele Columbus – ESG Report – Lucror Analytics

By Charles Macgregor

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Tele Columbus’ ESG as “Adequate”, in line with its Social and Governance scores. The company has a “Strong” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Adequate”.
Tele Columbus (TC) is Germany’s third-largest cable operator, offering cable TV, broadband Internet and fixed-line telephony services.

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Nov 15

Daily Brief ECM: Ajinomoto Placement – Share Buyback Should Aid Group Selling and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Ajinomoto Placement – Share Buyback Should Aid Group Selling
ZEEKR IPO: The Bull Case
Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely
SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

Ajinomoto Placement – Share Buyback Should Aid Group Selling

A group of shareholders are looking to raise US$444m by trimming their respective stakes in Ajinomoto Co (2802 JP) via an extended secondary follow-on.
While the selldown doesn’t seem particularly well flagged, it won’t be a very large one to digest at just eight days of three month ADV.
In a bid to cushion the selldown, Ajinomoto plans to buyback its stock to the tune of 10m shares, which would amount to 80% of the base shares on offer.

ZEEKR IPO: The Bull Case

ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has filed for a US$500 million IPO to list on the NYSE.
ZEEKR has launched three models – the luxury shooting brake coupe ZEEKR 001, the luxury pure electric MPV – ZEEKR 009 and the new luxury versatile SUV – ZEEKR X.
The bull case rests on bestselling premium BEVs, rapid vehicle sales growth, rising gross margin, debt-free balance sheet and a favourable cash conversion cycle.

Zeekr Pre-IPO – The Negatives – Remains Highly Dependent on Geely

By Sumeet Singh

ZEEKR, a premium EV brand by Geely Auto (175 HK), aims to raise around US$500m in its US listing.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we talk about the not-so-positive aspects of the deal.

SCG Decor Pre-IPO – Titan in the ASEAN Decor Surface Segment, Although Hints of a Slowdown Ahead

SCG Decor PCL (SCGD TB) is looking to raise around US$180m in its Thailand IPO.
SCG Decor (SCGD) is Siam Cement Group’s flagship company in the decor surfaces and sanitaryware business.
In this note, we look at the firm’s past performance.

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Nov 15

Daily Brief Event-Driven: Big M3 (2413) Partial TOB As Pasona Sells Control of Benefit One (2412): Really Interesting Dynamics and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Big M3 (2413) Partial TOB As Pasona Sells Control of Benefit One (2412): Really Interesting Dynamics
I Like Big Bank Buybacks And I Cannot Lie
Step-By-Step Guide to Spot Companies Postponing Dividend Base Date to April in Korea
Benefit One (2412 JP): M3’s Partial Tender Offer
CSI500 Index Rebalance Preview: Potential Adds Starting to Close the Gap
Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer
KOSDAQ150 Rebalance in December 2023 Highlighted by Locals
Amara (AMA SP): Teo Family’s Lifetime High Offer
Quiddity Leaderboard DAX Dec 23: Aroundtown, Siltronic, ProSiebenSat.1, and Duerr

Big M3 (2413) Partial TOB As Pasona Sells Control of Benefit One (2412): Really Interesting Dynamics

Today after the close with Benefit One Inc (2412 JP) reporting earnings, M3 Inc (2413 JP) announced a Partial Tender Offer to buy 81.21-83.31mm shares of Benefit One at ¥1600/share.
That cleans out Pasona, which owns 81.21mm shares. Or does it… Shareholder structure dynamics and the problems they cause later bear some detailed examination.
This one is going to be a fun special sit.

I Like Big Bank Buybacks And I Cannot Lie

Today, Sumitomo Mitsui Financial Group (8316 JP) and Mitsubishi UFJ Financial (MUFG) (8306 JP) reported H1 earnings. Mizuho Financial Group (8411 JP) reported yesterday.
Mizuho raised full-year NP guidance by ~5%, passing the Street. SMFG raised its FY NP guidance 12.2%, also beating the Street. MUFG didn’t raise guidance but H1 saw 71% progress.
Today, SMFG raised its div, and both SMFG (¥150bn) and MUFG (¥400bn) announced buybacks. Cross-holding unwind progress is waaay lower than we’d like, but capital stronger as a result.

Step-By-Step Guide to Spot Companies Postponing Dividend Base Date to April in Korea

By Sanghyun Park

We can check this on KIND, KRX’s disclosure site. As an example, SK Inc. disclosed this information on July 26, two weeks before the dividend record date, August 10.
We can capture this information in English without the need for Korean. The disclosure title we must hunt is “Decision on Closure of Shareholder’s Registry (including Record Date) for Dividends.”
The critical aspect here is that we need to identify disclosures from companies that still use the year’s last trading day as the dividend base date.

Benefit One (2412 JP): M3’s Partial Tender Offer

Benefit One Inc (2412 JP) announced a partial tender offer from M3 Inc (2413 JP) at JPY1,600 per share, a 40.0% premium to the undisturbed price.
The transaction facilitates Pasona Group (2168 JP)‘s exit. The offer is for a minimum of 81.2 million shares (51.16% ownership ratio) and a maximum of 87.3 million shares (55.00%).
Irrevocables from Pasona represent a 51.16% ownership ratio, satisfying the minimum acceptance condition. The offer is light vs. historical multiples and share prices.

CSI500 Index Rebalance Preview: Potential Adds Starting to Close the Gap

With the review period for the December rebalance of the CSI500 Index complete, we forecast 50 changes (the maximum permitted) for the index at the close on 8 December.
Estimated one-way turnover is 9.66% at the December rebalance resulting in a one-way trade of CNY 6.36bn. There are 29 stocks with over 1 day of ADV to trade.
The potential deletes have outperformed the potential adds over the last 6 months though there has been a narrowing of the gap recently. Position for a further narrowing.

Amara Holdings (AMA SP): Albert Teo Family/Dymon Asia’s Unconditional S$0.60 Offer

Amara Holdings (AMA SP) has disclosed a voluntary unconditional offer from Dymon Asia and the Albert Teo Family at S$0.60 per share, a 30.4% premium to the last close price.
On 17 June, Amara received a written notification from Mr Albert Teo Hock Chuan (CEO) and Ms Susan Teo Geok Tin (Company Secretary) that they are mulling an offer.
The offer price is final. The offer is attractive and marginally below the ten-year high. Hitting the 90% compulsory acquisition threshold implies a minority acceptance rate of 79.3%.

KOSDAQ150 Rebalance in December 2023 Highlighted by Locals

By Douglas Kim

This article discusses the potential inclusions and exclusions of KOSDAQ150 rebalance in December 2023 (especially those that are highlighted by the locals).
The potential inclusion candidates include Lunit, Shinsung Delta Tech, and JNTC. The eight potential inclusion candidates are up on average 122% YTD, sharply outperforming KOSDAQ in the same period.
Stocks that are expected to be excluded in the KOSDAQ150 index include Aju IB Investment, HFR, Danal, and Sangsangin.

Amara (AMA SP): Teo Family’s Lifetime High Offer

By David Blennerhassett

Back in mid-June, hotel and investment property play Amara Holdings (AMA SP) gained 38% over three consecutive days on news of a possible Offer from its controlling shareholders.
The Teo family controls ~51% of shares out. No price was mentioned. This development was discussed in Amara Holdings Gains On Possible Offer.
After shares were halted on the 10th November, Amara has now announced a best-and-final unconditional cash Offer at S$0.60/share, a chunky 53.8% to undisturbed and a lifetime high.

Quiddity Leaderboard DAX Dec 23: Aroundtown, Siltronic, ProSiebenSat.1, and Duerr

By Janaghan Jeyakumar, CFA

In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the December 2023 Rebalance.
I do not see any changes for the DAX index in December 2023 but Deutsche Lufthansa (LHA GR) is not very far away from triggering a change.
Separately, I see two changes for the MDAX index and two changes for the SDAX index.

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Nov 15

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Rally Time; Toyota’s New Plan for Software and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Ohayo Japan | Rally Time; Toyota’s New Plan for Software
[Blue Lotus Daily]: XPEV/LI/NIO/1211.HK/BGNE
Five Trends to Watch in 2024
Weekly Sustainable Investing Surveyor – Week Ended November 10, 2023

Ohayo Japan | Rally Time; Toyota’s New Plan for Software

By Mark Chadwick

Overseas: SPX 1.9%, Nasdaq +2.4%; Core CPI lower than expected, slowest rate in two years; 10Y below 4.5%
Today: NKY Futs +1.6% v cash. JPY 150.4; M3 to buy Benefit One; Cosmo Energy rejects Murakami’s shareholder return demands
JapanX: As the automotive industry transforms and the role of software becomes increasingly important, Toyota to consolidate its software development under one roof

[Blue Lotus Daily]: XPEV/LI/NIO/1211.HK/BGNE

By Eric Wen

XPEV/LI/NIO: Auto Media company conduct ADS crash test with results favoring Huawei over XPeng
LI/XPEV/NIO/1211.HKNew energy vehicle sales growth accelerated in October 2023 (+)
BGNE: Gilead’s purported success in TIGIT in Gastric Cancer means little to BeiGene(/)

Five Trends to Watch in 2024

Geopolitical tension could continue contributing to instability in global energy markets.
A regional expansion of the conflict between Israel and Hamas could affect global energy security and put upward pressure on crude oil prices.
Uncertainty overhangs a generally healthy global supply/demand balance in the oil markets.

Weekly Sustainable Investing Surveyor – Week Ended November 10, 2023