Smartkarma Daily Briefs

The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the KOSPI2 in December.

Buybacks, Dividends Define Telstra’s Future

By FNArena

Telstra is guiding to subdued mobile growth in FY26 as the cost of living bites.
Earnings growth relies on cost cutting and satellite development.
-Telstra’s FY25 in line, FY26 prognosis subdued -Cost of living driving customers to cheaper options -Major staff reductions to drive cost-outs -Satellite service critical to maintaining dominance

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Aug 18

Daily Brief ESG: How Effective Will the Changes in Listing Criteria Be and more

By Smartkarma Daily Briefs | Daily Briefs, ESG

In today’s briefing:

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

By Aki Matsumoto

Companies with market capitalization of under 10 billion yen will be given long grace period. Considering inflation and long grace period, this seems not such a difficult hurdle to overcome.
If it becomes easy to meet the new standards, the growth market may not change much from the current situation, where many companies with limited growth potential remain.
Even though there’re measures to enable companies to move to standard market if things don’t work out, it’s questionable how many companies will seriously pursue measures to increase market capitalization.

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Aug 18

Daily Brief Energy/Materials: Santos Ltd, JX Advanced Metals, Iron Ore, DuPont, Siemens Energy AG and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share
JX Advanced Metals – Q1 FY2025: Strong Beat, Guidance Raised, Valuations Supportive
Fenix Resources Tripling of Production Achieved, 1.2x Price/OCF
Weekly Update (Qnity, MEDXF, STRZ, UNTC)
EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Smart Share Global (EM US), Mayne Pharma (MYX AU), ENN Energy (2688 HK), Santos Ltd (STO AU), Joy City Property (207 HK), Oneconnect Financial Technology (6638 HK).
Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Shibaura Electronics (6957 JP), Ci Medical (3540 JP), Soft99 Corp (4464 JP), Ainsworth Game Technology (AGI AU).

JX Advanced Metals – Q1 FY2025: Strong Beat, Guidance Raised, Valuations Supportive

By Rahul Jain

Results: Q1 FY25 revenue rose 12% YoY to ¥191.3bn with operating profit up 22% and net profit up 33%, driven by robust semiconductor and ICT materials growth.
Guidance & Revisions: FY25 guidance lifted to ¥760bn revenue/¥110bn OP; dividend ¥18. Our forecasts rise to PAT ¥70bn (+35%) in FY25, with 30–40% upgrades through FY26–28.
Valuations: At ~13x P/E and ~12x EV/EBITDA, JX trades above domestic miners but below semiconductor materials peers, leaving room for rerating if the advanced materials mix deepens.

Fenix Resources Tripling of Production Achieved, 1.2x Price/OCF

By Sameer Taneja

Fenix Resources (FEX AU) commenced operations of its third mine, the Beebyn-W11, with the shipment of 60k tons from the port of Geraldton.
Beebyn-W11, Fenix’s third operating mine in the Midwest, is now operating at the planned FY26 production rate of 1.5 million tonnes per annum (Mtpa).
As a result, Fenix is now mining, hauling, loading and shipping at a combined run rate of more than 4Mtpa from the Company’s three mines.

Weekly Update (Qnity, MEDXF, STRZ, UNTC)

By Richard Howe

Dupont (DD) management gave guidance on its last earnings call that it remains on track to separate its electronics business on November 1, 2025.
Given that it is a Saturday, I expect regular way trading to begin on November 3.
The spin-off of the electronics business will be step one of Dupont’s 3-part breakup which was announced in May 2024.

EURO STOXX50 September 2025 Forecast: ENR & DBK Set to Join, STLAM & NOKIA to Exit

By Dimitris Ioannidis

The main forecasted additions are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR) as they are both surpassing the entry rank.
The main forecasted deletions are Stellantis NV (STLAM IM) and Nokia OYJ (NOKIA FH) as they are both below the exit rank.
Pernod Ricard Sa (RI FP) and Volkswagen (Pref) (VOW3 GR) are near the exit threshold and can potentially be replaced by E.ON (EOAN GR) and Engie SA (ENGI FP).

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Aug 18

Daily Brief Health Care: Shenzhen YHLO Biotech, Hangzhou Kangji Medical Instrument Co., Ltd., Bangkok Dusit Medical Services and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Quiddity Leaderboard CSI Medical Dec25: US$300mn+ One-Way; Some Changes to Expectations
Kangji Medical (9997 HK) Privatization – The Cancellation Price Is Not Attractive
Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu
Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

Quiddity Leaderboard CSI Medical Dec25: US$300mn+ One-Way; Some Changes to Expectations

By Janaghan Jeyakumar, CFA

CSI Medical Service represents the top 50 largest and most-liquid stocks involved in medical devices, medical care, medical informatization, and other medical theme from the Shanghai, Shenzhen and Beijing Exchanges.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2025.
We expect up to five ADDs and four DELs for the CSI Medical Service index during this index review event based on the latest available data.

Kangji Medical (9997 HK) Privatization – The Cancellation Price Is Not Attractive

By Xinyao (Criss) Wang

Valuation based on Cancellation Price hasn’t fully reflected the potential of Weijing Medical Robot business, nor does it reflect the future growth driven by import substitution due to centralized procurement.
The medical device sector is expected to have a strong trend of performance reversal/valuation repair. Kangji’s fundamentals/prospects are moving in a positive direction. Reasonable valuation is HK$12-15 billion at least.
The current Cancellation Price of HK$9.25 is too low to normally reflect the Company’s true fundamentals and prospects. Therefore, we’re worried that there would be some investors opposing this privatization.

Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Tata Capital Limited (TATACAP IN) is seeking to raise US$2.0 billion.
Event-Driven developments: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), HKBN Ltd (1310 HK), Carenet Inc (2150 JP), Shibaura Electronics (6957 JP), Rezil (176A JP), Yomeishu Seizo (2540 JP).

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

By Tina Banerjee

Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.

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Aug 18

Most Read: DroneShield Ltd, King Slide Works, Sanrio, Sun Corp, Carta Holdings, Inc., Singtel, SK Innovation, Ibiden Co Ltd, Gold Road Resources, Isupetasys and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated
Taiwan Top 50 ETF Rebalance Preview: Another Inclusion for King Slide
Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning
Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings
[Japan M&A] NTT Docomo and Dentsu Squeeze Out Minorities in Carta (3688 JP) Cheap. Tender Starts Now
Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance
Playing Korea’s Hot Secondary Battery Sector Rotation
Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation
Gold Road (GOR AU): 22th September Vote On Gold Fields’ Offer
KOSPI Size Indices: Passive Flows for Many Active Changes

S&P/ASX Index Rebalance Preview (Sep 25): Potential Changes if Methodology Is Updated

S&P DJI have proposed methodology changes to the S&P/ASX family of indices to enhance representativeness and more quickly reflect changing market conditions. The consultation conclusions could be announced next week.
The updated methodology could lead to 51 changes across the family of indices with implementation on 19 September. There will be a large impact on a number of stocks.
The forecast adds have outperformed the forecast deletes over the last several months and near-term performance has been spectacular for the S&P/ASX 200 (AS51 INDEX) and S&P/ASX 300 Index changes.

Taiwan Top 50 ETF Rebalance Preview: Another Inclusion for King Slide

There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September – one is high probability and the other is right at the cusp.
King Slide Works (2059 TT) is being added to a global index this month, so the ETF inclusion will come hot on the heels of that.
The impact on the stocks is pretty big with passive trackers needing to buy between 1.3-5.5x ADV in the adds and sell between 3.4-6.4x ADV in the deletes.

Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning

The changes to the Nikkei 225 (NKY INDEX) as part of the September rebalance should be announced in just over 2 weeks. We expect 2 changes at the review.
BayCurrent Consulting‘s PAF will double, Fast Retailing‘s CPAF will stay the same, and Sony Financial Group will be deleted from the index following its spinoff from Sony Corp (6758 JP).
Sanrio (8136 JP)‘s improved liquidity increases the probability of index inclusion, and the stock could be added to the index at the next rebalance if it misses in September.

Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

Sun Corp (6736 JP) is a clear value play. But it’s not as cheap to Cellebrite (CLBT US) as it was last month. The trade is a net long position
As Swire Pacific (A) (19 HK) plumbs new 12-month lows for its NAV discount and implied stub, Swire’s B shares have significantly outperformed the As over the past month.
Shandong Hi-Speed (412 HK) is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.

[Japan M&A] NTT Docomo and Dentsu Squeeze Out Minorities in Carta (3688 JP) Cheap. Tender Starts Now

By Travis Lundy

On 16 June 2025, NTT (Nippon Telegraph & Telephone) (9432 JP) sub NTT Docomo and Dentsu Inc (4324 JP) announced Docomo would buy out minorities in Dentsu sub Carta Holdings.
The price for minorities is OK, not great. The Board talks up synergies not included in fair value considerations, and Dentsu+Docomo are actually buying it 15% cheaper.
That comes out to a net price below the bottom end of the DCF range. Aaargh. But Dentsu+irrevocables+ large individuals likely gets this over the line cleanly.

Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

Playing Korea’s Hot Secondary Battery Sector Rotation

By Sanghyun Park

Battery-Sector rotation is heating up in Korea as active ETFs sharply boost LG Energy Solution and Samsung SDI, signaling renewed sector focus amid ESS growth and easing valuation pressures.
Watch for supply-demand dislocations during battery-sector ETF rebalances; top-heavy names may see concentrated flows, amplifying trading intensity and driving larger-than-normal price swings.
The 25% cap reversion could move LG Energy Solution down and SK Innovation up ~5pp, with flows hitting -0.2x/+0.6x DTV, potentially amplified by aggressive sector inflows.

Ibiden Q1 FY25: Strong Beat, Upgraded Outlook, Attractive Valuation

By Rahul Jain

Results: Q1 FY25 sales grew +10.5% YoY with OP surging +56%, led by AI/data-center substrate demand and margin gains.
Earnings Upgrade & Outlook: FY25–27 EPS/EBITDA raised 9–12% on stronger substrates and resilient ceramics, implying ~18–19% CAGR ahead.
Valuations: Trading at 21× FY25E P/E and 5.9× EV/EBITDA, Ibiden offers structural growth at compressed multiples versus AI peers.

Gold Road (GOR AU): 22th September Vote On Gold Fields’ Offer

After rejecting an approach on the 24th March, on the 5th May, Gold Road Resources (GOR AU)entered into a Scheme with Gold Fields Ltd (GFI SJ) after terms were bumped.
GFI offered $2.52/share, cash, plus a variable cash component of ~A$0.88 (now worth ~A$0.77/share) via GOR’s indirect stake in Northern Star Resources (NST AU). This includes any fully franked dividend.
The Scheme Booklet is now out, with a shareholder vote on the 22nd September. The IE (Deloitte) says fair & reasonable. It is.

KOSPI Size Indices: Passive Flows for Many Active Changes

The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing the end of the review period, we forecast 49 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
There are a number of stocks that will have passive flow from global index trackers over the next few weeks, while some are potential changes to the KOSPI2 in December.

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Aug 18

Daily Brief Financials: Commonwealth Bank of Australia, Krungthai Card, Macquarie Group, Banco Bilbao Vizcaya Argentari, Knowledge Realty Trust and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (18 Aug)
Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline
Macquarie (MQG AU) Vs. ANZ (ANZ AU): Statistical Arbitrage in Aussie Bank Pair
STOXX Europe50 September 2025 Forecast: BBVA & RHM Set to Join, BAS & MBG to Exit
CBA (CBA AU) Vs. Bank of Queensland (BOQ AU): Quant Signal Flags Trading Opportunity
Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (18 Aug)

By Gaudenz Schneider

Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
Highlight: Currently seven pair trade opportunities across two markets and two sectors persist.
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline

Back in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
This situation was discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.
On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.

Macquarie (MQG AU) Vs. ANZ (ANZ AU): Statistical Arbitrage in Aussie Bank Pair

By Gaudenz Schneider

Context: The Macquarie (MQG AU) vs. ANZ (ANZ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: Going long Macquarie (MQG AU) and short ANZ (ANZ AU) targets a 5% return to the statistical mean reversion level.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

STOXX Europe50 September 2025 Forecast: BBVA & RHM Set to Join, BAS & MBG to Exit

By Dimitris Ioannidis

The main forecasted additions are Banco Bilbao Vizcaya Argentari (BBVA SM) and Rheinmetall AG (RHM GR) as they are both surpassing the entry rank.
The main forecasted deletions are Mercedes-Benz Group (MBG GR) and BASF (BAS GR) as they are both below the exit rank.
The highest-ranked among Deutsche Bank (DBK GR), BAE Systems (BA/ LN) and Barclays (BARC LN) may replace Diageo Plc (DGE LN) if its price falls further.

CBA (CBA AU) Vs. Bank of Queensland (BOQ AU): Quant Signal Flags Trading Opportunity

By Gaudenz Schneider

Context: The Commonwealth Bank (CBA AU) vs. Bank of Queensland (BOQ AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Highlights: After Commonwealth Bank’s sharp post-earnings drop last week, a mean-reversion model suggests long Commonwealth Bank of Australia (CBA AU) and short Bank Of Queensland (BOQ AU).
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

Knowledge Realty Trust IPO Trading – Decent Demand; Leads Past REIT Listings

By Akshat Shah

Knowledge Realty Trust (258259D IN) raised around US$551m in its India IPO. The trust undertook a pre-IPO placement round of around INR14bn (US$160m) in June 2025 as well.
Knowledge Realty Trust (KRT) owns and manages a high-quality office portfolio in India covering 87% of India’s office supply and gross absorption between CY16-1QCY25, as per the CBRE report.
In this note, we will talk about the trading dynamics.

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Aug 18

Daily Brief Thematic (Sector/Industry): Japan Morning Connection: Markets Calm with No Further Tariffs for China and more

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

In today’s briefing:

Japan Morning Connection: Markets Calm with No Further Tariffs for China
Ohayo Japan | Focus on Fed
US Banks – At 6 Weeks into 3Q25, +USD85bn Loans, Vs +USD1bn at 6 Weeks into 2Q24
US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

Japan Morning Connection: Markets Calm with No Further Tariffs for China

By Andrew Jackson

AMAT pricing in weak numbers sent semi-cap lower, while Intel bought its gains to 23% for the week.
Housing name starting to cut through the daily static of Treasury moves as sentiment improves ahead of Sep cut.
Home improvement/suppliers such as Toto and Lixil may see increased interest as global rates outside of Japan trend lower.

Ohayo Japan | Focus on Fed

By Mark Chadwick

US stocks closed mixed Friday as Wall Street recalibrated rate-cut expectations following economic data showing higher wholesale inflation
Applied Materials plunged 14% on weak Q4 guidance due to sluggish China demand.
This Week: The Federal Reserve’s Jackson Hole Economic Symposium, featuring Chair Jerome Powell’s key policy speech on Friday, will be a focal point for investors

US Banks – At 6 Weeks into 3Q25, +USD85bn Loans, Vs +USD1bn at 6 Weeks into 2Q24

By Daniel Tabbush

US banks’ high-frequency data (HFD) released from the Fed shows the 6th week in a row of higher than 4% YoY loan growth (and highest yet at 4.43%)
The change in loans during the first 6 weeks of 3Q25 is +USD85bn compared with +USD1bn in the same period last year
C&I loan growth has seen strong delta over past 52 weeks and LLR growth remains subdued, suggesting good credit metrics

US Customs & Border Patrol Traveler Data Show Mixed Picture, Sharp Drop in Northern Border Crossings

By Daniel Hellberg

Year to date (July) US border crossing data paint a surprisingly mixed picture
Overall, total crossings at all points and by all modes are down -3.7% Y/Y
States facing Canada saw a -17.5% decline; air crossings into West up +3.7%

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Aug 18

Daily Brief Consumer: Sanrio, Smart Share Global, Alibaba, TSE Tokyo Price Index TOPIX and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning
Smart Share Global (EM US): Hillhouse Emerges with a Competing Offer
ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware
How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

Nikkei 225 Index Rebalance Sep25: Performance of Potential Adds/Deletes & Positioning

The changes to the Nikkei 225 (NKY INDEX) as part of the September rebalance should be announced in just over 2 weeks. We expect 2 changes at the review.
BayCurrent Consulting‘s PAF will double, Fast Retailing‘s CPAF will stay the same, and Sony Financial Group will be deleted from the index following its spinoff from Sony Corp (6758 JP).
Sanrio (8136 JP)‘s improved liquidity increases the probability of index inclusion, and the stock could be added to the index at the next rebalance if it misses in September.

Smart Share Global (EM US): Hillhouse Emerges with a Competing Offer

Smart Share Global (EM US) has disclosed a competing non-binding offer from Hillhouse at US$1.77 per ADS, a 41.6% premium to the Trustar offer.
The Hillhouse proposal meets the criteria for a superior proposal. The support agreement enables management rollover shareholders to switch allegiance from Trustar to Hillhouse.
Unlike the Trustar offer, the Hillhouse offer is above the last reported net cash (US$1.62 per ADS). The high premium suggests a low probability that Trustar bumps.

ECM Weekly (18 August 2025)- Eve Energy, CNGR, Will Semi, 52 Toys, JSW, Bluestone, Tuas, Hexaware

By Sumeet Singh

Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of companies are lining up to start 2H listing season, which is likely to be one of the busiest over the past few years.
On the placements front as well, given ongoing earnings annoucement there were only one large placement last week.

How Effective Will the Changes in Listing Criteria Be, Amid a Long Grace Period and Secured Listing?

By Aki Matsumoto

Companies with market capitalization of under 10 billion yen will be given long grace period. Considering inflation and long grace period, this seems not such a difficult hurdle to overcome.
If it becomes easy to meet the new standards, the growth market may not change much from the current situation, where many companies with limited growth potential remain.
Even though there’re measures to enable companies to move to standard market if things don’t work out, it’s questionable how many companies will seriously pursue measures to increase market capitalization.

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Aug 18

Daily Brief Event-Driven: Curator’s Cut: Singapore Unlocks Value and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance
Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share
Smart Share Global (EM US): Hillhouse Emerges with a Competing Offer
Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline
Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu
Weekly Update (Qnity, MEDXF, STRZ, UNTC)

Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance

By Pranav Rao

Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next

Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share

I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Smart Share Global (EM US), Mayne Pharma (MYX AU), ENN Energy (2688 HK), Santos Ltd (STO AU), Joy City Property (207 HK), Oneconnect Financial Technology (6638 HK).
Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Shibaura Electronics (6957 JP), Ci Medical (3540 JP), Soft99 Corp (4464 JP), Ainsworth Game Technology (AGI AU).

Smart Share Global (EM US): Hillhouse Emerges with a Competing Offer

Smart Share Global (EM US) has disclosed a competing non-binding offer from Hillhouse at US$1.77 per ADS, a 41.6% premium to the Trustar offer.
The Hillhouse proposal meets the criteria for a superior proposal. The support agreement enables management rollover shareholders to switch allegiance from Trustar to Hillhouse.
Unlike the Trustar offer, the Hillhouse offer is above the last reported net cash (US$1.62 per ADS). The high premium suggests a low probability that Trustar bumps.

Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline

Back in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
This situation was discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.
On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.

Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu