Category

Daily Briefs

Sep 23
0

Daily Brief Indonesia: Barito Renewables and more

By | Daily Briefs, Indonesia

In today’s briefing:

  • Barito Renewables IPO – Quick Peer Comparison & Thoughts on Valuation – Good Assets but Bad Price

Barito Renewables IPO – Quick Peer Comparison & Thoughts on Valuation – Good Assets but Bad Price

By Ethan Aw

  • Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO.
  • Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
  • In our previous note, we covered the company’s performance. In this note, we will undertake a quick peer comparison and share our thoughts on valuation.

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Sep 23
0

Daily Brief China: Alibaba (ADR), Hang Seng Index, Vedanta Resources and more

By | China, Daily Briefs

In today’s briefing:

  • China Online Marketplaces: Recap of 2Q Results
  • EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Connecting the Dots
  • Weekly Wrap – 22 Sep 2023
  • Weekly Wrap – 22 Sep 2023

China Online Marketplaces: Recap of 2Q Results

By Eric Chen

  • The sector sees dramatic improvement in profitability and cashflow thanks to cutback on marketing expenses and headcount reduction.
  • Topline growth is recovering but still clouded by sluggish macro conditions. It is understandable that investors treat these China proxies – one way or another – with caution.
  • The sector’s valuation will remain pressured before the property market stabilizes and key macro indicators show concrete signs of improvement, in our view.

EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Connecting the Dots

By Simon Harris

  • Weekly summary of vol changes and moves across Global Markets
  • Analysing ATM volatility and skew changes over the last 5 days
  • We suggest a few trades to take advantage of the implied vol surfaces

Weekly Wrap – 22 Sep 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. China Jinmao Holdings
  2. Greentown China
  3. China Vanke
  4. First Pacific Co
  5. JSW Infrastructure

and more…

Weekly Wrap – 22 Sep 2023

By Charles Macgregor

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

  1. China Jinmao Holdings
  2. Greentown China
  3. China Vanke
  4. First Pacific Co
  5. JSW Infrastructure

and more…

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Sep 23
0

Daily Brief United States: Soybean Active Contract, Immix Biopharma Inc and more

By | Daily Briefs, United States

In today’s briefing:

  • El Niño Enhances Soybean Yields Creating Deflationary Impact on Its Prices
  • Immix Biopharma – NXC-201 gains orphan drug designation in ALA

El Niño Enhances Soybean Yields Creating Deflationary Impact on Its Prices

By Pranay Yadav

  • Soybean ranks as the most traded crop globally. It comprises 10% of the total value of global agriculture trade.
  • The Americas comprise >80% of total global production. China mops up ~60% of global imports and is primarily used to feed massive livestock.
  • Soybean is more prone to shocks from geopolitical disruptions. Weather also impacts Beans. El Niño favours Soybean yields.

Immix Biopharma – NXC-201 gains orphan drug designation in ALA

By Edison Investment Research

Immix has announced that the FDA has granted orphan drug designation (ODD) to CAR-T asset NXC-201 for amyloid light chain amyloidosis (ALA). This occurred approximately a month after the announced ODD for multiple myeloma (MM), the other indication that Immix is pursuing with NXC-201. The benefits of ODD include seven years of US market exclusivity post approval, tax credits for qualified clinical trials and exemption from the Prescription Drug User Fee (c $3m for a new drug). ODD is issued to drugs/biologics intended for the safe and effective treatment, diagnosis or prevention of rare diseases/conditions that affect fewer than 200k people in the US. Achieving ODD in both MM and ALA marks an important development for the progress of NXC-201, which has shown encouraging signs on both the clinical and regulatory fronts. We believe that the next readout (expected in September 2023) from the ongoing NEXICART-1 trial could be a significant catalyst for the company.

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Sep 23
0

Daily Brief Japan: Paramount Bed Holdings Co Lt, Stellantis NV, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Daily Briefs, Japan

In today’s briefing:

  • Paramount Bed Holdings (7817 JP): In-Line Q1 Result; FY24 Guidance Reaffirmed
  • Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value
  • Public Opinion Is Slowly Catching Up, but the Change Has Only Just Begun

Paramount Bed Holdings (7817 JP): In-Line Q1 Result; FY24 Guidance Reaffirmed

By Tina Banerjee

  • In Q1FY24, Paramount Bed Holdings Co Lt (7817 JP) reported 7% YoY revenue growth to ¥24B, due to solid performance in the medical care and the nursing care businesses.
  • Due to higher SG&A expenses, operating profit grew just 2% YoY to ¥3.3B. Net profit rose 7% YoY to ¥2.9B, mainly due to 13% YoY increase in foreign exchange gains.
  • Paramount has reiterated FY24 guidance, which calls for 6% YoY revenue growth, 4% YoY operating profit growth, and 6% YoY growth in net profit.

Overweight Value Within Global Ex-U.S. Equities; DXY Below $105.70; Buys in Global Value

By Joe Jasper

  • Our overall outlook remains largely unchanged; we remain bullish on global equities as long as the MSCI ACWI (ACWI-US) is above major $93 support.
  • We also discussed that if the 10-year Treasury yield remains below 4.35% and the DXY is below $105.70, we would continue to expect $93 support on ACWI-US to hold.
  • The 10-year Treasury yield is attempting to break above 4.35% and this could create a problem for ACWI-US; we will continue to monitor closely.

Public Opinion Is Slowly Catching Up, but the Change Has Only Just Begun

By Aki Matsumoto

  • Activist investors’ proposals were consistently based on increasing shareholder returns. The change in the environment, in which ％ of foreign shareholders increased while cross-held shares decreased, had a major impact.
  • Regarding the selection of directors, discussion on contents of Skill Matrix should be more active, as it’s suspected that top management is selecting candidates who are aligned with their wishes.
  • The voting standards of domestic institutional investors are iridescent and still dependent on public opinion for each proposal. The change in public opinion has only just begun.

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Sep 23
0

Most Read: MOG Digitech Holdings , Toshiba Corp, Newcrest Mining, Kokusai Electric , Intage Holdings, Midea Group Co Ltd A, Kum Yang, LG Corp, Costa Group Holdings and more

By | Daily Briefs, Most Read

In today’s briefing:

  • MOG Digitech (1942 HK): What the Flow Is Going On?
  • Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule
  • Newcrest-Newmont Merger: Fancy Index Shenanigans
  • Kokusai Electric (6525 JP) IPO: Listing in October, TPX Inclusion in November, Global Indices Later
  • Intage Holdings (4326 JP): NAVF Selldown and Proration for NTT’s Partial Offer
  • Midea A/H Listing – Early Look – Probably Raising Acquisition Currency
  • KRX Plans to Introduce Float Market Cap & Extreme Price Increases to KOSPI 200 Screening
  • LG Corp: Updated NAV Analysis & Outperformance Likely Driven by Value Investors
  • Costa Backs Paine Schwartz’s Lower Bid
  • Costa Group (CGC AU): Binding Proposal Comes with Risks

MOG Digitech (1942 HK): What the Flow Is Going On?

By Brian Freitas

  • MOG Holdings (1942 HK) has been skyrocketing in price since the start of the year. Remarkably, there is little change in the number of shares that trade daily.
  • MOG Holdings (1942 HK) has a market cap of US$6.44bn and trades at a modest Price/Sales ratio of 75x and an equally modest Price to Book Value of 89.5x.
  • Liquidity has improved to the point where the stock could be added to some indices. However, there is a precedent of stocks not being added following market participant feedback.

Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule

By Travis Lundy

  • The JIP Tender Offer for Toshiba Corp (6502 JP) closes today. I expect that we will see results announced as early as late tonight, but by law, by latest tomorrow.
  • There will be at least three major index downweights, and possibly deletions, most likely in the following five trading days.
  • This shows the approximate maximum share and dollar amounts to be sold, and approximate dates. 

Newcrest-Newmont Merger: Fancy Index Shenanigans

By Travis Lundy

Kokusai Electric (6525 JP) IPO: Listing in October, TPX Inclusion in November, Global Indices Later

By Brian Freitas

  • Kokusai Electric (6525 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 25 October.
  • At the reported indicative IPO price of JPY 1890/share, Kokusai Electric (6525 JP) will be valued at JPY 435bn (US$2.94bn).
  • The stock should be added to the TPX INDEX at the close on 29 November where trackers will need to buy over 14% of the stock issued in the IPO.

Intage Holdings (4326 JP): NAVF Selldown and Proration for NTT’s Partial Offer

By Arun George

Midea A/H Listing – Early Look – Probably Raising Acquisition Currency

By Sumeet Singh

  • Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to  US$5bn in its H-share listing.
  • Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
  • In this note, we look at its past performance and other deal dynamics that might impact the listing.

KRX Plans to Introduce Float Market Cap & Extreme Price Increases to KOSPI 200 Screening

By Sanghyun Park

  • In addition to full market cap and trading value, float-adjusted market cap will be added as a quantitative screening tool. 
  • Regarding extreme price increases, KRX plans to utilize the deviation between the average daily market capitalizations for two, three, and six months leading up to the screening base date.
  • We should consider designing trading setups that target stocks with relatively low free-float rates and high price volatility in recent months.

LG Corp: Updated NAV Analysis & Outperformance Likely Driven by Value Investors

By Douglas Kim

  • Our NAV analysis of LG Corp suggests an implied market cap of 16.9 trillion won or 107,217 won per share which is 28.4% higher than current share price. 
  • We believe that LG Corp could announce another share buybacks representing 2-3% of outstanding shares in the next 6-12 months. 
  • Another reason that could result in LG Corp’s shares outperforming other major LG related shares is due to the value investors increasing capital allocation to higher dividend paying LG Corp.

Costa Backs Paine Schwartz’s Lower Bid

By David Blennerhassett

  • On the 18 September, Costa Group Holdings (CGC AU) announced A$3.20/share best and final Offer from Paine Schwartz Partners (PSP) down from the A$3.50/share NBIO in July.
  • Costa’s shares wobbled – would they, won’t they be supportive? A break price beyond the undisturbed price loomed. Vanguard kicked out a chunk of shares below A$3.
  • This morning Costa and PSP entered into a Scheme Implementation Deed. The transaction is expected to close in 1Q24. Key conditions are Costa’s shareholder vote and FIRB/SAMR/EU approval. 

Costa Group (CGC AU): Binding Proposal Comes with Risks

By Arun George

  • Costa Group Holdings (CGC AU) has entered a scheme implementation deed with Paine Schwartz Partners (PSP) led consortium at A$3.20 per share. 
  • The key conditions are regulatory and shareholder approval. China SAMR regulatory approval poses a risk, primarily related to timing. Costa anticipates completion in 1Q24.
  • The headcount test related to the retail vote remains a risk. The risk/reward is unfavourable as the deal break downside (10%+) outweighs the offer’s upside (3.6% at last close).  

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Sep 22
0

Daily Brief Quantitative Analysis: ASX Short Interest Weekly (Sep 15th): NAB and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • ASX Short Interest Weekly (Sep 15th): NAB, Newcrest Mining, Pilbara Minerals, Perpetual

ASX Short Interest Weekly (Sep 15th): NAB, Newcrest Mining, Pilbara Minerals, Perpetual

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of Sep 15th (reported today) which has an aggregated short interest worth USD0.0bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in NAB, Newcrest Mining, Pilbara Minerals, Perpetual, Sonic Healthcare, Metcash.

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Sep 22
0

Daily Brief ESG: Melco Resorts – ESG Report – Lucror Analytics and more

By | Daily Briefs, ESG

In today’s briefing:

  • Melco Resorts – ESG Report – Lucror Analytics

Melco Resorts – ESG Report – Lucror Analytics

By Leonard Law, CFA

Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
We assess Melco Resorts’ ESG as “Adequate”, in line with its Social and Governance scores. The Environmental pillar is “Strong”. Controversies are “Immaterial” and Disclosure is “Strong”.

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Sep 22
0

Daily Brief Equity Bottom-Up: LG Corp: Updated NAV Analysis & Outperformance Likely Driven by Value Investors and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • LG Corp: Updated NAV Analysis & Outperformance Likely Driven by Value Investors
  • Champion REIT 2778 HK: Facing Multiple Headwinds, an Uphill Battle.  Bearish
  • Bank Mandiri (BMRI IJ) – Higher Returns While Livin’ It Up
  • BBNI – Stock Split to Double Shares on 10 October | NPLs Are in Sharp Decline, Especially Loss Loans
  • Monthly Container Shipping Tracker | Rates Stable | Fuel (Barely) Lower Y/Y | (September 2023)
  • Caterpillar Inc.: North America’s Construction Boom: How Caterpillar Is Capitalizing on It! – Major Drivers
  • F5 Networks Inc: The Future Of Networking & AI Integration! – Major Drivers
  • Advanced Micro Devices (AMD): Setting the Pace in AI with New Acquisitions? – Major Drivers
  • ANSYS Inc.: The Role of SMBs in Driving Growth! – Major Drivers
  • Constellation Brands Inc.: Making Waves in the Beverage World! – Major Drivers

LG Corp: Updated NAV Analysis & Outperformance Likely Driven by Value Investors

By Douglas Kim

  • Our NAV analysis of LG Corp suggests an implied market cap of 16.9 trillion won or 107,217 won per share which is 28.4% higher than current share price. 
  • We believe that LG Corp could announce another share buybacks representing 2-3% of outstanding shares in the next 6-12 months. 
  • Another reason that could result in LG Corp’s shares outperforming other major LG related shares is due to the value investors increasing capital allocation to higher dividend paying LG Corp.

Champion REIT 2778 HK: Facing Multiple Headwinds, an Uphill Battle.  Bearish

By Jacob Cheng

  • Champion REIT is facing multiple headwinds, including weakness in its office building due to upcoming office supply
  • Its retail asset Langham is doing better post COVID, but not enough to offset the weakness in office
  • DPU may continue to decline over time. Therefore we stay bearish until we see turn-around signal

Bank Mandiri (BMRI IJ) – Higher Returns While Livin’ It Up

By Angus Mackintosh

  • Bank Mandiri (BMRI IJ) continues to positively surprise on loans, NIMs, and credit costs, with a consequential improvement in returns, only non-interest income seeing a slowdown but likely temporary.
  • Digital banking initiatives through Livin’ and KOPRA continue to grow and help the bank drive higher CASA and fee income whilst reducing costs, with smart branches also improving returns.
  • Bank Mandiri remains a core holding as a proxy to the Indonesian economy with its digital initiatives driving higher returns. Valuations remain attractive on 2.2x FY2023 PBV with 20% ROE.

BBNI – Stock Split to Double Shares on 10 October | NPLs Are in Sharp Decline, Especially Loss Loans

By Daniel Tabbush

  • The bank expects its 2 new for 1 old stock split to be done on 10 October
  • Total shares should move from 18.6tr to 37.3tr after the stock split
  • Compared with peers, BBNI has low market cap/assets, good ROA

Monthly Container Shipping Tracker | Rates Stable | Fuel (Barely) Lower Y/Y | (September 2023)

By Daniel Hellberg

  • Our index suggests pricing momentum remains depressed, but stable in Q3; fuel prices have begun to rise from Q2 lows, but probably don’t offer much lift to earnings now
  • We looked at intra-Asian carrier TS Lines (which applied to list its shares in Hong Kong in April) and provided a quick update on market conditions in the Intra-Asian trade
  • Shares of a few container shipping companies — including Evergreen Marine of Taiwan — have performed well YTD in 2023; we remain positive on the sector’s medium-term outlook

Caterpillar Inc.: North America’s Construction Boom: How Caterpillar Is Capitalizing on It! – Major Drivers

By Baptista Research

  • Caterpillar managed to exceed analyst expectations in terms of revenue as well as earnings, with sales and revenues soaring by 22%, primarily driven by increased sales volume and price realization.
  • This remarkable growth extended across all three primary segments: Construction Industries, Resource Industries, and Energy & Transportation, with sales to users registering a substantial 16% increase year-over-year.
  • Energy & Transportation also witnessed a remarkable increase in sales to users across all applications, including oil and gas, power generation, industrial, and transportation.

F5 Networks Inc: The Future Of Networking & AI Integration! – Major Drivers

By Baptista Research

  • F5 Networks Inc. delivered an all-around beat in the most recent quarterly result.
  • F5 also continues to observe increased maintenance attach rates on older deployments due to customers worrying about their existing assets.
  • Their product revenue increased by 1%, their systems revenue increased by 5%, and their software revenue decreased by 3%.

Advanced Micro Devices (AMD): Setting the Pace in AI with New Acquisitions? – Major Drivers

By Baptista Research

  • Advanced Micro Devices Inc. (AMD) delivered mixed results for the previous quarter, with revenues above analyst expectations but below-par earnings, showcasing strategic execution and notable achievements.
  • Despite a year-over-year decline in revenue, the company reported steady performance compared to the previous quarter.
  • The data center segment experienced sequential growth, primarily attributed to cloud providers’ accelerated adoption of the fourth-gen EPYC CPUs.

ANSYS Inc.: The Role of SMBs in Driving Growth! – Major Drivers

By Baptista Research

  • ANSYS Inc. delivered a solid result and managed an all-around beat in the last quarter, surpassing its financial guidance across all key metrics.
  • During Q2, the company reported reliable performance, beating its ACV, revenue, operating margin, and EPS guidance.
  • Total revenue for the quarter exceeded expectations, reflecting the positive impact of ACV outperformance and the mix of license types sold.

Constellation Brands Inc.: Making Waves in the Beverage World! – Major Drivers

By Baptista Research

  • Constellation Brands, Inc. managed to exceed analyst expectations in terms of revenue as well as earnings.
  • The company’s beer business generated significant growth for the quarter while steadily moving forward with all 4 of its strategic projects.
  • Their larger premium and luxury brands in the higher-end wine area of their portfolio experienced weaker segment demand in April.

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Sep 22
0

Daily Brief Credit: Softbank Group – Tear Sheet – Lucror Analytics and more

By | Credit, Daily Briefs

In today’s briefing:

  • Softbank Group – Tear Sheet – Lucror Analytics
  • Morning Views Asia: China Jinmao Holdings, China Vanke , Greentown China, Vedanta Resources

Softbank Group – Tear Sheet – Lucror Analytics

By Trung Nguyen

We view Softbank Group (SBG) as “Low Risk” on the LARA scale. This is mainly due to the group’s low reported leverage, as measured by LTV. SBG has demonstrated its ability to manage LTV, by periodically monetising large holdings of liquid assets (e.g. Alibaba Group Holding or T-Mobile/Deutsche Telekom shares) via derivatives or non-recourse margin loans. Investors can derive comfort from SBG’s remaining holdings of those liquid assets on the balance sheet. Domestic telco Softbank Corp is the only significant cash generator consolidated into SBG. We see risks stemming from the group’s reliance on its Alibaba stake (which may be volatile), as well as the use of cash from the asset monetisation programme. We are also concerned about the large share repurchase programmes despite SBG’s weak results, as well as the company’s ability to invest.

Our Credit Bias is “Stable”. We believe the worst is over for SBG. The North American and Chinese tech sectors appear to be improving. SBG executed a major asset monetisation exercise in FY 2022-23 to shore up the balance sheet, raising it to a healthy level. LTV is very low, and liquidity is sound. We see little downside going forward, and more upside.

Controversies are “Immaterial”, but the ESG Impact on Credit is “Moderately Negative”. SBG has faced governance concerns, particularly over internal controls and the outsized influence of Chairman, CEO and founder Masayoshi Son. Such issues flare up on occasion, weighing on the credit. One concern is that the chairman could make imprudent investments, lowering the value of SBG’s holdings while driving leverage up.

Morning Views Asia: China Jinmao Holdings, China Vanke , Greentown China, Vedanta Resources

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Sep 22
0

Daily Brief Event-Driven: Kokusai Electric (6525 JP) IPO: Listing in October and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Kokusai Electric (6525 JP) IPO: Listing in October, TPX Inclusion in November, Global Indices Later
  • SK Square: Updated NAV Analysis Amid Potential Sale of 11st to Alibaba
  • Intage Holdings (4326 JP): NAVF Selldown and Proration for NTT’s Partial Offer
  • A Proactive Long Short Basket Setup Targeting KOSPI Size Index’s Next Rebal
  • KRX Plans to Introduce Float Market Cap & Extreme Price Increases to KOSPI 200 Screening
  • Costa Backs Paine Schwartz’s Lower Bid
  • Quiddity Leaderboard F100/​​​250 Dec 23: Dechra, Network International, and Other Potential Changes

Kokusai Electric (6525 JP) IPO: Listing in October, TPX Inclusion in November, Global Indices Later

By Brian Freitas

  • Kokusai Electric (6525 JP)‘s listing has been approved by the JPX and the stock is expected to start trading on the Prime Market from 25 October.
  • At the reported indicative IPO price of JPY 1890/share, Kokusai Electric (6525 JP) will be valued at JPY 435bn (US$2.94bn).
  • The stock should be added to the TPX INDEX at the close on 29 November where trackers will need to buy over 14% of the stock issued in the IPO.

SK Square: Updated NAV Analysis Amid Potential Sale of 11st to Alibaba

By Douglas Kim

  • In this insight, we provide an updated valuation analysis of SK Square (402340 KS) amid a potential sale of 11st to Alibaba (ADR) (BABA US).
  • Our NAV analysis of SK Square suggests NAV of 9.2 trillion won or NAV per share of 65,069 won, representing a 55% upside from current levels.
  • If SK Square is able to sell its stake in 11st to Alibaba, the capital inflow from the sale could be used to raise dividends and complete more share buybacks. 

Intage Holdings (4326 JP): NAVF Selldown and Proration for NTT’s Partial Offer

By Arun George

A Proactive Long Short Basket Setup Targeting KOSPI Size Index’s Next Rebal

By Sanghyun Park

  • We need to focus on the top 2 candidates among the Mid→Large candidates in the screening table mentioned above and the bottom 4 candidates among the Large→Mid candidates.
  • Since they are relatively far from the borderline, there is a significant likelihood that their classification will change. So, flow trading timing on these candidates could be brought forward.
  • Monitoring Doosan Robotics’s market cap potentially nearing ₩3T and keeping an eye on the listing date of Ecopro Materials, we should make changes to the Mid→Large candidates from early December.

KRX Plans to Introduce Float Market Cap & Extreme Price Increases to KOSPI 200 Screening

By Sanghyun Park

  • In addition to full market cap and trading value, float-adjusted market cap will be added as a quantitative screening tool. 
  • Regarding extreme price increases, KRX plans to utilize the deviation between the average daily market capitalizations for two, three, and six months leading up to the screening base date.
  • We should consider designing trading setups that target stocks with relatively low free-float rates and high price volatility in recent months.

Costa Backs Paine Schwartz’s Lower Bid

By David Blennerhassett

  • On the 18 September, Costa Group Holdings (CGC AU) announced A$3.20/share best and final Offer from Paine Schwartz Partners (PSP) down from the A$3.50/share NBIO in July.
  • Costa’s shares wobbled – would they, won’t they be supportive? A break price beyond the undisturbed price loomed. Vanguard kicked out a chunk of shares below A$3.
  • This morning Costa and PSP entered into a Scheme Implementation Deed. The transaction is expected to close in 1Q24. Key conditions are Costa’s shareholder vote and FIRB/SAMR/EU approval. 

Quiddity Leaderboard F100/​​​250 Dec 23: Dechra, Network International, and Other Potential Changes

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the December 2023 Rebalance.
  • There could be a couple of intra-review changes in the next 2-3 months but the intra-review replacement names could depend on the timing of these changes.
  • Separately, I see one regular ADD and DELETE for F250 in December 2023 but many names are close to the border and index change expectations could change if prices fluctuate.

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