Smartkarma Daily Briefs

Sep 03

Daily Brief Australia: Costa Group Holdings, Genesis Minerals and more

By Smartkarma Daily Briefs | Australia, Daily Briefs

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Energy One, Costa Group, DDH1, ENM, Penguin
Quiddity ASX Sep 23 Rebal: 15 Inflow/Outflow Names; Beware of Short Buildup; US$450mn One-Way

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Energy One, Costa Group, DDH1, ENM, Penguin

By David Blennerhassett

I tally 49 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Quiet week – only one new deal: STG’s Offer for Energy One Ltd (EOL AU).
Key updates took place for Costa Group Holdings (CGC AU), DDH1 (DDH AU), ENM Holdings (128 HK), and Penguin International (PBS SP).

Quiddity ASX Sep 23 Rebal: 15 Inflow/Outflow Names; Beware of Short Buildup; US$450mn One-Way

By Janaghan Jeyakumar, CFA

The September 2023 review results for ASX indices were announced after the close on Friday 1st September 2023.
There will be 15 ADD names and 15 DELETE names across ASX 100, ASX 200, and ASX 300. Collectively, the ADDs could see one-way flow of roughly US$450mn.
Many names have a significant number of days to trade. Some of these names have seen a spike in short interest recently. This should be an interesting flow event.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief Japan: Mitsubishi Motors, SBI Shinsei Bank and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

JPX-Nikkei 400 Rebal 2024: End-Aug 2023
SBI Shinsei Bank (8303) EGM Done. TOPIX Removal on Weds, Last Day Is 27 Sep, Money Comes Next Year.

JPX-Nikkei 400 Rebal 2024: End-Aug 2023

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-August 2023.

SBI Shinsei Bank (8303) EGM Done. TOPIX Removal on Weds, Last Day Is 27 Sep, Money Comes Next Year.

By Travis Lundy

Today, the EGM to approve the share consolidation (resulting in minority squeezeout and delisting) took place.
It was a done deal. So now it is done.
All that remains is for the technically adept to do what they expect they need to do.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief China: Tencent, Shanghai Junshi Biosciences , ENM Holdings, S.F. Holding and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Last Week In Event SPACE: Vingroup/VinFast, Prosus/Naspers, STAR CM
China Healthcare Weekly (Sep.1) – China’s New IPO Reform, Financing Environment, Junshi Biosciences
ECM Weekly (3rd Sep 2023) – Doosan, VNG, Tuhu, Integral, ARM, Zomato, APM, Auckland Int, Daiwa REIT
26 Sept Scheme Vote For ENM (128 HK)
SF Holding HK IPO | Q2/H1 Results | “Internationalization” Thesis Refined | Air, Int’l Impact in H1

Last Week In Event SPACE: Vingroup/VinFast, Prosus/Naspers, STAR CM

By David Blennerhassett

Marginal float helped fuel the VinFast (VFS US) bubble. Then it popped.
The Prosus (PRX NA)/Naspers (NPN SJ) Circularity Detour and subsequent unwind created the B-Share construct which means they can maintain the voting control in South Africa without maintaining economic control.
The backlash against Star CM Holdings (6698 HK) calls into question the broader Chinese entertainment industry, and how it strikes a balance between viewership/profitability and ethical boundaries.

China Healthcare Weekly (Sep.1) – China’s New IPO Reform, Financing Environment, Junshi Biosciences

By Xinyao (Criss) Wang

IPO rules in SSE STAR Market faces adjustments, so investors have lowered expectations, which will affect the fundraising ecology. Recovery of China’s financing environment would be slower than US/Europe.
The CSRC has issued new policies related to stamp duty, IPO, and reduction of shares held by listed companies, which would significantly affect the capitalization path of pharmaceutical companies.
Junshi is “an interesting Biotech” that once generated sales/profits in scale, but is losing money again.Since Junshi is outside the first echelon and the gap is widening, we remain conservative.

ECM Weekly (3rd Sep 2023) – Doosan, VNG, Tuhu, Integral, ARM, Zomato, APM, Auckland Int, Daiwa REIT

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, we primarily looked at Doosan Robotics, Tuhu Car and VNG (VNG US).
There were placements in AIA NZ , Ventia (VNT AU), FIVESTAR IN and Daiwa House Reit. ZOMATO IN also had large blocks post its acquisition led lockup release.

26 Sept Scheme Vote For ENM (128 HK)

By David Blennerhassett

Back on the 2 June, small-cap fashion wear retailer ENM Holdings (128 HK) received a delisting Offer from major shareholder, Chinachem, at HK$0.58/share, in cash.
The Scheme Doc is now out after thrice being delayed. The EGM/Court Meeting will be held on the 26 September with expected payment around the 14 November.
There’s a whiff of opportunism embedded in the Offer. But being loss-making and illiquid, I’d expect the vote to still get up.

SF Holding HK IPO | Q2/H1 Results | “Internationalization” Thesis Refined | Air, Int’l Impact in H1

By Daniel Hellberg

Review of Q2/H1 results, including impact from international, Kerry Logistics Network
Refining idea of “internationalization”, which we believe is driving force behind SF’s HK IPO
Testing thesis: did air and international exposure help or hurt SF margins in H1?

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief Industrials: S.F. Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SF Holding HK IPO | Q2/H1 Results | “Internationalization” Thesis Refined | Air, Int’l Impact in H1

SF Holding HK IPO | Q2/H1 Results | “Internationalization” Thesis Refined | Air, Int’l Impact in H1

By Daniel Hellberg

Review of Q2/H1 results, including impact from international, Kerry Logistics Network
Refining idea of “internationalization”, which we believe is driving force behind SF’s HK IPO
Testing thesis: did air and international exposure help or hurt SF margins in H1?

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief Energy/Materials: Youngpoong Paper Mfg, Genesis Minerals and more

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

In today’s briefing:

Index Rebalance & ETF Flow Recap: STAR50, KOSPI200, Hang Seng, MVIS, AMFI, Jio, China ETF
Quiddity ASX Sep 23 Rebal: 15 Inflow/Outflow Names; Beware of Short Buildup; US$450mn One-Way

Index Rebalance & ETF Flow Recap: STAR50, KOSPI200, Hang Seng, MVIS, AMFI, Jio, China ETF

By Brian Freitas

The HSI, HSCEI, HSTECH and HSCI rebalances will take place at the close on 4 September since the market was closed on 1 September due to Typhoon Saola.
There will be a few announcements next week with Nikkei 225 early in the week and the MVIS series post close on Friday. Plus the STAR50 rebalances on Friday.
Another week of huge inflows into mainland China ETFs focused on the CSI 300 Index, STAR50 INDEX and CSI Smallcap 500 Index.

Quiddity ASX Sep 23 Rebal: 15 Inflow/Outflow Names; Beware of Short Buildup; US$450mn One-Way

By Janaghan Jeyakumar, CFA

The September 2023 review results for ASX indices were announced after the close on Friday 1st September 2023.
There will be 15 ADD names and 15 DELETE names across ASX 100, ASX 200, and ASX 300. Collectively, the ADDs could see one-way flow of roughly US$450mn.
Many names have a significant number of days to trade. Some of these names have seen a spike in short interest recently. This should be an interesting flow event.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief Health Care: Shanghai Junshi Biosciences and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

China Healthcare Weekly (Sep.1) – China’s New IPO Reform, Financing Environment, Junshi Biosciences

China Healthcare Weekly (Sep.1) – China’s New IPO Reform, Financing Environment, Junshi Biosciences

By Xinyao (Criss) Wang

IPO rules in SSE STAR Market faces adjustments, so investors have lowered expectations, which will affect the fundraising ecology. Recovery of China’s financing environment would be slower than US/Europe.
The CSRC has issued new policies related to stamp duty, IPO, and reduction of shares held by listed companies, which would significantly affect the capitalization path of pharmaceutical companies.
Junshi is “an interesting Biotech” that once generated sales/profits in scale, but is losing money again.Since Junshi is outside the first echelon and the gap is widening, we remain conservative.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief TMT/Internet: Tencent and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Last Week In Event SPACE: Vingroup/VinFast, Prosus/Naspers, STAR CM
ECM Weekly (3rd Sep 2023) – Doosan, VNG, Tuhu, Integral, ARM, Zomato, APM, Auckland Int, Daiwa REIT

Last Week In Event SPACE: Vingroup/VinFast, Prosus/Naspers, STAR CM

By David Blennerhassett

Marginal float helped fuel the VinFast (VFS US) bubble. Then it popped.
The Prosus (PRX NA)/Naspers (NPN SJ) Circularity Detour and subsequent unwind created the B-Share construct which means they can maintain the voting control in South Africa without maintaining economic control.
The backlash against Star CM Holdings (6698 HK) calls into question the broader Chinese entertainment industry, and how it strikes a balance between viewership/profitability and ethical boundaries.

ECM Weekly (3rd Sep 2023) – Doosan, VNG, Tuhu, Integral, ARM, Zomato, APM, Auckland Int, Daiwa REIT

By Sumeet Singh

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, we primarily looked at Doosan Robotics, Tuhu Car and VNG (VNG US).
There were placements in AIA NZ , Ventia (VNT AU), FIVESTAR IN and Daiwa House Reit. ZOMATO IN also had large blocks post its acquisition led lockup release.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief Industrials: S.F. Holding and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

SF Holding HK IPO | Q2/H1 Results | “Internationalization” Thesis Refined | Air, Int’l Impact in H1

SF Holding HK IPO | Q2/H1 Results | “Internationalization” Thesis Refined | Air, Int’l Impact in H1

By Daniel Hellberg

Review of Q2/H1 results, including impact from international, Kerry Logistics Network
Refining idea of “internationalization”, which we believe is driving force behind SF’s HK IPO
Testing thesis: did air and international exposure help or hurt SF margins in H1?

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief Financials: SBI Shinsei Bank and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

SBI Shinsei Bank (8303) EGM Done. TOPIX Removal on Weds, Last Day Is 27 Sep, Money Comes Next Year.

SBI Shinsei Bank (8303) EGM Done. TOPIX Removal on Weds, Last Day Is 27 Sep, Money Comes Next Year.

By Travis Lundy

Today, the EGM to approve the share consolidation (resulting in minority squeezeout and delisting) took place.
It was a done deal. So now it is done.
All that remains is for the technically adept to do what they expect they need to do.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Sep 03

Daily Brief Consumer: Costa Group Holdings, Mitsubishi Motors, ENM Holdings and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Energy One, Costa Group, DDH1, ENM, Penguin
JPX-Nikkei 400 Rebal 2024: End-Aug 2023
26 Sept Scheme Vote For ENM (128 HK)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Energy One, Costa Group, DDH1, ENM, Penguin

By David Blennerhassett

I tally 49 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Quiet week – only one new deal: STG’s Offer for Energy One Ltd (EOL AU).
Key updates took place for Costa Group Holdings (CGC AU), DDH1 (DDH AU), ENM Holdings (128 HK), and Penguin International (PBS SP).

JPX-Nikkei 400 Rebal 2024: End-Aug 2023

By Janaghan Jeyakumar, CFA

JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-August 2023.

26 Sept Scheme Vote For ENM (128 HK)

By David Blennerhassett

Back on the 2 June, small-cap fashion wear retailer ENM Holdings (128 HK) received a delisting Offer from major shareholder, Chinachem, at HK$0.58/share, in cash.
The Scheme Doc is now out after thrice being delayed. The EGM/Court Meeting will be held on the 26 September with expected payment around the 14 November.
There’s a whiff of opportunism embedded in the Offer. But being loss-making and illiquid, I’d expect the vote to still get up.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

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