In today’s briefing:
- S&P/ASX200 Ad Hoc Index Rebalance & Update to Potential Changes in September
- Ventia Services (VNT) Selected to Join ASX 200 – Not A Surprise
- Whitehaven Coal June Quarterly: 45% of Mkt Cap in Cash, >20% OCF Yield, Aggressive Buyback
S&P/ASX200 Ad Hoc Index Rebalance & Update to Potential Changes in September
- Ventia (VNT AU) will replace Blackmores Ltd (BKL AU) in the S&P/ASX 200 (AS51 INDEX) at the close on 21 July.
- The ad hoc change will lead to changes in the list of potential adds and deletes at the regular scheduled rebalance in September.
- Weebit Nano Ltd (WBT AU) is now a potential add in September and could see some pre-positioning in the near future.
Ventia Services (VNT) Selected to Join ASX 200 – Not A Surprise
- After the Blackmores Ltd (BKL AU) Scheme Meeting result was announced earlier today, post-close the S&P/ASX team announced Ventia (VNT AU) would replace it on 21 July at the close.
- This is not that surprising. Janaghan Jeyakumar, CFA expected it in June, and it was a super-close second recently for him for the Sep rebalance.
- Given the shareholder structure and flow dynamics, it’s worth taking a closer look.
Whitehaven Coal June Quarterly: 45% of Mkt Cap in Cash, >20% OCF Yield, Aggressive Buyback
- Whitehaven Coal (WHC AU) released its June Quarterly. The company is in blackout (starting July 1st) till its release of annual results on August 24th, 2023.
- June quarter OCF was 435 mn AUD ( Avg Coal Px 177 USD/ton), and net cash on the balance sheet was 2.65 bn AUD representing 45% of market capitalization.
- To complete its buyback program, 147 million shares remain left to repurchase (current o/s shares 836 mn). 196 million shares have been repurchased so far since March 2022.
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