In today’s briefing:
- Last Week in Event SPACE: Toshiba, Swire Pacific, Ramsay Health, Pendal, Intouch
- ECM Weekly (28th Aug 2022) – China Tourism, BA REIT, Hongjiu Fruit, YH Ent, Biocyto, WM, APM, Daiwa
- China Property Management: Lacking Independence
- Index Rebalance & ETF Flow Recap: FTSE AW/AC, CH 50/A50, STI, KLCI, TW 50/Div+, STAR50, EPRA Nareit
Last Week in Event SPACE: Toshiba, Swire Pacific, Ramsay Health, Pendal, Intouch
- Based on an admittedly somewhat finger-in-the-air estimate of probability of privatisation, shorting Toshiba Corp (6502 JP) here against its Peer Basket is probably not a good outcome.
- Swire Pacific (19 HK) has started buying back with 3.5x the average ADV impact on Bs vs As. That is likely to continue.
- KKR’s all cash A$88/share Offer for Ramsay Health (RHC AU) is off. The alternative Offer has a lower implied value, and has been unceremoniously rejected, despite Ramsay’s horrible FY22 numbers.
ECM Weekly (28th Aug 2022) – China Tourism, BA REIT, Hongjiu Fruit, YH Ent, Biocyto, WM, APM, Daiwa
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, China Tourism’s listing appears to have set the ball rolling for others to follow.
- After a flurry of activity in the prior week, there weren’t any major placements this week.
China Property Management: Lacking Independence
- As China’s property market melts down, shares of property management companies are following suit.
- And there are increasing governance issues attached to these management units as a slew of questionable parent/subsidiary transactions unfold.
- Valuations for property management companies are trading at multi-year lows. That trend is likely to continue.
Index Rebalance & ETF Flow Recap: FTSE AW/AC, CH 50/A50, STI, KLCI, TW 50/Div+, STAR50, EPRA Nareit
- It was a busy week with a lot of review cutoffs for the FTSE country indices and the announcement of the STAR50 INDEX changes for September.
- The coming week has the implementation of the JPXNK400, MSCI, HSI, HSCEI and HSTECH rebalances. Plus announcements of the changes to the FTSE, NIFTY and S&P/ASX indices.
- There were outflows from iShares MSCI All Country Asia ex-Japan ETF (AAXJ US), IShares Core MSCI Asia Ex Japan ETF (3010 HK) and KraneShares CSI China Internet ETF (KWEB US).
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