In today’s briefing:
- Dickson Concepts (113 HK): A Necessary HK Arbageddon
- Weekly Deals Digest (20 Jul) – Seven & I, Shibaura, DD Group, Dickson, Abacus Storage, PointsBet
- TSLA Q2 Earnings: Options Appear Complacent Vs. TSLA’s Volatile History
- Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson
Dickson Concepts (113 HK): A Necessary HK Arbageddon
- Dickson Concepts Intl (113 HK) shareholders have voted against Sir Poon’s HK$7.20 per share offer. The vote marginally failed the <10% of all disinterested shareholders’ rejection threshold.
- While painful, this deal break was arguably the correct outcome as the offer was below the net cash and Dickson is cash generative on an underlying basis.
- Unlike the last HK deal break (Soundwill), the price action over the last two days indicated a done deal. My estimated break price is HK$5.00 (30% downside to last close).
Weekly Deals Digest (20 Jul) – Seven & I, Shibaura, DD Group, Dickson, Abacus Storage, PointsBet
- 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: NSDL (NSDL IN) is seeking to raise US$400 million
- Event-Driven developments: Seven & I Holdings (3382 JP), Shibaura Electronics (6957 JP), DD Group (3073 JP), Dickson Concepts Intl (113 HK), Abacus Storage King (ASK AU), PointsBet Holdings (PBH AU).
TSLA Q2 Earnings: Options Appear Complacent Vs. TSLA’s Volatile History
- TSLA is set to report Q2 earnings after the close on Wednesday, July 23, following a 28% rally since its last report.
- We examine implied vol and the projected earnings-day move, which may be underpricing event risk.
- Volatility positioning and historical earnings reactions are assessed to help frame expectations.
Last Week In Event SPACE: Seven & I, Krungthai Card, GMO Internet, Jardine Matheson
- Alimentation Couche-Tard (ATD CN) walks away from Seven & I Holdings (3382 JP), and accuses 7&i’s Board, management, and the Special Committee of bad faith and bad governance.
- Buy Krungthai Card (KTC TB) with both hands as pledged sharesfall to 3.5% of shares outstanding from 16.3% the previous month.
- If you have borrow on GMO Internet (4784 JP), use it. Otherwise, avoid like the plague. It would not be surprising if the TSE were to ding someone on manipulation.
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