In today’s briefing:
- Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative
- Millennium & Copthorne Hotels (MCK NZ): City Dev’s Unattractive Takeover Offer
- EQD | Hong Kong Index Options Weekly (HSI and HSCEI January 13-17): Long Vol Gets a Caution Flag
- Sonos’ $500 Million Crisis: Why The CEO Had To Go!
- Ultrajaya Milk (ULTJ IJ) – Bringing Milk to the Children
- Lifull (2120 Jp ) – Strategically Transforming the Overseas Segment to Focus on HOME’S Services
- Eco-Shop Marketing Pre-IPO: Malaysia’s Leading Dollar-Store
- Pointerra Ltd – Best ever quarter, Q2 outperforms forecasts
Quiddity Leaderboard NIFTY Mar 25: US$1.2bn Collective One-Way Flows but Momentum Is Negative
- NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
- In this insight, we take a look at the names leading the race to become ADDs/DELs for these indices in the March 2025 index rebal event.
- We see two changes for the NIFTY 50 index and five changes for the NIFTY 100 index.
Millennium & Copthorne Hotels (MCK NZ): City Dev’s Unattractive Takeover Offer
- Millennium & Copthorne Hotels Nz (MCK NZ) disclosed a conditional takeover offer from City Developments (CIT SP) at NZ$2.25, a 25.0% premium to the undisturbed price of NZ$1.80 (17 January).
- The key condition is a 90% minimum acceptance condition, which will be an issue as the offer is materially below NTA on a historical cost and market-value-based approach.
- CDL has three options to address shareholder resistance: lower the minimum acceptance threshold, increase the offer price, or continue extending the close.
EQD | Hong Kong Index Options Weekly (HSI and HSCEI January 13-17): Long Vol Gets a Caution Flag
- Abrupt change in course for HSI which bottomed on Monday and moved higher in a straight line the rest of the week. Price action was aided by stabilization in Tencent.
- Implied vols were softer on the week and have a fairly large spread to historic vols. Caution warranted for long vol positions as this can persist with holidays dead ahead.
- Call volumes have rebounded to normal levels with the strong price action.
Sonos’ $500 Million Crisis: Why The CEO Had To Go!
- Sonos, a renowned name in the premium audio industry, has recently faced one of its most challenging years.
- The company, known for its seamless blend of hardware and software, suffered a significant setback due to a disastrous app update that disrupted the user experience for millions.
- Released in May 2024, the redesigned app, meant to accelerate innovation, instead turned functional speakers into non-operational devices.
Ultrajaya Milk (ULTJ IJ) – Bringing Milk to the Children
- Ultrajaya Milk remains one of Indonesia’s leading dairy companies with a leading 36% market share of the UHT milk market, with Indonesia being one of the lowest consumers in ASEAN.
- The company has seen a strong recovery in its dairy business and will be a key beneficiary of the school meals program in Indonesia, launched this year by President Prabowo.
- Ultrajaya‘s new distribution centre in MM2100 is now operating with manufacturing to start in 3Q2025, helping to drive longer-term growth. Valuation is attractive versus peer Cimory with growth outlook improving.
Lifull (2120 Jp ) – Strategically Transforming the Overseas Segment to Focus on HOME’S Services
- LIFULL Co., Ltd. (hereafter, the Company) operates one of Japan’s largest real estate and housing information sites, LIFULL HOME’S, which works with real estate companies across Japan to provide listings for rental and for-sale properties.
- Emphasizing a user-first approach, it not only offers property information but also supports users’ decision making through features such as information on living conditions by area, user reviews, and AI-driven recommendations.
- Beyond real estate, the Company has expanded into new businesses, including LIFULL Kaigo, a matching platform for senior living facilities, and LIFULL Regional Revitalization, to meet a broad range of user needs.
Eco-Shop Marketing Pre-IPO: Malaysia’s Leading Dollar-Store
- Eco-Shop Marketing (ECO MY) is looking to raise about US$226m in its upcoming Malaysia IPO.
- ES is the largest dollar chain in Malaysia, as per the number of stores it operates. The firm operates an extensive network of stores across Malaysia.
- In this note, we look at the firm’s past performance.
Pointerra Ltd – Best ever quarter, Q2 outperforms forecasts
- RaaS has published an update on 3D spatial data solutions group Pointerra (ASX:3DP) following the release of the company’s best ever quarterly results, from a cash receipts, operating cashflow and organic cash growth perspective.
- Q2 FY25 cash receipts of $4.24m were up 219% on the previous corresponding period (pcp) and 38% against Q1 FY25.
- Operating cash inflow for Q2 was $1.45m, a $2.89m turnaround on the operating cash flow reported in Q2 FY24 and a 367% improvement on Q1 FY25.
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