In today’s briefing:
- Amman Mineral (AMMN IJ): Potential Passive Inflows Coming Up Soon
- Weekly Deals Digest (05 Nov) – Origin, Azure, Tietto, Eoflow, Hollysys, WuXi XDC, Midea, EcoPro Mat
- Selected European HoldCos and DLC: October’23 Report
- State Gas Limited – Growth Starts with the First PJ and That’s Imminent
Amman Mineral (AMMN IJ): Potential Passive Inflows Coming Up Soon
- Amman Mineral Internasional (AMMN IJ) listed on the Main Board of the IDX in July by raising US$715m in the largest Indonesia IPO for the year.
- The stock did not get Fast Entry to any of the local or global indices given the low float, but there could be multiple index inclusions in the near future.
- The stock is up 3x from its IPO price and there could be supply from some of the investors that got in at the offering price.
Weekly Deals Digest (05 Nov) – Origin, Azure, Tietto, Eoflow, Hollysys, WuXi XDC, Midea, EcoPro Mat
- 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 – EcoPro Materials (ECO123 KS), WuXi XDC Cayman (1877628D HK), Midea Group Co Ltd A (000333 CH) and Cainiao Smart Logistics Networ (1437124D HK) IPOs
- Event-Driven developments – Origin Energy (ORG AU), Azure Minerals (AZS AU), Tietto Minerals Ltd (TIE AU), Symbio Holdings (SYM AU), Eoflow (294090 KS), Hollysys Automation Technologies (HOLI US).
Selected European HoldCos and DLC: October’23 Report
- The discounts to NAV of covered holdcos haven’t shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%);
- Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).
- What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.
State Gas Limited – Growth Starts with the First PJ and That’s Imminent
- State Gas Limited (ASX:GAS) is a junior energy producer and explorer with assets concentrated in the Bowen Basin, Queensland.
- Having secured some $7mn in equity financing, the company is well progressed in the construction phase of the Rolleston West CNG Project (RW-CNG), with production set to commence in December.
- First gas is always a critical event driver in demonstrating the commercial potential of the assets and providing a platform from which growth strategies can emanate.
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