In today’s briefing:
- MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes
- MV Global Rare Earth/Strategic Metals Index Rebalance: One Delete & Other Changes
- Quiddity MV Jr Gold Miners Mar25 Rebalance Flows: 7 ADDs No DELETEs And $640mm Round Trip Flows
- Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN
- Tenma Corp (7958 JP): MBO Tender Offer at JPY3,580
MarketVector Vietnam Local Index Rebalance: One Add, Capping & Float Changes
- Nam A Commercial Joint Stock Bank (NAB VN) will be added to the MarketVector Vietnam Local Index at the close on 21 March.
- Estimated one-way turnover is 3.1% and that results in a round-trip trade of US$26m. There are 3 stocks with more than 1x ADV to trade from passives.
- Vietnam is on the watchlist of a global index provider for possible reclassification from Frontier to Secondary Emerging Market and that could lead to inflows to the stocks.
MV Global Rare Earth/Strategic Metals Index Rebalance: One Delete & Other Changes
- Standard Lithium (SLI US) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close of trading on 21 March.
- The constituent change, float changes and capping changes result in an estimated one-way turnover of 8.9% and in a round-trip trade of US$61m.
- The largest inflows will be in Pilbara Minerals (PLS AU) and Albemarle (ALB US) while there will be outflows from MP Materials (MP US) and Lynas Corp (LYC AU).
Quiddity MV Jr Gold Miners Mar25 Rebalance Flows: 7 ADDs No DELETEs And $640mm Round Trip Flows
- The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
- There will be seven ADDs and no DELs for the March 2025 rebal event.
- We expect a one-way flow of US$320mn for March 2025, which translates to a turnover of 5.2%.
Last Week in Event SPACE: Rio Tinto, Proto, CK Hutch, Silk Logistics, HKBN
- An independent appraisal repot supports Rio Tinto Ltd (RIO AU) unifying its dual-listed structure. Shareholders will get their say on the 3rd April.
- Proto Corp (4298 JP)‘s MBO is the wrong price. The solution here is a really bump or a broken deal if investors keep the share price above the TOB price.
- CK Hutchison Holdings (1 HK)gives back some of the recent gains as pro-Beijing media said CK Hutch “should think twice about which side it wants to stand with”.
Tenma Corp (7958 JP): MBO Tender Offer at JPY3,580
- Tenma Corp (7958 JP) has recommended an MBO tender offer at JPY3,580 per share, a 37.1% premium to the last close of JPY2,611.
- Despite implying a P/B multiple of 0.89x, the offer is attractive compared to historical trading ranges and peer multiples and represents an all-time high.
- An irrevocable from Dalton, the largest shareholder, lowers the risk of activist agitation. Given that the offer is reasonable, the required minority acceptance rate of 28.5% is attainable.
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