Daily BriefsEvent-Driven

Daily Brief Event-Driven: Fresh Low-PBR Policy Color Hitting the Local Tape Today and more

In today’s briefing:

  • Fresh Low-PBR Policy Color Hitting the Local Tape Today
  • Gemlife (GLF AU): Index Inclusions Start Later This Year
  • SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely
  • Contact Energy/Manawa Energy: Index Flows as Deal Nears Completion
  • Greatland Resources (GGP AU): Big Index Inclusions for Recent IPO
  • Dickson Concepts (113 HK): Scheme Vote on 18 July for a Below Net Cash Offer
  • Dickson Concept (113 HK): 18th July Vote On Poon’s Low-Balled Offer


Fresh Low-PBR Policy Color Hitting the Local Tape Today

By Sanghyun Park

  • The ruling party’s KOSPI 5,000 task force is now eyeing low PBR names with talk of direct penalties — a sharper shift from the prior admin’s soft-touch value-up approach.
  • Low PBR penalties may bypass the Assembly, fast-tracked via KRX or enforcement rule tweaks — rollout could follow swiftly post commercial code passage, possibly within 2–3 months.
  • Market’s zeroing in on low PBR, high ROE large caps — with 0.8x flagged as the penalty line, 56 KRW 1T+ names screen as potential re-rating plays.

Gemlife (GLF AU): Index Inclusions Start Later This Year

By Brian Freitas

  • Gemlife (GLF AU) is looking to raise A$750m in a primary offering, valuing the company at A$1.58bn. The stock is expected to start trading on 3 July.
  • The Puljich family and Thakral Corp (THK SP) are escrowed on their shares till mid 2026 at the earliest. 
  • Gemlife (GLF AU) could be added to global indexes in November and December this year, but S&P/ASX 300 Index inclusion could take place only in March 2026.

SingPost (SPOST SP): More Non-Core Divestments – Slowly But Surely

By David Blennerhassett

  • After selling its Aussie-based logistics ops earlier this year, Singapore Post (SPOST SP) continues to divest non-core assets and businesses.
  • The latest is the sale and leaseback of 10 Housing & Development Board shophouses, which could net S$50mn. 
  • SPOST has declared a S$0.09/share special dividend from the Aussie sale. Shareholders will vote on the dividend at the AGM on the 23rd July.  

Contact Energy/Manawa Energy: Index Flows as Deal Nears Completion

By Brian Freitas


Greatland Resources (GGP AU): Big Index Inclusions for Recent IPO

By Brian Freitas


Dickson Concepts (113 HK): Scheme Vote on 18 July for a Below Net Cash Offer

By Arun George

  • Dickson Concepts Intl (113 HK)’s IFA opines that the controlling shareholder (Sir Poon) at HK$7.20 to be fair and reasonable. The vote is on 18 July. 
  • A low AGM minority participation rate and quiet retail forums are helpful. However, the offer is below the net cash, and Dickson is cash generative on an underlying basis. 
  • Dickson shares traits similar to those of the Goldlion and Soundwill deal breaks, which showed that low-ball offers can be blocked. This situation warrants a safety-first approach.

Dickson Concept (113 HK): 18th July Vote On Poon’s Low-Balled Offer

By David Blennerhassett

  • Back on the 29th April, Dickson Concepts Intl (113 HK)‘s Chairman, Dickson Poon (& relatives), holding (now) 65.77%, tabled an Offer by way of a Scheme for shares not held.
  • The family offered HK$7.20/share (best & final). That compared to DC’s net cash (as at 31st Mar 2025) of HK$6.92/share. Plus financial assets comprise an additional ~HK$1.92/share.
  • The Scheme Document’s now out, with a Court Meeting on the 18th July, and expected payment around the 12th August. The IFA (Platinum) says “fair & reasonable”. It is not.

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