In today’s briefing:
- [Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
- [Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
- China Rare Earth (769 HK)’s Wild Price Movement. An Offer In The Wings?
- New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel
- How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
- SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme
- Stora Enso: Hidden Forest Value Unlock With a Clean Break Catalyst
[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way
- The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful.
- That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months.
- And there are some very interesting dynamics to consider in the meantime.
[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow
- Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM.
- There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
- I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.
China Rare Earth (769 HK)’s Wild Price Movement. An Offer In The Wings?
- China Rare Earth Holdings (769 HK), a processor and trader of rare earth oxides/metals, is suspended for reasons unknown.
- But not before gaining 79% month to date. On huge volume. And that gain is after giving back 23% from a recent high close.
- As discussed in Know Your Rare Earth Elements As China Restricts Exports, China recently escalated restrictions on the export of rare earths; although there has been some partial easing.
New World Resources (NWC AU): CAML Bumps. Shares To Be Placed. Kinterra Taps Takeover Panel
- Central Asia Metals (CAML LN) has bumped terms for New World Resources (NWC AU) to A$0.053/share, up from A$0.05/share initially. An off-market Offer is in parallel should the Scheme fail.
- Separately, NWC announced a A$10mn placement – funded by CAML! – to advance its Antler Project, “conditional on either no competing proposal being received by …. 4 July 2025“.
- Toronto-Based PE outfit Kinterra Capital, with a 11.99% stake, has now tapped the Takeovers Panel to declare the placement a frustrating tactic.
How SEBI’s Expiry Day Overhaul Impacts NSE & BSE ?
- Starting September 1, 2025, BSE will shift its weekly expiry to Thursday, while NSE’s weekly expiry will move to Tuesday, reducing overlap between the two major exchanges.
- The move aims to streamline operations, reduce volatility, and increase uniformity across exchanges, aligning with global standards and institutional preferences.
- BSE’s shift to Thursday expiry could benefit its market share, but NSE’s Tuesday expiry may help it regain some of the ground lost in recent months, intensifying competition.
SPAC TACO: Potential Upside with Strong Sponsor and Meme Appeal in Crypto Treasury Bubble Theme
- Berto Acquisition (TACO) is a SPAC that IPO’d in April 2025, led by Harry You, with a $300m IPO size.
- The SPAC’s current price is $10.53, slightly above its ~$10 trust value, indicating minimal cost for upside potential.
- TACO’s IPO was upsized from $250m to $261m, excluding the underwriter’s over-allotment, which is uncommon.
Stora Enso: Hidden Forest Value Unlock With a Clean Break Catalyst
- Forest spin-off could unlock €2.2bn in hidden NAV and enhance valuation transparency, but will not reduce debt as shares are distributed directly to shareholders.
- Industrial operations are undervalued vs peers, providing cyclical recovery upside.
- Sum-Of-The-Parts (SOTP) path simplification addresses conglomerate discount and improves investor transparency.
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