In today’s briefing:
- JPX Nikkei 400 Index Rebalance: Some Biggish Impact Stocks
- Last Week In Event SPACE: SJM, Yashili, Cayman Headcount, ResApp, Honda Tsushin Kogyo
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: ResApp, Honda Tsushin Kogyo, Yashili, Link Admin, Lifestyle
- Index Rebalance & ETF Flow Recap: NKY, JPXNK400, FTSE CH50/A50/TW50, SenseTime, Orica
JPX Nikkei 400 Index Rebalance: Some Biggish Impact Stocks
- There are 36 adds and 34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. Some of the changes are interesting.
- Based on the adds, deletes and capping changes, we estimate one way turnover of 4.75% and a two-way trade of JPY 444.45bn (US$3.3bn).
- Oriental Land (4661 JP) is a delete from the JPX Nikkei 400 Index but a high probability inclusion to the Nikkei 225 (NKY INDEX) at the September rebalance.
Last Week In Event SPACE: SJM, Yashili, Cayman Headcount, ResApp, Honda Tsushin Kogyo
- Participate in SJM Holdings (880 HK)‘s Excess Application Auction, though one would need to bid for a fantastically large quantity of shares to get anything, because everyone else will
- At a 11% gross spread to terms, and potential 4Q22 completion, Yashili(1230 HK) IS A CLEAR BUY. The world is a bit risk averse and it shows up in spreads.
- The ‘headcount test‘ for Cayman-incorporated companies failed to move with the times and address the fact that the majority of shares of Hong Kong-listed companies were held by HKSCC Nominees.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: ResApp, Honda Tsushin Kogyo, Yashili, Link Admin, Lifestyle
- There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deal was discussed this week on Smartkarma. Honda Tsushin Kogyo (6826 JP)‘s Tender Offer.
- Key updates took place for: Resapp Health (RAP AU), Link Administration (LNK AU), and Yashili International Holdings (1230 HK).
Index Rebalance & ETF Flow Recap: NKY, JPXNK400, FTSE CH50/A50/TW50, SenseTime, Orica
- The rebalances of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) and NIFTY100 Index were implemented at the close on Friday.
- MSCI will announce the results of the August QIR pre-market on 12 August (Asia time). This is the last QIR to use the current methodology before we move to QCIRs.
- There were large outflows from KraneShares CSI China Internet ETF (KWEB US) during the week as investors pulled US$267m from the ETF.
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