In today’s briefing:
- Last Week in Event SPACE: Mapletree, Alibaba, Australian Unity Office
- Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, Alibaba, SK Tel, Thai Life Insurance
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Genex, MACA, Australian Unity Office, Mapletree Commercial
- PCOMP Index Rebalance: Semirara Mining (SCC) Replaces Security Bank (SECB)
- Weekly Deals Digest (31 Jul) – Ramsay, Genex, MACA, Yancoal, Yashili, Thai Life, Hongjiu Fruit, WCP
Last Week in Event SPACE: Mapletree, Alibaba, Australian Unity Office
- Given recent corporate events in S-REIT land, there could be some considerable money to be allocated to the sector near-term
- Alibaba (ADR) (BABA US) / Alibaba Group (9988 HK) issued an announcement it would pursue a primary listing on the HKEX. This will make BABA Southbound-eligible
- At 0.81x newly-lowered book value, Australian Unity Office Fund (AOF AU) is trading at a relatively low multiple.
Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, Alibaba, SK Tel, Thai Life Insurance
- Last Friday saw the end of the review period for the upcoming rebalance of the MSCI, NIFTY, NKY and STAR50 indices, among others.
- The coming week has the implementation of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) and NIFTY100 Index rebalances at the close on 5 August.
- There were big inflows to the Tracker Fund of Hong Kong Ltd (2800 HK) last week with over US$500m flowing in.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Genex, MACA, Australian Unity Office, Mapletree Commercial
- There are 44 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals were discussed this week on Smartkarma. The Scheme for Genex Power Ltd (GNX AU) ; and the off-market takeover for MACA Ltd (MLD AU).
- Key updates took place for: Australian Unity Office Fund (AOF AU) and Mapletree Commercial Trust (MCT SP).
PCOMP Index Rebalance: Semirara Mining (SCC) Replaces Security Bank (SECB)
- Semirara Mining And Power Corp (SCC PM) will replace Security Bank (SECB PM) in the Philippines Stock Exchange PSEi Index (PCOMP INDEX) at the close of trading on 5 August.
- Passive trackers will need to buy 5.5 days of ADV on Semirara Mining And Power Corp (SCC PM) and sell nearly 30 days of ADV on Security Bank (SECB PM).
- Historically, the adds have outperformed the deletes and there has been a pop/drop in the adds/deletes the day after announcement. Square off existing pre-positions by mid week.
Weekly Deals Digest (31 Jul) – Ramsay, Genex, MACA, Yancoal, Yashili, Thai Life, Hongjiu Fruit, WCP
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments – Thai Life Insurance (TLI TB)‘s underwhelming debut, Chongqing Hongjiu Fruit (CHF HK) is pre-marketing a US$200-300m IPO, WCP (WCP KS) pushed back its US$692m IPO to mid-September.
- Event-Driven developments at Ramsay Health Care (RHC AU), Yancoal Australia (YAL AU), Genex Power Ltd (GNX AU), MACA Ltd (MLD AU), Yashili International Holdings (1230 HK), China Vast, Hwa Hong.
Before it’s here, it’s on Smartkarma
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