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.
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