In today’s briefing:
- Abacus Storage King (ASK AU) Gets an NBIO from Ki Corp & PSA
- Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges
- President Yoon’s Impeachment: Impact on Korean Capital Markets
- Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown
- [Alert] Sell Howard Hughes (HHH)
- Kospi Index Options Weekly (Mar 31 – Apr 4): Rising Vol, Local and Global Political Undercurrents
Abacus Storage King (ASK AU) Gets an NBIO from Ki Corp & PSA
- Abacus Storage King (ASK AU) was demerged from Abacus Property Group in 2023 and the stock has traded in a range since listing.
- Now, Ki Corp and Public Storage (PSA US) have made a conditional and non-binding proposal to take Abacus Storage King (ASK AU) private at A$1.47/share.
- The offer is a 27% premium to the last close of the stock and is higher than the price that the stock has traded at since listing.
Nikkei Index Options Weekly Mar 31 – Apr 04): Volatility Elevated, Put Demand Surges
- Volatility percentiles are flashing, and we explore what recent price action could signal for the week ahead.
- Put activity surged, with especially heavy interest on Thursday and Friday and concentrated in short dates expiries.
- We highlight the potential for equity market volatility to spill over into currency markets.
President Yoon’s Impeachment: Impact on Korean Capital Markets
- On April 4, 2025 (KST), South Korea’s Constitutional Court formally removed former President Yoon Suk Yeol from office in accordance with the constitutional order.
- This decision is expected to significantly reduce political uncertainty. However, external factors such as the U.S. government’s reciprocal tariff policies will continue to have substantial impact on Korean markets.
- June’s presidential election favors government change. Global investors should watch the Democratic Party’s capital market reform proposals.
Nifty Index Options Weekly (Apr 01 – 04): Lowest Implied Vol Amid a Global Meltdown
- Nifty remains the global market with the lowest implied volatility and has been outperforming its peers in this sell off.
- We assess where Nifty is likely to open on Monday and the expected impact on implied vol and discuss whether hedging should be considered.
- We highlight the absence of a flight-to-quality bid in this global meltdown and what that could mean for relative returns vs. the SP500.
[Alert] Sell Howard Hughes (HHH)
Just a quick update: I’ll be selling my position in Howard Hughes (HHH) to fund a purchase of Havas (HAVAS).
Howard Hughes remains an attractive company that isn’t directly impacted by potential tariffs—aside from broader recession-related risks.
However, with Pershing Square attempting to take the company private, I don’t feel I have a clear edge in the current situation.
Kospi Index Options Weekly (Mar 31 – Apr 4): Rising Vol, Local and Global Political Undercurrents
- Volatility percentiles are flashing red, and we explore what recent price action could signal for the week ahead.
- Implied vol rose meaningfully, approaching historical extremes, with more pressure likely as the week begins.
- Options hedge adjustments are discussed following a strong move in both price and vol.
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