In today’s briefing:
- Abacus Storage King (ASK AU): Ki Corp/Public Storage’s NBIO at A$1.47
- Nikkei 225 Bounce: Setting Up for Tactical Shorts
- Industrivärden’s Q1 2025: NAV Evolution, Discount, Target NAV, Replication
- Lucror Analytics – Morning Views Asia
Abacus Storage King (ASK AU): Ki Corp/Public Storage’s NBIO at A$1.47
- On 7 April, Abacus Storage King (ASK AU) disclosed a non-binding proposal from Ki Corporation and Public Storage (PSA US) at A$1.47, a 26.7% premium to the undisturbed price.
- While below NTA (implying a P/NTA of 0.92x), the offer is reasonable compared to peer multiples and historical trading ranges. It represents an all-time high.
- A binding offer is conditional on due diligence (expected to take six weeks) and Board recommendation. The Board should work to secure a binding offer closer to NTA.
Nikkei 225 Bounce: Setting Up for Tactical Shorts
- From Monday’s gloom to Tuesday’s euphoria, the Nikkei 225 (NKY INDEX) staged one of the strongest rebounds — but tariff risks haven’t gone away. Still there.
- Here are some tactical analysis and ideas specific for the Nikkei 225 Index to prepare for the key risk ahead: another brutal sell-off.
- The targets highlighted by our models (below) come with low reversal probabilities — ranging from just 25% to 50% — this is consistent with weak market rebound dynamics.
Industrivärden’s Q1 2025: NAV Evolution, Discount, Target NAV, Replication
- Industrivärden offers cost-efficient, long-term exposure to Swedish industrial blue chips, with a high-quality balance sheet and 21% upside potential to our NAV-based target price of SEK 380.2.
- While the portfolio remains concentrated in five core holdings, recent underperformance has opened a value gap; Volvo and Sandvik remain key drivers of upside in a cyclical rebound.
- The current 5.5% NAV discount is below historical norms, but insider buying and improved fundamentals suggest scope for re-rating as market sentiment stabilizes around Industrivärden’s core assets.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Yuexiu Property, Tata Motors, Softbank Group
- US President Donald Trump wrote on Truth Social that Washington will impose an additional 50% tariff on China effective April 9th, if Beijing does not back down from its 34% retaliatory tariffs.
- Mr Trump’s post also stated that the US will terminate all talks with China, while commencing negotiations with other countries. Separately, the President told reporters at the White House that he was not looking at a pause on tariffs, but added that “many countries” were seeking negotiations and there would be fair deals in certain cases.
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