In today’s briefing:
- Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August
- Everything to Know About the Year-End CGT-Driven Retail Sell-Off & KOSPI Basis Move
- OSL Group Placement: Momentum Is Strong but Is Opportunistic
- Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer
- Macquarie Group Ltd – The Overnight Report: AI Fuels New Highs
- Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open
- Hybridan Small Cap Feast: 17/07/2025
- Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics
Fraser Hospitality Trust (FHT SP): Scheme Vote on 15 August
- The Frasers Hospitality Trust (FHT SP) IFA opines that Frasers Property Ltd (FPL SP)’s scheme offer of S$0.71 cash and permitted distributions (estimated at S$0.0098) is fair and reasonable.
- While the current offer is arguably light compared to the failed 2022 offer, the lack of vocal opposition and limited retail displeasure reduces the vote risk.
- On balance, the scheme vote should pass. For a 30 September payment, the gross/annualised spread of the total offer (S$0.7198) is 2.8%/15.6%.
Everything to Know About the Year-End CGT-Driven Retail Sell-Off & KOSPI Basis Move
- If the CGT threshold drops from ₩5B to ₩1B, year-end retail selling could surge—net sales were ₩14T in Nov–Dec 2023 versus just ₩2.5T in the same period of 2024.
- Retail may react strongly this year due to higher unrealized gains and the ₩1B CGT threshold return; about 65% of KOSPI stocks still use year-end dividend record dates.
- Odds are high for a classic year-end CGT-driven retail sell-off and a sharp KOSPI cash-futures basis move, fueled by dividend uncertainty we can capitalize on.
OSL Group Placement: Momentum Is Strong but Is Opportunistic
- BC Technology Group (863 HK) is looking to raise around US$157m from a primary placement.
- The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Frasers Hospitality Trust (FHT SP): 15th August Vote On Frasers Prop/TCC Offer
- Back on the 14th May 2025, S-REIT Frasers Hospitality Trust (FHT SP) entered into a Scheme with its current sponsor, Frasers Property Limited, @ S$0.71/share.
- The Scheme Consideration is 1.11x the latest adjusted NAV estimate of S$0.63904/unit; and S$0.01/unit above Frasers/TCC’s S$0.70/unit failed Offer back in September 2022.
- The Scheme Doc is now out, with a shareholder vote on the 13th August. The IFA says fair and reasonable.
Macquarie Group Ltd – The Overnight Report: AI Fuels New Highs
- The AI trade took the S&P500 and Nasdaq to new highs (again) with markets in Japan and Europe rallying also.
- The Australian market stumbled on Governor Bullock’s hawish tone yesterday.
- ASX200 futures are pointing to another day of net weakness.
Accelerant Holdings (ARX): Insurance Sector Brings Another IPO Winner to Market; Pops 36% at Open
- Accelerant Holdings (ARX US) priced 34.46mm shares (upsized from 28.95mm) at $21.00($1 Above the $18-$20 range) and opened at $28.50 for a gain of 35.7% at first trade.
- This was the fifth insurance related IPO to debut in 2025 and all have been winners.
- We see this company having potential staying power in the short term. Several insurance related IPOs have traded higher for longer than many short term investors would have anticipated.
Hybridan Small Cap Feast: 17/07/2025
- Alkemy Capital Investments 163.75p £16.1m (ALK.L) The investment company announces that its wholly owned subsidiary Tees Valley Lithium, has now concluded a long-term binding feedstock agreement with Touchstone’s Chilean lithium project, one of the world’s highest-grade lithium brine deposits.
- The agreement results in up to 100,000 tonnes of lithium carbonate equivalent secured over an initial 5-year term, with an option to extend for an additional 50,000 tonnes per annum over a further 2 years.
- First commercial deliveries are expected in 2027.
Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics
- Kasumigaseki Hotel REIT (401A JP) is looking to raise up to US$195m in its upcoming Japan IPO.
- It is a REIT with hotel assets sponsored by affiliated developer, Kasumigaseki Capital (3498 JP).
- In this note, we examine the IPO dynamics, and undertake a peer comparison.
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