In today’s briefing:
- Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement
- The Yen’s Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story
- Japanese Big Cap Banks – Key Fundamental Tailwinds Drive Our Positive Picks
- Relative Value Opportunity: Region Group (RGN AU) Vs. Waypoint REIT (WPR AU)
- Bajaj Finance (BAF IN) Vs. Kotak Mahindra Bank (KMB IN) – Trade Exit and Take Profit
- MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets
- Lucror Analytics – Morning Views Asia
- Hybridan Small Cap Feast: 12/06/2025
- ProCap Acquisition: Oversubscription, Strategic Advisors, and Potential Crypto Space Opportunities
- SPACs in Crypto: CCCM’s Potential with Bitcoin Acquisition Rumors and Influencer Leadership
Korea FSC Plans KRX to Match NXT Trading Hours and Move to T+1 Settlement
- If KRX adopts NXT’s pre- and after-hours fully, liquidity spreads out, weakening gap open plays and shifting focus to large-cap, event-driven LP-driven flows.
- With T+1 settlement coming, traders expect settlement pressure to fuel price dislocations—especially in ETF rebalancing and foreign-heavy stocks, where flow and FX risks may drive fresh discounts and volatility.
- Though launched pre-new admin, FSC’s plans align with the government’s push to boost KOSPI liquidity, making cancellations unlikely. Expect fast rollout—time to prep trading setups now.
The Yen’s Volatility & Japanese Hotel REITs: A Tourism-Driven Comeback Story
- The JPY Yen has depreciated 25% against USD for the last 5 years, this has made Japan an extremely attractive destination for foreigners
- The Japan’s hotel sector is known by its low supply, partly due to higher development cost and labour shortage. We think REVPAR and ADR will continue to be strong
- We like Japan Hotel REIT and Invincible for their hotel exposure. We think investors should closely monitor the Yen movement as well as BOJ policy
Japanese Big Cap Banks – Key Fundamental Tailwinds Drive Our Positive Picks
- The Bank of Japan left the short-term interest rate unchanged, but the governor stated that the tapering of JGB buying will continue, albeit with an eye on market stability
- This implies that the JGB yield curve is likely to continue steepening going forward, which is constructive for Japanese banks; in addition, market lending rates to April continue to rise
- We reassert buys on Resona, Mizuho, Shizuoka and Kyoto aided by our proprietary scorecard, and based on two core attributes; gearing to higher interest rates and cross-holdings to market capitalization
Relative Value Opportunity: Region Group (RGN AU) Vs. Waypoint REIT (WPR AU)
- The Region Group (RGN AU) vs. Waypoint REIT (WPR AU) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
- The relative value opportunity can be implemented as a long-short pair trade or as relative over-/underweights in a long only context.
- This Insight provides a target return, discusses trade setup, liquidity and risk management strategies.
Bajaj Finance (BAF IN) Vs. Kotak Mahindra Bank (KMB IN) – Trade Exit and Take Profit
- Context: This article provides an update on a previously identified pair trading opportunity between Kotak Mahindra Bank (KMB IN) and Bajaj Finance (BAF IN), based on statistical mean reversion analysis.
- Key Insights: The trade has now reached its exit signal as the price ratio reverted to its one-standard deviation band, yielding a +4.7% return.
- Why Read It: For investors interested in quantitative trading strategies, this article demonstrates how statistical arbitrage can generate short-term alpha and highlights actionable similar opportunities in the current market.
MBAV SPAC: Strategic Sponsor Shift Targets Digital Assets
- MBAV’s sponsor interest was acquired by Tether co-founder Reeve Collins and private equity veteran Chinh Chu at $0.90/unit.
- MBAV’s trust account is valued at approximately $10.45/share, with current trading price at $12.65/share.
- Cantor Fitzgerald, underwriter of MBAV’s IPO, acquired $37.5m stake and will sell private placement warrants to new sponsor.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group
- The US market was closed for Juneteenth yesterday.
- US President Donald Trump has indicated that he will decide whether to attack Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt.
Hybridan Small Cap Feast: 12/06/2025
- Updated 10th June: iFOREX Financial Trading, the fintech business with a proprietary online and mobile trading platform for multi-asset contracts for difference, announced that its proposed IPO onto the Main Market, which was expected to occur in late June, will be briefly delayed.
- A routine thematic compliance inspection commenced earlier this year in the BVI, which was disclosed in the Company’s Registration Document, requires additional time to enable finalisation ahead of the IPO.
- The inspection process is close to completion and the Company anticipates only a short delay to the IPO timetable.
ProCap Acquisition: Oversubscription, Strategic Advisors, and Potential Crypto Space Opportunities
- ProCap Acquisition (PCAPU) IPO’d with a $250 million size at $10/share, currently trading at $11.85/unit.
- PCAPU is backed by Anthony Pompliano, with a focus on leveraging media presence for target visibility.
- The SPAC is oversubscribed, with $1.8 billion demand, and trades closer to trust value, offering downside protection.
SPACs in Crypto: CCCM’s Potential with Bitcoin Acquisition Rumors and Influencer Leadership
- Columbus Circle Capital Corp I (CCCM) is a SPAC that IPO’d recently, raising $250m with a $10/share price.
- CCCM is rumored to raise $750m to buy Bitcoin, potentially led by crypto influencer Anthony Pompliano as CEO.
- The SPAC is backed by the Cohen family, with a 25% sponsor stake, focusing on AI and digital infrastructure.
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