In today’s briefing:
- Large Potential S-REIT Flows in the Next Two Weeks
- IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI
- Thai Life Insurance (TLI): Borderline SET50 Fast Entry
- Hwa Hong Confirms No Competing Offers
- Onewo Space-Tech Pre-IPO – The Positives – One of the Largest and Still Growing Fast
- Sporting Crypto – July 25th 2022: RTFKT & Nike Push the ‘Phygital’ Boundaries
Large Potential S-REIT Flows in the Next Two Weeks
- Given recent corporate events in S-REIT land, there could be some considerable money to be allocated to the sector near-term
- These flows come at a time when prices are down off highs and liquidity is low.
- There could be some price impact on certain types of S-REITs near-term.
IDX30/LQ45 Index Rebalance: Big Inflows on ARTO, BBRI, BBCA; Outflows on GOTO, TLKM, BMRI
- There are 3 changes each for the IDX30 Index and LQ45 Index and 11 changes for the IDX80 Index at the upcoming rebalance to be implemented on 29 July.
- There is passive inflow on Bank Jago Tbk PT (ARTO) due to index inclusion, and on Bank Rakyat Indonesia (BBRI) and Bank Central Asia (BBCA) due to capping changes.
- With only 4 days to implementation, there will be relatively big moves on stocks that have large flow/impact from passive fund trading.
Thai Life Insurance (TLI): Borderline SET50 Fast Entry
- Thai Life Insurance (TLI TB) raised over US$1bn in its IPO and has started trading on the SET today.
- At the last trade price of THB 16/share, Thai Life Insurance (TLI TB) is a borderline Fast Entry add to the Stock Exchange of Thailand SET 50 Index (SET50 INDEX).
- If Thai Life Insurance (TLI TB) is added to the index, Bangkok Life Assurance (BLA TB) is the most likely deletion.
Hwa Hong Confirms No Competing Offers
- The Ong directors tried every trick in the book to derail the Hwa Hong Corp (HWAH SP) offer. The trump card was hiring Evercore to attract competing offers by 25 July.
- The Board confirmed today that there are no competing offers. This is a catalyst for shareholders sitting on the fence to accept the S$0.40 per share offer.
- The offer closes on 1 August. While meeting the 50%+ minimum acceptance condition will be a close-run, we think it will be met. The gross spread is 5.3%.
Onewo Space-Tech Pre-IPO – The Positives – One of the Largest and Still Growing Fast
- Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK).
- As per Frost & Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
- In this note, we will talk about the positive aspects of the deal.
Sporting Crypto – July 25th 2022: RTFKT & Nike Push the ‘Phygital’ Boundaries
- By now, you’ve probably heard about RTFKT. Especially if you’ve been reading Sporting Crypto for a while.
- If you haven’t, they’re one of the most successful NFT companies in the world — and that success saw Nike acquire them in late 2021.
- They pride themselves on being one of the premier creators of high end digital collectables, and more specifically, digital fashion.
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