In today’s briefing:
- MV Global Defense Industry Index Rebalance: 4 Adds; 5.8% Turnover; US$850m Trade
- Weekly Deals Digest (14 Dec) – Jinke Smart, Meilan, Makino, Raksul, Toyota Industries, Predictive
- Wealthfront Corporation (WLTH): Financial Platform Falls Flat Despite Heavy Pre-IPO Interest
- Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal
MV Global Defense Industry Index Rebalance: 4 Adds; 5.8% Turnover; US$850m Trade
- BigBear.ai Holdings, NextVision Stabilized Systems, Ondas Holdings Inc and Planet Labs will be added to the MarketVector Global Defense Industry Index at the close on 19 December.
- The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 5.8% resulting in a round-trip trade of US$846m.
- The adds have all run up over the last year and the passive buying could give the stocks another leg up in the short-term.
Weekly Deals Digest (14 Dec) – Jinke Smart, Meilan, Makino, Raksul, Toyota Industries, Predictive
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: SBI Shinsei Bank (8303 JP) and NS Group (471A JP) IPOs.
- Event-Driven developments: Jinke Smart Services (9666 HK), Hainan Meilan International Airport (357 HK), Makino Milling Machine Co (6135 JP), Raksul Inc (4384 JP), Toyota Industries (6201 JP).
Wealthfront Corporation (WLTH): Financial Platform Falls Flat Despite Heavy Pre-IPO Interest
- Wealthfront priced 34.6mm shares at $14.00, top of range, and opened flat before closing up 1.4% after a volatile first session.
- The deal was reportedly double-digit times oversubscribed, with concentrated allocations and anchor support from BlackRock and Wellington.
- Despite the muted debut, Wealthfront’s strong profitability and discounted valuation versus peers support potential aftermarket upside.
Last Week In Event SPACE: National Storage, Raksul, ANE Cayman, Strategy, Broadmedia, Austal
- Brookfield and GIC took a peek behind the curtains and firmed terms for National Storage REIT (NSR AU). Clean deal.
- Raksul Inc (4384 JP) will get done at some price, though not necessarily at ¥1,710/share. You’d want to own Raksul at ¥1,710/share.
- Further inquiries suggest CDH likely controls ~18% of ANE Cayman Inc (9956 HK). This should not be up for debate.
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