In today’s briefing:
- MVIS Australia Equal Weight Index Rebalance: Two Deletions & Other Changes
- Lutronic (085370 KS): Hahn & Co Tender Offer
- Nippon Shinyaku (4516 JP): FY24 Guidance Falls Short of Mid-Term Target; DMD Drug Growth Slows Down
- MariMed Opens First Ohio Dispensary
MVIS Australia Equal Weight Index Rebalance: Two Deletions & Other Changes
- Ansell Ltd (ANN AU) and Challenger Ltd (CGF AU) will be deleted from the MVIS Australia Equal Weight Index at the close of trading on 16 June.
- One way turnover is 5.9% resulting in a one-way trade of A$107m. Only the two deletions have more than 1 day of ADV to sell from passive trackers.
- With the passive selling between 33-50% of short interest on the deletions, there could be short covering at the close on Friday.
Lutronic (085370 KS): Hahn & Co Tender Offer
- On 9 June, skin and cosmetic treatment play Lutronic Corp (085370 KS) announced a Tender Offer from Korean PE outfit Hahn & Company.
- After acquiring 19.41% from Lutronic’s CEO at ₩ 36,700, Hahn will launch an Offer for all remaining shares at the same price.
- This Offer Price is a lifetime high. There is no minimum tendering condition.
Nippon Shinyaku (4516 JP): FY24 Guidance Falls Short of Mid-Term Target; DMD Drug Growth Slows Down
- Nippon Shinyaku (4516 JP)‘s FY24 revenue guidance is 3% below mid-term target, while operating and net profits guidance are 20% and 17% below the target, respectively.
- Revenue growth of Viltepso is expected to decelerate to 28% in FY24 from 85% in FY23, dragged by the U.S. sales, which contributes 74% of Viltepso revenue.
- Rival Sarepta Therapeutics (SRPT US) is expected to receive FDA approval for its next DMD gene therapy drug this month, leading to a new competition for Viltepso.
MariMed Opens First Ohio Dispensary
- MariMed opened a Thrive Wellness medical dispensary in Tiffin, Ohio. This is its first operational Ohio store, and MariMed now owns or manages 11 dispensaries in five states.
- Tiffin is in Seneca County, which has more than 54,000 residents and is home to almost 5,000 students at Tiffin University.
- MariMed’s dispensary is the only store in the Tiffin area. The closest competitor is 30 minutes away in Fremont, Ohio.
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