In today’s briefing:
- NIFTY/NEXT50 Index Rebalance Preview: Loads of Changes if Proposed Methodology Is Implemented
- Merger Arb Mondays (31 Jul) – Eoflow, JSR, Toshiba, Pacific Current, Costa, Estia, Newcrest, Dali
- Investors Should Continue to Demand that Comparable and Necessary Human Capital Disclosures Are Made
- Biogen Inc: Job Cuts to Prioritize New Drug Launches. Genius or Misstep? – Key Drivers
- Thermo Fisher Scientific Inc.: Can The Acquisition of CorEvitas Be A Game Changer? – Key Drivers
NIFTY/NEXT50 Index Rebalance Preview: Loads of Changes if Proposed Methodology Is Implemented
- Using the current index methodology throws up 5 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September. Turnover will be BIG.
- Using the proposed index methodology throws up 11 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September. Turnover will be HUGE.
- The market consultation being put on hold could indicate pushback from index users or the possibility of F&O contracts being introduced on some of the non-F&O index constituents.
Merger Arb Mondays (31 Jul) – Eoflow, JSR, Toshiba, Pacific Current, Costa, Estia, Newcrest, Dali
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads – 111 Inc (YI US), Chindata Group (CD US), Estia Health (EHE AU), ENM Holdings (128 HK), JSR Corp (4185 JP), Costa Group Holdings (CGC AU).
- Lowest spreads – Healius (HLS AU), Liontown Resources (LTR AU), Toyo Construction (1890 JP), Penguin International (PBS SP), Kenedix Retail REIT (3453 JP), ARTERIA Networks Corp (4423 JP).
Investors Should Continue to Demand that Comparable and Necessary Human Capital Disclosures Are Made
- Few companies disclose human capital quantitatively, and most do so in text without numbers. Rarely do companies like Sysmex show how much added value their human capital investments have generated.
- To ensure that information necessary to understand how much value investment in human capital creates is disclosed, investors should scrutinize annual securities reports to identify areas for improvement in disclosure.
- Human capital and diversity disclosures are not available in a database. Allowing comparisons over time in the same company and comparative analysis with other companies will advance companies’ efforts.
Biogen Inc: Job Cuts to Prioritize New Drug Launches. Genius or Misstep? – Key Drivers
- Biogen delivered a strong result and managed an all-around beat last quarter.
- The last quarter saw decreased total revenue, but the company delivered a solid performance overall.
- The decline in Multiple Sclerosis (MS) product revenues was due to generic entrants for TECFIDERA and intense competition in the MS market.
Thermo Fisher Scientific Inc.: Can The Acquisition of CorEvitas Be A Game Changer? – Key Drivers
- Thermo Fisher Scientific delivered a disappointing set of results as the company was unable to meet the revenue and earnings expectations of Wall Street.
- The company has been enhancing its commercial intensity in the quarter to assist its customers through the environment and seize more opportunities.
- During the quarter, Thermo Fisher delivered good core business growth driven by its transplant diagnostic, immunodiagnostics, and microbiology businesses.
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