In today’s briefing:
- Index Rebalance & ETF Flow Recap: NKY, HSCEI, HSTECH, STAR50, MVIS, Japan Post Bank, Adani, KRX BBIG
- Golden Energy (GER SP): The Disconnect Between the Offer and Underlying Assets
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Slater & Gordon; SHL Japan, GK Goh, Nitro Software, Yashili
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- ECM Weekly (5th Mar 2023) – Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF
- Plug Power Inc.: Major Drivers
Index Rebalance & ETF Flow Recap: NKY, HSCEI, HSTECH, STAR50, MVIS, Japan Post Bank, Adani, KRX BBIG
- The MSCI Feb QCIR was implemented on Tuesday and there were a bunch of announcements for other indices from Wednesday to Friday.
- The implementation of the March rebalance for the Hang Seng family of indices and the SSE STAR50 (STAR50 INDEX) take place at the close on Friday.
- Redemptions continue on IShares Edge MSCI Min Vol Emerging Markets ETF (EEMV US) and KraneShares CSI China Internet ETF (KWEB US).
Golden Energy (GER SP): The Disconnect Between the Offer and Underlying Assets
- Golden Energy & Resources (GER SP)’s update notes that the Widjaja family’s offer remains conditional on Indonesian regulatory, Dian Swastatika Sentosa (DSSA IJ) shareholder and SGX circular approval.
- There are four issues – an unattractive distribution cash alternative, a decline in Golden Energy Mines (GEMS IJ) shares, unfavourable FX and an increase in Stanmore Coal (SMR AU) shares.
- The offer remains light. A “fair” delisting price is around S$0.40 (vs S$0.16 current delisting price) and would imply an all-cash offer of S$1.074, 19% above the last close.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Slater & Gordon; SHL Japan, GK Goh, Nitro Software, Yashili
- There are 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Three new deals were discussed on Smartkarma this past week: Slater & Gordon (SGH AU)‘s off-market Offer; SHL Japan Ltd (4327 JP)‘s MBO/LBO; and GK Goh Holdings (GKG SP)‘s MBO.
- Key updates took place for Nitro Software Ltd (NTO AU), Yashili International Holdings (1230 HK), Halcyon Agri (HACL SP), and Golden Energy & Resources (GER SP).
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
ECM Weekly (5th Mar 2023) – Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, there were two deals launched this week.
- For placements, Japan Post Bank (7182 JP)‘s planned selldown by Japan Post Holdings (6178 JP) came earlier than expected.
Plug Power Inc.: Major Drivers
- Plug Power’s performance in the quarter was very disappointing as it failed to meet the revenue expectations of analysts.
- The company reported wider than expected losses and it continues to deliver weak results adversely affecting its market sentiment.
- Plug electrolyzers and cryogenic equipment is anticipated to be used in their operations to create and deliver liquid hydrogen via Plug trailers.
💡 Before it’s here, it’s on Smartkarma
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