In today’s briefing:
- STAR&CHINEXT 50 Index Rebalance: One Change in June Adds to Other (Larger) Index Flows
- Quiddity SSE 50/180 Jun25 Results: 44 Changes; US$1.5bn Collective One-Way Flows
- Nifty Index Options Weekly (May 26 – 30): Rally Pauses, Vol Holds at Elevated Levels
- Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN
- Weekly Deals Digest (01 Jun) – Makino, SBI Sumishin, Taiyo, ENN Energy, HKBN, Meilan, Foshan Haitian
- Lyft Inc.: Building a Fleet for the Future—Autonomous, Affordable, & Unstoppable!
- Monthly Air Cargo Tracker | April Data Shows Slowing Demand, Low (And Falling) Capacity Utilization
- Trex Company: An Analysis Of Its Brand Equity
STAR&CHINEXT 50 Index Rebalance: One Change in June Adds to Other (Larger) Index Flows
- There is one constituent change for the STAR&CHINEXT 50 Index in June with AVIC Chengdu Aircraft Co (302132 CH) replacing Suzhou Maxwell Technologies (300751 CH).
- Passive trackers will need to buy 0.15x ADV in AVIC Chengdu Aircraft Co (302132 CH) and sell 0.4x ADV in Suzhou Maxwell Technologies (300751 CH).
- AVIC Chengdu Aircraft Co (302132 CH) is a CSI 500 Index to CSI 300 Index migration in June, so there will be more buying in the stock.
Quiddity SSE 50/180 Jun25 Results: 44 Changes; US$1.5bn Collective One-Way Flows
- The June 2025 index review results for China’s SSE 50 and SSE 180 indices were announced after market close on Friday 30th May 2025.
- There will be 4 ADDs/DELs for SSE 50 and 18 ADDs/DELs for SSE 180.
- The SSE 50 and SSE 180 index rebal events could trigger US$1.3bn and US$210mn in one-way flows, respectively.
Nifty Index Options Weekly (May 26 – 30): Rally Pauses, Vol Holds at Elevated Levels
- Nifty had limited movement this week with the rally off the April low stalling out.
- Elevated volatility metrics contrast with an otherwise quiet tape over the past week. We recommend taking some chips off the table, taking advantage of vol levels.
- Nifty has given up about 1/2 its outperformance vs the SP500 over the past couple of weeks.
Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN
- MBK has made a legally binding bid for Makino Milling Machine Co (6135 JP). Stay long if you still hold or buy the dip. Buy at under ¥11,200.
- Given the share price decline, Nufarm (NUF AU)‘s board is under pressure to do “something”. Nufarm would be better off selling its entire operations, as opposed to offloading divisions.
- Dic Corp (4631 JP) is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.
Weekly Deals Digest (01 Jun) – Makino, SBI Sumishin, Taiyo, ENN Energy, HKBN, Meilan, Foshan Haitian
- 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: Foshan Haitian Flavouring & Food (603288 CH) has filed its PHIP for an H Share listing to raise US$1 billion.
- Event-Driven developments: Makino Milling Machine Co (6135 JP), SBI Sumishin Net Bank (7163 JP), Taiyo Holdings (4626 JP), ENN Energy (2688 HK), HKBN Ltd (1310 HK).
Lyft Inc.: Building a Fleet for the Future—Autonomous, Affordable, & Unstoppable!
- Lyft Inc.’s performance in the first quarter of 2025 reflects a significant blend of strengths and ongoing challenges.
- The company’s marked growth in various financial metrics, including gross bookings, adjusted EBITDA, and free cash flow, underscores a robust operational quarter.
- The strength is particularly evident as the company boasts a record in quarterly figures for active riders, rides, and driver hours.
Monthly Air Cargo Tracker | April Data Shows Slowing Demand, Low (And Falling) Capacity Utilization
- The Taiwanese air cargo specialists CAL and EVA reported slowing growth, lower LF in April
- Despite a few outliers, tonnage growth and utilization at other Asian carriers also weaker
- All signs point to sluggish US demand, which is unlikely to recover any time soon
Trex Company: An Analysis Of Its Brand Equity
- Trex Company, Inc. recently shared its financial results for the first quarter of 2025, highlighting both strengths and challenges in its performance.
- The company’s net sales amounted to $340 million, reflecting a 9% decrease from the previous year where sales reached $374 million, but exceeded expectations due to robust demand for its premium products.
- Despite a slow start due to adverse weather conditions early in the year, demand surged in March.
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