In today’s briefing:
- Last Week in Event SPACE: China Mobile, Suzuki, Mapletree Merger, Bapcor, Toyota Industries/Motor
- Index Rebalance & ETF Flow Recap: MSCI STD/SC, SIMSCI, STAR50, Alibaba
- Asia-Pac Weekly Risk Arb Summary: Mapletree, Senex, Shinsei Bank, Mesco, Singapore Press Holdings
- ECM Weekly (13th Feb 2022) -Krafton, Huitongda, GogoX, Lepu, Adani Wilmar, Vedant, Mitsubishi Estate
- MSCI Korea Feb IR Stocks: Flow Estimations & Tracking
Last Week in Event SPACE: China Mobile, Suzuki, Mapletree Merger, Bapcor, Toyota Industries/Motor
- The virtuous cycle of shareholder return commences as China Mobile (941 HK) starts buying its H-shares.
- Suzuki (7269 JP)‘s implied stub is currently around its all-time low, as is the simple ratio. Maruti Suzuki (MSIL IN) remains steadfast in its support for hybrid vehicles. That’s a liability.
- Quarz’s intervention in Mapletree North Asia Commercial (MAGIC SP) is NOT surprising. They have some past experience complaining about Singaporean REIT mergers and other takeovers. But their analysis is surprising.
Index Rebalance & ETF Flow Recap: MSCI STD/SC, SIMSCI, STAR50, Alibaba
- The changes to the MSCI Standard Index at the February QIR threw up a few surprises, notably the inclusion of Grab (GRAB US) and non-inclusion of Pop Mart (9992 HK).
- The coming week will have LG Energy Solution (373220 KS) added to the MSCI Korea. Given some indices have already included the stock, there could be a squeeze higher.
- Hang Seng Indexes will announced the changes to its family of indices post market close on Friday, followed by FTSE announcing changes to the GEIS early Saturday morning Asia time.
Asia-Pac Weekly Risk Arb Summary: Mapletree, Senex, Shinsei Bank, Mesco, Singapore Press Holdings
- There are currently 46 – mostly firm – transactions currently being discussed and analysed on Smartkarma.
- Three new deals this week: Nagoya Railroad (9048 JP) buying Meitetsu Transport (9077 JP); Hakuhodo Dy (2433 JP)‘s Offer for SoldOut (6553 JP), I O Data Device (6916 JP)‘s MBO.
- Key updates took place for: Mapletree North Asia Commercial Trust (MAGIC SP), Senex Energy (SXY AU), Shinsei Bank (8303 JP), Mesco Inc (1737 JP), Singapore Press Holdings (SPH SP).
ECM Weekly (13th Feb 2022) -Krafton, Huitongda, GogoX, Lepu, Adani Wilmar, Vedant, Mitsubishi Estate
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- Huitongda (9878 HK) and Lepu Biopharma (LBP HK) got the HK ECM market going post CNY.
- There were no major placements this week apart from a few blocks in Korea and India.
MSCI Korea Feb IR Stocks: Flow Estimations & Tracking
- The ones with a high ratio of foreign net trade/passive impact on Feb 7-11 were Meritz Fire, SKIET, and HLB. Among them, SKIET showed a positive correlation with price performance.
- Meritz Fire showed an opposite result, probably due to profit-taking flow. HLB has a small passive impact relative to the trading volume, so the correlation with the price is low.
- So, SKIET deserves attention. Aside from these, SK Square also seems to be worth paying attention to because the passive impact size is also quite significant as 2.52x ADTV.
Before it’s here, it’s on Smartkarma
