In today’s briefing:
- Krungthai Card (KTC TB): Buying Opportunity After Margin Call
- A/H Premium Tracker (To 27 June 2025): “Beautiful Skew” Continues as SB Buys, AH Premia Fall Back
- (Mostly) Asia-Pac M&A: Santos, PointsBet, New World Resources, SmartPay, SBI Sumishin Net Bank, Humm
- Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
- Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
- Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
- Lens Technology A/H Listing – Pricing Looks Decent
- Sizing up September’s KOSPI Size Index Migration Names
- Lens Technology H Share Listing (6613 HK): The Investment Case
Krungthai Card (KTC TB): Buying Opportunity After Margin Call
- Mongkol Prakitchaiwattana is the second largest shareholder in Krungthai Card (KTC TB), behind Krung Thai Bank Pub (KTB TB).
- He also holds stakes in XSpring Capital (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB).
- All four companies went limit down on the 23rd June. And again the next day. Both KTC and TPS say nothing has fundamentally changed. The cause? Margin calls.
A/H Premium Tracker (To 27 June 2025): “Beautiful Skew” Continues as SB Buys, AH Premia Fall Back
- AH premia gives back previous week gains but the “beautiful skew” of wide premia converging more than narrow premia continues. It has paid to be long wide H discounts.
- It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.
- The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.
(Mostly) Asia-Pac M&A: Santos, PointsBet, New World Resources, SmartPay, SBI Sumishin Net Bank, Humm
- I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Two new deal were discussed on Smartkarma this week: Humm Group (HUM AU) and VIOL (335890 KS).
- Key updates/news took place onSantos (STO AU), PointsBet (PBH AU), New World Resources (NWC AU), SmartPay (SMP AU), Dickson Concepts (113 HK), and SBI Sumishin Net Bank (7163 JP).
Nikkei 225 Index Rebalance Preview (Sep 2025): Potential Adds, Deletes, PAF, Capping & Other Changes
- The review period for the Nikkei 225 (NKY INDEX) September rebalance ends in 4 weeks. There could be one outright change and one or two others driven by sector balance.
- There will be passive buying in BayCurrent Consulting as the PAF moves from 0.5 to 1. Fast Retailing (9983 JP)‘s index weight is below the 10% cap for now.
- ROHM Co Ltd (6963 JP) replaces NTT Data Corp (9613 JP) later this week and there will be a lot of focus on those names.
Nippon Concept (9386 JP): J-STAR-Sponsored MBO a Done Deal
- Nippon Concept (9386 JP) has recommended a J-STAR-sponsored MBO at JPY3,060, a 37.2% premium to the last close price.
- The offer is attractive as it represents an all-time high and is above the midpoint of the IFA DCF valuation range.
- An attractive offer and irrevocables pave the way for deal completion. The tender runs from July 1 to August 13, with payment due on August 20.
Lens Technology A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Quiddity JPX-Nikkei 400 Rebal 2025: End-June 2025 Ranks (FINAL EXPECTATIONS)
- JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
- The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
- Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-June 2025.
Lens Technology A/H Listing – Pricing Looks Decent
- Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
- Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
- We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.
Sizing up September’s KOSPI Size Index Migration Names
- Early take based on avg daily mkt cap: 5 MID→LARGE, 6 LARGE→MID. Count mismatch due to LG CNS likely making a direct jump into LARGE post-March IPO.
- Local insto-driven moves remain tradable — in the March reshuffle, price action started from T–2M, with strongest returns in the T–1M window.
- With cap gaps near historical norms, it’s time to pre-position around top/bottom cutline names — then scale up into borderlines as we move into the T–1M window.
Lens Technology H Share Listing (6613 HK): The Investment Case
- Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
- In terms of revenue in 2024, Lens is a global leader in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicle interaction systems.
- The investment case is based on a well-performing core business, limited tariff impact, reduced reliance on Apple, strong margins, and robust cash generation.
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