Daily BriefsMost Read

Most Read: Shinsei Bank, Kakao Pay, Jardine Cycle & Carriage, Coocon Corp, SK Bioscience and more

In today’s briefing:

  • Shinsei Drops Opposition to SBI TOB; A Fascinating Post-Tender Game of 🐔
  • KOSPI200 Index Rebalance: Mostly Expected, Couple of Surprises
  • StubWorld: Jardine Cycle & Carriage Trading Wide; SingTel’s Steepest Discount Ever?
  • KOSDAQ150 Index Rebalance: Pullback Done; Buy Adds & Sell Deletes
  • KOSPI 200 December Rebalancing: Constituents with a Substantial Free Float Change

Shinsei Drops Opposition to SBI TOB; A Fascinating Post-Tender Game of 🐔

By Travis Lundy

  • On 24 November, Shinsei Bank (8303 JP) cancelled the Poison Pill EGM scheduled for 25 November, and changed its SBI TOB Opinion to Neutral. SBI has agreed to respect Shinsei…
  • …management policy & business strategy as per 12 November DICJ letter, and effect stable transition of management. That it is a partial TOB at a too low price, so…
  • …Shinsei will not support. BUT… the BIGGEST problem comes next. And it is a doozy. There are post-tender complications which require contortions to resolve. 

KOSPI200 Index Rebalance: Mostly Expected, Couple of Surprises

By Brian Freitas


StubWorld: Jardine Cycle & Carriage Trading Wide; SingTel’s Steepest Discount Ever?

By David Blennerhassett

  • Jardine Cycle & Carriage (JCNC SP), relative to Astra International (ASII IJ), is retesting recent lows.
  • Preceding my comments on JCNC – and Singtel (ST SP) – are the weekly setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation threshold – the $ value of the holding/opco held, over the parent’s market cap – >20%.

KOSDAQ150 Index Rebalance: Pullback Done; Buy Adds & Sell Deletes

By Brian Freitas

  • There are 15 inclusions and 15 exclusions for the KOSDAQ 150 Index (KOSDQ150 INDEX) at the next rebalance to be implemented at the close on 9 December.
  • The inclusions were expected but there are a few surprises among the deletions as the Information Technology sector was spared at the expense of the Health Care sector.
  • Over the last couple of months, the inclusions have given up their early gains versus the deletions. With the announcement made, the inclusions could outperform over the next few weeks.

KOSPI 200 December Rebalancing: Constituents with a Substantial Free Float Change

By Sanghyun Park

  • The upcoming rebalancing should feature a total of 12 constituents having a ±5%p free float change: eight members with +5%p or greater and four members with -5%p or harsher.
  • It seems better to outright trade individual liquidity-rich stocks: SK Bioscience, SKIET, Kakao Bank, and Krafton.
  • Considering that SKIET’s recent share price correction was severe, we may want to take a relatively long trading window for SKIET while taking a tighter approach to the rest.

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