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Event-Driven Archives | Page 134 of 187 | Smartkarma

Mar 04
0

Event-Driven: Gazprom PJSC, VanEck Vectors Russia ETF, Taiwan Semiconductor Sp Adr, Prosus , Tullow Oil PLC, Hokuhoku Financial Group, China Infrastructure & Logistics Group and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Russia: Index Deletion & Impacts
  • Russia Gets the Boot from Major Indices – Minimal Impact But World’s Largest Small Sidepocket?
  • TSMC (TSM/2330 TT): Position for ADR Premium Expansion
  • StubWorld: Prosus’ Move On Russian Exposure Overdone
  • FTSE UK Index Series: March 2022 Index Changes and Trading Strategy
  • Hokuhoku Financial (8377 JP) – Buyback Dynamics For March… 👀
  • China Infrastructure & Logistics Group (1719 HK): Unconditional MGO Now Open

Russia: Index Deletion & Impacts

By Brian Freitas

  • MSCI will move Russia to Standalone market status at the close on 9 March while FTSE will delete Russian securities from its indices at the close on 4 March.
  • There will be zero inflows to other markets in conjunction with Russia’s reclassification/ deletion since the fund managers cannot sell the Russian stock to raise cash.
  • Some delta one desks/ swap providers could make money on the deletion, while there are trades linked to the deletion from the indices.

Russia Gets the Boot from Major Indices – Minimal Impact But World’s Largest Small Sidepocket?

By Travis Lundy

  • Major global indices have decided to relegate Russia to the “standalone” and “unclassified” market status due to sanctions and restrictions on transfer/payment/clearing.
  • Talk of significant flows into major non-Russia EM markets such as China, Taiwan, Korea, etc is misguided. 
  • Russia was a non-negligible weight in global EM a few months ago, but GDRs have fallen dramatically and Russia-listed are effectively now portfolio pocket lint.

TSMC (TSM/2330 TT): Position for ADR Premium Expansion

By Brian Freitas

  • The premium of Taiwan Semiconductor Sp Adr (TSM US) to TSMC (2330 TT) has dropped from 10% to nearly parity in slightly less than a month.
  • There is still no headroom available on the ADR and we expect the premium to move higher once the selling on the ADR is complete.
  • The SGX has recently launched single stock futures on Taiwan Semiconductor Sp Adr (TSM US). There could be market makers willing to provide liquidity which would make trade entry easier.

StubWorld: Prosus’ Move On Russian Exposure Overdone

By David Blennerhassett

  • Prosus (PRX NA) shares have nose-dived in light of its exposure to Russia via its classified ads business Avito, and social media operator, VK Group. This move appears overdone.
  • Preceding my comments on Prosus, are the current setup/unwind tables for Asia-Pacific Holdcos. 
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

FTSE UK Index Series: March 2022 Index Changes and Trading Strategy

By Janaghan Jeyakumar, CFA

  • The FTSE UK Index Series is a widely-tracked family of sub-indices representing the  performance of the public equity markets in the UK. 
  • These indices are reviewed on a quarterly basis in March, June, September, and December. The quarterly index changes for March 2022 were announced yesterday. 
  • Below is a discussion of the official results and potential trading strategies to generate market-neutral returns in the run up to the Inclusion Event.

Hokuhoku Financial (8377 JP) – Buyback Dynamics For March… 👀

By Travis Lundy

  • Hokuhoku made a somewhat startling buyback announcement in late December and the shares jumped.
  • Then they bought back almost nothing in January, and bought back 17.4% of traded volume in February.
  • There is a lot left over and Hokuhoku remains one of the cheapest regional banks out there.

China Infrastructure & Logistics Group (1719 HK): Unconditional MGO Now Open

By David Blennerhassett

  • On the 10 January, China Infrastructure & Logistics Group (1719 HK) (“CILG”) has announced a possible MGO from Hubei Ports. The Composite Doc is now out. The Offer is open.
  • This transaction is an unconditional mandatory cash offer at HK$1.45/share.
  • The first – and likely, last close – is the 25 March.  The Offeror intends to maintain CILG’s listing.

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Mar 03
0

Event-Driven: Postal Savings Bank Of Chi-A, LG Energy Solution, Hitachi Metals, Vital Healthcare Property Trust, XPeng, Kadokawa Dwango, 51 Job Inc Adr, Crown Resorts, LG Chem Ltd and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • FTSE China A50 Index Rebalance: One Set of Surprises & Large Turnover
  • KRX New Deal Index Rebalance: No Surprises as LG Chem Not Deleted from Battery Index
  • Hitachi Metals (5486) – Where IS Undisturbed?
  • FTSE EPRA Nareit Index Rebalance: Four Inclusions for Asia; Some High Impact Names
  • FTSE China 50 Index Rebalance: Three Changes as Index Turnover Soars
  • Kadokawa – Rather Than Waste Time Considering a Sony Buyout of Square Enix Look at This Instead
  • 51job (JOB US)’s Offer Price Back Up To $61
  • Crown Resorts: AUSTRAC And Prescribed Occurrences
  • 51job’s Improved $61 Offer Gets the Board Onside
  • MSCI Announces It Will Exclude Russia from MSCI EM Indices

FTSE China A50 Index Rebalance: One Set of Surprises & Large Turnover

By Brian Freitas

  • There are three sets of changes for the FTSE China A50 index at the March rebalance with implementation on 18 March. Two changes were expected while one is a surprise.
  • The March rebalance will also see the Foreign Ownership Limits applied to the stocks. Estimated one-way index turnover is 17.39% and will result in a one-way trade of CNY 9,360m.
  • As the surprises, we’d keep an eye on China State Construction A (601668 CH) and China Life Insurance (601628 CH) over the next few days.

KRX New Deal Index Rebalance: No Surprises as LG Chem Not Deleted from Battery Index

By Brian Freitas

Hitachi Metals (5486) – Where IS Undisturbed?

By Travis Lundy

  • Hitachi Metals (5486 JP) is currently awaiting regulatory approval for its takeover by a consortium led by Bain Capital, announced in late April 2021. 
  • The deal was originally expected to see a Tender Offer launched in November 2021, but that was delayed because the bidders lacked some necessary regulatory approvals.
  • Since then, the stock has sold off. Today it sold off a LOT. Deal break? Market ructions? Someone getting a tap on the shoulder? How far down is the gap?

FTSE EPRA Nareit Index Rebalance: Four Inclusions for Asia; Some High Impact Names

By Brian Freitas

  • There will be four inclusions for Developed Asia in the FTSE EPRA Nareit – One REIT, Takara Leben Real Estate Investment, Vital Healthcare Property Trust and ESR Kendall Square REIT.
  • There will be around US$77m to buy from passive funds across all inclusions. The largest impacts will be on Vital Healthcare Property Trust (VHP) and ESR Kendall Square REIT (365550).
  • The Japan inclusions are a result of the companies publishing reports in English with an independent auditor signing off on them.

FTSE China 50 Index Rebalance: Three Changes as Index Turnover Soars

By Brian Freitas

  • As expected, Nongfu Spring (9633), China Overseas Land & Investment (688) and XPeng (9868) will replace Geely Auto (175), China Tower (788) and JD Health (6618) in the index.
  • The adds, deletes and capping changes will result in one-way turnover estimated at 9.14% and will result in a one-way trade of HK$4,576m.
  • Shorts in Nongfu Spring (9633 HK), JD Health (6618 HK) and China Tower (788 HK) have over 10 days of ADV to cover.

Kadokawa – Rather Than Waste Time Considering a Sony Buyout of Square Enix Look at This Instead

By Mio Kato

  • Over the past few quarters Square Enix has repeatedly been the subject of M&A speculation related to both Microsoft and Sony.
  • We consider such speculation to be nonsense and have repeatedly said so. 
  • However, there is a far more intriguing M&A prospect in Kadokawa and it has not gotten much press…

51job (JOB US)’s Offer Price Back Up To $61

By David Blennerhassett

  • Back on the 12 January this year, 51 Job Inc (JOBS US) announced the Offeror had proposed reducing the merger consideration from US$79.05 in cash per common share to US$57.25.
  • Yesterday 51job said it has entered into a revised merger agreement at US$61.00/share, a 6.55% bump in terms, but still 22.8% down the initial terms. 
  • Presumably, the amended proposal still requires no PRC regulatory filing. This transaction appears to be done this time, with completion in the 2Q22.

Crown Resorts: AUSTRAC And Prescribed Occurrences

By David Blennerhassett

  • AUSTRAC has commenced civil penalty proceedings against Crown Resorts (CWN AU) for alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.
  • The statement of claim does not include any quantification of the penalty sought. For Blackstone to walk away from the Crown deal, the fine needs to be at least $750mn.
  • A prescribed occurrence appears to have been triggered. But technically, that is not accurate.

51job’s Improved $61 Offer Gets the Board Onside

By Arun George

  • The consortium has improved the offer price by 6.6% to $61.00 in cash per ADS. The consortium represents 54.9% of the voting rights.
  • The Board intends to recommend shareholders vote in favour of the transaction. The transaction is expected to close during the first half of 2022.
  • The combination of the improved offer price and the tech shares sell-off improves the chance of meeting the two-thirds shareholder approval threshold. At last close, the gross spread is 7.0%. 

MSCI Announces It Will Exclude Russia from MSCI EM Indices

By Douglas Kim

  • MSCI announced this morning (3 March) that it will exclude Russia from MSCI EM indices as of 9 March.
  • As a result of this decision, this will further devastate the Russian stock market but it should benefit other MSCI EM included countries including China, Korea, Taiwan, India, and Brazil. 
  • Some of the Korean stocks which could benefit from the greater passive index capital flowing in include Samsung Electronics Pref,  LG Chem Pref, and Hyundai Motor Pref. 

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Mar 02
0

Event-Driven: Li Auto, Toshiba Corp, Orix Corp, Nexon, Total Access Communication, Lucid Group, Hyundai Heavy Industries, Solus Advanced Materials and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • HSI, HSCEI, HSTECH: March Rebalance Flows Post Capping
  • Toshiba – Privatisation Rebuttal and Then a Change in CEO…
  • Nikkei 225 Change – Shinsei (8303) OUT, ORIX (8591) IN
  • Nikkei 225 Index Rebalance: ORIX (8591) Replaces Shinsei Bank (8303)
  • Nexon – Founder Kim Jung-Ju Passes, Raises Question if Nexon Deal Is Back In Play
  • NBTC To Decide On True/DTAC Merger
  • Lucid (LCID) – Is This a Lucid Investment Opportunity?
  • FTSE All Cap Korea Rebalancing: VEA (Developed Ex-US All Cap)-Triggered Flow Estimations
  • The Passing of Nexon Founder KJJ & Controlling Stake Sale Event 2.0
  • Solus Advanced Materials: Announces Rights Offering Worth 240 Billion Won

HSI, HSCEI, HSTECH: March Rebalance Flows Post Capping

By Brian Freitas

Toshiba – Privatisation Rebuttal and Then a Change in CEO…

By Mio Kato

  • Yesterday Bloomberg published an interview with Toshiba CEO Satoshi Tsunakawa where he effectively said a privatisation was not going to happen. 
  • Today, Toshiba announced that Tsunakawa and his deputy, Mamoru Hatazawa would be resigning effective immediately. 
  • What an interesting coincidence… one which could make shorting Toshiba quite attractive.

Nikkei 225 Change – Shinsei (8303) OUT, ORIX (8591) IN

By Travis Lundy

  • The Nikkei Index team announced changes to the Nikkei 225 Average today after the close. 
  • Shinsei Bank (8303) is OUT and ORIX (8591) is IN based on the new rule changes effective with the new market structure in place at the TSE on 4 April. 
  • There is a special sit on Shinsei, and ORIX has several days to buy. It could be interesting.

Nikkei 225 Index Rebalance: ORIX (8591) Replaces Shinsei Bank (8303)

By Brian Freitas

Nexon – Founder Kim Jung-Ju Passes, Raises Question if Nexon Deal Is Back In Play

By Travis Lundy

  • The founder and former chairman and CEO of Nexon (3659 JP) passed away according to both Nexon and his holding company NXC. Both announced it late afternoon 1 March.
  • NXC – the near-parent  (47+% stake) of Nexon tried to sell Nexon/NXC in H1 2019 to no avail. Since then, profits have rebounded somewhat, and investments have multiplied. 
  • The estate may wish to sell Nexon shares, or its entire stake, at some point near-term.

NBTC To Decide On True/DTAC Merger

By David Blennerhassett

  • Thailand’s Trade Competition Commission said that only the National Broadcasting and Telecommunications Commission has the authority to block the True Corp (TRUE TB) / Total Access Communication (DTAC TB) merger.
  • At issue, the government appears to be stonewalling the transition of the NBTC board, potentially abetting the merger. 
  • Both True and DTAC are trading through their VTO terms, ignoring dividends.

Lucid (LCID) – Is This a Lucid Investment Opportunity?

By Robert C Prather Jr

  • Big valuation and multiples despite on delivering its first care in 4Q21 (no revenues and burning free cash flow)
  • Lofty delivery goals provided for 2022 and 2023….already disappointing investors
  • Optimistic market share and ASP assumptions have been made by management

FTSE All Cap Korea Rebalancing: VEA (Developed Ex-US All Cap)-Triggered Flow Estimations

By Sanghyun Park

  • The ETF that directly impacts the flow of Korean stocks within the FTSE indices is the Vanguard Developed Markets ETF (VEA), which tracks the FTSE Developed All Cap ex-US.
  • The FTSE rebalancing impact on Korean stocks has shown a pattern of bringing additional flow in the same direction as the VEA-triggered flow.
  • So, we may want to consider basket trading of those stocks with a more substantial level of passive impact x ADTV towards March 18.

The Passing of Nexon Founder KJJ & Controlling Stake Sale Event 2.0

By Sanghyun Park

  • We should pay the most attention to what choices and decisions the bereaved family will make concerning the stakes and management rights of the deceased in NXC.
  • This opens the possibility that the KJJ’s stake sale event in 2019 will happen again in the foreseeable future.
  • Under these circumstances, there is a possibility that short-term momentum trading aimed at tender offers to minority shareholders following the sale of Nexon’s major shareholder stake will surge.

Solus Advanced Materials: Announces Rights Offering Worth 240 Billion Won

By Douglas Kim

  • Solus Advanced Materials announced that it will conduct a rights offering worth 240 billion won, representing 12.5% of its market cap.
  • We have a positive view on the rights offering mainly due to more attractive discount relative to current share price (22%) and reasonable valuations.
  • The company plans to increase its production capacity of battery copper foil from 24,000 tons by the end of 2021 to 132,000 tons by 2026.

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Mar 01
0

Event-Driven: Money Forward, NIO Inc, Virtus Health, Hohsui Corp, Morinaga Milk Industry Co, Singapore Press Holdings, Activision Blizzard, Sezzle Inc, Zip Co Ltd and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • TOPIX Index Upweights: The Big April Basket 2022 (Pre-Event)
  • NIO Secondary Listing (9866 HK): Index Entry & Flow; HSCEI 22/23 Div Steepener Catalyst
  • BGH Ups The Ante For Control Of Virtus
  • Chuo Gyorui to Take Out Hohsui – Done Deal Easy Peasy.
  • Morinaga (2201) Mostly Exits Morinaga Milk (2264) – Big Buyback
  • Singapore Press Holdings – Aiyoh, Cuscaden Scheme No Chiong Finish. Sian. Money in May Agak Agak!
  • MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble
  • Zip To Merge With BNPL Rival Sezzle
  • Zip Finally Lobs an Offer for Sezzle
  • BGH’s Revised Higher Offer for Virtus

TOPIX Index Upweights: The Big April Basket 2022 (Pre-Event)

By Janaghan Jeyakumar, CFA

  • The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. 
  • For companies with “low liquidity” the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. 
  • Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. This situation opens up interesting opportunities for a basket trade. 

NIO Secondary Listing (9866 HK): Index Entry & Flow; HSCEI 22/23 Div Steepener Catalyst

By Brian Freitas

BGH Ups The Ante For Control Of Virtus

By David Blennerhassett

  • Fertility specialist Virtus Health (VRT AU) has received a revised non-binding takeover bid from BGH Capital of $7.65/share, less any dividends declared by Virtus. It had previously offered $7.10/share.
  • BGH also said it would vote its 19.99% stake against CapVest Partners’ cash offer of $7.60/share. 
  • Back in CapVest’s court. A $0.05/share higher bid is unlikely to see the UK-based player fold its tent.

Chuo Gyorui to Take Out Hohsui – Done Deal Easy Peasy.

By Travis Lundy

  • This is an agreement between one fish merchant Chuo Gyorui (8030 JP) and another fish merchant Nissui (1332 JP) to take over a third fish merchant, Hohsui Corp (1352 JP). 
  • And the takeover PER and forecast PCFR are low. But there really is nothing fishy here. Hohsui has a lot of debt.
  • This is a done deal and there is nothing anyone can do about it.

Morinaga (2201) Mostly Exits Morinaga Milk (2264) – Big Buyback

By Travis Lundy

  • Morinaga & Co is selling down a near-10% stake in Morinaga Milk in a ToSTNeT-3 buyback on 1 March. 
  • Morinaga Milk will see an EPS and ROE uplift. Eventually, there are a lot more cross-holdings to buy back.
  • Near-, medium-, and longer-term there are different flow patterns worth understanding if you have a position or are looking for one. If you want to sell lots, you can tomorrow.

Singapore Press Holdings – Aiyoh, Cuscaden Scheme No Chiong Finish. Sian. Money in May Agak Agak!

By Travis Lundy

  • The Cuscaden Scheme Composite Document is out. Finally. No points for the own time own target completion to the own time own target restructuring.
  • With the electronic despatch and an approximate timetable, last traded price gives 7.7% annualised agak agak. 
  • At S$2.33, shareholders can lepak this to the close pretty easily. 

MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

By Robert Sassoon

  • Microsoft’s all cash acquisition of video game publisher Activision Blizzard is the biggest in the former’s history and the largest ever transaction in the video gaming sector.
  • While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. 
  • We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.

Zip To Merge With BNPL Rival Sezzle

By David Blennerhassett

  • Zip (Z1P AU) is offering 0.98 Zip shares for every Sezzle (SZL AU) share, a 22% premium to last close.  Zip is raising $148.7mn to fund the deal.
  • Sezzle is incorporated in Delaware, therefore the merger is subject to those takeover rules, not ASX rules. 
  • Zip reported a $214.3mn today.  As Quinlan Associates put it, the Asia Pacific BNPL industry is more like “Buy Now, Pray Later”. 

Zip Finally Lobs an Offer for Sezzle

By Arun George

  • Zip Co Ltd (Z1P AU) will offer a fixed exchange ratio of 0.98 Zip shares per Sezzle Inc (SZL AU) share, implying a 22% premium to Sezzle’s last close price. 
  • The completion conditions include Zip and Sezzle shareholder approval along with regulatory approval. The exchange ratio is fair compared to historical ranges, in our view.
  • Considering the weak investor sentiment of the BNPL sector and ongoing sector consolidation, the proposed merger is a good solution for both sets of shareholders.  

BGH’s Revised Higher Offer for Virtus

By Arun George

  • BGH’s revised scheme offer will pay $7.65 per Virtus Health (VRT AU) share, which is 0.7% and 2.0% higher than CapVest’s rival scheme (A$7.60) and off-market takeover offer (A$7.50), respectively.
  • BGH (19.99% stake) will vote against the CapVest scheme and will not accept any takeover offer from CapVest. Consequently, CapVest’s best option is an improved off-market takeover bid.
  • As CapVest’s offer is marginally below BGH’s revised offer, CapVest retains the potential to lob an improved offer, in our view.

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Feb 28
0

Event-Driven: Nippo Corp, Douzone Bizon, ARA LOGOS, Enchem, Asia Pacific Telecom, Zip Co Ltd, Porsche Automobil Holding Se, CJ ENM and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • JPX-Nikkei 400 Rebalance 2022: Leaderboard End-Feb 2022
  • KRX K-New Deal Rebalancing: Latest Weight/Flow Update & LG Chem’s Complete Deletion
  • ARA LOGOS/ESR-REIT Scheme Meeting on 21 March, IFA Opinion
  • KOSDAQ 150 Rebalancing Screening & Passive Impacts: 10 Likely Changes
  • Asia Pacific Telecom in Taiwan Takeunder by Far EasTone – Sector Remake Needs FTC+NCC Approval
  • Zip to Acquire Sezzle: Buy Now, Pray Later?
  • PAR3/VOW3/Potential Porsche IPO
  • Tving: Value Surges by Nearly 6x to 2 Trillion Won in 7 Months – Impact on CJ ENM

JPX-Nikkei 400 Rebalance 2022: Leaderboard End-Feb 2022

By Janaghan Jeyakumar, CFA

  • JPX-Nikkei 400 is composed of common stocks listed in the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
  • A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year.
  • Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2022 based on trading data as of end-February 2022.

KRX K-New Deal Rebalancing: Latest Weight/Flow Update & LG Chem’s Complete Deletion

By Sanghyun Park

  • The biggest story should be LG Chem’s complete deletion from the entire indexes. It’s been said locally that KRX finally decided to remove LG Chem from the battery index.
  • AfreecaTV and Douzone Bizon will have the largest passive impacts, +1.72x and -3.89x ADTVs. The Chunbo and SoulBrain combo also seems in a sweet spot for a quick long/short setup.
  • LG Energy’s inflow should be at least 0.33x ADTV. Yes, LG Chem’s outflow deserves special attention. The combined impact is 0.6x ADTV, enough to make a splash on the price.

ARA LOGOS/ESR-REIT Scheme Meeting on 21 March, IFA Opinion

By Arun George

  • Under the revised scheme consideration, each ARA LOGOS (ALLT SP) unitholder will receive S$0.097 in cash and 1.7729 new ESR-REIT (EREIT SP) units at an issue price of S$0.4924.
  • The IFA considers the revised scheme consideration to be fair. We think that IFA’s valuation approach is broadly sound with some areas for improvement. 
  • We think that the revised offer is reasonable. For a 28 April payment date, the gross and annualised spread is 2.9% and 18.2%, respectively. 

KOSDAQ 150 Rebalancing Screening & Passive Impacts: 10 Likely Changes

By Sanghyun Park

  • We have ten likely changes based on the average market cap from November 1 last year to the previous close.
  • Among the additions, the passive impacts of NKMax (182400), Golfzon (215000), and Intellian Technologies (189300) are estimated to be relatively large.
  • Amond the deletions, the passive impacts of JNTC (204270), Optoelectronics Solutions (138080), Wonik Holdings (030530), Unison (018000), and Toptec (108230) are expected to be relatively substantial at the current DTV.

Asia Pacific Telecom in Taiwan Takeunder by Far EasTone – Sector Remake Needs FTC+NCC Approval

By Travis Lundy

  • On Friday, Far Eastone Telecomm (4904 TT) announced in a Taiwan Stock Exchange filing that it would merge with long-suffering Asia Pacific Telecom (3682 TT) in a scrip merger.
  • The ratio chosen is a takeunder vs Friday’s closing price terms. An 18.8% hit for APT shareholders. 
  • Shareholder structure suggests it gets done IF the FTC and NCC approve the deal, which would go against their approval last August of the FET capital injection into APT.

Zip to Acquire Sezzle: Buy Now, Pray Later?

By Brian Freitas

  • Zip Co Ltd (Z1P AU) has agreed to acquire Sezzle Inc (SZL AU) in an all-scrip deal where Sezzle shareholders will receive 0.98 shares of Z1P per shares of SZL.
  • At last closing prices, the deal values Sezzle Inc (SZL AU) at A$2.1658/share, a 21.7% premium to the last close and a 31.7% premium to 30 day VWAP.
  • Zip Co Ltd (Z1P AU) has also announced a A$148.7m fully underwritten institutional placement and a A$50m non-underwritten share placement plan to strengthen its balance sheet.

PAR3/VOW3/Potential Porsche IPO

By Jesus Rodriguez Aguilar

  • I would value Porsche on 18.9x €5.3 billion 22eEBIT, i.e. €100bn; Ferrari, which has moderately higher EBIT margins (25% vs. 16%), trades on 31.2x EV/22e EBIT (Capital IQ consensus).
  • The current discount of VW prefs to ords is 23.2%. A Porsche IPO without major changes on VW share structure, would be positive for the preference shares. Long prefs/short ords.
  • An IPO of Porsche would be beneficial for the Porsche SE shares and the current discount to NAV should tighten even more, in my view. Long 1 PAH3 GR/short 0.5136 VOW GR.

Tving: Value Surges by Nearly 6x to 2 Trillion Won in 7 Months – Impact on CJ ENM

By Douglas Kim

  • In the past week, it was announced that Tving, a leading local OTT service provider in Korea, received 250 billion won in investment, valuing it at about 2 trillion won.
  • Previous to this investment, Tving was last valued at 350 billion won in July 2021. In other words, Tving’s value surged by nearly 6x in the past seven months. 
  • Our NAV per share of CJ ENM suggests a target price of 185,824 won, representing a 43% upside from current levels. 

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Feb 27
0

Event-Driven: SenseTime Group, E Mart Inc, Japan Lifeline, CIMIC Group Ltd, Daiwa Office Investment, Razer Inc and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: FTSE AW/AC, FTSE CH50/A50/TW50, KS200, NIFTY, STAR50, Russia
  • Emart Announces A Major Share Buyback Program
  • Japan Lifeline (7575 JP) Throws a Lifeline to Its Share Price
  • Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche
  • Daiwa Office REIT (8976) Buyback – It Looks Better Than It Probably Is
  • Asia-Pac Weekly Risk Arb Summary: CIMIC, AGL, Razer, Z Energy, G J Steel, Mapletree North Asia

Index Rebalance & ETF Flow Recap: FTSE AW/AC, FTSE CH50/A50/TW50, KS200, NIFTY, STAR50, Russia

By Brian Freitas

  • Changes to the FTSE All-World/All-Cap were announced over the previous weekend, NIFTY was announced Thursday and STAR50 on Friday. LG Energy’s inclusion to the KOSPI200 was also announced.
  • 21 February was the review cutoff for the March rebalance of the FTSE China 50, FTSE China A50, STI, FTSE TWSE Taiwan 50 and the FTSE EPRA Nareit.
  • On Friday, FTSE announced that two of the previously announced inclusions would not be added, while there would be 10 new additions to the All-World/All-Cap indices.

Emart Announces A Major Share Buyback Program

By Douglas Kim

  • On 25 February, E Mart Inc (139480 KS) announced that it will buy back 1 million shares, representing 3.6% of its outstanding shares. Currently, Emart has 87,464 treasury shares.
  • We believe Emart’s share price is well positioned to continue to outperform the market in the next several months, driven by the large buyback program. 
  • Emart is currently trading at 0.4x P/B (38% lower than the historical valuation multiples). One could argue that Emart is valued at an excessive discount to the historical valuations.

Japan Lifeline (7575 JP) Throws a Lifeline to Its Share Price

By Travis Lundy

  • Japan Lifeline announced a buyback on Friday after the close.
  • The stock saw a huge growth spurt in the first half of the last decade but slowed down post 2018. So the stock has significantly underperformed the sector. 
  • The buyback parameters and the stock’s trading history suggest that with the stock near a 5-year low, it is worth looking a little deeper.

Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche

By David Blennerhassett

Daiwa Office REIT (8976) Buyback – It Looks Better Than It Probably Is

By Travis Lundy

  • Daiwa Office Investment (8976 JP) announced on Thursday an extraordinary but minor income amount from a legal settlement, and a buyback.
  • This buyback resembles those conducted from February to May 2018 and 2021. 
  • A look at the pattern of buyback execution vs parameters and of Daiwa Office performance vs the sub-sector within prior buybacks is worthwhile.

Asia-Pac Weekly Risk Arb Summary: CIMIC, AGL, Razer, Z Energy, G J Steel, Mapletree North Asia

By David Blennerhassett

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Feb 26
0

Event-Driven: Toshiba Corp, Shanghai Medicilon Inc, Z Energy Ltd, Avast PLC, Samsung SDI and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Toshiba – Why Renesas Might Be a Better Option for the Devices Business than an IPO
  • STAR50 Index Rebalance: Index Committees Just Wanna Have Fun
  • Z Energy (ZEL NZ): Scheme Booklet Out. Meeting On The 25 March
  • NortonLifeLock/Avast: Deal Progress & Spreads
  • FnGuide Samsung Group Index Rebalancing Preview

Toshiba – Why Renesas Might Be a Better Option for the Devices Business than an IPO

By Mio Kato

  • We have made no secret of the fact that we consider Toshiba’s restructuring plans to be unspectacular. 
  • Initially we saw no reason to separate the infrastructure business and saleable assets but with  that issue addressed it is the position of the devices business which concerns us. 
  • This is because we feel it is rather undersized to stand on its own two feet… but we increasingly feel that Renesas could be the ideal home for the unit.

STAR50 Index Rebalance: Index Committees Just Wanna Have Fun

By Brian Freitas

  • In keeping with tradition, the SSE and CSI have continued to use a 6 month minimum listing history. No one remembers how or why it started, but it carries on.
  • There are only 10 trading days to implementation and passive funds will need to trade multiple days of ADV on the inclusions and exclusions.
  • The adds, deletes and the SSE STAR50 (STAR50 INDEX) have moved in lockstep since November. The CSI500 Index has outperformed over the period opening up a trading opportunity.

Z Energy (ZEL NZ): Scheme Booklet Out. Meeting On The 25 March

By David Blennerhassett

  • Z Energy Ltd (ZEL NZ)‘s Scheme Booklet is now out. The Scheme Meeting will be held on the 25 March.
  • The Independent Advisor has concluded the Offer from Ampol (ALD AU)  is fair and reasonable and in the best interest of ZEL shareholders.
  • The spread to terms is attractive here assuming implementation in the second quarter of 2022.  

NortonLifeLock/Avast: Deal Progress & Spreads

By Jesus Rodriguez Aguilar

  • On 24 February, the Spanish antitrust regulator, the National Markets and Competition Commission (CNMC) approved the proposed merger.
  • All Regulatory Conditions have now been satisfied, other than approval by the UK’s CMA. The deal advances to completion but the Effective Date has been pushed to 4 April 2022.
  • As of now, the majority cash option ($7.61 + 0.0302 NortonLifeLock shares/Avast share) should be preferred vs. the majority stock option. The spread on the majority cash option is 1.4%.

FnGuide Samsung Group Index Rebalancing Preview

By Sanghyun Park

  • FnGuide Samsung Group has the most AUM among locally themed indexes. As of last Friday’s closing price, AUM is ₩1.52T.
  • The share price movements of Samsung Group affiliates basically show high cointegration. Therefore, a small differential impact on the flow significantly affects the short-term price direction of these stocks. 
  • So, we should consider a long/short setup on a swing trading window. Particularly, we need to focus on the first two trading days, when the rebalancing impact is relatively significant.

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Feb 25
0

Event-Driven: Mapletree Commercial Trust, Sberbank of Russia PJSC, Hang Seng China Enterprises Index, Apollo Hospitals Enterprise, Z Energy Ltd, Bank Of Baroda, FSN E-Commerce Ventures (Nykaa), Playtech Plc, CIMIC Group Ltd, LG Energy Solution and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Mapletree (MCT & MNACT) Response to SIAS
  • Russia: MSCI/FTSE Flows in Case of Deletion
  • HSCEI Dividend Futures: Stay Short the 2022/23 Steepener
  • NIFTY50 Index Rebalance: Apollo Hospitals to Replace IOC
  • Z Energy Scheme Meeting on 25 March, IE Opinion
  • NIFTY Bank Index Rebalance: BOB to Replace RBL Bank
  • NIFTY NEXT50 Index Rebalance: Zomato, PayTM, Nykaa Among the Adds
  • Playtech (PTEC LN): A Nuanced Flutter
  • ACS/Hochtief/CIMIC: Rationalization of Holding Structure
  • LG Energy Solution: End of the One Month Lock Up Period & More Selling Likely Ahead

Mapletree (MCT & MNACT) Response to SIAS

By Travis Lundy

  • SIAS posed questions to both Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) (a.k.a. “MNACT”) about how the ratio was decided and deal appropriateness.
  • SIAS also asked about whether the deal was absolutely necessary and whether MCT would change its mandate. 
  • MCT and MNACT responded with lengthy explanations, some of which didn’t answer the questions. That’s what we get til the end-March Circular. And that’s OK. The trade is the same.

Russia: MSCI/FTSE Flows in Case of Deletion

By Brian Freitas

  • Investment related sanctions by the US and UK Governments could lead to the deletion of some or all Russian equities from the MSCI and FTSE indices.
  • Deletion from the FTSE All-World/All-Cap indices would result in an outflow of US$6.67bn, while deletion from the MSCI Standard/Small Cap indices would result in an outflow of US$15.74bn.
  • The most selling will be on Gazprom PJSC (GAZP), LUKOIL (LKOH), Sberbank of Russia PJSC (SBER), MMC Norilsk Nickel PJSC (GMKN), Novatek PJSC (NVTK), Yandex (YNDX) and Tatneft PJSC (TATN).

HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

By Brian Freitas

  • The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.
  • The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.
  • With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.

NIFTY50 Index Rebalance: Apollo Hospitals to Replace IOC

By Brian Freitas

  • As expected, Apollo Hospitals Enterprise (APHS IN) will replace Indian Oil Corp (IOCL IN) in the NIFTY Index (NIFTY INDEX) after the close of trading on 30 March.
  • The index methodology has been changed to make new listings eligible for index inclusion if they complete one month by the review cutoff date, down from three months earlier.
  • Estimated one-way turnover is 0.63% and will result in a one-way trade of around INR 14bn. Passive trackers will have a lot to trade on the stocks.

Z Energy Scheme Meeting on 25 March, IE Opinion

By Arun George

  • Caltex Australia (ALD AU)’s offer of NZ$3.76 per share is near the mid-point of the independent expert (IE) assessed range of NZ$3.54-4.07. We think that IE’s valuation approach is sound.    
  • The offer includes an adjustment mechanism to pay NZ0.055 cents per share for each calendar day the implementation date extends beyond 31 March, up to a limit of NZ10 cents. 
  • We think that the offer is attractive for Z Energy Ltd (ZEL NZ) shareholders. For a 30 June implementation date, the gross and annualised spread is 5.0% and 15.2%, respectively. 

NIFTY Bank Index Rebalance: BOB to Replace RBL Bank

By Brian Freitas

NIFTY NEXT50 Index Rebalance: Zomato, PayTM, Nykaa Among the Adds

By Brian Freitas

  • Inclusions are FSN E-Commerce Ventures (NYKAA), Mindtree Ltd (MTCL), Paytm (PAYTM), SRF Ltd (SRF) and Zomato (ZOMATO), while Indian Oil Corp (IOCL IN) moves lower from the NIFTY Index.
  • Deletions are Aurobindo Pharma (ARBP), Hindustan Petroleum (HPCL), Indraprastha Gas (IGL), Jindal Steel & Power (JSP) and Yes Bank (YES), while Apollo Hospitals (APHS) moves up to the NIFTY Index.
  • Estimated one-way turnover on the NIFTY NEXT50 Index is 10.24%, the one-way trade is INR 8,486bn and there is over 1 day of ADV to trade on a few stocks.

Playtech (PTEC LN): A Nuanced Flutter

By David Blennerhassett

  • On the 2 February, Playtech Plc (PTEC LN)‘s shareholders voted down Aristocrat Leisure (ALL AU)‘s £2.1 billion Offer.
  • The Offer failed after Playtech was unable to engage with a block of Asia-based investors who owned ~28% of the company.
  • As a developer of online casino games, Playtech is an obvious target. Reportedly its second-largest investor and two Playtech CEOs – former and current – are piecing together a deal. 

ACS/Hochtief/CIMIC: Rationalization of Holding Structure

By Jesus Rodriguez Aguilar

  • Hochtief offers A$22/share in cash, a 33% premium to the closing share price on the prior day, and the offer is final. The offer is a relatively low amount.
  • The deal should complete. The premium is generous, as the 15.4x P/22e E paid is high given that Hochtief and ACS are trading at 9.9x and 11.3x, respectively.
  • ACS trades at 27% discount to NAV. Holding structure rationalization and c. €5 billion received should be a catalyst for discount tightening. Long 1 ACS SM/short 0.4162 HOT GR.

LG Energy Solution: End of the One Month Lock Up Period & More Selling Likely Ahead

By Douglas Kim

  • In this insight, we discuss the end of the one month lock up period and more block selling ahead by major investors for LG Energy Solution in the weeks ahead.
  • There are 1.75 million shares under the one month lock-up period, representing 0.7% of outstanding shares. 
  • At current price of 416,500 won, we believe there is an additional 11% downside risk to LG Energy Solution shares over the next 3-6 months (using the base case valuation).

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Feb 24
0

Event-Driven: Japan Post Bank, CIMIC Group Ltd, Volkswagen (Pref), LG Energy Solution, Bardoc Gold, LG Electronics, Indra Sistemas Sa and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • Japan Post Bank – A Double on Spread Expansion and More on a Buyback?
  • CIMIC (CIM AU) Takeover Offer: Should Get Done; Index Implications
  • Hochtief’s Unconditional Offer For CIMIC
  • VW Gains On Potential Porsche IPO. PAH3 Gains Even More
  • CIMIC (CIM AU) Replacement in ASX200
  • LG Energy’s KOSPI 200 Float Is 15%: Weight Adjustment Trading for Other Constituents
  • Bardoc – St Barbara Merger: Scheme Booklet Out; Still Wide + ASX200 Index Kicker
  • LG Electronics: Impact of Restructuring the Solar Panel Business
  • CIMIC in an Off-Market Takeover Bid by Hochtief
  • SEPI to Raise Stake in Indra

Japan Post Bank – A Double on Spread Expansion and More on a Buyback?

By Mio Kato

  • Japan Post Bank is down 15.2% since its earnings results as quarterly profit declined noticeably. 
  • This was driven by falls in income from PE investments and a reduction in gains on forex from maturing investments. 
  • While that is a sharp fall for the name, its overall risk profile, exposure to rising rates and cheap valuations make it extremely attractive in our view.

CIMIC (CIM AU) Takeover Offer: Should Get Done; Index Implications

By Brian Freitas

  • Hochtief AG (HOT GR) holds 78.58% of CIMIC Group Ltd (CIM AU) and has made an offer to acquire the remaining shares at A$22/share.
  • Hochtief will squeeze out the remaining shareholders once it holds more than 90% of the shares in CIMIC Group Ltd (CIM AU). 
  • We think the offer is fair and expect the stock to open close to A$22/share tomorrow. There could be ad hoc inclusion to the ASX200 index in May or June.

Hochtief’s Unconditional Offer For CIMIC

By David Blennerhassett

VW Gains On Potential Porsche IPO. PAH3 Gains Even More

By David Blennerhassett

  • Volkswagen (VOW GR) said it was in advanced talks with its controlling shareholder, the Porsche-Piëch family, over IPOing the iconic Porsche car brand.
  • VW gained as much as 10.2%, lagging Porsche Automobil Holding Se (PAH3 GR)‘s intra-day-high of 15.2%.
  • Proceeds from a potential IPO would ostensibly support VW’s electric vehicle roll-out. But expect the founding families to be also looking to fill their boots. 

CIMIC (CIM AU) Replacement in ASX200

By Travis Lundy

LG Energy’s KOSPI 200 Float Is 15%: Weight Adjustment Trading for Other Constituents

By Sanghyun Park

  • The local street hears KRX has bumped it up to 14.68%. With the 1% rounding applied, it becomes 15%.
  • It is extremely rare for a Fast Entry to come in with a float market cap of +₩10T. So, we will see significant weight adjustments for the other constituents.
  • As we move towards the implementation date, we can consider basket-shorting those high-impact names for LG Energy’s long hedge.

Bardoc – St Barbara Merger: Scheme Booklet Out; Still Wide + ASX200 Index Kicker

By Janaghan Jeyakumar, CFA

  • The Scheme Booklet for the Bardoc Gold – St Barbara Deal was published today. The Scheme Meeting will be held virtually at 1:00pm (Perth time) 30th March 2022.
  • The Independent Expert has concluded that, in the absence of a Superior Proposal, the Scheme is fair and reasonable and therefore in the best interests of Bardoc Scheme Shareholders.
  • Below is a discussion on the developments since my previous insight Bardoc Gold – St Barbara Merger. 

LG Electronics: Impact of Restructuring the Solar Panel Business

By Douglas Kim

  • On 23 February, LG Electronics announced that it will exit the solar panel business due to lack of competitiveness as it has been losing money in this business. 
  • This restructuring will have a positive impact on LG Electronics. We applaud its strategy of focusing on what it does best and exiting businesses where it is not competitive. 
  • Assuming operating loss of 80 billion won and a 9% cost of capital, this would result in perpetuity value losses of 889 billion won.

CIMIC in an Off-Market Takeover Bid by Hochtief

By Arun George

  • Hochtief AG (HOT GR) announced an unconditional off-market takeover offer for CIMIC Group Ltd (CIM AU) at A$22.00 cash per share, a 33.4% premium to the last close price. 
  • The offer’s implied forward EV/EBITDA multiple is at a discount to peer multiples. However, the offer is attractive compared to historical and transaction multiples.  
  • The offer presents a reasonable exit for minorities tired of the weak share price due to years of troubled contracts.

SEPI to Raise Stake in Indra

By Jesus Rodriguez Aguilar

  • SEPI will increase its stake in Indra Sistemas Sa (IDR SM) by 9.25% (22.2 days of trading volume) up to 28%, which should have a positive impact on the share price.
  • Indra has dropped 9.4% on market fears that the Government might interfere in the company’s strategy. Nevertheless, this in my view, provides an entry point.
  • My DCF valuation of Indra is €12.12/share, which implies 44% upside. I believe share purchases should act as a short-term catalyst for the share price.

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Feb 23
0

Event-Driven: Mapletree Commercial Trust, Razer Inc, LG Energy Solution, Noritsu Koki, JMDC Inc, G J Steel PCL, Meritz Fire & Marine Insurance, Apollo Tourism & Leisure Ltd and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz
  • Razer Inc (1337 HK): Pre-Conditions Done
  • KOSPI200 Index Rebalance (March): LG Energy IN; Dongwon F&B Out
  • Noritsu Koki (7744) – PAAAAYDAAAAY!
  • JMDC (4483 JP) – A Change of Ownership, and Future Path
  • GJ Steel: Nippon Steel’s Offer Opens On The 23 February
  • KOSPI 200: LG Energy Solution Inclusion and Dongwon F&B Exclusion
  • Razer’s Offer Spread Risk/Reward – Pre-Conditions Fulfilled
  • Meritz Financial & Meritz Fire Buybacks: Flow Estimations with MSCI/K200 Inclusion Factored
  • Apollo – THL: Scheme Booklet Out, Meeting on 20th April 2022

SIAS Also Questions MCT/MNACT Merger, Countering/Supporting Quarz

By Travis Lundy

  • Quarz wrote an open letter questioning the Mapletree North Asia Commercial Trust (MAGIC SP) deal with MCT for MNACT shareholders, discussed here. They wrote another letter last Thursday.
  • Now, Securities Investors Association (Singapore) SIAS has come out with an open letter to MCT management questioning the deal. 
  • There are now activists on both sides questioning this deal. That is not necessarily a bad thing. 

Razer Inc (1337 HK): Pre-Conditions Done

By David Blennerhassett

  • Razer Inc (1337 HK) has announced the remaining pre-conditions have now been fulfilled.
  • The next step is the Scheme vote, which may be held in early May, with possible completion in early June.
  • Despite SAMR approval last month, this transaction continues to trade wide to terms on concerns retail investors will disrupt the headcount test.

KOSPI200 Index Rebalance (March): LG Energy IN; Dongwon F&B Out

By Brian Freitas

Noritsu Koki (7744) – PAAAAYDAAAAY!

By Travis Lundy

  • Noritsu Koki (7744 JP) just sold two-thirds of its stake in subsidiary JMDC Inc (4483 JP) to Omron Corp (6645 JP) for ¥112bn – pretty good for a ¥61bn marketcap.
  • This is the payday for those who have been long NK as a proxy for JMDC and possibly short JMDC against it. Now the shape of the company is different.
  • A closer look at the pro-forma financial profile is warranted. It’s a lot of money. BUT… if you look today and buy today you do NOT get the special div!

JMDC (4483 JP) – A Change of Ownership, and Future Path

By Travis Lundy

  • JMDC Inc (4483 JP) or formerly Japan Medical Device Corp was incubated then IPOed by Noritsu Koki (7744 JP). Noritsu Koki is now selling two-thirds of its stake to OMRON. 
  • OMRON’s heft should help JMDC grow better with larger clients. That’s the bet OMRON is making too.
  • The sale by Noritsu Koki reduces potential overhang from a share sale which heretofore had been a possibility. 

GJ Steel: Nippon Steel’s Offer Opens On The 23 February

By David Blennerhassett

  • Both G J Steel PCL (GJS TB) and G Steel (GSTEL TB) have announced Form 247-4, the Notification on Receipt of the Tender Offer for Securities, from Nippon Steel.
  • As expected, the Offer period is for 25 days, between 23 February and 29 March. The payment is the 31 March. 
  • GJS is trading tight to terms. The Offer is unconditional.

KOSPI 200: LG Energy Solution Inclusion and Dongwon F&B Exclusion

By Douglas Kim

  • On 22 February, the KRX announced that LG Energy Solution (373220 KS) will be included in numerous local indices including KOSPI 200, KOSPI 100, and KRX 100 effective 3/11/2022.
  • This has been widely expected by the market. Due to the inclusion in KOSPI 200, investors will be able to short LG Energy Solution starting 11 March. 
  • Once Dongwon F&B is excluded from the KOSPI 200 index, this could be a key buying opportunity on this stock, given the company’s solid fundamentals. 

Razer’s Offer Spread Risk/Reward – Pre-Conditions Fulfilled

By Arun George

  • Razer Inc (1337 HK) announced that all the pre-conditions were fulfilled. The scheme document will be released after the FY21 results (scheduled on or before 17 March).  
  • The headcount test is a key challenge. While the deal’s success benefits from the de-rating of technology shares, it is also undermined by Logitech International SA (LOGN SW)’s strong 3Q. 
  • The shares are broadly fairly valued at last close both on a SoTP and deal probability basis. We would be buyers up to HK$2.5 per share (implies 65% deal probability).

Meritz Financial & Meritz Fire Buybacks: Flow Estimations with MSCI/K200 Inclusion Factored

By Sanghyun Park

  • Meritz Financial Group and Meritz Fire once again announced stock buybacks worth 100 billion won each. Like last time, this will likely be completed within 2-3 months.
  • This buyback size is not small: 1.86% and 1.95% of SO. Assuming that the buyback completes with equal volume for 60 trading days, it is 0.08x and 0.06x ADTVs, respectively.
  • Of particular note is Meritz Fire. It is because the KOSPI 200 inclusion is waiting even after March 1. Approximately ₩0.10T of passive money will flow in.

Apollo – THL: Scheme Booklet Out, Meeting on 20th April 2022

By Janaghan Jeyakumar, CFA

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