Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> / <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data (9613 JP)</a> transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain. </li>
<li>Both <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> and Dye &amp; Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect - before a price recovery to close the week.</li>
<li>MCB says the <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> de-merger plan is bad, and now analysts say it is "underwhelming." Duh.  But the alternative? Underwhelming too, but less independent.</li>
</ul>


The NTT (9432 JP) / NTT Data (9613 JP) transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain. 
Both Link Administration (LNK AU) and Dye &amp; Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect - before a price recovery to close the week.
MCB says the AGL Energy Ltd (AGL AU) de-merger plan is bad, and now analysts say it is "underwhelming." Duh.  But the alternative? Underwhelming too, but less independent.


Last Week in Event SPACE:  NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> and <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> announced a merger of BHP Petroleum with Woodside late last year, to be implemented in Q2 2022</li>
<li>The vote is in a week, and BHP is expected to trade ex- WPL share spinoff on 24 May 2022, with delivery a week later. </li>
<li>The trade so far has worked well, and there has been a slight additive flow pattern in the last several days. It is worth thinking closely about timing.</li>
</ul>



BHP Group Ltd (BHP AU) and Woodside Petroleum (WPL AU) announced a merger of BHP Petroleum with Woodside late last year, to be implemented in Q2 2022
The vote is in a week, and BHP is expected to trade ex- WPL share spinoff on 24 May 2022, with delivery a week later. 
The trade so far has worked well, and there has been a slight additive flow pattern in the last several days. It is worth thinking closely about timing.


Woodside/BHP And the Timing Of The Trade Flows Vs Peers

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. It rebalances four times a year.</li>
<li>In June 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 200, 100, 50, and 20. There is likely to be an intra-quarter change too.</li>
<li>This is a follow-up insight to <a href="https://www.smartkarma.com/insights/s-p-asx-indices-quiddity-leaderboard-for-june-2022-rebalance" target="_blank" data-smartkarma-citation="insights:68033" rel="noopener">S&amp;P/​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance</a>. with updated expectations for inclusions/changes in the various indices in the next 6 weeks. </li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. It rebalances four times a year.
In June 2022, Index rebalance events will take place for the S&amp;P/ASX capitalization-weighted indices including ASX 200, 100, 50, and 20. There is likely to be an intra-quarter change too.
This is a follow-up insight to S&amp;P/​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance. with updated expectations for inclusions/changes in the various indices in the next 6 weeks. 


S&P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0

<ul>
<li>If Silchester's activism towards <a href="https://www.smartkarma.com/entities/shiga-bank-ltd" target="_blank" data-smartkarma-citation="entities:18665:1" rel="noopener">Shiga (8366 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/chugoku-bank-ltd" target="_blank" data-smartkarma-citation="entities:11177:1" rel="noopener">Chugoku (8382 JP)</a> is going to be fought, it is going to be fought in the Japanese media, not in the AGM convocation. </li>
<li>The idea that the <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> de-merger could be thwarted is something which could dampen spirits on the stock near-term</li>
<li>
<a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a> as a risk arb situation is trading wide. It should trade tighter. </li>
</ul>


If Silchester's activism towards Shiga (8366 JP) &amp; Chugoku (8382 JP) is going to be fought, it is going to be fought in the Japanese media, not in the AGM convocation. 
The idea that the AGL Energy Ltd (AGL AU) de-merger could be thwarted is something which could dampen spirits on the stock near-term

Hitachi Transport System (9086 JP) as a risk arb situation is trading wide. It should trade tighter. 


Last Week in Event SPACE: Hitachi Transport, Shiga Bank, CP Food, AGL, Woodside/BHP, Yamada Denki

<ul>
<li>The Merger of <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> with <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> subsidiary BHP Petroleum sees a vote 19 May and likely Effective Date by 1 June.</li>
<li>BHP would go ex-dividend on 25 May, with the in-specie dividend payment WPL shares delivered on 1 June and tradable one day later. </li>
<li>As discussed in <a href="https://www.smartkarma.com/insights/woodside-bhp-petroleum-merger-on-tap-index-impact-minimal-but-flowback-may-not-be" target="_blank" data-smartkarma-citation="insights:68190" rel="noopener">Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be</a>, major index impact is minimal, but monsters lurk beneath the tranquil surface.</li>
</ul>


The Merger of Woodside Petroleum (WPL AU) with BHP Group Ltd (BHP AU) subsidiary BHP Petroleum sees a vote 19 May and likely Effective Date by 1 June.
BHP would go ex-dividend on 25 May, with the in-specie dividend payment WPL shares delivered on 1 June and tradable one day later. 
As discussed in Woodside / BHP Petroleum Merger On Tap; Index Impact Minimal but Flowback May Not Be, major index impact is minimal, but monsters lurk beneath the tranquil surface.


Woodside / BHP Petroleum Merger - Thinking About Flows (Still a Flowback Sell)

Australia

BHP Group Ltd operates as an international resources company. The Company offers mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel, and copper concentrate, as well as petroleum exploration, production, and refining. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP AU)

Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Woodside/BHP And the Timing Of The Trade Flows Vs Peers

Woodside Petroleum (WPL) continues to drift lower vs Aussie-listed Peers Beach and Santos as we approach the BHP distribution of WPL shares which...

Travis Lundy

S&P/ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0

A look at the leading candidates who could become S&P ASX Index Adds/Deletes during the June 2022 Rebalance and other potential irregular changes.

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Hitachi Transport, Shiga Bank, CP Food, AGL, Woodside/BHP, Yamada Denki

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Woodside / BHP Petroleum Merger - Thinking About Flows (Still a Flowback Sell)

BHP is about to deliver A$27bn of WPL shares to its holders - plus a LOT of franking credits. Not all the WPL Shares To Be Received will be...

Travis Lundy

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Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Woodside/BHP And the Timing Of The Trade Flows Vs Peers

Woodside Petroleum (WPL) continues to drift lower vs Aussie-listed Peers Beach and Santos as we approach the BHP distribution of WPL shares which...

Travis Lundy

S&P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0

A look at the leading candidates who could become S&P ASX Index Adds/Deletes during the June 2022 Rebalance and other potential irregular changes.

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: Hitachi Transport, Shiga Bank, CP Food, AGL, Woodside/BHP, Yamada Denki

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Woodside / BHP Petroleum Merger - Thinking About Flows (Still a Flowback Sell)

BHP is about to deliver A$27bn of WPL shares to its holders - plus a LOT of franking credits. Not all the WPL Shares To Be Received will be...

Travis Lundy

S&P/ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0