IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beach-energy-ltd" target="_blank" data-smartkarma-citation="entities:795:1" rel="noopener">Beach Energy (BPT AU)</a>’s revised offer of A$0.25 per share was quickly gazumped by Hancock's revised off-market proposal of A$0.28 for <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>. All other terms remain unchanged.</li>
<li>Speculation that <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a> would also be a takeover target has resulted in its all-scrip offer rising to A$0.248 per share (at last close).</li>
<li>Expect another round of the takeover battle as the bidders are well capitalised and the strategic importance of Perth Basin as Australia’s premier onshore basin.</li>
</ul>



Beach Energy (BPT AU)’s revised offer of A$0.25 per share was quickly gazumped by Hancock's revised off-market proposal of A$0.28 for Warrego Energy (WGO AU). All other terms remain unchanged.
Speculation that Strike Energy (STX AU) would also be a takeover target has resulted in its all-scrip offer rising to A$0.248 per share (at last close).
Expect another round of the takeover battle as the bidders are well capitalised and the strategic importance of Perth Basin as Australia’s premier onshore basin.


Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 25th (reported today) which has an aggregated short interest worth USD18.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Mineral Resource, QBE Insurance, Rio Tinto, South32, Westpac, ANZ, Woodside.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 25th (reported today) which has an aggregated short interest worth USD18.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Mineral Resource, QBE Insurance, Rio Tinto, South32, Westpac, ANZ, Woodside.


ASX Short Interest Weekly (Nov 25th): Mineral Resource, QBE Insurance, Rio Tinto, South32

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The S&amp;P ASX June 2022 index changes were announced on 3rd June as I discussed in <a href="https://www.smartkarma.com/insights/s-p-asx-june-2022-rebalance-adds-are-mostly-mining-companies-dels-are-mostly-tech-financials" target="_blank" data-smartkarma-citation="insights:71075" rel="noopener">S&amp;P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials</a>.</li>
<li>With the Inclusion/Exclusion events expected to take place at the end of this week, below is a closer look at the price and volume performance of the candidates so far.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> could get deleted from ASX 100 and ASX 200 in the next few trading days and I have picked out the potential replacements.</li>
</ul>


The S&amp;P ASX June 2022 index changes were announced on 3rd June as I discussed in S&amp;P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials.
With the Inclusion/Exclusion events expected to take place at the end of this week, below is a closer look at the price and volume performance of the candidates so far.
Separately, Crown Resorts (CWN AU) could get deleted from ASX 100 and ASX 200 in the next few trading days and I have picked out the potential replacements.


S&P/​ASX June 2022 Rebal Final Look and Crown Resorts Replacements

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. </li>
<li>Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.</li>
</ul>


There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the S&amp;P/ASX 200 (AS51 INDEX). 
Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.

Core Lithium Ltd (CXO AU) is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.


S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

<ul>
<li>The index changes for the S&amp;P ASX Index family for the June 2022 Rebalance were announced today.</li>
<li>There will be 4 Adds and 5 Deletes for the ASX 200 Index, mostly in line with our expectations in <a href="https://www.smartkarma.com/insights/s-p-asx-indices-quiddity-leaderboard-for-june-2022-rebalance-2-0" target="_blank" data-smartkarma-citation="insights:69725" rel="noopener">S&amp;P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0</a>.  </li>
<li>There are also changes announced for ASX 50 and ASX 100. Below is a closer look at the details of the names involved in this Rebalance Event.</li>
</ul>


The index changes for the S&amp;P ASX Index family for the June 2022 Rebalance were announced today.
There will be 4 Adds and 5 Deletes for the ASX 200 Index, mostly in line with our expectations in S&amp;P/​​​​ASX Indices: Quiddity Leaderboard for June 2022 Rebalance 2.0.  
There are also changes announced for ASX 50 and ASX 100. Below is a closer look at the details of the names involved in this Rebalance Event.


S&P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials

Australia

Mineral Resources Ltd. offers contract crushing services to the mining industry in Australia.  The Company serves gold, iron ore, tantalum, and coal companies.

Price Gauge
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Mineral Resources (MIN AU)

Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing

Shares closed slightly above Hancock's offer. Expect another round of bids as the bidders are well capitalised and the strategic importance of...

Arun George

ASX Short Interest Weekly (Nov 25th): Mineral Resource, QBE Insurance, Rio Tinto, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Mineral Resource, QBE Insurance, Rio Tinto,...

Ke Yan, CFA, FRM

S&P/ASX June 2022 Rebal Final Look and Crown Resorts Replacements

A final look at the June 2022 rebalance trade for the S&P ASX Indices and a discussion on potential replacements for Crown Resorts

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials

S&P ASX Index changes for June 2022 have been announced. ASX 50, ASX 100, and ASX 200 are about to experience constituent changes. Inclusion...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Warrego (WGO AU)’s Rinehart V Stokes Takeover Tussle in Full Swing

Shares closed slightly above Hancock's offer. Expect another round of bids as the bidders are well capitalised and the strategic importance of...

Arun George

ASX Short Interest Weekly (Nov 25th): Mineral Resource, QBE Insurance, Rio Tinto, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Mineral Resource, QBE Insurance, Rio Tinto,...

Ke Yan, CFA, FRM

S&P/​ASX June 2022 Rebal Final Look and Crown Resorts Replacements

A final look at the June 2022 rebalance trade for the S&P ASX Indices and a discussion on potential replacements for Crown Resorts

Janaghan Jeyakumar, CFA

S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P ASX June 2022 Rebalance: ADDs Are Mostly Mining Companies; DELs Are Mostly Tech/Financials

S&P ASX Index changes for June 2022 have been announced. ASX 50, ASX 100, and ASX 200 are about to experience constituent changes. Inclusion...

Janaghan Jeyakumar, CFA

S&P/ASX June 2022 Rebal Final Look and Crown Resorts Replacements

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes