Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>The company’s targets are underwhelming given the opportunity but low expectations built in</li>
<li>A revamped strategy to increase profitability and shareholder returns is “radical” for this old-school company</li>
<li>Execution is key for certain parts of the plan, but the market can do the rest</li>
</ul>


The company’s targets are underwhelming given the opportunity but low expectations built in
A revamped strategy to increase profitability and shareholder returns is “radical” for this old-school company
Execution is key for certain parts of the plan, but the market can do the rest


Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&amp;P 500, which follows strong financial results and guidance. Investors anticipated this inclusion, driven by improved profitability and operational efficiency.</li>
<li>The volume traded has so far been on average 2x the 3-month daily average prior to the news. The enduring effect will be on liquidity (hedging basket for index exposure).</li>
<li>CrowdStrike's inclusion in the S&amp;P 500 index increases the representation of pure cybersecurity stocks. Median IBES consensus PT is $400 (7.5% upside).</li>
</ul>


On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&amp;P 500, which follows strong financial results and guidance. Investors anticipated this inclusion, driven by improved profitability and operational efficiency.
The volume traded has so far been on average 2x the 3-month daily average prior to the news. The enduring effect will be on liquidity (hedging basket for index exposure).
CrowdStrike's inclusion in the S&amp;P 500 index increases the representation of pure cybersecurity stocks. Median IBES consensus PT is $400 (7.5% upside).


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.

<ul>
<li>True Wind has launched a hostile partial tender offer for <a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> for a minimum (3.8m) and maximum (4.2m) shares at JPY4,400, 19.2% premium to the undisturbed price.</li>
<li>The offer was prompted by frustration with the Board’s lack of urgency in closing the disparity between Sun Corp’s market cap and the value of its <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite DI (CLBT US)</a> stake.</li>
<li>The Board has three options: do nothing (low probability), find a white knight bidder (high probability), or commit to selling/distributing its Cellebrite stake (medium probability).</li>
</ul>


True Wind has launched a hostile partial tender offer for Sun Corp (6736 JP) for a minimum (3.8m) and maximum (4.2m) shares at JPY4,400, 19.2% premium to the undisturbed price.
The offer was prompted by frustration with the Board’s lack of urgency in closing the disparity between Sun Corp’s market cap and the value of its Cellebrite DI (CLBT US) stake.
The Board has three options: do nothing (low probability), find a white knight bidder (high probability), or commit to selling/distributing its Cellebrite stake (medium probability).


Sun Corporation (6736 JP): True Wind’s Hostile Partial Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>The rankings used for the June 2024 index rebal event will be decided based on the opening prices tomorrow (6th June 2024).</li>
<li>In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
The rankings used for the June 2024 index rebal event will be decided based on the opening prices tomorrow (6th June 2024).
In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.


Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible

<ul>
<li>Bloomberg reports that KKR and TPG are exploring options, including a buyout of <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>, and are gauging initial interest from other global investors.</li>
<li>The favoured privatisation option for US ADRs with the Cayman Islands incorporation is a statutory merger requiring a two-thirds voting approval threshold. </li>
<li>The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders, facilitating a modest takeover premium. </li>
</ul>


Bloomberg reports that KKR and TPG are exploring options, including a buyout of PropertyGuru (PGRU US), and are gauging initial interest from other global investors.
The favoured privatisation option for US ADRs with the Cayman Islands incorporation is a statutory merger requiring a two-thirds voting approval threshold. 
The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders, facilitating a modest takeover premium. 


PropertyGuru (PGRU US): KKR/TPG Mulling a Buyout

United States

KKR & Co. Inc. operates as an investment firm. The Company manages investments such as private equity, energy, infrastructure, real estate, credit strategies, and hedge funds. KKR & Co serves clients worldwide.

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KKR & Co (KKR US)

Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...

Rikki Malik

CrowdStrike Joins S&P 500

On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&P 500, which follows strong financial results and guidance. Investors...

Jesus Rodriguez Aguilar

Sun Corporation (6736 JP): True Wind’s Hostile Partial Offer

The Board is likely to reject the offer and has three options: do nothing (low probability), find a white knight bidder (high probability), or sell...

Arun George

Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible

The S&P500 review will be announced on Friday. The reference price used will be Thursday's opening price. We expect up to two changes, but would...

Travis Lundy

PropertyGuru (PGRU US): KKR/TPG Mulling a Buyout

The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders,...

Arun George

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52-week Range

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Return to Sender: Japan Post Holdings (6178.T) – Entering the Modern Age

​Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...

Rikki Malik

CrowdStrike Joins S&P 500

On June 24, Crowdstrike Holdings (CRWD US) will officially join the S&P 500, which follows strong financial results and guidance. Investors...

Jesus Rodriguez Aguilar

Sun Corporation (6736 JP): True Wind’s Hostile Partial Offer

The Board is likely to reject the offer and has three options: do nothing (low probability), find a white knight bidder (high probability), or sell...

Arun George

Quiddity Leaderboard S&P 500 Jun 24: Ranks to Be Finalized Tomorrow; 2 Changes Possible

The S&P500 review will be announced on Friday. The reference price used will be Thursday's opening price. We expect up to two changes, but would...

Travis Lundy

PropertyGuru (PGRU US): KKR/TPG Mulling a Buyout

The concentrated shareholder register would suggest that TPG/KKR would aim for irrevocable from the other three substantial shareholders,...

Arun George

Company's underwhelming targets should be beaten. Its plans are being revamped with a "radical" strategy to increase profitability and shareholder...