Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> is offering <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR (CSR AU)</a> shareholders A$9/share by way of a Scheme, a 34% premium to last close. That's a knockout price.</li>
<li>The Offer is indicative. Confirmatory due diligence is ongoing. CSR board has, not surprisingly "unanimously resolved to pursue the offer at an agreed price of A$9.00". </li>
<li>A firm offer would be subject to FIRB and shareholder approval. Neither should pose an issue. Assuming a firm Offer is shortly forthcoming, this could be wrapped up late-July</li>
</ul>



Cie De Saint-Gobain (SGO FP) is offering CSR (CSR AU) shareholders A$9/share by way of a Scheme, a 34% premium to last close. That's a knockout price.
The Offer is indicative. Confirmatory due diligence is ongoing. CSR board has, not surprisingly "unanimously resolved to pursue the offer at an agreed price of A$9.00". 
A firm offer would be subject to FIRB and shareholder approval. Neither should pose an issue. Assuming a firm Offer is shortly forthcoming, this could be wrapped up late-July


CSR (CSR AU): Saint Gobain's $9/Share NBIO

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>In response to media speculation, <a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> confirmed a non-binding proposal for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> at A$9.00, a 32.9% premium to the undisturbed price.</li>
<li>Saint-Gobain is conducting confirmatory due diligence. CSR is at a trading halt concerning receiving a proposal regarding a potential material transaction involving CSR.</li>
<li>Shareholders should be supportive as the offer represents a 15-year high. The timing of a binding agreement is the key risk.  </li>
</ul>


In response to media speculation, Cie De Saint-Gobain (SGO FP) confirmed a non-binding proposal for CSR Ltd (CSR AU) at A$9.00, a 32.9% premium to the undisturbed price.
Saint-Gobain is conducting confirmatory due diligence. CSR is at a trading halt concerning receiving a proposal regarding a potential material transaction involving CSR.
Shareholders should be supportive as the offer represents a 15-year high. The timing of a binding agreement is the key risk.  


CSR (CSR AU): Saint-Gobain’s Non-Binding Proposal at A$9.00

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>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> has approached <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> with a non-binding indicative offer to acquire all of CSR's shares at A$9/share via a scheme of arrangement.</li>
<li>At the last close of CSR (pre-trading halt) the gross spread to the offer price is 13.21%. That will close significantly once the stock resumes trading.</li>
<li>Given the large premium to the last close, at a price higher than the highest high, and support from the CSR Board, the deal should go through.</li>
</ul>



Cie De Saint-Gobain (SGO FP) has approached CSR Ltd (CSR AU) with a non-binding indicative offer to acquire all of CSR's shares at A$9/share via a scheme of arrangement.
At the last close of CSR (pre-trading halt) the gross spread to the offer price is 13.21%. That will close significantly once the stock resumes trading.
Given the large premium to the last close, at a price higher than the highest high, and support from the CSR Board, the deal should go through.


CSR Ltd (CSR AU): Saint-Gobain's A$9/Share Offer

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 Feb 9th (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 weekly changes in ANZ, CSL, Telstra.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 9th (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 weekly changes in ANZ, CSL, Telstra.


ASX Short Interest Weekly (Feb 9th): ANZ, CSL, Telstra

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 2nd (reported today) which has an aggregated short interest worth USD18.3bn.</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 Fortescue, Rio Tinto, Wisetech Global.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 2nd (reported today) which has an aggregated short interest worth USD18.3bn.
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 Fortescue, Rio Tinto, Wisetech Global.


ASX Short Interest Weekly (Feb 2nd): Fortescue, Rio Tinto, Wisetech Global

Australia

Boral Limited is a manufacturer and supplier of building and construction materials in Australia and internationally.  Boral supplies building products to the residential and commercial building markets, operates clay brick business in the U.S. (for clay roof tiles and fly ash) along with the production of plasterboard, timber products and concrete products.

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Boral Ltd (BLD AU)

CSR (CSR AU): Saint-Gobain’s Non-Binding Proposal at A$9.00

Shareholders should be supportive as the offer represents a 15-year high. The timing of a binding agreement is the key risk.

Arun George

ASX Short Interest Weekly (Feb 9th): ANZ, CSL, Telstra

We analyzed ASX short interest report for the past week and highlight short interest weekly changes in ANZ, CSL, Telstra.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Feb 2nd): Fortescue, Rio Tinto, Wisetech Global

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Rio Tinto, Wisetech Global.

Ke Yan, CFA, FRM

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52-week Range

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CSR (CSR AU): Saint Gobain's $9/Share NBIO

Trading at a gross/annualised spread of 8.0%/19.7%, assuming late Jul completion. An arbitrageur might get involved here and on any material dips....

David Blennerhassett

CSR (CSR AU): Saint-Gobain’s Non-Binding Proposal at A$9.00

Shareholders should be supportive as the offer represents a 15-year high. The timing of a binding agreement is the key risk.

Arun George

CSR Ltd (CSR AU): Saint-Gobain's A$9/Share Offer

Saint-Gobain has approached CSR with a non-binding indicative offer to acquire all CSR shares at A$9/share. The trend of Construction Materials...

Brian Freitas

ASX Short Interest Weekly (Feb 9th): ANZ, CSL, Telstra

We analyzed ASX short interest report for the past week and highlight short interest weekly changes in ANZ, CSL, Telstra.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Feb 2nd): Fortescue, Rio Tinto, Wisetech Global

We analyzed ASX short interest report for the past week and highlight short interest changes in Fortescue, Rio Tinto, Wisetech Global.

Ke Yan, CFA, FRM