Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>The base date for rankings for the June 2024 index rebal event is 31st May 2024. In this insight, we take a look at the latest list of potential ADDs/DELs.</li>
<li>Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
The base date for rankings for the June 2024 index rebal event is 31st May 2024. In this insight, we take a look at the latest list of potential ADDs/DELs.
Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes.


Quiddity Leaderboard SE600 Jun 24: Potential ADDs Could Continue to Outperform Potential DELs

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/nameson-holdings-ltd' target='_blank' rel='noopener'>Nameson Holdings</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li><li><a href='/entities/genting-bhd' target='_blank' rel='noopener'>Genting Bhd</a></li><li><a href='/entities/shui-on-land-ltd' target='_blank' rel='noopener'>Shui On Land</a></li><li><a href='/entities/health-and-happiness-h-h-int' target='_blank' rel='noopener'>Health And Happiness (H&H)</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Nameson HoldingsSunny Optical Technology GroupGenting BhdShui On LandHealth And Happiness (H&H)and more...

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>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.</li>
<li>There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.</li>
<li>There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.</li>
</ul>



Nearmap Ltd (NEA AU)’s litigation and trading update resulted in the spread to Thoma Bravo’s A$2.10 offer widening to 7.7%. The scheme meeting is on 25 November.
There is no chance that the MAC clause will be triggered due to the downbeat trading update. However, the update is softening the stance of some of the retail dissenters.
There is a small chance of a bump as peers have re-rated. Nevertheless, the low spread prior to the update suggested that the risk of the NO vote was minimal.


Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

<ul>
<li>The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). </li>
<li>The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. </li>
<li>At <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.</li>
</ul>


The IE considers Thoma Bravo’s A$2.10 offer fair and reasonable as it is within its valuation range of A$1.94 to A$2.45 per share (but the below the midpoint of A$2.20). 
The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the offer if unsuccessful. 
At Nearmap Ltd (NEA AU)'s last close price and for the 15 December payment, the gross and annualised spread is 5.8% and 44.5%, respectively.


Nearmap’s Spread Widens, Scheme Meeting on 25 November

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> entered a scheme implementation deed (SID) with Thoma Bravo at A$2.10 per share, a 39.1% premium to the undisturbed price.</li>
<li>The offer price is attractive. The key conditions are shareholders and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is in November. </li>
<li>At last close and for the end of November payment, the gross and annualised spread to the offer is 1.4% and 5.2%, respectively.</li>
</ul>



Nearmap Ltd (NEA AU) entered a scheme implementation deed (SID) with Thoma Bravo at A$2.10 per share, a 39.1% premium to the undisturbed price.
The offer price is attractive. The key conditions are shareholders and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is in November. 
At last close and for the end of November payment, the gross and annualised spread to the offer is 1.4% and 5.2%, respectively.


Nearmap Enters a SID with Thoma Bravo at A$2.10

Netherlands

Fugro N.V. collects, processes, and interprets geological data.  The Company collects data at sea, on land, and from the air of land areas and the sea bed. The data is used in building offshore oil platforms, tunnels, roads, pipelines, factories, and communications cables, and to explore for oil, gas, and minerals. The Company operates worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Fugro NV (FUR NA)

Quiddity Leaderboard SE600 Jun 24: Potential ADDs Could Continue to Outperform Potential DELs

The Top 10 potential ADDs have strongly outperformed the Top 7 potential DELs in the last 1-month, 3-month, and 1-year periods. I expect this trend...

Janaghan Jeyakumar, CFA

Weekly Wrap - 21 Jul 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Nearmap (NEA AU)’s Update Results in an Unwarranted Increase in the Spread

There is no chance that the MAC clause will be triggered due to the downbeat trading update. On the other hand, the update is softening the stance...

Arun George

Nearmap’s Spread Widens, Scheme Meeting on 25 November

The spread has risen due to suggestions that some investors aim to block the scheme. These investors aim for a bump but will likely settle for the...

Arun George

Nearmap Enters a SID with Thoma Bravo at A$2.10

The offer price is attractive. At last close and for the end of November payment, the annualised spread to the offer is 5.2%.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)