Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In this insight, we take a look at Quiddity's final predictions for index changes for the  F100 and F250 indices for the June 2023 Rebalance.</li>
<li>The index changes are likely to be confirmed after market close today.</li>
<li>We expect one change for the F100 index and six changes for the F250 index.</li>
</ul>


In this insight, we take a look at Quiddity's final predictions for index changes for the  F100 and F250 indices for the June 2023 Rebalance.
The index changes are likely to be confirmed after market close today.
We expect one change for the F100 index and six changes for the F250 index.


Quiddity Final Thoughts for F100/​250 June 23: Multiple High-Impact Changes Likely

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.</li>
<li>Based on latest prices, there are no changes expected for F100 while there could be up to four changes in F250 between now and the June 2023 Rebalance</li>
<li>This includes the potential intra-review replacement of F250 member <a href="https://www.smartkarma.com/entities/al-noor-hospitals-group-plc" target="_blank" data-smartkarma-citation="entities:21813:1" rel="noopener">Mediclinic International (MDC LN)</a> in the F250 index.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the June 2023 Rebalance.
Based on latest prices, there are no changes expected for F100 while there could be up to four changes in F250 between now and the June 2023 Rebalance
This includes the potential intra-review replacement of F250 member Mediclinic International (MDC LN) in the F250 index.


Quiddity Leaderboard for UK F100/​250 June 2023: Mediclinic Replacement Candidates Have High Impact

US/Europe Event-Driven Analyst

John DeMasi

On May 21, 2019 <a href="https://www.smartkarma.com/entities/20662" target="_blank" data-smartkarma-citation="entities:20662:1">Crane Co (CR US)</a> announced a proposal to acquire <a href="https://www.smartkarma.com/entities/10244" target="_blank" data-smartkarma-citation="entities:10244:1">Circor International (CIR US)</a>, a manufacturer of pumps, valves, regulators, actuators, and related engineered components for $45 per share in cash, for a total equity value of $895 million and a total enterprise value of $1.55 billion ($1.7 billion if net pension liability is included). The proposal price of $45 represents a 47% premium over the May 20, 2019 CIR US closing price of $30.66. Crane held a conference call and released a slide presentation on its proposal with more details. In this piece I evaluate the proposal and the impediments standing in Crane’s way of winning this deal.

On May 21, 2019 Crane Co (CR US) announced a proposal to acquire Circor International (CIR US), a manufacturer of pumps, valves, regulators, actuators, and related engineered components for $45 per share in cash, for a total equity value of $895 million and a total enterprise value of $1.55 billion ($1.7 billion if net pension liability is included). The proposal price of $45 represents a 47% premium over the May 20, 2019 CIR US closing price of $30.66. Crane held a conference call and released a slide presentation on its proposal with more details. In this piece I evaluate the proposal and the impediments standing in Crane’s way of winning this deal.

Crane Co. Proposal to Acquire CIRCOR International – Actuator Wanted

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Since the GFC, the global port operators have been under-performing the MSCI world index. The divergence has increased in the last 18 months and is now reaching an extreme. Does this make the sector a buy? We believe the industry dynamics are changing and the sector is pricing in  a structural slowdown in global trade. The growth industry has matured and is now more akin to valuations given to a utilities business i.e. P/E compression is in play despite still strong margins and earnings. We believe that ports sector on a macro basis is moving from a growth stock to a value stock which commands stable but lower P/E.  Wider implications for this would be the investor profile for the ports will change as more value investors get in and growth investors move away. We expect Chinese operators to get aggressive on M&amp;A and cheapest valuation in the sector in years on account of structural weakness to drive M&amp;A.

Since the GFC, the global port operators have been under-performing the MSCI world index. The divergence has increased in the last 18 months and is now reaching an extreme. Does this make the sector a buy? We believe the industry dynamics are changing and the sector is pricing in  a structural slowdown in global trade. The growth industry has matured and is now more akin to valuations given to a utilities business i.e. P/E compression is in play despite still strong margins and earnings. We believe that ports sector on a macro basis is moving from a growth stock to a value stock which commands stable but lower P/E.  Wider implications for this would be the investor profile for the ports will change as more value investors get in and growth investors move away. We expect Chinese operators to get aggressive on M&amp;A and cheapest valuation in the sector in years on account of structural weakness to drive M&amp;A. 

Port Operators - Valuations Downshift on Structural Changes

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund <a href="https://www.smartkarma.com/entities/22754" target="_blank" data-smartkarma-citation="entities:22754">Vietnam Enterprise Investments Limited</a>, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

United Kingdom

IMI PLC, the international engineering company, designs, manufactures and services bespoke solutions that control the precise movement of fluids. The Company works with customers across a range of high-growth sectors, including energy, oil and gas, energy efficient buildings, rail, commercial vehicles and beverage dispense.

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IMI PLC (IMI LN)

Quiddity Final Thoughts for F100/250 June 23: Multiple High-Impact Changes Likely

The F100 and F250 data cutoff has passed. The announcement of changes should come today after the London close. We see multiple high-impact...

Travis Lundy

Quiddity Leaderboard for UK F100/250 June 2023: Mediclinic Replacement Candidates Have High Impact

The Top 15 F250 potential ADDs have decent impact and some of these names could become intra-review ADDs or regular ADDs between now and June 2023....

Janaghan Jeyakumar, CFA

Crane Co. Proposal to Acquire CIRCOR International – Actuator Wanted

On May 21, 2019 Crane Co (CR US) announced a proposal to acquire Circor International (CIR US), a manufacturer of pumps, valves, regulators,...

John DeMasi

Port Operators - Valuations Downshift on Structural Changes

Since the GFC, the global port operators have been under-performing the MSCI world index. The divergence has increased in the last 18 months and is...

Drewry Maritime Financial Research

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

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Quiddity Final Thoughts for F100/​250 June 23: Multiple High-Impact Changes Likely

The F100 and F250 data cutoff has passed. The announcement of changes should come today after the London close. We see multiple high-impact...

Travis Lundy

Quiddity Leaderboard for UK F100/​250 June 2023: Mediclinic Replacement Candidates Have High Impact

The Top 15 F250 potential ADDs have decent impact and some of these names could become intra-review ADDs or regular ADDs between now and June 2023....

Janaghan Jeyakumar, CFA

Crane Co. Proposal to Acquire CIRCOR International – Actuator Wanted

On May 21, 2019 Crane Co (CR US) announced a proposal to acquire Circor International (CIR US), a manufacturer of pumps, valves, regulators,...

John DeMasi

Port Operators - Valuations Downshift on Structural Changes

Since the GFC, the global port operators have been under-performing the MSCI world index. The divergence has increased in the last 18 months and is...

Drewry Maritime Financial Research

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

Quiddity Final Thoughts for F100/250 June 23: Multiple High-Impact Changes Likely

Quiddity Leaderboard for UK F100/250 June 2023: Mediclinic Replacement Candidates Have High Impact