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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> has received an unsolicited, preliminary, non-binding indicative offer from TPG Global to acquire the company at A$12.65/share in cash.</li>
<li>TPG has also acquired 17.8% of the shares in <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a> via a combination of stock and derivatives.</li>
<li>With the company now in play, there could be competing offers. Already owning 17.8% of the company, TPG is now invested in ensuring they gain control.</li>
</ul>



Invocare Ltd (IVC AU) has received an unsolicited, preliminary, non-binding indicative offer from TPG Global to acquire the company at A$12.65/share in cash.
TPG has also acquired 17.8% of the shares in Invocare Ltd (IVC AU) via a combination of stock and derivatives.
With the company now in play, there could be competing offers. Already owning 17.8% of the company, TPG is now invested in ensuring they gain control.


InvoCare (IVC AU): TPG's A$12.65/Share NBIO

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>PE outfit TPG has taken a 17.8% stake in <strong><a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">InvoCare Ltd (IVC AU)</a></strong>, Australia's leading funeral services provider, and also pitched a A$12.65/share non-binding indicative Offer via a Scheme.</li>
<li>The Indicative proposal is subject to the completion of satisfactory due diligence, and FIRB.</li>
<li>InvoCare, which has struggled to generate consistent profits in recent years, is mulling the proposal. Pricing is around the Covid cliff. </li>
</ul>


PE outfit TPG has taken a 17.8% stake in InvoCare Ltd (IVC AU), Australia's leading funeral services provider, and also pitched a A$12.65/share non-binding indicative Offer via a Scheme.
The Indicative proposal is subject to the completion of satisfactory due diligence, and FIRB.
InvoCare, which has struggled to generate consistent profits in recent years, is mulling the proposal. Pricing is around the Covid cliff. 


InvoCare (IVC AU): TPG's Non-Binding Offer

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.afr.com/street-talk/pe-buyer-chases-invocare-stake-ubs-runs-raid-20230306-p5cpvl" target="_blank" rel="noopener">AFR reports</a> that TPG Capital, through UBS, is seeking to acquire 14.4m or 10.00% of <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>'s outstanding shares at A$12.65, a 41.3% premium to the undisturbed price.</li>
<li>If the aftermarket raid is successful, TPG will follow the tried-and-test private equity playbook of securing a pre-bid stake before lobbing a non-binding offer at A$12.65 per share</li>
<li>TPG has timed its move to take advantage of the post-results price slump. While not a knockout offer, it is a starting point for the Board to secure better terms.</li>
</ul>



AFR reports that TPG Capital, through UBS, is seeking to acquire 14.4m or 10.00% of Invocare Ltd (IVC AU)'s outstanding shares at A$12.65, a 41.3% premium to the undisturbed price.
If the aftermarket raid is successful, TPG will follow the tried-and-test private equity playbook of securing a pre-bid stake before lobbing a non-binding offer at A$12.65 per share
TPG has timed its move to take advantage of the post-results price slump. While not a knockout offer, it is a starting point for the Board to secure better terms.


InvoCare (IVC AU): TPG Capital Makes a Move

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 Dec 23rd (reported today) which has an aggregated short interest worth USD14.1bn.</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 CBA, Pilbara Minerals, Fortescue Metals, ANZ, NAB.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 23rd (reported today) which has an aggregated short interest worth USD14.1bn.
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 CBA, Pilbara Minerals, Fortescue Metals, ANZ, NAB.


ASX Short Interest Weekly (Dec 23rd): Short Covering for Banks

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 16th (reported today) which has an aggregated short interest worth USD15.7bn.</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 Woodside, Pilbara, Macquarie, Inghams, Nufarm, ANZ, CBA.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 16th (reported today) which has an aggregated short interest worth USD15.7bn.
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 Woodside, Pilbara, Macquarie, Inghams, Nufarm, ANZ, CBA.


ASX Short Interest Weekly (Dec 16th): Woodside, Pilbara, Macquarie, Inghams, Nufarm, ANZ, CBA

Australia

G8 Education Limited provides community-focused child care for families to foster their child's development.  The Company also conducts a range of child care services that includes child care centers acquisition, child care centers management, and industry-related project management, services and consultancy.

Propel Funeral Partners Limited provides funeral services. The Company owns and operates funeral homes, cemeteries, crematoria, and related assets, as well as offers funeral, cremation, burial, and mortuary services. Propel Funeral Partners serves individuals and families in Australia and New Zealand.

3P Learning Limited provides educational services. The Company owns and operates a website for students, teachers, and mathematics coordinators with a focus on e-learning of mathematics. 3P Learning serves the kindergarten through twelfth grade curriculum worldwide.

Shine Corporate Ltd. is a national law firm. The Firm's areas of practice includes personal injuries law, family law, property law, class actions, wills, probate and residential conveyancing.

Slater & Gordon Limited is a national law firm. The Firm's areas of practice include commercial, family, employment, asbestos-related and personal injury law.

The Star Entertainment Group Limited owns and operates casinos and hotels. The Company offers services and amenities such as gaming facilities, nightclubs, bars, restaurants, exhibition centers. The Star Entertainment Group conducts business in Australia.

Tabcorp Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides gambling, gaming, wagering, and entertainment services. Tabcorp Holdings serves customers in Australia and in the United Kingdom.

Corporate Travel Management Ltd. offers corporate travel management services. The Company operates on a fee for service model and provides business travel advice and services; bookings; ticketing, and ancillary services; and offers travel data diagnostics and recommendations.

Collins Foods Ltd. operates fast-food restaurants.  The Company operates chains of steak and chicken restaurants in Australia.

Jumbo Interactive Limited develops e-commerce and online retailing technologies. The Company also operates a web site that offers Australian lottery tickets for purchase online as well as distributes a wide range of software products.

Universal Technical Institute Inc., through its Universal Technical Institute (UTI) campuses, provides technical education training. The Schools, through its UTI campuses, offers automotive, collision repair and refinishing, and diesel training. UTI also offers training in motorcycle, marine, and personal watercraft through its Motorcycle and Marine Mechanics Institutes(MMI).

Universal Technical Institute, Inc (UTI US)

Fu Shou Yuan International Group, Ltd. is a death care service provider in China.  The Company operates cemeteries and funeral facilities.

East Buy Holding Limited operates livestreaming platform businesses. The Company provides private label products including agricultural products, food, books, and household goods. East Buy Holding also conducts college education businesses.

Xiamen Unigroup Xue Co., Ltd. offers various educational services. The Company provides after-school tutoring and education consulting. Unigroup Xue also participates in real estate development and investment activities.

Perdoceo Education Corporation provides educational services. The Company offers a variety of bachelor's, associate, and non-degree programs, with a core curricula of information technologies, visual communication and design technologies, business studies, and culinary arts. Perdoceo Education operates in the United States.

China Education Group Holdings Limited offers educational services. The Company provides private universities operating services, education training services, and other services. China Education Group Holdings offers services in Hong Kong.

SISB operates a premium K-12 international school in Thailand, adopted Singapore, UK and IBDP curriculum as a blended student pathway in schools. SISB was established in 2001 with the school license under the Private School Act. Currently, there are 6 international schools with over 4,000 students.

Lung Yen Life Service Corp operates a cemetery and offers funeral and disposition services.

Zhejiang Yasha Decoration Company Ltd. provides decorating services for large-scale infrastructure, high-end luxury hotel and luxury residential property.

China Chunlai Education Group Co., Ltd. provides educational services. The Company offers private higher education services and other services. China Chunlai Education Group provides services in China.

InvoCare Limited owns and operates funeral homes, cemeteries and crematoriums in Australia. The Company's activities include the provision of funerals, burials and cremations through it's funeral home brands including Blackwell, Guardian, George Hartnett, Le Pine, Purslowe, Simplicity Funerals and White Lady Funerals.

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Invocare Ltd (IVC AU)

InvoCare (IVC AU): TPG's Non-Binding Offer

This remains an indicative Offer. However, TPG is not holding back with an initial 17.8% stake. I'd buy around A$12, or 5.4%/13% annualised,...

David Blennerhassett

InvoCare (IVC AU): TPG Capital Makes a Move

TPG is seeking a 10% pre-bid stake and will subsequently lob a non-binding offer at A$12.65. While not a knockout offer, it is a good starting...

Arun George

ASX Short Interest Weekly (Dec 23rd): Short Covering for Banks

We analyzed ASX short interest report for the past week and highlight short interest changes in CBA, Pilbara Minerals, Fortescue Metals, ANZ, NAB.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 16th): Woodside, Pilbara, Macquarie, Inghams, Nufarm, ANZ, CBA

We analyzed ASX short interest report for the past week and highlight short interest changes in Woodside, Pilbara, Macquarie, Inghams, Nufarm, ANZ,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

InvoCare (IVC AU): TPG's A$12.65/Share NBIO

TPG has made an NBIO to acquire InvoCare at A$12.65/share for an equity value of A$1.8bn. TPG has also bought up 17.8% of the company. We'd buy...

Brian Freitas

InvoCare (IVC AU): TPG's Non-Binding Offer

This remains an indicative Offer. However, TPG is not holding back with an initial 17.8% stake. I'd buy around A$12, or 5.4%/13% annualised,...

David Blennerhassett

InvoCare (IVC AU): TPG Capital Makes a Move

TPG is seeking a 10% pre-bid stake and will subsequently lob a non-binding offer at A$12.65. While not a knockout offer, it is a good starting...

Arun George

ASX Short Interest Weekly (Dec 23rd): Short Covering for Banks

We analyzed ASX short interest report for the past week and highlight short interest changes in CBA, Pilbara Minerals, Fortescue Metals, ANZ, NAB.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 16th): Woodside, Pilbara, Macquarie, Inghams, Nufarm, ANZ, CBA

We analyzed ASX short interest report for the past week and highlight short interest changes in Woodside, Pilbara, Macquarie, Inghams, Nufarm, ANZ,...

Ke Yan, CFA, FRM