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/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources (GGR SP)</a> has traded lower over the last year and trades cheaper than some of its peers.</li>
<li>Revenue, income and net profit margins have been moving higher over the last few years and EPS/DPS have increased sharply over the last two years.</li>
<li>Potential passive buying could result in <a href="https://www.smartkarma.com/entities/golden-agri-resources-ltd" target="_blank" data-smartkarma-citation="entities:1142:1" rel="noopener">Golden Agri Resources (GGR SP)</a> outperforming peers in the near term.</li>
</ul>



Golden Agri Resources (GGR SP) has traded lower over the last year and trades cheaper than some of its peers.
Revenue, income and net profit margins have been moving higher over the last few years and EPS/DPS have increased sharply over the last two years.
Potential passive buying could result in Golden Agri Resources (GGR SP) outperforming peers in the near term.


Golden Agri-Resources (GGR SP): Could Outperform Peers

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/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>'s delisting resolution was overwhelmingly voted against by independent H Shareholders. The results were not helped by the poor turnout.</li>
<li>PAG's MGO at HK$1.5132 per H Share is not conditional on the approval of the delisting resolution. The MGO remains open with a final closing date of 1 February.</li>
<li>PAG currently holds 85.44% of the outstanding shares. At the last close and for a 10 February payment, the gross and annualised spread is 1.6% and 28.9%, respectively.</li>
</ul>



Shandong Fengxiang (9977 HK)'s delisting resolution was overwhelmingly voted against by independent H Shareholders. The results were not helped by the poor turnout.
PAG's MGO at HK$1.5132 per H Share is not conditional on the approval of the delisting resolution. The MGO remains open with a final closing date of 1 February.
PAG currently holds 85.44% of the outstanding shares. At the last close and for a 10 February payment, the gross and annualised spread is 1.6% and 28.9%, respectively.


Fengxiang (9977 HK): Delisting Resolution Fails, MGO Closes 1 February

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Agri-Food play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a> recently distributed in-specie its 62.5% stake in <a href="https://www.smartkarma.com/entities/austasia-group-ltd" target="_blank" data-smartkarma-citation="entities:36655:1" rel="noopener">AustAsia Group (2425 HK)</a>.</li>
<li>Japfa continues to hold a 55.4% stake in <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a>, together with unlisted ops focused on animal proteins in Vietnam, India, Bangladesh, and Myanmar.</li>
<li>Japfa is estimated to be trading at around a 41% discount to NAV and ~4x EV/EBITDA. </li>
</ul>


Agri-Food play Japfa Ltd (JAP SP) recently distributed in-specie its 62.5% stake in AustAsia Group (2425 HK).
Japfa continues to hold a 55.4% stake in Japfa Comfeed Indonesia (JPFA IJ), together with unlisted ops focused on animal proteins in Vietnam, India, Bangladesh, and Myanmar.
Japfa is estimated to be trading at around a 41% discount to NAV and ~4x EV/EBITDA. 


Japfa Ltd: Trading Cheap After AustAsia In-Specie Distribution

<ul>
<li>PAG completed the auction procedures for the acquisition of a 70.92% stake in <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>. This will trigger an unconditional MGO at HK$1.5132 per H Share.</li>
<li>As PAG has no compulsory acquisition rights, it will also seek shareholder delisting approval. The MGO is not conditional on the approval of the delisting resolution.</li>
<li>The composite document is to be despatched on or before 28 December. At last close and for an end-of-January payment, the gross and annualised spread is 5.1% and 65.9%, respectively.</li>
</ul>


PAG completed the auction procedures for the acquisition of a 70.92% stake in Shandong Fengxiang (9977 HK). This will trigger an unconditional MGO at HK$1.5132 per H Share.
As PAG has no compulsory acquisition rights, it will also seek shareholder delisting approval. The MGO is not conditional on the approval of the delisting resolution.
The composite document is to be despatched on or before 28 December. At last close and for an end-of-January payment, the gross and annualised spread is 5.1% and 65.9%, respectively.


Fengxiang (9977 HK)’s Share Transfer to PAG Complete, Unconditional MGO

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>COP27, the 27th annual United Nations international conference on climate change, starts on 6 November and runs through 18 November – in the Egyptian coastal city of Sharm el-Sheikh.</li>
<li>Whereas climate mitigation and clean energy were the main focus of prior conferences, climate adaptation and sustainable agriculture and food are top priorities for the COP26 Presidency.</li>
<li>Therefore, agriculture and food stocks are poised to be the most impacted on a relative basis by COP27 proceedings and outcomes. This Insight considers the potential "winners and losers."</li>
</ul>


COP27, the 27th annual United Nations international conference on climate change, starts on 6 November and runs through 18 November – in the Egyptian coastal city of Sharm el-Sheikh.
Whereas climate mitigation and clean energy were the main focus of prior conferences, climate adaptation and sustainable agriculture and food are top priorities for the COP26 Presidency.
Therefore, agriculture and food stocks are poised to be the most impacted on a relative basis by COP27 proceedings and outcomes. This Insight considers the potential "winners and losers."


COP27: Agriculture and Food Stocks Likely to Be Most Affected by Conference Talks

Singapore

Japfa Ltd. operates in the agricultural industry. The Company breeds and processes chicken, pork and beef. Japfa also operates dairy farms.

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Japfa Ltd (JAP SP)

Golden Agri-Resources (GGR SP): Could Outperform Peers

Golden Agri-Resources has trended lower over the last year and multiples have shrunk and the stock trades cheaper than peers. Passive buying could...

Brian Freitas

Fengxiang (9977 HK): Delisting Resolution Fails, MGO Closes 1 February

The MGO is not conditional on the approval of the delisting resolution. At the last close and for a 10 February payment, the annualised spread is...

Arun George

Japfa Ltd: Trading Cheap After AustAsia In-Specie Distribution

At a 41% discount to NAV, Japfa appears inexpensive. As it does on an EV/EBITDA basis. But this is an illiquid holdco, with no immediate catalyst...

David Blennerhassett

COP27: Agriculture and Food Stocks Likely to Be Most Affected by Conference Talks

COP27 starts next week, and sustainable agriculture/food is at the top of the agenda. That could mean agriculture stocks are the most impacted by...

Kyle Rudden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Golden Agri-Resources (GGR SP): Could Outperform Peers

Golden Agri-Resources has trended lower over the last year and multiples have shrunk and the stock trades cheaper than peers. Passive buying could...

Brian Freitas

Fengxiang (9977 HK): Delisting Resolution Fails, MGO Closes 1 February

The MGO is not conditional on the approval of the delisting resolution. At the last close and for a 10 February payment, the annualised spread is...

Arun George

Japfa Ltd: Trading Cheap After AustAsia In-Specie Distribution

At a 41% discount to NAV, Japfa appears inexpensive. As it does on an EV/EBITDA basis. But this is an illiquid holdco, with no immediate catalyst...

David Blennerhassett

Fengxiang (9977 HK)’s Share Transfer to PAG Complete, Unconditional MGO

The composite document is to be despatched on or before 28 December. At last close and for an end-of-January payment, the gross and annualised...

Arun George

COP27: Agriculture and Food Stocks Likely to Be Most Affected by Conference Talks

COP27 starts next week, and sustainable agriculture/food is at the top of the agenda. That could mean agriculture stocks are the most impacted by...

Kyle Rudden