European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/la-francaise-des-jeux" target="_blank" data-smartkarma-citation="entities:28427:1" rel="noopener">La Francaise des Jeux (FDJ FP)</a> seeks scale in online gaming and betting through a recommended SEK 130 all-cash offer for <a href="https://www.smartkarma.com/entities/kindred-group-plc" target="_blank" data-smartkarma-citation="entities:35677:1" rel="noopener">Kindred Group (KINDSDB SS)</a>, 24% premium, SEK 27,951 million implied equity value.</li>
<li>Minimum  acceptance condition is &gt;90%, which considering irrevocables, requires acceptances from 86.1% of the float. At 8.1x EV/Fwd NTM EBITDA, the offer looks slightly cheap vs. the median of comparables. </li>
<li>Gross spread is 6.2%, partly due to 10+ months before settlement. Spread should tighten after the Kindred EGM. This deal appears to be a solid bet. Long Kindred.</li>
</ul>



La Francaise des Jeux (FDJ FP) seeks scale in online gaming and betting through a recommended SEK 130 all-cash offer for Kindred Group (KINDSDB SS), 24% premium, SEK 27,951 million implied equity value.
Minimum  acceptance condition is &gt;90%, which considering irrevocables, requires acceptances from 86.1% of the float. At 8.1x EV/Fwd NTM EBITDA, the offer looks slightly cheap vs. the median of comparables. 
Gross spread is 6.2%, partly due to 10+ months before settlement. Spread should tighten after the Kindred EGM. This deal appears to be a solid bet. Long Kindred.


FDJ/Kindred: Consolidation Is Back in Online Gaming

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Banca Popolare Di Sondrio Scar / 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>In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.</li>
<li>Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!
</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the March 2024 index rebal event.
Based on the latest available data, I expect up to 12 index changes over the next few days including an intra-review change!



Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>We expected a blandiloquent but bletcherous bump for <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>.  We got bletcherous.</li>
<li>With the Hang Seng Index dipping below the 15,000 mark earlier this week, time to dust off some old school perspective with Benjamin Graham's Net Nets.</li>
<li>JIC CEO Yokoo reckons the <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> deal to be done by March-end. Language is vague. If that means to start by then, that's still 30% annualised.</li>
</ul>


We expected a blandiloquent but bletcherous bump for T&amp;K Toka Co Ltd (4636 JP).  We got bletcherous.
With the Hang Seng Index dipping below the 15,000 mark earlier this week, time to dust off some old school perspective with Benjamin Graham's Net Nets.
JIC CEO Yokoo reckons the JSR Corp (4185 JP) deal to be done by March-end. Language is vague. If that means to start by then, that's still 30% annualised.


Last Week in Event SPACE: T&K TOKA, Liquidated HK Stocks, JSR, Orecorp, Brilliance Auto, Hollysys

<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>In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.</li>
<li>There are two more weeks for the base date. As things stand, there could be six ADDs/DELs during the December 2023 review and probably two more intra-review changes after that.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the December 2023 rebalance.
There are two more weeks for the base date. As things stand, there could be six ADDs/DELs during the December 2023 review and probably two more intra-review changes after that.


Quiddity Leaderboard SE600 Dec 23: 6 ADDs/DELs and Two Intra-Review Changes Possible

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI China ETF / Technical Analysis

<ul>
<li>We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.</li>
<li>We continue to expect rangebound price action in the months ahead on the MSCI ACWI.</li>
<li>And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)</li>
</ul>


We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.
We continue to expect rangebound price action in the months ahead on the MSCI ACWI.
And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)


Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

Sweden

Betsson AB is a gaming company.  The Company is mainly operating gaming over the Internet, and developing, marketing, and selling Internet gaming systems.

Pandox AB invests in hotel properties. The Company owns, develops, and leases out centrally located properties. Pandox does extensive research before investing to insure that the hotels are situated in lucrative areas. Pandox takes an active part in the management and operation of the hotel businesses. Pandox mainly invests in hotels situated in northern Europe.

Scandic Hotels Group AB owns and operates a chain of hotels. The Company offers accommodation and conference rooms, dining services, spa, swimming pool, fitness center, and cafe facilities. Scandic Hotels Group serves customers in the Nordic region.

AcadeMedia AB provides educational services. The Company offers pre-school, elementary, secondary, vocational, adult education, comprehensive lesson plans, skills training, and professional rehabilitation services. AcadeMedia operates throughout Sweden.

Dometic Group AB designs and manufactures climate control and convenience products for the RV, Marine, and ground transport industries.

Electrolux AB is an appliance company based in Sweden. The Company's products include refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances.

The Thule Group AB manufactures bike racks, cargo carriers, and hitch solutions for vehicles. The Company also makes carry solutions for mobile and computer equipment, luggage and packs, RV accessories, and  trailers. The Thule Group offers products and services throughout the world.

Bilia AB operates as a full-service supplier in Europe, for everything related to car ownership, with a position within service and sales of cars, transport vehicles and trucks. The Company mainly operates within its Service Business segment. Bilia has a network of facilities in Sweden, Norway, Luxembourg and Belgium plus an auction site in Sweden.

JM AB manages property and constructs buildings.  The Company projects, builds and markets single-family housing, apartment houses and office buildings.  JM owns and manages commercial buildings primarily in and around the cities of Stockholm, Gothenburg, Malmo and Uppsala in Sweden.  The Company also owns properties in Norway, Belgium and Portugal.

Clas Ohlson AB is a retail trading company.  The Company's inventory includes items such as tools, locks, cables, computer accessories, camping equipment, art materials, kitchen gadgets, and toys.  Clas Ohlson sells its products through stores as well as by mail order and via the Internet.  The stores are located in cities and larger towns throughout Sweden and Norway.

Skylark Co. Ltd. mainly operates a family restaurant chain across Japan.  The Company offers Japanese-style, Western-style, and Asia-style foods for a wide variety of targeted customer segments.  Skylark also sells food and provides delivery servies.

Domino's Pizza Enterprises Limited is a franchise licence owner of the Domino's Pizza. The Company sits in the quick service restaurant segment within fast food retail and has a license which covers Australia, New Zealand, France, Belgium, The Netherlands and the Principality of Monaco. The Domino's brand is owned by Domino's Pizza, Inc, a listed US company.

SJM Holdings Limited offers amusement and recreation services.  The Company operates casinos, hotels, and other tourism-related facilities in Macau.

Melco Resorts & Entertainment Limited develops, owns, and operates casinos. The Company offers casino gaming, restaurants, bars, and resorts facilities. Melco Resorts & Entertainment serves customers in Asia.

Marriott Vacations Worldwide Corporation is a worldwide developer, marketer, seller and manager of vacation ownership resorts and vacation club, destination club and exchange programs, principally under the "Marriott" and "Ritz-Carlton" brands and trademarks, which we license from Marriott International and Ritz-Carlton.

Genting Malaysia Berhad operates a tourist resort in Genting Highlands which includes hotels, restaurants, casinos, and recreational and amusement facilities. Through its subsidiaries, the Company also develops and leases property, operates leisure and hospitality services, and provides time share ownership scheme.

NagaCorp Limited is a leisure and tourism company with casino operations in Phnom Penh, the capital city of Cambodia. The Company also offers hotel accommodation, manages food and beverage outlets, recreational facilities, entertainmentand retail operations.

Mandarin Oriental International Limited is an owner and operator of luxury hotels, resorts, and residences. The Group now operates, or has under development, hotels in the Americas, Europe, Middle East, and North Africa. Mandarin Oriental International also operates, or has under development, residences at Mandarin Oriental.

Mandarin Oriental International (MAND SP)

Penn National Gaming, Inc. owns and operates Charles Town Races in West Virginia which features slot machines, casinos in Mississippi, and a riverboat gaming facility in Louisiana.  The Company also owns racetracks and off-track wagering facilities in Pennsylvania, as well as manages a gaming facility in the Province of Ontario, Canada.

EIH Limited owns and operates luxury hotels and resorts in India under the name "Oberoi."  The Company also manages a mid-price hotel chain in India, in addition to hotels in Egypt, Australia, Sri Lanka, Indonesia and Saudi Arabia.

Kindred Group PLC offers online gambling services. The Company provides sports betting, poker, casino, and other Internet games. Kindred Group serves customers worldwide.

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Kindred Group (KINDSDB SS)

FDJ/Kindred: Consolidation Is Back in Online Gaming

La Francaise des Jeux makes a cash offer for Kindred Group to expand in online gaming and betting, offering a 24% premium and a slightly cheap...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: T&K TOKA, Liquidated HK Stocks, JSR, Orecorp, Brilliance Auto, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard SE600 Dec 23: 6 ADDs/DELs and Two Intra-Review Changes Possible

The one-way for the 6 ADDs/DELs expected for December is around US$80mn. On average, there could be around 1.6 days to buy for the 6 ADDs and 1.2...

Janaghan Jeyakumar, CFA

Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

We remain neutral on global equities $ACWI and expect rangebound price action in the months (possibly year) ahead. Specific $ACWI trading range we...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

FDJ/Kindred: Consolidation Is Back in Online Gaming

​La Francaise des Jeux makes a cash offer for Kindred Group to expand in online gaming and betting, offering a 24% premium and a slightly cheap...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 12 Changes Possible in the Next Few Days

LXI REIT's intra-review deletion and the replacement name could be confirmed over the next few days. Separately, I see 11 ADDs/DELs during the...

Janaghan Jeyakumar, CFA

Last Week in Event SPACE: T&K TOKA, Liquidated HK Stocks, JSR, Orecorp, Brilliance Auto, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Quiddity Leaderboard SE600 Dec 23: 6 ADDs/DELs and Two Intra-Review Changes Possible

The one-way for the 6 ADDs/DELs expected for December is around US$80mn. On average, there could be around 1.6 days to buy for the 6 ADDs and 1.2...

Janaghan Jeyakumar, CFA

Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

We remain neutral on global equities $ACWI and expect rangebound price action in the months (possibly year) ahead. Specific $ACWI trading range we...

Vermilion Research

La Francaise des Jeux makes a cash offer for Kindred Group to expand in online gaming and betting, offering a 24% premium and a slightly cheap...