Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Friday post-close, <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> released the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0712/2024071200875.pdf" target="_blank" rel="noopener">results of its Rights Offering</a>. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.</li>
<li>The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, <em>but hey, free money?</em>
</li>
<li>The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.</li>
</ul>


Friday post-close, MMG (1208 HK) released the results of its Rights Offering. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.
The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, but hey, free money?

The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.


MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>While there may be still be some overhang once the rights shares start trading, this is a good entry point</li>
<li>Applications for 6.4 Billion excess rights shares received from 11 applications</li>
<li>Rights shares will start trading on Tuesday 16th of July</li>
</ul>


While there may be still be some overhang once the rights shares start trading, this is a good entry point
Applications for 6.4 Billion excess rights shares received from 11 applications
Rights shares will start trading on Tuesday 16th of July


MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

<ul>
<li>The <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> rights, designed to raise US$1.15bn to pay off loans to the parent for the purchase of a large copper asset, start trading 24 June 2024. </li>
<li>There is some risk up for grabs, and it is likely to trade according to standard Hong Kong Rights Trading Dynamics. Shorts are down somewhat, but covering should be expected. </li>
<li>There is path-dependency to the Rights Trading, and while they trade for 7 trading days through Tuesday next, one should expect the volume to trade this week. </li>
</ul>


The MMG (1208 HK) rights, designed to raise US$1.15bn to pay off loans to the parent for the purchase of a large copper asset, start trading 24 June 2024. 
There is some risk up for grabs, and it is likely to trade according to standard Hong Kong Rights Trading Dynamics. Shorts are down somewhat, but covering should be expected. 
There is path-dependency to the Rights Trading, and while they trade for 7 trading days through Tuesday next, one should expect the volume to trade this week. 


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.

Equity Capital Markets

<ul>
<li>On 4 June, <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> announced plans to raise HK$9.1bn (US$1.2bn) through 2 rights shares for every five existing shares rights offering, with a rights price of HK$2.62.</li>
<li>Since the rights issue announcement, MMG shares have declined by 16.2% to the undisturbed price and by 8.0% compared to the TERP of HK$3.48 per share. </li>
<li>MMG’s trading pattern has diverged from Link REIT/Yuexiu’s rights trading due to the statement on 18 May that the Peruvian mine is not liable for a 30% withholding tax.</li>
</ul>


On 4 June, MMG (1208 HK) announced plans to raise HK$9.1bn (US$1.2bn) through 2 rights shares for every five existing shares rights offering, with a rights price of HK$2.62.
Since the rights issue announcement, MMG shares have declined by 16.2% to the undisturbed price and by 8.0% compared to the TERP of HK$3.48 per share. 
MMG’s trading pattern has diverged from Link REIT/Yuexiu’s rights trading due to the statement on 18 May that the Peruvian mine is not liable for a 30% withholding tax.


<ul>
<li>The stock price has corrected to the anticipated level and rebounded</li>
<li>Dates announced for acceptance and payment for the rights issue</li>
<li>There may be more weakness once the rights shares start  trading</li>
</ul>


The stock price has corrected to the anticipated level and rebounded
Dates announced for acceptance and payment for the rights issue
There may be more weakness once the rights shares start  trading


Australia

IGO Limited operates as an exploration company. The Company explores and mines copper, ore, nickel, gold, and other mineral resources. IGO serves customers worldwide.

Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines -Cracow, Edna May, Mt Rawdon, and Pajingo - and the Mt Carlton development project.

Lynas Corporation Limited explores and mines for rare earth minerals such as cerium and neodymium.

BlueScope Steel Limited supplies steel products and solutions. The Company manufactures steel slabs, plates, hot and cold rolled coils, and coated and painted strip products for building and construction, automotive, whitegoods, and manufacturing applications. BlueScope Steel serves customers in Asia, Australia, New Zealand, and the United States.

Alumina Limited is an Australian resource company that produces alumina.  The Company owns about 40% of Alcoa World Alumina and Chemicals through a joint venture with Alcoa.

OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

Sandfire Resources Limited is an Australian copper and gold producer. The Company's key asset is the DeGrussa Copper-Gold Mine located in Western Australia. Sandfire also has exploration assets targeting a range of commodities throughout Australia.

Pilbara Minerals Ltd. is a mineral exploration company. The Company owns mineral tenements in the west Pilbara region of Western Australia where it explores for iron ore, gold and base metals, particularly copper and nickel.

Yancoal Australia Limited provides coal mining services. The Company mines, processes, and sells pure-coal, metallurgical coal, and more. Yancoal Australia also exports its products.

Perseus Mining Limited is a mining and exploration company. The Company acquires, explores, develops, mines, and produces gold. Perseus Mining conducts its mining operations in Africa and Australia.

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

Yunnan Chihong Zinc & Germanium Co., Ltd. mines and produces a variety of non-ferrous metals including zinc, lead, and germanium. The Company also produces silver and sulfuric acid.

Yunnan Chihong Zinc&Germanium Co, Ltd. (600497 CH)

China Minmetals Rare Earth Co Ltd engages in south ionic rare earth separation and processing. The Company mainly focuses on the production and distribution of rare earth oxide, rare earth metal, and highly processed products of rare earth, as well as the research and consult service of rare earth techniques.

Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing, smelting, processing, research and trade in Asia.

Jinduicheng Molybdenum Co, Ltd. (601958 CH)

Yunnan Tin Co., Ltd. produces and markets tin, tin alloy products, and tin chemicals.  The Company sells its tin products under the YT trade mark.

Huaibei Mining Holdings Co.,Ltd. operates coal businesses. The Company mines, processes, and distributes coal, cokes, coal chemical products, and other products. Huaibei Mining Holdings also produces methanol, crude benzene, ammonium sulfate, and other products.

Nanjing Iron & Steel Co., Ltd. produces a variety of iron and steel products. The Company's products include steel plates, steel belts, structure steel, concrete iron, steel billets, cast iron, and related by-products.

Hindustan Copper Limited is a vertically integrated multi-unit copper producer in India engaged in a wide spectrum of activities ranging from mining, beneficiation, smelting, refining and manufacturing of copper cathodes, continuous cast wire rods and wire bars. The Company was the first Indian Copper producer to get ISO-9002 certificate for its Continuous Cast Wire Rod Plant.

Beijing Shougang Co., Ltd. manufactures and markets rolled steel, steel billets, and other steel products.  Through its subsidiaries, the Company produces compact discs and software.  Beijing Shougang sells its steel products worldwide.

MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world.  The Company currently owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo (DRC) and the LXML Sepon mine in Laos.

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

MMG (1208 HK)

MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

MMG's Rights Issue was well taken up. Excess Rights were 1.82% of total rights, which means a 0.99% allocation and up to US$24mm of selling in the...

Travis Lundy

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

MMG (1208 HK) Rights Trading Dynamics

It is now time to buy the dip on MMG vs Peers. The liquidation selling of Rights should be done, and this stock is cheap vs assets and earnings...

Travis Lundy

MMG (1208 HK): Rights Trade Playbook

The rights start trading on 24 June. We expect MMG shares to claw back some losses over the rights trading period, particularly towards the end.

Arun George

MMG Rights Issue – Prospectus Issued

Stock price corrects, rebounds as dates announced for rights issue acceptance and payment; potential weakness expected when rights shares begin...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

MMG's Rights Issue was well taken up. Excess Rights were 1.82% of total rights, which means a 0.99% allocation and up to US$24mm of selling in the...

Travis Lundy

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

​Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

MMG (1208 HK) Rights Trading Dynamics

It is now time to buy the dip on MMG vs Peers. The liquidation selling of Rights should be done, and this stock is cheap vs assets and earnings...

Travis Lundy

MMG (1208 HK): Rights Trade Playbook

The rights start trading on 24 June. We expect MMG shares to claw back some losses over the rights trading period, particularly towards the end.

Arun George

MMG Rights Issue – Prospectus Issued

​Stock price corrects, rebounds as dates announced for rights issue acceptance and payment; potential weakness expected when rights shares begin...

Rikki Malik

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Stock price corrects, rebounds as dates announced for rights issue acceptance and payment; potential weakness expected when rights shares begin...