European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos generally tightened during July and first week of August. Discounts to NAV: C.F.Alba, 45.3% (vs. 44.5% as of end of June); </li>
<li>GBL, 42.2% (vs. 43.6%); Heineken Holding, 16% (vs. 18.4%); Industrivärden C, 2.2% (vs. 2.4%); Investor B, 7.5% (vs. 9.9%); Porsche Automobile Holding, 34.6% (vs. 35.8%), Porsche SE reports 13 August. </li>
<li>Rio DLC spread tightened to 22.1% (vs. 20.7%). What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos generally tightened during July and first week of August. Discounts to NAV: C.F.Alba, 45.3% (vs. 44.5% as of end of June); 
GBL, 42.2% (vs. 43.6%); Heineken Holding, 16% (vs. 18.4%); Industrivärden C, 2.2% (vs. 2.4%); Investor B, 7.5% (vs. 9.9%); Porsche Automobile Holding, 34.6% (vs. 35.8%), Porsche SE reports 13 August. 
Rio DLC spread tightened to 22.1% (vs. 20.7%). What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: July-Aug. 9 '24 Report

<ul>
<li>The <strong>discounts to NAV of covered holdcos have mainly tightened during January</strong>. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); </li>
<li>Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).</li>
<li>What seems interesting: in holding trades, GBL/vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos have mainly tightened during January. Discounts to NAV: C.F.Alba, 47.5% (vs. 49.1%); GBL, 37.1% (vs. 36.6%); Heineken Holding, 16.6% (vs. 16.7%); 
Industrivärden C, 3.8% (vs. 5.4%); Investor B, 7.9% (vs. 13.5%); Porsche Automobile Holding, 42% (vs. 37.1%). The spread of Rio DLC widened to 25.2% (vs. 24.2%).
What seems interesting: in holding trades, GBL/vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: January’24 Report

<ul>
<li>The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); </li>
<li>Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).</li>
<li>What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.</li>
</ul>


The discounts to NAV of covered holdcos haven't shown a clear trend during October. Discounts to NAV: C.F.Alba, 47.8% (vs. 49.2%); GBL, 35.5% (vs. 35.3%); Heineken Holding, 14.9% (vs. 14.5%); 
Industrivärden C, 6% (vs. 7.4%); Investor B, 16.5% (vs. 15.4%); Porsche Automobile Holding, 40.9% (vs. 41.1%). The spread of Rio DLC widened to 21% (vs. 15.8%).
What seems interesting: holding trades, Investor B vs. listed assets, Porsche SE/vs. listed assets and the Rio DLC: long RIO LN/short RIO AU.


Selected European HoldCos and DLC: October’23 Report

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "<strong>Copper is the New Oil"</strong>
</li>
<li>Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.</li>
<li>Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?</li>
</ul>


Copper is trading above 5.05 USD/lbs and has rallied over 29% YTD. Jeff Currie was quoted as saying "Copper is the New Oil"

Sprott launches physical Copper Trust, copying the uranium playbook. Removing physical copper from the market.
Uranium in 2023 and Cacao in 1H24 show what commodity prices can do if investors panic. Is copper making a parabolic move next?


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

<ul>
<li>Solactive has announced the constituent changes for the Global Lithium Index. There are 3 adds and 3 deletes with implementation at the close on 31 October.</li>
<li>Estimated one-way turnover is 13.8% and will result in a one-way trade of US$174m. There are a few stocks with over 1x ADV to trade.</li>
<li>The index is not very widely tracked and there could be big moves in some stocks over the next few days - especially where there is multiple days ADV.</li>
</ul>


Solactive has announced the constituent changes for the Global Lithium Index. There are 3 adds and 3 deletes with implementation at the close on 31 October.
Estimated one-way turnover is 13.8% and will result in a one-way trade of US$174m. There are a few stocks with over 1x ADV to trade.
The index is not very widely tracked and there could be big moves in some stocks over the next few days - especially where there is multiple days ADV.


Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

United Kingdom

Rio Tinto plc is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

Price Gauge
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Rio Tinto PLC (RIO LN)

Selected European HoldCos and DLC: July-Aug. 9 '24 Report

Discounts to NAV of covered holdcos generally tightened during July and first week of August. What seems interesting: Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January’24 Report

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October’23 Report

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Junior Copper Miners: Time for Lift-Off?

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

There are 3 adds/3 deletes for the Solactive Global Lithium Index resulting in an estimated one-way turnover of 13.8% and in a one-way trade of...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Selected European HoldCos and DLC: July-Aug. 9 '24 Report

Discounts to NAV of covered holdcos generally tightened during July and first week of August. What seems interesting: Porsche SE vs. listed assets...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: January’24 Report

​Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: October’23 Report

​Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Jesus Rodriguez Aguilar

Junior Copper Miners: Time for Lift-Off?

​Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...

Nicolas Van Broekhoven

Solactive Global Lithium Index Rebalance: 28% Turnover & US$350m Trade

There are 3 adds/3 deletes for the Solactive Global Lithium Index resulting in an estimated one-way turnover of 13.8% and in a one-way trade of...

Brian Freitas

Discounts to NAV for covered holdcos mainly tightened in January. What seems interesting: Interesting trades: GBL vs. listed assets, Porsche SE...

Discounts to NAV of covered holdcos in October showed no clear trend. Interesting aspects include holding trades, Investor B vs. listed assets,...

Copper surges as demand increases. Sprott launches physical Copper Trust, potentially impacting market supply. Will copper follow uranium and...