Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.</li>
<li>International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.</li>
<li>Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables </li>
</ul>


Major corporations and states will continue driving green energy demand, with renewable energy commitments independent of federal policy.
International green energy firms in Europe and Asia will attract U.S. investment and technologies as supportive policies and consistent demand make these markets appealing.
Despite an "independent fed" lower interest rates are more likely under Trump, which might more than compensate policy changes as investment costs rather than operational costs drive renewables 


How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Be long <a href="https://www.smartkarma.com/entities/kawasaki-kisen-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:3548:1" rel="noopener">Kawasaki Kisen Kaisha (9107 JP)</a> vs MOL and NYK. The shares are cheap on a forward basis. KLine is reducing the Real World Float, causing further potential squeeze.</li>
<li>
<a href="https://www.smartkarma.com/entities/sabana-industrial-real-estate-investment-trust" target="_blank" data-smartkarma-citation="entities:911:1" rel="noopener">Sabana Industrial REIT (SSREIT SP)</a>'s Partial Offer at 0.88x book is not overwhelming, but it is also not a control stake. It is probably priced near-right.</li>
<li>IF <a href="https://www.smartkarma.com/entities/osstem-implant-co-ltd" target="_blank" data-smartkarma-citation="entities:1450:1" rel="noopener">Osstem (048260 KS)</a>'s price were to go higher, it is conceivable there could be a bump, but don't bet on it as long as the stock trades &lt;KRW 190,000. </li>
</ul>


Be long Kawasaki Kisen Kaisha (9107 JP) vs MOL and NYK. The shares are cheap on a forward basis. KLine is reducing the Real World Float, causing further potential squeeze.

Sabana Industrial REIT (SSREIT SP)'s Partial Offer at 0.88x book is not overwhelming, but it is also not a control stake. It is probably priced near-right.
IF Osstem (048260 KS)'s price were to go higher, it is conceivable there could be a bump, but don't bet on it as long as the stock trades &lt;KRW 190,000. 


Last Week in SPACE: Kawasaki Kisen Kaisha, Osstem, Fujitsu General, Adani Enterprises

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Siemens Gamesa Renewable Energy, S.A. / Event-Driven

<ul>
<li>On 25 January, the EGM of Siemens Gamesa approved the delisting of the shares, which the company requested to the CNMV.</li>
<li>The standing purchase order for the shares, at €18.05/share (same as the offer price, sellers will bear the brokerage, trading and settlement fees) will last until 7 February.</li>
<li>Gross spread is nil. Shortly after 7 February, Siemens Gamesa will be an unlisted illiquid share. Recommendation is sell into the sustained purchase order.</li>
</ul>


On 25 January, the EGM of Siemens Gamesa approved the delisting of the shares, which the company requested to the CNMV.
The standing purchase order for the shares, at €18.05/share (same as the offer price, sellers will bear the brokerage, trading and settlement fees) will last until 7 February.
Gross spread is nil. Shortly after 7 February, Siemens Gamesa will be an unlisted illiquid share. Recommendation is sell into the sustained purchase order.


Siemens/Siemens Gamesa: Running for the Exit

<ul>
<li>After the end of the offer period, Siemens Energy will hold 631,538,509 shares of Siemens Gamesa, representing 92.72% of the share capital (below the 96.71% squeeze-out threshold condition).</li>
<li>Siemens Energy will execute plan B: a standing purchase order beginning 23 December followed by an EGM that will approve delisting.</li>
<li>Unicaja Banco SA (UNI SM) will replace Siemens Gamesa in the Ibex 35 index. Talgo (TLGO SM) will replace Unicaja in the Ibex Medium Cap.</li>
</ul>


After the end of the offer period, Siemens Energy will hold 631,538,509 shares of Siemens Gamesa, representing 92.72% of the share capital (below the 96.71% squeeze-out threshold condition).
Siemens Energy will execute plan B: a standing purchase order beginning 23 December followed by an EGM that will approve delisting.
Unicaja Banco SA (UNI SM) will replace Siemens Gamesa in the Ibex 35 index. Talgo (TLGO SM) will replace Unicaja in the Ibex Medium Cap.


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.</li>
<li>Including the addition of <a href="https://www.smartkarma.com/entities/dr-ing-h-c-f-porsche-aktiengesellschaft" target="_blank" data-smartkarma-citation="entities:36343:1" rel="noopener">Porsche AG (P911 GR)</a>, there could be around 7 ADDs/DELs during the December 2022 Rebalance. </li>
<li>In addition, there could be as many as five more intra-review changes before the end of the year.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EuroSTOXX Indices for the December 2022 Rebalance.
Including the addition of Porsche AG (P911 GR), there could be around 7 ADDs/DELs during the December 2022 Rebalance. 
In addition, there could be as many as five more intra-review changes before the end of the year.


STOXX Europe Quiddity Leaderboard Dec 22: ~7 Regular ADDs/DELs & ~5 Intra-Review ADDs/DELs Possible

Spain

Siemens Gamesa Renewable Energy, S.A. designs and manufactures renewable energy equipment. The Company offers wind turbines, turbine gearboxes, offgrid, and other related equipment, as well as provides maintenance and reconditioning services. Siemens Gamesa Renewable Energy serves industrial facility management, automotive industry, and new technology development worldwide.

Siemens Gamesa Renewable Energy, S.A. (SGRE SM)

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Siemens Gamesa Renewable Energy, S.A. (SGRE SM)

How a Trump Presidency Could Fuel Green Energy Innovation and Global Growth

States and corporations drive U.S. green energy demand. Interest rates, and innovations rather than Trump admin policies will shape renewables...

Pyari Menon

Last Week in SPACE: Kawasaki Kisen Kaisha, Osstem, Fujitsu General, Adani Enterprises

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

Siemens/Siemens Gamesa: Running for the Exit

On 25 January, the EGM of Siemens Gamesa approved the delisting of the company, with over 98% of the votes casted (over the 75% threshold of the...

Jesus Rodriguez Aguilar

Siemens Energy/Siemens Gamesa: Delisting

After the end of the offer period, Siemens Energy will hold 631,538,509 shares of Siemens Gamesa, representing 92.72% of the share capital (below...

Jesus Rodriguez Aguilar

STOXX Europe Quiddity Leaderboard Dec 22: ~7 Regular ADDs/DELs & ~5 Intra-Review ADDs/DELs Possible

I expect the top ranked Potential ADDs to outperform the top ranked Potential DELs until the official Rebalance results are confirmed at the...

Janaghan Jeyakumar, CFA

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