In today’s briefing:
- Crown Resorts’ Offer Spread Risk/Reward – The Perth Commission Report
- Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, KOSPI200, China A50, JD.com, Mapletree
- Asia-Pac Weekly Risk Arb Wrap: Link Admin, Uniti, Mapletree, Singapore Press, DTAC/TRUE
- ECM Weekly (27th Mar 2022) – JD, Tencent, Prosus, Ferretti, Recbio, Nomura, Navi, Samsung, Celltrion
Crown Resorts’ Offer Spread Risk/Reward – The Perth Commission Report
- The Perth commission report found Crown Resorts (CWN AU) not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.
- The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.
- At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively.
Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, KOSPI200, China A50, JD.com, Mapletree
- The coming week has the implementation of the NIFTY indices at the close on 30 March and the Nikkei 225 (NKY INDEX) implementation at the close on 1 April.
- 31 March is the review cut-off date for the June rebalance of the Hang Seng indices. We expect one change to the HSCEI/HSTECH and few adds to the HSI.
- There were large inflows to the Ishares Core Msci Emerging (IEMG US), iShares MSCI Emerging Markets (EEM US) and KraneShares CSI China Internet ETF (KWEB US) ETFs during the week.
Asia-Pac Weekly Risk Arb Wrap: Link Admin, Uniti, Mapletree, Singapore Press, DTAC/TRUE
- There are 40 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deal this week: INFRONEER Holdings (5076 JP) taking over the rest of a boring, old construction company Toyo Construction (1890 JP).
- Key updates took place for: Link (LNK AU), Uniti (UWL AU), Mapletree Commercial (MCT SP) /Mapletree North (MAGIC SP), Singapore Press (SPH SP), DTAC TB / TRUE TB
ECM Weekly (27th Mar 2022) – JD, Tencent, Prosus, Ferretti, Recbio, Nomura, Navi, Samsung, Celltrion
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- Placements were back with a bang this week with multiple blocks across the region. All eyes will be on JD.com Inc. (9618 HK) in the coming week.
- Farm Fresh Berhad (FF MY)‘s IPO got off to a good start, while Hong Kong IPOs continue to be lackluster.
Before it’s here, it’s on Smartkarma
