In today’s briefing:
- MV Australia A-REITs Index Rebalance: Ingenia Communities Deleted
- MV Australia Equal Weight Index Rebalance: One Add, Two Deletes, Capping to Drive Flow
- MV Global Rare Earth/Strategic Metals Index Rebalance: One Deletion & Other Changes
- BirdDog Technology Limited – A refocussed opportunity
MV Australia A-REITs Index Rebalance: Ingenia Communities Deleted
- Ingenia Communities (INA AU) will be deleted from the Vaneck Vectors Australian Property ETF (MVA AU) in September. There are float changes and capping changes too.
- Estimated one-way turnover is 2.9% and will result in a one-way trade of A$19m.
- After declining over the last year, shorts have started to tick higher in Ingenia Communities (INA AU).
MV Australia Equal Weight Index Rebalance: One Add, Two Deletes, Capping to Drive Flow
- Pro Medicus Ltd (PME AU) will be added to the MV Australia Equal Weight Index while IGO Ltd (IGO AU) and nib holdings (NHF AU) will be deleted.
- Constituent changes, float changes and capping changes result in a one-way turnover of 6.9% leading to a round-trip trade of A$330m.
- Shorts are pretty big in Pro Medicus Ltd (PME AU) while there has been a recent spike in short interest for IGO Ltd (IGO AU).
MV Global Rare Earth/Strategic Metals Index Rebalance: One Deletion & Other Changes
- Sayona Mining (SYA AU) will be deleted from the VanEck Rare Earth/Strategic Me (REMX US) at the close of trading on 20 September.
- Constituent changes, float changes and capping changes result in an estimated one-way turnover of 5.7% and in a round-trip trade of US$35m.
- The largest inflows will be in Eramet, Tronox and Lithium Americas Argentina while the largest outflows will be from Lynas Corp, Sayona Mining and MP Materials (MP US).
BirdDog Technology Limited – A refocussed opportunity
- RaaS has initiated coverage of video software and hardware technology group BirdDog Technology (ASX:BDT) with a base case valuation of $0.27/share, representing 335% potential upside to the current share price.
- A challenging FY24 is now behind the business and the causes of the problems have been addressed and resolved, in our view.
- BDT invested heavily in R&D through the downturn with the investment program set to yield results on a strong revenue uptick from the release of multiple new products across several categories.
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