In today’s briefing:
- Korea’s First Sector Inverse ETF: Discussing Flow Trading Impacts
- Shougang Fushan Resources (639 HK): Partial Offer Is Unconditional
- Singapore’s Rent-To-Own Solar Startup Solar AI Bags US$1.5M Seed Financing
- Rent.com.au Ltd – FY23 Refocus Set to Benefit Future Revenue Generation
- Schoeller Allibert – ESG Report – Lucror Analytics
Korea’s First Sector Inverse ETF: Discussing Flow Trading Impacts
- KB Asset Management has announced the release of an inverse ETF, containing the top 10 core stocks in the secondary battery sector.
- Given the substantial fluctuations in SSF trading volume in Korea, the flow increase of this ETF might temporarily lead to an unusually high level of backwardation.
- Also, we may observe a phenomenon known as ‘wag-the-dog’ as the flow of this inverse ETF could act as a triggering factor for a temporary spark.
Shougang Fushan Resources (639 HK): Partial Offer Is Unconditional
- Shougang Fushan Resources (639 HK) shareholders approved the partial offer to acquire a maximum of 125.0 million shares (2.47% of outstanding shares) at HK$2.40 per share and the whitewash waiver.
- The partial offer is now unconditional and will close on 12 September. Considering the irrevocables not to tender, a 100% minority participation rate implies a minimum proration of 2.98%.
- If the partial offer’s acceptance rate mirrors today’s general meeting minorities participation rate of 63.6%, it would imply a minimum proration of 4.69%.
Singapore’s Rent-To-Own Solar Startup Solar AI Bags US$1.5M Seed Financing
- Singapore-based solar-as-a-service startup Solar AI Technologies has secured US$1.5 million in a seed funding round led by Earth Venture Capital with participation from Undivided Ventures, Investible, and climate-tech angel investor David Pardo.
- The funds will primarily be used to upscale its rent-to-own (RTO) solar programme in the island nation before embarking on regional expansion in the next 12 months.
- Started in 2020 by Chew (CEO), Gérald Chablowski (CTO), and Luke Ong, Solar AI seeks to make rooftop solar accessible and hassle-free for smaller, underserved property owners by providing them with zero upfront cost.
Rent.com.au Ltd – FY23 Refocus Set to Benefit Future Revenue Generation
- Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through its technology platform and a growing number of aligned transactional services.
- The company has reported FY23 revenue of $2.77m, down 17.8% on the previous corresponding period (pcp) but in line with our expectations.
- The EBITDA loss for the year was $2.48m, an increase of 55.5% on the pcp and a little higher than our forecast for a $2.3m EBITDA loss.
Schoeller Allibert – ESG Report – Lucror Analytics
- Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
- We assess Schoeller Allibert’s ESG as “Adequate”, in line with its Environmental, Social and Governance scores. Controversies are “Immaterial” and Disclosure is “Adequate”.
- Schoeller Allibert is a leading manufacturer of returnable transit packaging (RTP) products in Europe.
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