In today’s briefing:
- Daito Trust (1878) Doing a ToSTNeT Buyback Which Is NOT a ToSTNeT Buyback… Unless It Is.
- StubWorld: Prosus Trading “Rich”. And So It Should Be
- Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 18% One-Way Turnover & US$2.74bn Trade
- Quiddity Leaderboard TDIV Dec 23: US$1.36bn One-Way, 20%+ Turnover, 2 Weeks to Announcement
- Quiddity Leaderboard T50/100 Dec 23: Multiple Moves Could Affect TDIV Flows
- FXI Rebalance Preview: One Potential Change in December
- Hyundai Elevator: Hyun Jeong-Eun Resigns from the BOD Chairwoman Position
- EQD | Modest ASX200 Rally Raises Questions About Direction
- Healius Taps The Market. ACL Should Walk
Daito Trust (1878) Doing a ToSTNeT Buyback Which Is NOT a ToSTNeT Buyback… Unless It Is.
- Back on 30 October, Daito Trust Construct (1878 JP) announced a large earnings, a new Shareholder Return policy, a higher payout this year, and a big buyback.
- It said the buyback period would start two days later, but they did not specify the method (Daito Trust Construction (1878) – Big Buyback, Dense Register, 120% Payout This Year
- Today they announced a ToSTNeT-3 purchase for “the whole size”, which is accompanied by a “Japan-style ASR.” Know your details.
StubWorld: Prosus Trading “Rich”. And So It Should Be
- The accretion trade is going to plan as Prosus NV (PRX NA) sells Tencent (700 HK); and Prosus and Tencent both back their own shares.
- Preceding my comments on Prosus/Tencent One are the current setup/unwind tables for Asia-Pacific Holdcos
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Yuanta/P-Shares Taiwan Div+ ETF Rebalance Preview: 18% One-Way Turnover & US$2.74bn Trade
- Using data from the close on 20 November, there could be 6 adds and 5 deletes to the Yuanta/P-Shares Taiwan Dividend Plus ETF in December.
- There will also be capping and funding flows that will lead to a one-way turnover of 17.8% and a one-way trade of US$1.37bn.
- There are 16 stocks with at least 3 days ADV to trade from passive trackers and another 10 stocks that have at least 1-day ADV to trade.
Quiddity Leaderboard TDIV Dec 23: US$1.36bn One-Way, 20%+ Turnover, 2 Weeks to Announcement
- In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2023 review.
- There are some key changes to expectations since my last TDIV insight as a consequence of changes in share prices and/or dividend expectations.
- I currently expect 6 ADDs and 5 DELs during the December 2023 review.
Quiddity Leaderboard T50/100 Dec 23: Multiple Moves Could Affect TDIV Flows
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the T50 and T100 Indices for the December 2023 Rebalance.
- While I do not expect to see any changes to the T50 index, I expect four index changes for the T100 index.
- Some of the names involved in the T100 index changes could have significant influence on our TDIV index flow expectations for December 2023.
FXI Rebalance Preview: One Potential Change in December
- With the review period complete, BeiGene (6160 HK) could replace Anhui Conch Cement (914 HK) in the iShares China Large-Cap (FXI) (FXI US) in December.
- There will be over 2 days of ADV to buy in BeiGene (6160 HK) and nearly 2 days of ADV to sell in Anhui Conch Cement (914 HK).
- Short interest has been increasing in BeiGene (6160 HK) and dropping in Anhui Conch Cement (914 HK) over the last few months.
Hyundai Elevator: Hyun Jeong-Eun Resigns from the BOD Chairwoman Position
- On 17 November, Hyun Jeong-Eun resigned from the Hyundai Elevator Co Board of Directors Chairwoman and internal director positions, mainly due to strong pressures from other major shareholders.
- With Hyun Jeong-Eun finally out of the company, Hyundai Elevator is likely to significantly emphasize on improving its corporate governance.
- Hyundai Elevator is considering new shareholder return policies, including a potential 50%+ dividend payout, higher share buybacks, and a mandatory minimum dividend yield.
EQD | Modest ASX200 Rally Raises Questions About Direction
- The S&P/ASX 200 INDEX closed up last week (CC=+1), currently uptrending, but the rally is weak, there is a chance that it could fall already this week and close down.
- The index has reached Q2 resistance, that’s the area where the index starts to be OVERBOUGHT, based on the current pattern.
- We see a potential pullback between -1% and -2% from current levels, across 1-2 weeks, this would bring the index down to the 6990-6920 support area.
Healius Taps The Market. ACL Should Walk
- Back on the 20 March, Australian Clinical Labs (ACL AU) announced a merger proposal for Healius (HLS AU), the completion of which would create Australia’s largest pathology provider.
- In its Target Statement on the 4 May, Healius’ board unanimously recommended that Healius shareholders reject the Offer. A forthcoming ACCC decision may also conclude a merger is verboten.
- Now Healius has announced a “capital restructure reset” via issuing new shares at $1.20/share, a hefty 34.6% discount to last close. This breaches a number of prescribed occurrences.
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