In today’s briefing:
- GMR Airports Infra (GMRI IN): Flying High
- FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same
- MVIS Australia Equal Weight Index Rebalance Preview: Should I Stay or Should IGO?
- Ansarada Enters Scheme With Datasite
- SET50 Index Rebalance Preview: Three Potential Changes in June
- EQD | E-Mini S&P500 (ES) DAILY Sell-OFF: Where Do You Buy?
- I-Mab to Divest Chinese Assets and Business Operations for up to $80M – An Escape by Crafty Scheme
GMR Airports Infra (GMRI IN): Flying High
- At the last close, GMR Airports Infrastructure (GMRI IN) has a market cap of US$6.23bn and a free float market cap of US$2.48bn.
- Passive global trackers are estimated to need to buy 223.33m shares (US$230m; 4.4x ADV) of GMR Airports Infrastructure (GMRI IN) at the close on 29 February.
- GQG Partners (GQG AU) has been a big buyer since December and holds 4.98% of the company. The stock could run up for a few more weeks.
FEB 2024 REBALANCE Index Changes Announced, SA Constituents to Remain the Same
- Indices will be rebalanced at the end of the month on Thursday the 29th of February.
- The three largest additions to the World Index measured by full company market capitalization will be Samsara A (USA), Corebridge Financial (USA) and Applovin Corp A (USA)
- The three largest additions to the Emerging Markets Index measured by full company market capitalization will be Midea Group Co A (HK-C) (China), Punjab National Bank (India) and Union Bank Of India (India)
MVIS Australia Equal Weight Index Rebalance Preview: Should I Stay or Should IGO?
- The review period for the March rebalance of the MVIS Australia Equal Weight Index ends on 29 February with results announced on 8 March and implemented on 15 March.
- Lendlease Group (LLC AU), IDP Education (IEL AU) and IGO Ltd (IGO AU) are very close to deletion zone and price moves over the next couple of weeks are important.
- IGO Ltd (IGO AU) is also a deletion from a global index in February and a lower stock price could lead to deletion from this index too.
Ansarada Enters Scheme With Datasite
- Virtual room provider Ansarada Group Ltd (AND AU) has entered into a Scheme with Datasite, a leading global SaaS provider acquired by UK-based PE outfit CapVest Partners in 2020.
- Datasite is offering A$2.50/share, in cash, a 19% premium to undisturbed and a lifetime high.
- Apart from requiring Ansarada shareholder approval, the Scheme is conditional on FIRB and the carving out of certain assets to Ansarada’s CEO. This transaction should complete in early June.
SET50 Index Rebalance Preview: Three Potential Changes in June
- Early days, but there could be three changes for the Stock Exchange of Thailand SET 50 Index at the June rebalance. Two names are reversals of the December changes.
- Passive trackers will need to buy between 1.5-3.6 days of ADV on the inclusions and sell 1.1-1.4 days of ADV on the deletions.
- There are a couple of stocks that are close to passing/failing the liquidity tests and a couple close to cutoff ranks. That could result in further changes to the index.
EQD | E-Mini S&P500 (ES) DAILY Sell-OFF: Where Do You Buy?
- E-Mini S&P 500 Futures closed down at 4971.29 on Tuesday. Big recovery rally at the end of the day, but the sell-off could continue into the end of the week.
- Both the DAILY and WEEKLY time period are already OVERSOLD according to our models, however we see no reason to rush to buy.
- This insight is a roadmap for the next 2-3 days, to find support levels to go LONG, to profit on the next, DAILY, LONG reversal.
I-Mab to Divest Chinese Assets and Business Operations for up to $80M – An Escape by Crafty Scheme
- I-MAB claimed that this divesture is the best strategic choice to respond to the overall environment of China and the US. I-MAB needs to make changes to appease investors.
- The real situation is not as beautiful as it seems.This divesture means I-MAB US has actually been “hollowed out”, which is a big blow to I-MAB US and its investors.
- With R&D team/production base, I-MAB Hangzhou is able to tell more good stories in the future, which has completed C1 round financing and plans to IPO in A-share or HKEX.
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