In today’s briefing:
- Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come
- Korea’s FSC Just Dropped the Final Playbook on the Full Restart of Short Selling.
- Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain
- CIE’s Partial Takeover Offer Puts Shareholders in the Fast Lane
Hankyu Hanshin REIT (8977) – Good Fundamental News, a Bigly Buyback, and Cascading Flows to Come
- 3D Investment Partners launched a Partial Tender Offer to buy a 10+% stake in Hankyu Hanshin REIT, Inc. (8977 JP). The REIT finally responded with a “Neutral” stance.
- But they also upgraded earnings forecasts, bought a building, and announced the Sponsor would buy units in the market over the next year. It’s big.
- And that creates flows, which then engender other reactive flows, and cascading flows, and because the sector isn’t rich, there may be a tailwind.
Korea’s FSC Just Dropped the Final Playbook on the Full Restart of Short Selling.
- Today’s update clarifies which brokers are fully linked to NSDS, giving them an edge in short-selling speed and flexibility, while others face more execution constraints.
- This leads to a clear execution risk gap, requiring traders to factor in trade efficiency differences based on their broker.
- With lower short-selling restriction triggers, liquidity and short-covering dynamics will shift, requiring traders to reassess market impact and adjust strategies accordingly.
Manappuram Finance: Bain Capital’s Entry Signals a New Chapter, But Challenges Remain
- Bain Capital is acquiring a 41.7–46% stake in Manappuram Finance (MGFL IN), marking a shift from a promoter-led to a professionally managed NBFC.
- This deal injects INR 4,385 crore in fresh capital, strengthens governance, and positions Manappuram for growth beyond gold loans into microfinance, vehicle loans, and housing finance.
- While execution risks remain, Bain’s track record in financial services suggests a long-term transformation, potentially closing Manappuram’s valuation gap with Muthoot Finance.
CIE’s Partial Takeover Offer Puts Shareholders in the Fast Lane
- CIE Automotive launches a 10%partial takeover offer at €24.00, offering a 7% premium to recent trading levels, taking advantage of recent share price weakness.
- Valuation suggests shares are undervalued; DCF and peer comps support a fair value of €31–33.
- Offer aims to boost liquidity, with potential future placements to improve free float and attract institutional investors.
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