In today’s briefing:
- KOSDAQ150 Ad Hoc Index Rebalance Preview: VAT Could Replace Lutronic
- Smartkarma Webinar | Top Trade Ideas in European Event-Driven
- StubWorld: AviChina Is Coming Up “Cheap”
- Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report
KOSDAQ150 Ad Hoc Index Rebalance Preview: VAT Could Replace Lutronic
- Following the two tender offers, Han & Co now holds more than 90% of the common shares in Lutronic Corp (085370 KS) and is looking to buy the remaining shares.
- Lutronic Corp (085370 KS) is a member of the KOSDAQ 150 Index and delisting would mean an index replacement. Value Added Technologies (043150 KS) is a potential inclusion.
- Value Added Technologies (043150 KS) has underperformed its peers and trades cheaper on nearly all valuation parameters.
Smartkarma Webinar | Top Trade Ideas in European Event-Driven
- In the next installment of our Webinar series, we go live with Smartkarma Insight Provider Jesus Rodriguez Aguilar.
- He will be sharing with us his top trade ideas and insights in the European event-driven space.
- From current opportunities, to what we can expect next in the region, join us as we get the full picture from Jesus.
The webinar will be hosted on Wednesday, 23 August 2023, 17:00 SGT/HKT.
Jesus Rodriguez Aguilar is an Event-Driven Analyst looking across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations.
StubWorld: AviChina Is Coming Up “Cheap”
- As a PRC aviation/defense play, AviChina Industry & Technology H (2357 HK)‘s fundamentals are undemanding.
- Preceding my comments on AviChina 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%.
Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report
- Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 at same level).
- Spreads could further widen in the short-term. Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.
- Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
