In today’s briefing:
- Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling
- Index Rebalance & ETF Flow Recap: KQ150, LQ45, PCOMP, HDFC/HDFCB, Delta Electronics, Redox IPO, AMFI
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: DDH1/Perent, NWS, Mandala Multifinance, JSR Corp, Silk Laser
- The TSE’s New ‘Better’ Index: JPX Prime 150
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Chasing Stocks Higher
Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling
- The Naspers (NPN SJ) / Prosus (PRX NA) circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile.
- Swire Pacific (19 HK) was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops
- A residual NTT (9432 JP) individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn’t mean much, but it’s an interesting artefact.
Index Rebalance & ETF Flow Recap: KQ150, LQ45, PCOMP, HDFC/HDFCB, Delta Electronics, Redox IPO, AMFI
- The review period for a bunch of indices ended last week though the announcement of the changes will take 4-6 weeks.
- There are no rebalance implementations in the coming week though focus will move to the implementation of the HDFC Limited/ HDFC Bank merger and index changes the following week.
- There were big inflows to China focused ETF with a lot of money going into Semiconductor and Chip focused ETFs.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: DDH1/Perent, NWS, Mandala Multifinance, JSR Corp, Silk Laser
- There are 47 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Five new deals this week: DDH1 (DDH AU), NWS Holdings (659 HK), Poly Culture Group Corp H (3636 HK), Mandala Multifinance (MFIN IJ), and JSR Corp (4185 JP).
- Key updates took place forSilk Laser Australia (SLA AU) and Challenger Technologies (CHLG SP).
The TSE’s New ‘Better’ Index: JPX Prime 150
- In April 2022, after long prep and considerable public comment as to desires and design, the TSE launched its new market segments designed to encourage governance and foreign investment.
- At the time, the TSE wanted to showcase Japan’s best blue chips. In March, JPX announced JPX Prime 150, designed to make visible
- In March 2023, JPX announced JPX Prime 150, to “make visible the leading Japanese companies that are estimated to create value.” Ambitious? Yes. Fated to fail? Probably. Badly constructed? Definitely.
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Chasing Stocks Higher
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
💡 Before it’s here, it’s on Smartkarma
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