In today’s briefing:
- Last Week In SPACE: Shinsei Bank, Warrego Energy, Korean Bank Activism, Japfa
- Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, HSI, HSCI, KS200, KQ150, CSI300, SENSEX, LQ45, PSEi
- ASX200 Index Rebalance: PEXA to Replace Pendal
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Warrego Energy, Acotec Scientific, Halcyon Agri, Thaicom
- Weekly Deals Digest (08 Jan) – Acotec, Halycon, Warrego, Nitro, Norwest, VinFast
- Hong Kong CEO & Director Dealings (8 Jan): Tian An, Differ Group, Pharmaron, Joinn Lab, Gushengtang
- EQD | NKY Index: Equity Vol Has yet to React to Increased Bond Vol. Use Current Lull to Pick up Vega
Last Week In SPACE: Shinsei Bank, Warrego Energy, Korean Bank Activism, Japfa
- SBI Holdings (8473 JP) is still expected to buy out SBI Shinsei Bank (8303 JP) minorities sooner rather than later
- Not one to rest on its laurels, Hancock immediately bumped its Offer for Warrego Energy (WGO AU) to A$0.36/share, up from A$0.28/share, provided it gets to 40%. We need more popcorn.
- APCM reckons Korean banks can pay out more than 50% of net income to their shareholders annually.
Index Rebalance & ETF Flow Recap: HSCEI, HSTECH, HSI, HSCI, KS200, KQ150, CSI300, SENSEX, LQ45, PSEi
- End December was the end of the review cutoff for a lot of indices that will rebalance within the next couple of months.
- PEXA Group (PXA AU) replaces Pendal Group (PDL AU) in the S&P/ASX 200 (AS51 INDEX) at the close on 12 January.
- There were big outflows from Hong Kong and China focused ETFs led by Hang Seng H Share Index ETF (2828 HK) and Tracker Fund of Hong Kong Ltd (2800 HK).
ASX200 Index Rebalance: PEXA to Replace Pendal
- PEXA Group (PXA AU) will replace Pendal Group (PDL AU) in the S&P/ASX 200 (AS51 INDEX) at the close of trading on 12 January.
- Passive S&P/ASX 200 (AS51 INDEX) trackers will receive PEXA Group (PXA AU) shares from their Link Administration (LNK AU) holdings and will have to buy the rest from the market.
- There will be selling in Pendal Group (PDL AU) from S&P/ASX 200 (AS51 INDEX) and S&P/ASX 300 Index trackers as well as from global trackers.
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- 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
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Warrego Energy, Acotec Scientific, Halcyon Agri, Thaicom
- There are 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- No new deals were discussed on Smartkarma in the past week.
- Key updates took place for: Warrego Energy (WGO AU), Acotec Scientific Holdings (6669 HK), Halcyon Agri (HACL SP), and Thaicom Pcl (THCOM TB).
Weekly Deals Digest (08 Jan) – Acotec, Halycon, Warrego, Nitro, Norwest, VinFast
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments – Quiet week as VinFast (1905332D VN) continues to pre-market a US$1bn IPO.
- Event-Driven developments – Acotec Scientific Holdings (6669 HK), Nitro Software Ltd (NTO AU), Norwest Energy NL (NWE AU), Warrego Energy (WGO AU), Halcyon Agri (HACL SP).
Hong Kong CEO & Director Dealings (8 Jan): Tian An, Differ Group, Pharmaron, Joinn Lab, Gushengtang
- The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
- Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
- Stocks mentioned include Tian An China Investment (28 HK), Differ Group Auto (6878 HK), Pharmaron Beijing Co Ltd-H (3759 HK), Joinn Laboratories (H) (6127 HK), and Gushengtang (2273 HK).
EQD | NKY Index: Equity Vol Has yet to React to Increased Bond Vol. Use Current Lull to Pick up Vega
- JGB band shifting has been unable to calm down Fixed Income markets
- The BOJ is being forced to intervene in both bond and currency markets due to a pick-up in volatility
- Equity vol has yet to react and we see an opportunity to pick-up some gamma/vega
💡 Before it’s here, it’s on Smartkarma
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