In today’s briefing:
- Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer
- Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way
- Quiddity Flow Expectations HSTECH Jun 23: New Oriental Education IN; AAC Technologies OUT
- Cosmo AM&T: Strong Momentum from Likely Inclusion in MSCI Korea Standard in 2023
Pushpay (PPH NZ): Sixth Street/BGH Return with a NZ$1.42 Offer
- Sixth Street/BGH have come back for Pushpay Holdings (PPH NZ) with a revised offer of NZ$1.42 per share, a 6.0% premium to the previous failed offer of NZ$1.34 per share.
- Sixth Street/BGH have secured total commitments to accept the offer from 28.9% of outstanding shares, including all the shareholders that publicly voted against the previous scheme.
- The offer is around the mid-point of the IE’s valuation range. At the last close and for the end-May payment, the gross and annualised spread is 2.2% and 7.4%, respectively.
Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way
- In this insight, we take a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.
- According to our estimation, there could be two changes for the HSCEI in June 2023 and there could be one-way index flows of US$585mn.
- The final index changes along with indicative capping and index weights could be published in Mid/Late-May 2023.
Quiddity Flow Expectations HSTECH Jun 23: New Oriental Education IN; AAC Technologies OUT
- In this insight, we take a look at the potential index changes and the resultant capping flows for the HSTECH Index in June 2023.
- According to our estimation, there could be one ADD/DEL for the HSTECH in June 2023 triggering total one-way index flows of US$238mn.
- The final index changes along with indicative capping and index weights will be published in Mid/Late-May 2023.
Cosmo AM&T: Strong Momentum from Likely Inclusion in MSCI Korea Standard in 2023
- We provide a fundamental analysis of Cosmo AM&T (005070 KS) (Cosmo Advanced Materials & Technology), which is increasingly likely to become included in MSCI Korea Standard index in 2023.
- Cosmo AM&T is a borderline inclusion candidate for MSCI Korea Standard in May 2023. If it does not get included in May, it could get included in 2H 2023.
- All in all, the increasing possibility of MSCI Korea Standard inclusion combined with strong sales and profit momentum could result in a further positive momentum on its share price.
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