In today’s briefing:
- Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!
- InvoCare: Shareholder Vote On 31st Oct. IE Says Fair
- Quiddity Leaderboard T50/100 Dec 23: U-Ming Marine TDIV Deletion Not Far Away
- KOSDAQ 150 Rebalance Candidates in December 2023
- Leapmotor IPO Lock-Up – US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot
- YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share
Quiddity Leaderboard TDIV Dec 23: Many Changes and One-Way Flows of US$1.2bn+!
- In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2023 review.
- I currently see 5 ADDs and 4 DELs but there are several names close to the border and expectations could change before the base date as prices move around.
- The estimate for one-way capping flow in December 2023 is US$1.2bn.
InvoCare: Shareholder Vote On 31st Oct. IE Says Fair
- On 9 August, PE outfit TPG and InvoCare (IVC AU), Australia’s leading funeral services provider, entered into a Scheme Implementation Agreement at A$12.70/share, inclusive of a A$0.60/share fully franked dividend.
- TPG’s had previously tabled A$12.65/share on the 7 March, which InvoCare summarily rejected.
- The Scheme Booklet is now out. InvoCare shareholders vote on the transaction on the 31 October, with implementation on the 24 November. The IE says terms are “fair and reasonable“.
Quiddity Leaderboard T50/100 Dec 23: U-Ming Marine TDIV Deletion Not Far Away
- In this insight, we take a look at the names leading the race to become ADDs/DELETEs for the T50 and T100 Indices for the December 2023 Rebalance.
- At present, I do not expect any index changes for the T50 index but there could be one change for the T100 index.
- More interestingly, out of the top 10 T100 Potential DELETEs, there are five TDIV members and it will be worth tracking their rankings over the next 2 months.
KOSDAQ 150 Rebalance Candidates in December 2023
- In this insight, we discuss the potential inclusion and exclusion candidates for the KOSDAQ 150 rebalance in December 2023.
- The 8 lowest market cap stocks in KOSDAQ 150 are among the main candidates to be excluded from the KOSDAQ 150 rebalance in December 2023.
- Potential inclusions for KOSDAQ 150 rebalance in December 2023 include Fadu, GigaVis, Jeio, PhilEnergy, and Manyo Factory.
Leapmotor IPO Lock-Up – US$3.3bn Lockup Expiry, Everyone in the Money, CCASS Movement to Boot
- Leapmotor (9863 HK) (LM) raised around US$800m in its Hong Kong IPO. The stock was listed in Sep 2022, its lockup on pre-IPO investors will expire on 29th Sep 2023.
- LM is a smart EV company based in China, founded in 2015.
- In this note, we will talk about the lock-up dynamics and updates since our last note.
YFO Reloads Toyo Construction Takeover Proposal at ¥1255/Share
- Last night Reuters teased a headline saying the Nintendo Family Office called YFO (and related entities) would raise its proposed takeover price for Toyo Construction to ¥1255/share.
- Recently, the company had agreed to start an investigation and YFO had dropped its demands for an EGM. In Q1, the company reporetd Revenues +18.6%yoy, reasonably in-line with original guidance.
- This new price comes at a 1% premium to previous close, and is meant to start discussions. The Board has indicated it will start deliberations tomorrow.
💡 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
