In today’s briefing:
- SBI Shinsei Bank (8303) Calls Its EGM and Appraisal Rights Seekers Prepare for Battle
- Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/Oriental, Shenzhen Int’l/Way, HMM
- Index Rebalance & ETF Flow Recap: ASX, SK Telecom, Yuanta ETFs
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Where Is the Stimulus
SBI Shinsei Bank (8303) Calls Its EGM and Appraisal Rights Seekers Prepare for Battle
- The SBI Holdings Tender Offer for SBI Shinsei Bank (8303 JP) was completed about four weeks ago, and in something of a surprise, only 3.7% of 26.98% minority holdings tendered.
- The stock traded above terms every day during the Tender Offer Period. People accumulated in order to pursue their appraisal rights later. That is big.
- This week, SBI Shinsei announced the schedule of dates relating to the squeezeout EGM. The record date was early. The reverse stock split announced is as expected, possibly game-able.
Last Week in Event SPACE: Takisawa Machine Tools, Kesei Electric/Oriental, Shenzhen Int’l/Way, HMM
- Keisei Electric (9009 JP)‘s valuation has deviated from Oriental Land (4661 JP)‘s since the proposed expansion of Tokyo Disney Sea, Fantasy Springs. That bifurcation should now reverse.
- Don’t expect a serious fight in Nidec (6594 JP)‘s hostile for Takisawa Machine Tool (6121 JP). Fanuc could counter. It is possible others could step up but we wouldn’t know.
- On the back of the news to spin off and list some logistics ops, Shenzhen International (152 HK) is probably a buy on weakness vs Stub Ops Peers.
Index Rebalance & ETF Flow Recap: ASX, SK Telecom, Yuanta ETFs
- JFSL spun off from Reliance Industries (RIL IN) last week and Ventia (VNT AU) replaced Blackmores Ltd (BKL AU) in the S&P/ASX 200 (AS51 INDEX).
- The IDX should announce the changes to the IDX30, LQ45 and IDX80 indices early in the coming week.
- There were inflows to Tracker Fund of Hong Kong Ltd (2800 HK) and Hang Seng H Share Index ETF (2828 HK) while Taiwan focused ETFs had outflows.
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades-Where Is the Stimulus
- 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
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