In today’s briefing:
- StubWorld: What Now With Langham (1270 HK)?
- MV Australia A-REITs Index Rebalance Preview: ASK May Be Deleted; HMC Close Add; Capping Changes
- Tosei (8923) | Strong Performance with Dalton’s Governance Watch
- Quiddity Leaderboard F100/250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities
- April Showers Bring May Flowers
- Crypto Crisp: Three In A Row
- Morning Views Asia: China Vanke
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StubWorld: What Now With Langham (1270 HK)?
- Unexpectantly, Great Eagle Holdings (41 HK) said it would not proceed with an Offer; and Hong Kong hotel-play Langham Hospitality (1270 HK) promptly cratered. But why the flip flop?
- Preceding my comments on GE, Langham and Champion REIT (2778 HK), are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
MV Australia A-REITs Index Rebalance Preview: ASK May Be Deleted; HMC Close Add; Capping Changes
- The review period for the June rebalance ended last week. There could be one deletion from the index and a bunch of capping changes.
- There is one stock that is close to inclusion zone but may not make it in June.
- The expected index changes will lead to a one-way turnover of 2.5% resulting in a one-way trade of A$14m. That will increase if there is an inclusion.
Tosei (8923) | Strong Performance with Dalton’s Governance Watch
- Tosei achieved record revenue and profit, driven by robust growth in its fund management business and a balanced portfolio of stable and sales-driven operations.
- Activist investor Dalton acquired a 5.02% stake, highlighting concerns over recent governance decisions and potential Board independence dilution due to the Nagoya Railroad alliance.
- Dalton’s involvement ensures heightened scrutiny, promising better governance, and potentially favorable outcomes for minority shareholders amid Tosei’s continued strong business performance.
Quiddity Leaderboard F100/250 Jun 24: Last Day of Trading Before Rankings; Many Possibilities
- The rankings for the F100/250 June 2024 index rebalance event will be decided based on the full market cap rankings at the close of trading today (4th June 2024).
- Since there have been a couple of intra-review index changes and some ranking changes due to price movements, we have decided to update our expectations for the June 2024 review.
- We currently see 2 changes for the F100 index and 3 separate changes for the F250 index. However, the rankings can still change if prices move sharply today.
April Showers Bring May Flowers
- BTC Spot ETFs Net $2Bn in May: Discover how consistent ETF inflows are driving Bitcoin’s impressive rally and near all-time highs.
- BTC Market Structure Insights: Learn about the consolidation patterns and market scenarios that could lead to Bitcoin breaking new highs.
- Upcoming Token Unlocks: Stay informed about significant upcoming token unlocks and their potential market impact.
Crypto Crisp: Three In A Row
- In the past one and a half months, exchange-traded crypto funds have been launched in two countries.
- Hong Kong introduced both Bitcoin and Ethereum exchange-traded products in late April, followed by the UK doing the same last week.
- Tomorrow, Australia will launch its Bitcoin spot ETF, but like the recent launches in Hong Kong and the UK, we do not expect it to be a major success.
Morning Views Asia: China Vanke
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.