In today’s briefing:
- Quiddity Leaderboard SSE50/180 Jun 24: Some New Trade Ideas
- QV Equities (QVE AU): WAM Leaders (WLE AU)’s Binding Scheme Proposal
- MS&AD Cross-Shareholding – At Least US$20bn of Cross-Shareholding to Sell
- Tenpo Innovation (3484): Q3 FY03/24 Update
Quiddity Leaderboard SSE50/180 Jun 24: Some New Trade Ideas
- SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
- In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.
- I continue to expect 5 changes for SSE 50 and 18 changes for SSE 180 but some names have changed since my last insight.
QV Equities (QVE AU): WAM Leaders (WLE AU)’s Binding Scheme Proposal
- QV Equities Ltd (QVE AU) has disclosed a binding scheme proposal from WAM Leaders Ltd (WLE AU) consisting of a cash and scrip consideration pegged to pre-tax NTA per share.
- The indicative value of the cash proposal is A$1.02, and the scrip is A$1.058 (0.7609 WLE shares per QVE share). Shareholders are entitled to an A$0.013 March quarter dividend.
- The offer is attractive, and the shareholder structure facilitates the vote. At the last close, the gross spread of the scrip + dividend offer is 8.1%.
MS&AD Cross-Shareholding – At Least US$20bn of Cross-Shareholding to Sell
- The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.
- MS&AD Insurance (8725 JP) had a stake over US$100m in at least 29 listed Japanese stocks, amounting to a total of US$17.4bn.
- In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.
Tenpo Innovation (3484): Q3 FY03/24 Update
- Tenpo Innovation (3484 JP) is a real estate company specializing in restaurant properties.
- FY03/23 results: In its first year of reporting consolidated results, Tenpo Innovation reported full-year revenue of JPY13.1bn, operating profit of JPY1.2bn, recurring profit of JPY1.3bn, and net income of JPY886mn.
- Tenpo Innovation Inc. announced plans to start preparations for a transition to a holding company structure through a company split and changes to its trade name.
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