In today’s briefing:
- KRX Announces Final Version of Value-Up Disclosure Guidelines Alongside Dedicated Website Launch
- Hoshino Resorts REIT Placement – Another Raising to Fund an Accretive Acquisition
- EQD / NSE Volatility Update / 20-May-24 to 24-May-24
- Icici Securities (NSE:ISEC) – Sunday, Feb 25, 2024
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KRX Announces Final Version of Value-Up Disclosure Guidelines Alongside Dedicated Website Launch
- Starting May 27th, KRX-listed firms can voluntarily disclose value-up details, publicly available on the website. Additionally, view five investment indicators for all KRX-listed companies below.
- Finalized version similar to draft, with added content requested by listed companies, like R&D investment growth rate. Tax incentives excluded, awaiting alignment with Ministry’s plan in July.
- KRX keeps a screening framework for the index akin to March’s criteria, with ROE likely having the highest weight. Recent signals hint at increasing dividend weighting.
Hoshino Resorts REIT Placement – Another Raising to Fund an Accretive Acquisition
- Hoshino Resorts Reit (3287 JP) is looking to raise US$125m from a primary follow-on. Proceeds will be used to acquire the OMO7 Osaka asset.
- The REIT has been active on the acquisition front, undertaking a number of capital raisings in recent years.
- In this note, we will talk about the placement and run the deal through our ECM framework.
EQD / NSE Volatility Update / 20-May-24 to 24-May-24
- Multiple factors help IVs stabilize after last week’s spike. “High & Up” vol state to persist until elections results on 04-June-2024.
- SEBI makes changes to Dynamic Price-band Mechanism. Will impact options market-making & should have an overall Vol suppressing effect.
- Nifty50 10-delta Risk-reversals extend to -8.5% as the Index reaches 23000. Risk-premia favouring puts over calls is looking over-extended.
Icici Securities (NSE:ISEC) – Sunday, Feb 25, 2024
- Recommendation to buy ISEC shares at Rs 840 per share with a price target of Rs 1200 per share
- Dissatisfaction among minority shareholders due to insider’s attempt to acquire remaining shares at a lower price
- Illiquidity and limited institutional investors due to Parent owning 75% of shares, potential merger poses a risk but shareholders can extract fair value even in a merger scenario
This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.