Daily Brief Financials: Swire Properties, Lineage, Shui On Land and more

• Swire Properties (1972 HK) was trending lower on expectations of deletion from a global index in August. Short interest has jumped a lot over the last few months.
• The announcement of the buyback last week took the stock higher. The increased real float from the index deletion will be offset by the buyback.
• Swire Pacific (A) (19 HK)‘s ownership of Swire Properties (1972 HK) will increase from 82% to 83.5% following the buyback and cancellation of the shares. Privatisation at some point?

• Lineage (LINE US) , with an IPO market cap of ~$18bn failed the fast-entry threshold of both main global indices with the threshold being more than ~$28bn. 
• Based on the listing date of 25 July 2024, its addition is forecasted for September 2024, December 2024 and February 2025 in US and Global indices.
• Lineage (LINE US) is expected to get added to the Top 1000 US companies index with forecasted demand of ~$340m and ~1.3 ADV at close of 20 September 2024.

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.

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