In today’s briefing:
- Merger Arb Mondays (25 Mar) – APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM
- The Three Biggest Surprises in J&T Global Express’ Maiden Earnings Report
- Mainland Connect NORTHBOUND Flows (To 22 Mar 2024): NB Turns Net Seller, CATL the Big Buy
Merger Arb Mondays (25 Mar) – APM, Genex, C&F Logistics, Roland DG, IntelliCentrics, China TCM
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: APM Human Services Internation (APM AU), Chilled & Frozen Logistics Holdings (9099 JP), Qantm Intellectual Property (QIP AU), Genex Power Ltd (GNX AU), Probiotec Ltd (PBP AU).
- Lowest spreads: Roland DG Corp (6789 JP), Tietto Minerals Ltd (TIE AU), CPMC Holdings (906 HK), Pact Group Holdings (PGH AU), Vinda International (3331 HK), Snow Peak Inc (7816 JP).
The Three Biggest Surprises in J&T Global Express’ Maiden Earnings Report
- Organic growth in J&T’s China operations exceeded that of peers…
- …but the implosion of New Markets and X-Border is a shock
- Lower margins from SE Asian cash cow also a surprise, in our view
Mainland Connect NORTHBOUND Flows (To 22 Mar 2024): NB Turns Net Seller, CATL the Big Buy
- The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
- Last week saw NORTHBOUND net SELL RMB 7.8bn of A-shares on decent volume after buying RMB 32.8bn the week before. This is a small sell vs 6 weeks of buying.
- The volume now is still chasing momentum. CATL the big buy, and less passive-feeling than last week.
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