In today’s briefing:
- Fujitec (6406) Activism Levelling Up – A Board Spill to Come?
- 2022 High Conviction Recruit: More Room for Shares to Fall
- Straits Times Index Quiddity Leaderboard Mar 23: SMM Addition Could Cause SATS or KDCREIT Deletion
- Venteny Raises $21m Via Indonesia IPO
Fujitec (6406) Activism Levelling Up – A Board Spill to Come?
- Two years ago, I wrote about the history of activist attention on what was then the 8th largest elevator maker in the world Fujitec Co Ltd (6406 JP).
- In Activist Pressure FINALLY Works on Fujitec (6406)- Going Up? (Albeit Slowly) I discussed what were still nascent efforts by Oasis to trigger change at the top.
- On 30 November 2022, Oasis – which officially went above 5% only this past March but on 30 November reported 16.52% – called an EGM. It’s worth a look.
2022 High Conviction Recruit: More Room for Shares to Fall
- It is time we review our 2022 high conviction call. Our conviction short Recruit has fallen 41.5% since we made our call on the stock on 01st December 2022.
- Though Staffing and Matching & Solutions businesses have bounced back post-Covid, HR Tech biz’s earnings have started to fall with weakening of labour markets.
- With global recruitment markets facing challenges with weakening of global economies, we think Recruit Holdings (6098 JP) ‘s shares have further room to fall in 2023E.
Straits Times Index Quiddity Leaderboard Mar 23: SMM Addition Could Cause SATS or KDCREIT Deletion
- In this insight, we take a look at the potential index changes for the FTSE Straits Times Index (STI) (STI INDEX) between now and the March 2023 index review.
- The Sembcorp Marine (SMM SP) – Keppel Corp (KEP SP) deal seems likely to complete in 1Q 2023.
- Below is a look at the potential index flow consequences of this deal and other potential index changes between now and the March 2023 Rebalance.
Venteny Raises $21m Via Indonesia IPO
- The firm, which provides growth funding and human resource services, went public under the ticker symbol VTNY.
- Venteny offered around 930 million shares – representing 15% of its enlarged share pool – at a price of 360 rupiah (US$0.023) apiece.
- The company raised US$21 million, pegging its valuation at around US$158 million.
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