In today’s briefing:
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Grinding to a Halt
- Jiangnan Group (1366 HK): Scheme Vote on 15 May
- Nationalization of Lithium Industry in Chile – Impact on Korean Rechargeable Batteries Value Chain
- Woodside Energy Group Ltd: Upside From BHP Assets & Pluto KGP Interconnector
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Grinding to a Halt
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
Jiangnan Group (1366 HK): Scheme Vote on 15 May
- The Jiangnan (1366 HK) scheme document is out with the court meeting scheduled for 15 May. The IFA considers the HK$0.40 per share offer to be fair and reasonable.
- Key conditions include approval by at least 75% independent shareholders (<10% rejection). The shareholder with a blocking stake has provided an irrevocable on 22 March.
- This is a done deal. At the last close and for the 31 May payment, the gross and annualised spread is 3.9% and 44.0%, respectively.
Nationalization of Lithium Industry in Chile – Impact on Korean Rechargeable Batteries Value Chain
- On 20 April, Chile’s government announced that it will be nationalizing the country’s lithium industry. Chile is the second largest producer of lithium in the world.
- The nationalization of the lithium industry in Chile will likely have a long-term negative impact on the rechargeable batteries related companies in Korea.
- This is mainly due to greater challenges of getting access to lithium at more affordable prices.
Woodside Energy Group Ltd: Upside From BHP Assets & Pluto KGP Interconnector
- Woodside Energy Group delivered a decent financial performance in 2022, driven by higher prices and adding former BHP assets to the portfolio and the Pluto KGP interconnector.
- Besides that, Woodside Energy completed subsea tieback and enhancement initiatives across its Gulf of Mexico and West Australian LNG assets, keeping the plants occupied.
- We give Woodside Energy Group Ltd. a ‘Buy’ rating with a revised target price.
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