Daily BriefsIndustrials

Daily Brief Industrials: Keppel Corp, WCP, CALB and more

In today’s briefing:

  • Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes
  • WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule
  • CALB IPO: What’s It Worth?

Straits Times Index Quiddity Leaderboard Mar 23: Sembcorp/Keppel Situation Could Cause Index Changes

By Janaghan Jeyakumar, CFA

  • The FTSE Straits Times Index (STI) (STI INDEX) has a quarterly rebalancing cycle with index reviews performed in March, June, September, and December every year.
  • The March and September reviews are complete index reviews while the June and December reviews are only for new listings. 
  • In this insight, we take a look at the potential index changes that can take place between now and the end of the March 2023 index review.

WCP IPO: Order Table, Revised Terms, & Passive Flow Schedule

By Sanghyun Park

  • WCP’s institutional subscription rate was 33.28 to 1, one of the lowest for an IPO this size. And nearly all orders sit below the lower end.
  • WCP set the price at ₩60,000, even lower than the floor, at an implied market cap of ₩2T. And the issuer also reduced the offering volume from 9M to 7.2M. 
  • Passive flows equivalent to about 3% of SO will likely flow into WCP by March next year. It is substantial enough to consider designing a flow trade setup.

CALB IPO: What’s It Worth?

By Arun George


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