In today’s briefing:
- Nikkei 225 March Review – Quiddity Leaderboard (Jan 2023)
- Merger Arb Mondays (02 Jan) – Toyo Construction, Origin Energy, Warrego, Nitro, Fengxiang
- How Far Has Corporate Governance Progressed in 2021? (1) ~ Board Practices Section
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: OZ Minerals, Warrego, Shandong Fengxiang, Toyo Construction
Nikkei 225 March Review – Quiddity Leaderboard (Jan 2023)
- There are four weeks left to go in the data period for calculating the next Nikkei 225 review for March, likely to be announced ~7 March 2023.
- The 3 ADDs should be Oriental Land (4661), Renesas Electronics (6723) , and Japan Airlines (9201). The 3 DELETES Toho Zinc (5707) , Toyobo (3101), and Nippon Light Metal (5703)
- Oriental Land is the one to watch in March. Slight underperformance would boost buying impact. The Sep23 rebalance and subsequent ones are smaller in size but more interesting in impact.
Merger Arb Mondays (02 Jan) – Toyo Construction, Origin Energy, Warrego, Nitro, Fengxiang
- We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads – Alliance Aviation Services (AQZ AU), 21Vianet Group (VNET US), Golden Energy & Resources (GER SP), Genesis Minerals (GMD AU), 111 Inc (YI US), Origin Energy (ORG AU).
- Lowest spreads – Nitro Software Ltd (NTO AU), Norwest Energy NL (NWE AU), Chip Eng Seng Corp (CHIP SP), Conexio Corp (9422 JP), Elmo Software (ELO AU).
How Far Has Corporate Governance Progressed in 2021? (1) ~ Board Practices Section
- The revised Corporate Governance Code and the inclusion of prime market listing criteria have resulted in significant improvements in % of independent directors and in the practices of Nominating/Compensation Committee.
- Meanwhile, the chairmanship of the board of directors and the ratio of female directors, for which the Code didn’t specify improvements or provide numerical target, are improving at modest pace.
- There is the issue of whether the board/committees require independent directors to function fully independently, and the % of female directors indicates the seriousness of improving management and governance.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: OZ Minerals, Warrego, Shandong Fengxiang, Toyo Construction
- There are 44 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- No new deals were discussed on Smartkarma in the past week.
- Key updates took place for: OZ Minerals Ltd (OZL AU), Warrego Energy (WGO AU), Shandong Fengxiang (9977 HK), and Toyo Construction (1890 JP).
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