In today’s briefing:
- Sembcorp Marine (SMM SP): Keppel O&M Takeover Completion Next Week = OOF!
- Keppel Goes Ex- SMM Spinoff This Week – NEWKEP Is Still A Buy
Sembcorp Marine (SMM SP): Keppel O&M Takeover Completion Next Week = OOF!
- This insight comes as one-half of a pair. The problem: I cannot label one insight as a pair trade, and there are different dynamics at play.
- This insight discusses the dynamics of Sembcorp Marine (SMM SP) as the takeover of Keppel O&M nears. The deal goes effective 28 February after last week’s SMM shareholder approval.
- That will mean overhang. Lots of active overhang. There WILL be some index upweights, but index treatment remains nebulous, and one has to expect a lot more net index outflow.
Keppel Goes Ex- SMM Spinoff This Week – NEWKEP Is Still A Buy
- This insight comes as one-half of a pair. The problem: I cannot label one insight as a pair trade, and there are different dynamics at play.
- This insight discusses the dynamics of Keppel Corp (KEP SP) as the SMM takeover of Keppel O&M nears. The deal goes effective 28 February but KEP trades ex- on 23 February.
- While not as egregiously mis-priced as SCI vs SMM in autumn 2021, NEW KEPPEL appears under-priced here.
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