In today’s briefing:
- KOSDAQ150 Ad Hoc Index Rebalance: Hydro Lithium (101670) Could Replace Nice Information (030190)
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Talon Energy, Pacific Current, Toshiba, Eoflow, 111 Inc
- SK Hynix. Making HBM While AI Shines
- OCI Holdings Announces a Tender Offer to Buy 45% Stake in OCI Co
KOSDAQ150 Ad Hoc Index Rebalance: Hydro Lithium (101670) Could Replace Nice Information (030190)
- The KRX has approved Nice Information Service Co (030190 KS)‘s transfer from the KOSDAQ Board to the KOSPI Board. The transfer could take place in the next two weeks.
- Hydro Lithium (101670 KS) was the highest ranked non-constituent from the Industrials sector at the June rebalance and could replace Nice Information Service (030190 KS) in the KOSDAQ 150 Index.
- Nice Information Service Co (030190 KS) has no chance of inclusion in the Korea Stock Exchange KOSPI 200 (KOSPI2 INDEX) and will not be short sell eligible post section transfer.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Talon Energy, Pacific Current, Toshiba, Eoflow, 111 Inc
- I tally 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals this week: Talon Energy (TPD AU)‘s non-binding Offer from Strike Energy (STX AU); and Pacific Current (PAC AU)‘s cash/scrip NBIO from Regal Partners (RPL AU).
- Key updates took place for Toshiba Corp (6502 JP), Eoflow (294090 KS), and 111 Inc (YI US).
SK Hynix. Making HBM While AI Shines
- SK Hynix’s Q2’23 revenue increased ~50% QoQ with bit shipment growth of ~35% for DRAM, ~50% for NAND
- AI-Driven demand for DDR5 & HBM pushed DRAM QoQ ASP growth into positive territory for the first time in 9 months.
- But it’s still stormy weather ahead as mainstream DRAM, along with NAND ASPs continue their downward slide
OCI Holdings Announces a Tender Offer to Buy 45% Stake in OCI Co
- On 28 July, OCI Holdings (010060 KS) announced that it plans to conduct a tender offer to purchase up to 45% stake in OCI Co (456040 KS).
- The tender offer price of OCI Co is 139,000 won. The method of this tender offer is to issue new common shares of OCI Holdings.
- In the short term (one month), we expect OCI Co’s shares to outperform OCI Holdings shares. This deal is structured to mainly benefit the OCI Group’s insiders.
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