In today’s briefing:
- ECM Weekly (4th Dec 2022) – Skymark, Daiei, Sunshine, Lygend, Weilong, NRI, Zomato, Goto, Bobcat
- KOSPI 200 Up/Down Weights: Official Results & Passive Impacts on T-1 Effective
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- EQD | Tencent (700 HK): We Identify Three Derivative Trades into Year-End
- Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN
- Palo Alto Networks: Acquisition of Cider Security & Other Drivers
- FLEETCOR Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
ECM Weekly (4th Dec 2022) – Skymark, Daiei, Sunshine, Lygend, Weilong, NRI, Zomato, Goto, Bobcat
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, the two Japanese IPO set the ball rolling for the year end rush, with a few more lined up in Hong Kong along with Sunshine.
- There were a few largish selldowns in Japan and India and given Hong Kong’s recent performace, it will see some deals soon as well.
KOSPI 200 Up/Down Weights: Official Results & Passive Impacts on T-1 Effective
- Names with a significant impact: KT (030200), Shinhan Financial (055550), Korean Air (003490), LG Energy (373220), Dongwon Industries (006040), Lotte Fine Chemical (004000), Meritz Fire (000060), & Mirae Asset (006800)
- Limiting the target size of our flow trading to only the fund size that directly mirrors it (₩17.8T) on T-1 Effective will increase our winning rate.
- Lately, local pensions have been seen as rather taking advantage of flow trading in index rebalancing events, so I also recommend keeping the trading window fairly tight.
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- 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
EQD | Tencent (700 HK): We Identify Three Derivative Trades into Year-End
- Stock has recovered from an October low but may be running out of steam
- Realised vol has been high and implied vols have not fallen as much as other equity assets
- We suggest three trade ideas into year-end to take advantage of the vol surface and spot level
Bigtincan (BTH AU)’s Lightweight A$0.80 Offer from SQN
- Bigtincan Holdings Ltd (BTH AU) disclosed a non-binding indicative offer of A$0.80 per share offer from SQN, a skinny 17.6% premium to the undisturbed price.
- The offer is unattractive on several fronts and is the latest beaten-down ASX tech stock to be subject to a PE bid. Expect the Board to reject the offer.
- Bigtincan also revealed other non-binding expressions of interest. This offer could flush out other potential bidders. At the last close, the gross spread is 6.0%.
Palo Alto Networks: Acquisition of Cider Security & Other Drivers
- Palo Alto had a strong first quarter and managed to surpass Wall Street expectations in terms of top-line growth as well as profitability.
- As the macroeconomic situation shifts, the company is ramping up its efforts to create incremental operating leverage in its business.
- Another interesting fact is that Palo Alto has consistently outperformed other tech and cybersecurity stocks even in market lows.
FLEETCOR Technologies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- FLEETCOR Technologies is a well-known digital payment solutions provider to businesses across the world.
- The company’s financial results have been reasonably good in recent times and have exceeded management expectations in terms of revenues as well as earnings.
- Corporate payments have been increasing in double-digits as per the company’s recent results due to strong new sales, domestically and abroad.
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