In today’s briefing:
- Newmont’s Upcoming (March 2024) ASX Selldown
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp
- MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail
Newmont’s Upcoming (March 2024) ASX Selldown
- As warned in Newcrest-Newmont Merger: Fancy Index Shenanigans in October, the merger construct meant flowfront, index flowback, then later index flowback.
- We are now between the second and third events. The data on the third is there, but it won’t be obvious to everyone.
- There should be a large, not publicly announced, downweight on Newmont (NEM AU) in the March 2024 index review for the major local indices.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Adbri, Link Admin, Azure Minerals, Lithium Power, JSR Corp
- I tally 50 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Six new deals discussed this week, all Down Under: Adbri (ABC AU), Link Administration (LNK AU), Pacific Smiles (PSQ AU), Probiotec (PBP AU), A2B Australia (A2B AU), and Whispir (WSP AU).
- Key updates took place on: Azure Minerals (AZS AU), Lithium Power International (LPI AU), JSR Corp (4185 JP), Allkem Ltd (AKE AU), and Toyo Construction (1890 JP).
MillerKnoll, Inc. – Raising 3Q Estimate; Seeing Strength in Retail
- Following a strong margin performance in 2Q, we are raising our 3QFY24 EPS estimate to $0.43, just below the midpoint of guidance, from $0.38.
- The increase is the result of higher margin assumptions on a lower revenue forecast.
- We are also reviewing and lowering our revenue assumptions for the remainder of FY24 and FY25.
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