In today’s briefing:
- Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman’s Headcount, Razer, Crown Resorts
- Crown Resorts’ Offer Spread Risk/Reward – The Perth Commission Report
- Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, KOSPI200, China A50, JD.com, Mapletree
- Asia-Pac Weekly Risk Arb Wrap: Link Admin, Uniti, Mapletree, Singapore Press, DTAC/TRUE
- KOSDAQ150 Rebalance in June 2022 Amid Ongoing War in Ukraine
Last Week in Event SPACE: Toshiba, Mapletree, Link Admin, Cayman’s Headcount, Razer, Crown Resorts
- Toshiba (6502 JP)‘s activists are stuck. So are management. 3+ years since the last big buyback, 3 new CEOs and we are back to the drawing board for both management/activists.
- Quarz and Mapletree North Asia Commercial Trust (MAGIC SP) holders “win” to get a Cash-Only Consideration bump to 1.0x Price/Sep2021 NAV at S$1.1949/unit. This gets them out at NAV.
- Regulatory overhang sees Link Administration Holdings (LNK AU)‘s spread to terms trading wide.
Crown Resorts’ Offer Spread Risk/Reward – The Perth Commission Report
- The Perth commission report found Crown Resorts (CWN AU) not suitable to operate Crown Perth but did not call for the gaming licence to be revoked.
- The key conditions precedent for the Blackstone deal are shareholder, gaming regulatory and FIRB approval. The scheme meeting is targeted to be held before the end of June 2022.
- At the last close price of A$12.58, the gross and annualised spread for a 30 June implementation is 4.1% and 16.94%, respectively.
Index Rebalance & ETF Flow Recap: MSCI, S&P/ASX, KOSPI200, China A50, JD.com, Mapletree
- The coming week has the implementation of the NIFTY indices at the close on 30 March and the Nikkei 225 (NKY INDEX) implementation at the close on 1 April.
- 31 March is the review cut-off date for the June rebalance of the Hang Seng indices. We expect one change to the HSCEI/HSTECH and few adds to the HSI.
- There were large inflows to the Ishares Core Msci Emerging (IEMG US), iShares MSCI Emerging Markets (EEM US) and KraneShares CSI China Internet ETF (KWEB US) ETFs during the week.
Asia-Pac Weekly Risk Arb Wrap: Link Admin, Uniti, Mapletree, Singapore Press, DTAC/TRUE
- There are 40 – mostly firm – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- One new deal this week: INFRONEER Holdings (5076 JP) taking over the rest of a boring, old construction company Toyo Construction (1890 JP).
- Key updates took place for: Link (LNK AU), Uniti (UWL AU), Mapletree Commercial (MCT SP) /Mapletree North (MAGIC SP), Singapore Press (SPH SP), DTAC TB / TRUE TB
KOSDAQ150 Rebalance in June 2022 Amid Ongoing War in Ukraine
- We discuss the potential additions and deletions in the upcoming June 2022 KOSDAQ150 rebalance. The ongoing war in Ukraine has impacted the potential additions/deletion candidates in KOSDAQ150.
- The recent new additions (among potential inclusions) include Nexon GT Co Ltd (041140 KS) and Netgames (225570 KS), and SNK Corp (950180 KS).
- The top 10 potential exclusions are down on average 25.7% YTD, underperforming KOSDAQ which is down 9.6% in the same period.
Before it’s here, it’s on Smartkarma
