In today’s briefing:
- MSCI Feb 2022 Index Rebalance Preview: And That’s A Wrap
- JALUX (2729 JP) Tender Offer Commences – Open & Shut Case With Weirdness
- Kabra Extrusion Technik
- TCI Express
MSCI Feb 2022 Index Rebalance Preview: And That’s A Wrap
- Post the end of the review period, there are 19 potential adds for Asia and 9 potential deletes. High probability names include 16 adds and 8 deletes.
- There are stocks that will have same way flow from the FTSE AW/AC trackers in March, while others could have same way flows from KOSPI200 or CSI300 trackers in June.
- Potential additions that got beaten down over the last few weeks have started to recover and could remain supported going into announcement date on 10 February (Asia time).
JALUX (2729 JP) Tender Offer Commences – Open & Shut Case With Weirdness
- Sojitz and JAL have announced the start of their tender offer for Jalux Inc (2729 JP). There was no surprise in November. And no change in the interim.
- While not outrageously generous, it is not particularly egregious to minority shareholders and the shareholder structure suggests it gets done easily.
- The lack of Japan FTC approval prior to launch is a little odd, but there should be minimal risk, and practically speaking, zero incremental risk vs waiting to start.
Kabra Extrusion Technik
- Kabra Extrusion Technik (KET), incorporated in 1982, is India’s prominent player (~40% market share) in the organised plastic extrusion machinery used for manufacturing pipes, profiles & films. It is primarily a capex linked product.
- Interestingly, in the recent past, KET has ventured into manufacturing (assembly) of lithium-ion battery packs for EV under its new division Battrixx
- Export turnover amounts to ~30% of total revenue as of FY21
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TCI Express
- About the stock: TCI Express is a leading asset light B2B (95% of revenues) express logistics company with 28 sorting centres, 800+ owned pan-India centres covering 40000 pick-up and delivery points.
- SME and corporate clients comprise 50:50 of overall revenues
- Total 55% of revenues from sectors like auto ancillary, pharma, engineering
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.
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