In today’s briefing:
- LG Energy Solution (373220 KS) IPO: Index (Fast) Entry & Lock-Up Expiry Summary
- Sony – Great Opportunity
- Softbank – Hmmmmm…
- S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance
- Beijing Jingneng (579 HK): Trading Cheap As Possible Offer Reload Looms
LG Energy Solution (373220 KS) IPO: Index (Fast) Entry & Lock-Up Expiry Summary
- LG Energy Solution (373220 KS) listed today and closed 68.3% above its IPO price to become the second largest stock in Korea with a full market cap of US$98.22bn.
- The stock will be added to a bunch of indices via Fast and Regular entry over the next few months. There will be liquidity squeezes on a few of them.
- LG Energy Solution (373220 KS) will become short sell eligible on 11 March after its inclusion in the Kospi 200 Index. That and lock-up expiry is something to watch for.
Sony – Great Opportunity
- Following its 12.8% fall last Wednesday Sony is now getting hit for 7.7% today thanks to Jay Powell.
- This is an excellent opportunity to resize positions in our view as the long-term outlook remains excellent.
- We had been worried about potential volatility due to the name becoming consensus but since that has been realised we are back to being uber bulls here.
Softbank – Hmmmmm…
- Marcelo Claure is reportedly out, joining Katsunori Sago and Michael Ronen, Robert Townsend, Chad Fentress and Ziad Ojakli, Gary Ginsberg and Yuko Kawamoto.
- This is the highest profile resignation at Softbank since Nikesh Arora and continues the pattern of people reportedly in disputes with Rajeev Misra leaving the company.
- So does that 50% holdco discount offer any comfort here???
S&P/ASX Indices: Quiddity Leaderboard for March 2022 Rebalance
- The S&P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies.
- In March 2022, Index rebalance events will take place for the S&P/ASX capitalization-weighted indices including ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20.
- In this insight, we take a look at the leading candidates who could become Adds/Deletes during the March 2022 Rebalance and other potential intra-quarterly changes.
Beijing Jingneng (579 HK): Trading Cheap As Possible Offer Reload Looms
- Beijing Jingneng Clean Energy (579 HK), whose privatisation unceremoniously failed last year, is inexpensive versus its peer basket.
- The 12-month moratorium restricting Beijing Energy Holding from relaunching an Offer expires on the 1 March.
- The key reason for privatisation remains. A new Offer should be structured such that no tendering condition is present.
Before it’s here, it’s on Smartkarma
