JCNC's premium to NAV is not justifiable. I'd still look to reverse the stub here - Short JCNC, Long Astra. I understand borrow in JCNC is not tight.
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Market Reaction
Matheson's Moves
Valuation Concerns
Regulatory Framework
Boomeranged on Fri, 28 Jun 2024 13:25
Jardine Matheson clears 83% in JCNC, up from ~78% at the beginning of the year. I see JCNC's NAV PREMIUM at 17%, down from a recent high of 29%. Indonesia is potentially getting dumped by LOs because of the perceived higher political risk associated with the new president, and his past. And Astra, absent an "attractive" angle, just derates with Indonesia and also against the Indo benchmark.
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