Last Week in Event SPACE: Keppel, Aussie Unity, Jardines, Delphi, Hong Kong's WVRs, Ingenico

Last Week in Event SPACE ...

• Keppel Corp Ltd (KEP SP) is still trading cheap to its index and earning comps. It is trading relatively cheap to an O&M or Asset Base basket, and there is no embedded premium for any restructuring that Temasek might undertake.
• Starwood tabling an Offer for Australian Unity Office Fund (AOF AU) that was destined to fail, points to an improved Offer.
• Jardine Matheson Hldgs (JM SP) is cashed up and further buybacks are likely. However, at the current levels, the ratio is tilted in favour of Jardine Strategic Hldgs (JS SP).
• The spread in the Ingenico Group Sa (ING FP) deal is negligible as the market expects a counterbid and is comfortable with other risks. But the market may be underpricing anti-trust risk.
• Why are Borgwarner Inc (BWA US)'s shareholders unhappy and what does that mean for the Delphi Technologies PLC (DLPH US) deal?
• As widely expected, the HKEx has proposed allowing companies to hold shares with extra voting rights for new Hong Kong listings in a move to lure more tech companies - primarily US-listed Mainland China stocks - to list on the bourse.

• Plus, other events, CCASS movements and Mood Spins.