Last Week in Event SPACE: Nuflare, Huaneng Renew, Sembcorp/Keppel, Bank Permata, Naspers, Aramco

Last Week in Event SPACE ...

• The first reaction to Murakami-san buying into both Nuflare Technology (6256 JP) and Toshiba Machine (6104 JP) suggested a bump angle. But he could have been angling for a post-Nuflare sale share buyback by Machine. Then Hoya Corp (7741 JP) put the cat amongst the pigeons.

• There are subtle differences in the shareholding structure of Huaneng Renewables Corp H (958 HK) and Harbin Electric Co Ltd H (1133 HK); and the FA is expected to use the Code more to its advantage than what transpired in Harbin's failed offer.
• With Temasek seeking control of Keppel Corp Ltd (KEP SP), perhaps Sembcorp Marine (SMM SP) and Keppel should form a specialist O&M company and transfer redundant real estate assets from unnecessary docks to Keppel.
• The takeover of Bank Permata (BNLI IJ) by Bangkok Bank Public (BBL TB) is not at all a surprise. That it took this long is something of a surprise. It will be a generally illiquid, situation over the next several months to a year.
• Further weakness this week in Prosus (PRX NA) has pushed the "look-through" discount to NAV from the view of Naspers (NPN SJ) to 47% compared to around 34% at the time of the spin-off.
• There are some interesting technical aspects to Saudi Aramco (ARAMCO AB) IPO which are worthwhile looking at. And investors who may be "forced" into it for benchmarking purposes should understand the dynamics of who will want to own it, when, for what purposes, and how.
• Plus, other events, CCASS movements and Mood Spins.

(This insight covers specific insights & comments involving Stubs, Pairs, Arbitrage, share Classifications, and Events - or SPACE - in the past week)