Super Group: update on TDR. Recall 40m TDRs to be issued, with 2 TDRs = 1 share. Proposed issue price est at NT$11-14/ TDR, which translates to $0.94-1.18 /sh.
Stock could see trading interest, as company showing that it is making headway in TDR listing process. Traders may be inclined to use the proposed issue price as a frame of reference, but we note that the implied liquidity premium of 5-30% for the TDRs is not unusual based on past listings.
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