Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Malaysia Airports Holdings / Event-Driven

Malaysia Airports Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, provides management, maintenance, and operation of designated airports.  Malaysia Airports also operates duty-free and non-duty free stores as well as provides food and beverage outlets at the airports.

<ul>
<li>Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK).</a>
</li>
<li>After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. </li>
<li>In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. </li>
</ul>


Back on the 15th May, a consortium (Khazanah Nasional, EPF, the Abu Dhabi Investment Authority, and Global Infrastructure Partners) collectively holding 41.22%, launched an Offer for Malaysia Airports (MAHB MK).

After some political gymnastics, MAHB squared away the necessary regulatory approvals, and a firm Offer was made on the 15th November. The Offer Doc dispatched on the 6th December. 
In the Circular on Friday, the IFA said NOT fair - with reference to a SOTP; but reasonable referencing historical market pricing and that no competing Offer will emerge. 


Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

FUJI SOFT INCORPORATED is an independent software developer, specializing in communications and machine control software, business application software for bank and insurance companies, and operating system software.  Fuji Soft also installs, manages, and maintains computer systems.  The Company develops and sells word processing packaged software and also provides internet service.

<ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. </li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/goldlion-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12359:1" rel="noopener">Goldlion Holdings (533 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a>'s Tender Offer.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack (468 HK)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill (3978 JP)</a> and <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</a>.
</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal. 
Two new deals this week: Goldlion Holdings (533 HK)'s Scheme, and Beenos Inc (3328 JP)'s Tender Offer.
Key updates/news took place on: Insignia Financial (IFL AU), Shanghai Henlius Biotech (2696 HK), GAPack (468 HK), Fuji Soft (9749 JP), Macromill (3978 JP) and Malaysia Airports Holdings (MAHB MK).



(Mostly) Asia-Pac M&A: Beenos, Insignia, Henlius, GAPack, Fuji Soft, Goldlion, Malaysia Airports

Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

Structural Monitoring Cdi / Equity Bottom-Up

Structural Monitoring Systems plc is involved in the development of a technology which monitors and tests the structural integrity of various materials and products.  The tests are done on structures such as aircrafts, ships, power plants and rolling stocks.

<ul><li>RaaS has published an update on vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) following the company's update on its guidance which suggests that 80% or $24m of the $30m low-end FY25 revenue guidance is now contracted.</li><li>SMN has provided an update to FY25 guidance announced on November 1, where revenue was guided to $30m-$34m, +14% at the midpoint on FY24, and for EBITDA of between $7.6m and $9.1m, +300% at the midpoint on FY24.</li><li>The update suggests 80% or $24m of the $30m low-end revenue guidance is now contracted following a successful year-end sales campaign for the new Forest Radio product.</li></ul>

RaaS has published an update on vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) following the company's update on its guidance which suggests that 80% or $24m of the $30m low-end FY25 revenue guidance is now contracted.SMN has provided an update to FY25 guidance announced on November 1, where revenue was guided to $30m-$34m, +14% at the midpoint on FY24, and for EBITDA of between $7.6m and $9.1m, +300% at the midpoint on FY24.The update suggests 80% or $24m of the $30m low-end revenue guidance is now contracted following a successful year-end sales campaign for the new Forest Radio product.

Structural Monitoring Systems - 80% of low-end revenue guidance covered

Asia-ex Japan PM

John Liu

BOC Aviation provides direct operating leasing of aircrafts to airlines. The Company offers a range services including structured finance, aircraft remarketing, direct operating leases, and technical services.

<ul>
<li>Global aviation supply continues to suffer from various supply chain disruptions, driving up lease rates and aircraft values and benefiting aircraft lessors, such as BOC Aviation (BOCA) </li>
<li>Although BOCA's interim results were disappointing due to delayed aircraft deliveries, I expect its momentum to recover in 2025, driven by incoming aircraft and lower interest costs. </li>
<li>Stock is trading at 0.9x PB, nearing its historical trough of 0.8x, and offering a decent 5% dividend yield.</li>
</ul>


Global aviation supply continues to suffer from various supply chain disruptions, driving up lease rates and aircraft values and benefiting aircraft lessors, such as BOC Aviation (BOCA) 
Although BOCA's interim results were disappointing due to delayed aircraft deliveries, I expect its momentum to recover in 2025, driven by incoming aircraft and lower interest costs. 
Stock is trading at 0.9x PB, nearing its historical trough of 0.8x, and offering a decent 5% dividend yield.


BOC Aviation (2588 HK): Lease Rate Surge to Boost Earnings; Undervalued Stock with 4.5% Div Yield

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap Spotlight.</li><li>We were joined by senior management of four leading companies operating in farm-to-fuel and waste-to-fuel supply chains.</li><li>Our guests represented the following leading-edge companies: Continuum Ag (CEO Mitchell Hora), Gevo (VP Corporate Development Eric Frey), LanzaTech (CEO Dr. Jennifer Holmgren), and Synata Bio (CEO Tim Cesarek). </li></ul>

We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap Spotlight.We were joined by senior management of four leading companies operating in farm-to-fuel and waste-to-fuel supply chains.Our guests represented the following leading-edge companies: Continuum Ag (CEO Mitchell Hora), Gevo (VP Corporate Development Eric Frey), LanzaTech (CEO Dr. Jennifer Holmgren), and Synata Bio (CEO Tim Cesarek). 

Sustainable Aviation Fuel (SAF) And Low- Carbon Ethanol "Ready for Takeoff"

Aviation and Airlines
Aviation and Airlines Industry

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

(Mostly) Asia-Pac M&A: Beenos, Insignia, Henlius, GAPack, Fuji Soft, Goldlion, Malaysia Airports

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Structural Monitoring Systems - 80% of low-end revenue guidance covered

RaaS has published an update on vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) following the...

Research as a Service (RaaS)

BOC Aviation (2588 HK): Lease Rate Surge to Boost Earnings; Undervalued Stock with 4.5% Div Yield

Aircraft shortage is driving up lease rates benefiting aircraft lessors like BOC Aviation. Stock trading at 0.9x PB with a 5% dividend yield and...

John Liu

Sustainable Aviation Fuel (SAF) And Low- Carbon Ethanol "Ready for Takeoff"

We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap...

Water Tower Research

Malaysia Airports (MAHB MK): IFA Says NOT Fair, But Reasonable; And To Accept Terms

A "not fair, but reasonable" conclusion has generally not proven to be an impediment to securing shareholder support. If late-Jan payment, trading...

David Blennerhassett

(Mostly) Asia-Pac M&A: Beenos, Insignia, Henlius, GAPack, Fuji Soft, Goldlion, Malaysia Airports

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Structural Monitoring Systems - 80% of low-end revenue guidance covered

RaaS has published an update on vertically-integrated aviation designer and manufacturer Structural Monitoring Systems (ASX:SMN) following the...

Research as a Service (RaaS)

BOC Aviation (2588 HK): Lease Rate Surge to Boost Earnings; Undervalued Stock with 4.5% Div Yield

​Aircraft shortage is driving up lease rates benefiting aircraft lessors like BOC Aviation. Stock trading at 0.9x PB with a 5% dividend yield and...

John Liu

Sustainable Aviation Fuel (SAF) And Low- Carbon Ethanol "Ready for Takeoff"

We launched our inaugural WTR Symposium Series “Sustainable Aviation Fuel and Low-Carbon Ethanol Ready for Take-Off” on last week’s WTR Small-Cap...

Water Tower Research

Aircraft shortage is driving up lease rates benefiting aircraft lessors like BOC Aviation. Stock trading at 0.9x PB with a 5% dividend yield and...