European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Urban Logistics REIT plc operates as a property investment company. The company invests in industrial and logistics properties. Urban Logistics REIT is based in the United Kingdom.

<ul>
<li>Strategic merger between LondonMetric and Urban Logistics offers scale, diversification, and internal management benefits, with a modest premium to pre-announcement price and meaningful potential for operational synergies and cost savings.</li>
<li>Scheme of arrangement could complete by July 2025 if approved; long-term investors may benefit from enhanced dividend yield, greater liquidity, and sustained growth in logistics-focused real estate under unified management.</li>
<li>Long SHED at 138.6p to capture 8.1% gross spread; attractive upside with manageable downside risk and strong board support; reassess on firm offer announcement by 9 May 2025.</li>
</ul>


Strategic merger between LondonMetric and Urban Logistics offers scale, diversification, and internal management benefits, with a modest premium to pre-announcement price and meaningful potential for operational synergies and cost savings.
Scheme of arrangement could complete by July 2025 if approved; long-term investors may benefit from enhanced dividend yield, greater liquidity, and sustained growth in logistics-focused real estate under unified management.
Long SHED at 138.6p to capture 8.1% gross spread; attractive upside with manageable downside risk and strong board support; reassess on firm offer announcement by 9 May 2025.


Consolidating Yield: LondonMetric’s Possible Offer for Urban Logistics

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

TSURUHA HOLDINGS INC. is a holding company which manages subsidiaries that operate drug stores in Hokkaido and the Tohoku area.  The Company's product line includes drugs, cosmetics, and household utensils.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>, <a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> announced their deal whereby Tsuruha merges with Welcia in December, and Aeon gains control of MERGECO.</li>
<li>Orbis Investments - owner of 9.7% of shares out - complained. I think with good reason. Tsuruha is trading a little expensive to the ratio, but there's 7.5mos to go. </li>
<li>Interestingly, there's real skew on this trade. It's not overly complicated, and it is worthwhile thinking about it.</li>
</ul>



Tsuruha Holdings (3391 JP), Welcia Holdings (3141 JP), and Aeon Co Ltd (8267 JP) announced their deal whereby Tsuruha merges with Welcia in December, and Aeon gains control of MERGECO.
Orbis Investments - owner of 9.7% of shares out - complained. I think with good reason. Tsuruha is trading a little expensive to the ratio, but there's 7.5mos to go. 
Interestingly, there's real skew on this trade. It's not overly complicated, and it is worthwhile thinking about it.


The Skew in the Tsuruha-Welcia-Aeon Combination

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Iljin Hysolus Co Ltd operates environmental problem solving businesses. The Company provides hydrogen solutions, CNG solutions, diesel solutions and other services. Iljin Hysolus conducts businesses in South Korea.

<ul>
<li>Short selling returns March 31, after 85% of the KOSPI 200’s rebalancing. Stocks set for removal will be prime short targets.</li>
<li>Stocks removed have solid liquidity, tight passive impact gaps between them, and with short selling restarting March 31, we could see intensified volume in the short basket.</li>
<li>With rebalance ahead, price action may start early. Market exposure means aggressive moves could happen before the end of March, so consider building futures positions before short selling resumes.</li>
</ul>


Short selling returns March 31, after 85% of the KOSPI 200’s rebalancing. Stocks set for removal will be prime short targets.
Stocks removed have solid liquidity, tight passive impact gaps between them, and with short selling restarting March 31, we could see intensified volume in the short basket.
With rebalance ahead, price action may start early. Market exposure means aggressive moves could happen before the end of March, so consider building futures positions before short selling resumes.


Play the Timing Sweet Spot Between KOSPI 200 Rebal and Short Selling Coming Back into Play

David Blennerhassett

Lynas Corporation Limited explores and mines for rare earth minerals such as cerium and neodymium.

<ul>
<li>China recently escalated restrictions on the export of rare earths. Not just to the US as the two global players go toe-to-toe on tariffs; but to all countries.</li>
<li>China’s latest round of restrictions target critical materials used in defense, electronics, and EVs.</li>
<li>Apart from China, the world's largest refining - not just the largest miner - who else refines rare earth elements, specifically heavy rare earths?</li>
</ul>


China recently escalated restrictions on the export of rare earths. Not just to the US as the two global players go toe-to-toe on tariffs; but to all countries.
China’s latest round of restrictions target critical materials used in defense, electronics, and EVs.
Apart from China, the world's largest refining - not just the largest miner - who else refines rare earth elements, specifically heavy rare earths?


Know Your Rare Earth Elements As China Restricts Exports

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Dongwon Industries Co., Ltd. is a deep-sea fishing company.  The Company produces and distributes fish can goods and processed seafood products including tuna sashimi.

<ul>
<li>Dongwon Group's decision to merge Dongwon F&amp;B and Dongwon Industries into one company is a positive move.</li>
<li>Dongwon F&amp;B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.</li>
<li>Post stock swap between Dongwon Industries and Dongwon F&amp;B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.</li>
</ul>


Dongwon Group's decision to merge Dongwon F&amp;B and Dongwon Industries into one company is a positive move.
Dongwon F&amp;B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.
Post stock swap between Dongwon Industries and Dongwon F&amp;B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.


Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries