Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world.  The Company currently owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo (DRC) and the LXML Sepon mine in Laos.

<ul>
<li>Friday post-close, <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> released the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0712/2024071200875.pdf" target="_blank" rel="noopener">results of its Rights Offering</a>. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.</li>
<li>The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, <em>but hey, free money?</em>
</li>
<li>The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.</li>
</ul>


Friday post-close, MMG (1208 HK) released the results of its Rights Offering. 3.4654bn Rights Shares at HK$2.62 saw 98.18% take-up. New Rights Shares officially start trading on 16 July.
The other 1.82% (63.1mm Rights Shares) saw 6.383bn excess Rights Shares applications. EAFs were allocated evenly, so applicants got 0.99% of what they bid for, but hey, free money?

The new Rights Shares are expected to commence trading on 16 July. Even better, there was good fundamental news out late Sunday which should add to the general wellbeing.


MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>While there may be still be some overhang once the rights shares start trading, this is a good entry point</li>
<li>Applications for 6.4 Billion excess rights shares received from 11 applications</li>
<li>Rights shares will start trading on Tuesday 16th of July</li>
</ul>


While there may be still be some overhang once the rights shares start trading, this is a good entry point
Applications for 6.4 Billion excess rights shares received from 11 applications
Rights shares will start trading on Tuesday 16th of July


MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Mitsui Matsushima Co., Ltd. sells coal primarily in the Kyushu region.  The Company also produces construction machinery, cement, and building materials. Mitsui Matsushima operates supermarkets and real estate business as well.

<ul>
<li>On 20 May, I wrote that Japanese activist MURAKAMI Yoshiaki and relations/affiliates had gone from 5% to 20% of <a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a> in 5 trading days.</li>
<li>I wondered if it was real, or a pump &amp; dump, but they went to near 30% in following days. THEN they drifted off as Murakami-Fille sold while Murakami-Père bought. </li>
<li>The reasoning was not clear, but the story had real potential. Still does. Today, shareholders got more good news. </li>
</ul>


On 20 May, I wrote that Japanese activist MURAKAMI Yoshiaki and relations/affiliates had gone from 5% to 20% of Mitsui Matsushima (1518 JP) in 5 trading days.
I wondered if it was real, or a pump &amp; dump, but they went to near 30% in following days. THEN they drifted off as Murakami-Fille sold while Murakami-Père bought. 
The reasoning was not clear, but the story had real potential. Still does. Today, shareholders got more good news. 


JAPAN ACTIVISM: Murakami Target Mitsui Matsushima Cleans Up

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Madison Square Garden Sports Corp. / Equity Bottom-Up

Madison Square Garden Sports Corp. is a professional sports company that owns and operates sports franchises.

Madison Square Garden Sports Corp. (MSGS US)

<ul><li>Madison Square Garden Sports Corp. has recently shared its fiscal 2024 second quarter results, offering a mix of solid strengths and areas for cautious observation.</li><li>The company reported revenues of approximately $327 million and an adjusted operating income of $37 million for the quarter.</li><li>This reflects a dynamic scenario where, despite 9 fewer Knicks and Rangers home games comparative to the prior year, per game revenues across the majority of categories including tickets, suites, food, beverage, and merchandise increased, indicating robust per unit profitability and consumer spending resilienc Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Madison Square Garden Sports Corp. has recently shared its fiscal 2024 second quarter results, offering a mix of solid strengths and areas for cautious observation.The company reported revenues of approximately $327 million and an adjusted operating income of $37 million for the quarter.This reflects a dynamic scenario where, despite 9 fewer Knicks and Rangers home games comparative to the prior year, per game revenues across the majority of categories including tickets, suites, food, beverage, and merchandise increased, indicating robust per unit profitability and consumer spending resilienc Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Madison Square Garden Sports Corp.: Strengthening Of Local & National Media Rights Agreements & Major Drivers

<ul>
<li>The <a href="https://www.smartkarma.com/entities/mmg-ltd" target="_blank" data-smartkarma-citation="entities:13961:1" rel="noopener">MMG (1208 HK)</a> rights, designed to raise US$1.15bn to pay off loans to the parent for the purchase of a large copper asset, start trading 24 June 2024. </li>
<li>There is some risk up for grabs, and it is likely to trade according to standard Hong Kong Rights Trading Dynamics. Shorts are down somewhat, but covering should be expected. </li>
<li>There is path-dependency to the Rights Trading, and while they trade for 7 trading days through Tuesday next, one should expect the volume to trade this week. </li>
</ul>


The MMG (1208 HK) rights, designed to raise US$1.15bn to pay off loans to the parent for the purchase of a large copper asset, start trading 24 June 2024. 
There is some risk up for grabs, and it is likely to trade according to standard Hong Kong Rights Trading Dynamics. Shorts are down somewhat, but covering should be expected. 
There is path-dependency to the Rights Trading, and while they trade for 7 trading days through Tuesday next, one should expect the volume to trade this week. 


Rights Issues
Corporate rights issuance analysis

MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

MMG's Rights Issue was well taken up. Excess Rights were 1.82% of total rights, which means a 0.99% allocation and up to US$24mm of selling in the...

Travis Lundy

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

JAPAN ACTIVISM: Murakami Target Mitsui Matsushima Cleans Up

Mitsui Matsushima today announced that it had agreed to sell its rights to the residual Liddell Mine asset with provision. That is a boost to BVPS...

Travis Lundy

Madison Square Garden Sports Corp.: Strengthening Of Local & National Media Rights Agreements & Major Drivers

Madison Square Garden Sports Corp. has recently shared its fiscal 2024 second quarter results, offering a mix of solid strengths and areas for...

Baptista Research

MMG (1208 HK) Rights Trading Dynamics

It is now time to buy the dip on MMG vs Peers. The liquidation selling of Rights should be done, and this stock is cheap vs assets and earnings...

Travis Lundy

MMG (1208) - Rights Results Show High Take-Up, Small Unhedged Portion

MMG's Rights Issue was well taken up. Excess Rights were 1.82% of total rights, which means a 0.99% allocation and up to US$24mm of selling in the...

Travis Lundy

MMG Limited (1208.HK) Rights Issue - 98.18% Taken Up

​Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction

Rikki Malik

JAPAN ACTIVISM: Murakami Target Mitsui Matsushima Cleans Up

Mitsui Matsushima today announced that it had agreed to sell its rights to the residual Liddell Mine asset with provision. That is a boost to BVPS...

Travis Lundy

Madison Square Garden Sports Corp.: Strengthening Of Local & National Media Rights Agreements & Major Drivers

Madison Square Garden Sports Corp. has recently shared its fiscal 2024 second quarter results, offering a mix of solid strengths and areas for...

Baptista Research

MMG (1208 HK) Rights Trading Dynamics

It is now time to buy the dip on MMG vs Peers. The liquidation selling of Rights should be done, and this stock is cheap vs assets and earnings...

Travis Lundy

Good entry point for investors as excess rights shares receive strong demand, trading to begin on July 16th, and copper has had its correction