Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Japfa Ltd. operates in the agricultural industry. The Company breeds and processes chicken, pork and beef. Japfa also operates dairy farms.

<ul>
<li>Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, were considering taking Japfa private.</li>
<li>This was discussed in<a href="https://www.smartkarma.com/compose/insight/174028/%20https:/skr.ma/iKVsA" target="_blank" rel="noopener"> Japfa (JAP SP): Impressive Gain. But No Firm Offer</a>. Then crickets. </li>
<li>The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. </li>
</ul>


Back in March of last year, Bloomberg reported,that Renaldo Santosa and his family, who collectively controlled ~75.5% of agri-play Japfa Ltd (JAP SP), were considering taking Japfa private.
This was discussed in Japfa (JAP SP): Impressive Gain. But No Firm Offer. Then crickets. 
The family has now pitched an Offer of S$0.62/share, by way of  a Scheme, a 34.8% premium to undisturbed. That's probably enough to get this over the line. 


Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

Travis Lundy

Equity Bottom-Up

Daihatsu Diesel Manufacturing Co., Ltd. manufactures marine-use propulsion and auxiliary diesel engines, stationary diesel engines, and industrial products such as aluminum wheels and automatic door closers for train cars. The Company also manages real estate leasing with properties ranging from office buildings to parking garages.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daihatsu-diesel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:12455:1" rel="noopener">Daihatsu Diesel Mfg (6023 JP)</a> is down sharply today - much more than indices - as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well. </li>
<li>A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US. </li>
<li>The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.</li>
</ul>



Daihatsu Diesel Mfg (6023 JP) is down sharply today - much more than indices - as autos/tech fall on US auto tariffs. There may be some GPIF unwinds as well. 
A reminder: Despite the name, Daihatsu Diesel is not an auto name, is growing, has a big order book, and minimal direct exposure to the US. 
The Tender settles today. The 8% overhang from Tendered-But-Unsold Shares is an opportunity, not a burden, at 7.2x ex-cash PER.


Daihatsu Diesel (6023) - Is Not Directly Auto-Tariff-Related

COOKPAD Inc. operates websites for searching and posting cooking recipes. The company is also engaged in the business of advertising and marketing through its "COOKPAD" website and mobile website, "MOBA REPI", both of which contain tie-up and banner advertisements.

<ul>
<li>Hugely cash-rich <a href="https://www.smartkarma.com/entities/cookpad-inc" target="_blank" data-smartkarma-citation="entities:23:1" rel="noopener">Cookpad Inc (2193 JP)</a> wouldn't hit my radar except for two things. 1) it was the target of <a href="https://www.smartkarma.com/entities/melco-holdings-inc" target="_blank" data-smartkarma-citation="entities:6597:1" rel="noopener">Melco Holdings (6676 JP)</a> chairman Maki-san a few years ago...</li>
<li>And 2) they did a huge buyback last year which pumped up the stock very bigly. </li>
<li>Maki-San appears long gone from the shares, but now they are doing another big buyback. Just as bigly. But there are new nuances this year.</li>
</ul>


Hugely cash-rich Cookpad Inc (2193 JP) wouldn't hit my radar except for two things. 1) it was the target of Melco Holdings (6676 JP) chairman Maki-san a few years ago...
And 2) they did a huge buyback last year which pumped up the stock very bigly. 
Maki-San appears long gone from the shares, but now they are doing another big buyback. Just as bigly. But there are new nuances this year.


Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Generation Development Group L / Event-Driven

Generation Development Group Limited operates as an investment company. The Company provides tax effective investment solutions and development capital to financial sector businesses. Generation Development Group serves customers in Australia.

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.</li>
<li>We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. </li>
<li>The official index changes will be announced after the close on Friday 6th June 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. 
The official index changes will be announced after the close on Friday 6th June 2025.


Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

Domain Holdings Australia  / Event-Driven

Domain Holdings Australia Limited offers multi-platform property solutions. The Company operates an online portal that delivers property marketing solutions for residential, new development, and commercial properties. Domain Holdings Australia serves buyers, sellers, renters, and investors in Australia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>, Australia's  number two player in the online real estate market, has announced a non-binding proposal, by way of a Scheme, from <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">CoStar Group (CSGP US)</a>.</li>
<li>CoStar is offering A$4.20/share, in cash. A A$0.02/share dividend declared on the 13th Feb will be added (but now ex). CoStar also acquired 16.9% of shares out, also at A$4.20/share.</li>
<li>Domain is 60% owned by <a href="https://www.smartkarma.com/entities/nine-entertainment-co-holdings-ltd" target="_blank" data-smartkarma-citation="entities:708:1" rel="noopener">Nine Entertainment Co Holdings (NEC AU)</a>, and has been known to be scoping out a buyer. A firm offer will require FIRB to sign off.</li>
</ul>



Domain Holdings Australia (DHG AU), Australia's  number two player in the online real estate market, has announced a non-binding proposal, by way of a Scheme, from CoStar Group (CSGP US).
CoStar is offering A$4.20/share, in cash. A A$0.02/share dividend declared on the 13th Feb will be added (but now ex). CoStar also acquired 16.9% of shares out, also at A$4.20/share.
Domain is 60% owned by Nine Entertainment Co Holdings (NEC AU), and has been known to be scoping out a buyer. A firm offer will require FIRB to sign off.


Domain (DHG AU): CoStar's A$4.20/Share NBIO

Quiddity Advisors
Pan-Asia Catalysts/Events

Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

Scheme Doc dispatched. 15th April Scheme Meeting. Payment on or around the 30th May. With a fair value range of S$0.53 to S$0.56/share, the IFA...

David Blennerhassett

Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN

Tinycap Cookpad is doing another large buyback. It's big. Last year's bought 10% in a month. This year, float is that much smaller. And there are...

Travis Lundy

Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

The last day of trading for De Grey Mining will be 23rd April. There will be an ASX 200 replacement for De Grey mining. For the Acquirer Northern...

Janaghan Jeyakumar, CFA

Japfa (JAP SP): The Santosa Family (Finally) Makes A Move

Scheme Doc dispatched. 15th April Scheme Meeting. Payment on or around the 30th May. With a fair value range of S$0.53 to S$0.56/share, the IFA...

David Blennerhassett

Daihatsu Diesel (6023) - Is Not Directly Auto-Tariff-Related

Daihatsu Diesel is cheap. Tariffs, GPIF selling, and name association may be making it cheaper. This stock is worth sitting on, buying more, etc....

Travis Lundy

Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN

Tinycap Cookpad is doing another large buyback. It's big. Last year's bought 10% in a month. This year, float is that much smaller. And there are...

Travis Lundy

Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

The last day of trading for De Grey Mining will be 23rd April. There will be an ASX 200 replacement for De Grey mining. For the Acquirer Northern...

Janaghan Jeyakumar, CFA

Domain (DHG AU): CoStar's A$4.20/Share NBIO

Domain has announced a $4.43/share NBIO from Costar - deemed best & final. It's a 5.5% premium to its initial bid, and a 42% premium to the 20th...

David Blennerhassett