Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 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>Three new deals were discussed this week: <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>'s judicial auction; Oasis' Offer for <a href="https://www.smartkarma.com/entities/raysum-co-ltd" target="_blank" data-smartkarma-citation="entities:6084:1" rel="noopener">Raysum Co Ltd (8890 JP)</a>; <a href="https://www.smartkarma.com/entities/central-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:8462:1" rel="noopener">Central Glass (4044 JP)</a>'s Tender Offer.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito Corporation (6409 JP)</a>, <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp (TRUE TB)</a>/<a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>.</li>
</ul>


There are 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.
Three new deals were discussed this week: Shandong Fengxiang (9977 HK)'s judicial auction; Oasis' Offer for Raysum Co Ltd (8890 JP); Central Glass (4044 JP)'s Tender Offer.
Key updates took place for OZ Minerals Ltd (OZL AU), Link Administration (LNK AU), Toshiba Corp (6502 JP), Kito Corporation (6409 JP), True Corp (TRUE TB)/Total Access Communication (DTAC TB).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Shandong Fengxiang; Raysum, Kito Corp, True/DTAC, OZ Min

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a>, <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> launched HKEx IPOs. <a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a> priced its KRW IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> and DTAC/True.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - CALB (3931 HK), Leapmotor (9863 HK) and Onewo (2602 HK) launched HKEx IPOs. WCP (WCP KS) priced its KRW IPO.
Event-Driven developments - Genex Power Ltd (GNX AU), Infomedia Ltd (IFM AU), Link Administration (LNK AU), OZ Minerals Ltd (OZL AU), Shandong Fengxiang (9977 HK) and DTAC/True.


Weekly Deals Digest (25 Sep) - CALB, Leapmotor, Onewo, OZ Minerals, Genex, Fengxiang, DTAC/True

Travis Lundy

<ul>
<li>Six+ weeks ago, <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> approached <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> with a bid of A$25/share. Oz very quickly rejected it and said it was worth more.</li>
<li>The back and forth immediately post-rejection was not conciliatory. My expectation was that if they came back quickly, they'd have to pay A$30. But coming back quickly was tough.</li>
<li>There are hints now that may be the price. But it may not be. It will take time. </li>
</ul>


Six+ weeks ago, BHP Group Ltd (BHP AU) approached OZ Minerals Ltd (OZL AU) with a bid of A$25/share. Oz very quickly rejected it and said it was worth more.
The back and forth immediately post-rejection was not conciliatory. My expectation was that if they came back quickly, they'd have to pay A$30. But coming back quickly was tough.
There are hints now that may be the price. But it may not be. It will take time. 


OZ Minerals May Be Narrowing the Price Gap to a BHP Deal

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2022-09-17/oz-minerals-said-to-hold-out-for-a-10-billion-in-potential-sale?leadSource=uverify%20wall" target="_blank" rel="noopener">Bloomberg reported</a> that <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> has been considering raising its bid for <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>. OZ is pushing BHP to increase its offer to A$30. </li>
<li>The OZ Board has a strong justification for a higher offer as BHP’s acquisition of OZ would tick the boxes of future-facing commodities and potential operational synergies.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> recently increased its bid to minority shareholders of <a href="https://www.smartkarma.com/entities/turquoise-hill-resources-ltd" target="_blank" data-smartkarma-citation="entities:25405:1" rel="noopener">Turquoise Hill Resources (TRQ CN)</a>. This increases the probability that BHP will return with a sweetened offer.</li>
</ul>



Bloomberg reported that BHP Group Ltd (BHP AU) has been considering raising its bid for OZ Minerals Ltd (OZL AU). OZ is pushing BHP to increase its offer to A$30. 
The OZ Board has a strong justification for a higher offer as BHP’s acquisition of OZ would tick the boxes of future-facing commodities and potential operational synergies.

Rio Tinto Ltd (RIO AU) recently increased its bid to minority shareholders of Turquoise Hill Resources (TRQ CN). This increases the probability that BHP will return with a sweetened offer.


OZ Minerals Could Get an Improved Offer from BHP

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Over the last two months, the two largest commodity behemoths have been trying to acquire copper deposits on the cheap. Both have been rebuffed.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>  has raised its original 34 CAD bid for <a href="https://www.smartkarma.com/entities/turquoise-hill-resources-ltd" target="_blank" data-smartkarma-citation="entities:25405:1" rel="noopener">Turquoise Hill Resources (TRQ CN)</a> twice, but large minority shareholders have voiced opposition.</li>
<li>
<a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> has offered to buy <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> but has equally been rebuffed by management. Let the copper M&amp;A Wave begin!</li>
</ul>


Over the last two months, the two largest commodity behemoths have been trying to acquire copper deposits on the cheap. Both have been rebuffed.

Rio Tinto Ltd (RIO AU)  has raised its original 34 CAD bid for Turquoise Hill Resources (TRQ CN) twice, but large minority shareholders have voiced opposition.

BHP Group Ltd (BHP AU) has offered to buy OZ Minerals Ltd (OZL AU) but has equally been rebuffed by management. Let the copper M&amp;A Wave begin!


Los Andes Copper: The Copper M&A Wave Has Started + Chilean Population Rejects New Constitution

Australia

OZ Minerals Ltd. is an Australian based mining company with a focus on copper. The Company owns and operates the Prominent Hill copper-gold mine and the Carrapateena copper-gold project located in South Australia and has a number of equity interests in listed resource companies.

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OZ Minerals Ltd (OZL AU)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Shandong Fengxiang; Raysum, Kito Corp, True/DTAC, OZ Min

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

Weekly Deals Digest (25 Sep) - CALB, Leapmotor, Onewo, OZ Minerals, Genex, Fengxiang, DTAC/True

Last week, notable developments occurred in Event-Driven (Genex, Infomedia, Link Admin, OZ Minerals, Fengxiang and DTAC/True ) and ECM (CALB,...

Arun George

OZ Minerals May Be Narrowing the Price Gap to a BHP Deal

AUD-denominated copper prices have softened somewhat, with longer-dated softening more relatively speaking. Higher rates don't help. OZL may be...

Travis Lundy

OZ Minerals Could Get an Improved Offer from BHP

Bloomberg reported that BHP has been considering raising its bid. The OZ Board has a strong justification for a higher offer. The shares are...

Arun George

Los Andes Copper: The Copper M&A Wave Has Started + Chilean Population Rejects New Constitution

Both Rio Tinto and BHP have been rebuffed by management/minority shareholders as they try to scoop up copper assets on the cheap. Let the Copper...

Nicolas Van Broekhoven

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