Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp (SMM SP)</a> have announced the O&amp;M business combination and it is a little more interesting than expected. It is a Very Big Desirable Order Book.</li>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>was trading at a 8% gross spread to terms a day before the vote, on headcount test concerns. But it was even close. </li>
<li>KKR and <a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi Ltd (6501 JP)</a> have a deal to get KKR to buy <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a> in a VLBO (Very Leveraged BuyOut).</li>
</ul>



Keppel (KEP SP) and Sembcorp (SMM SP) have announced the O&amp;M business combination and it is a little more interesting than expected. It is a Very Big Desirable Order Book.

Razer Inc (1337 HK)was trading at a 8% gross spread to terms a day before the vote, on headcount test concerns. But it was even close. 
KKR and Hitachi Ltd (6501 JP) have a deal to get KKR to buy Hitachi Transport System (9086 JP) in a VLBO (Very Leveraged BuyOut).


Last Week in Event SPACE: Sembcorp/Keppel, Razer, Hitachi Transport, Renesas, CNOOC

<ul>
<li>There are 36 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Five new deals this week involving <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport (9086 JP)</a>, <a href="https://www.smartkarma.com/entities/lanzhou-zhuangyuan-pasture-co-ltd" target="_blank" data-smartkarma-citation="entities:10174:1" rel="noopener">Lanzhou Zhuangyuan Pasture (1533 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-enterprises-urban-re" target="_blank" data-smartkarma-citation="entities:29131:1" rel="noopener">Beijing Enterprises Urban (3718 HK)</a>, <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a>, and <a href="https://www.smartkarma.com/entities/shin-keisei-electric-railway" target="_blank" data-smartkarma-citation="entities:6262" rel="noopener">Shin Keisei Electric Railway (9014 JP)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a>, <a href="https://www.smartkarma.com/entities/guodian-technology-environment-group-corp" target="_blank" data-smartkarma-citation="entities:3941:1" rel="noopener">Guodian Technology &amp; Environment Group (1296 HK)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 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 36 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals this week involving Hitachi Transport (9086 JP), Lanzhou Zhuangyuan Pasture (1533 HK), Beijing Enterprises Urban (3718 HK), SPH REIT (SPHREIT SP), and Shin Keisei Electric Railway (9014 JP).
Key updates took place for: Western Areas (WSA AU), Guodian Technology &amp; Environment Group (1296 HK), Toyo Construction (1890 JP), True Corp (TRUE TB) / Total Access Communication (DTAC TB).


Asia-Pac Weekly Risk Arb Wrap: Hitachi Transport, SPH Reit, Toyo Construction, True/DTAC

<ul>
<li>
<a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> has registered the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02514701-6A1088688?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Scheme Booklet</a> with ASIC. The Scheme Meeting to vote on <a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO Ltd (IGO AU)</a>'s Offer will be held on the 1 June.</li>
<li>On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.</li>
<li>The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from <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>. WSA trading tight to terms. </li>
</ul>



Western Areas (WSA AU) has registered the Scheme Booklet with ASIC. The Scheme Meeting to vote on IGO Ltd (IGO AU)'s Offer will be held on the 1 June.
On the 11 April,  IGO bumped its Offer Price (last and final) by 15.2% to A$3.87 from A$3.36. WSA's board unanimously recommends shareholders vote in favour of the Revised Scheme.
The Independent Expert (IE) has concluded the Scheme is not fair but reasonable. Still no word from BHP Group Ltd (BHP AU). WSA trading tight to terms. 


Western Areas: 1st June Scheme Meeting.  BHP's Competing Offer Looking Remote

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<ul>
<li>Over the weekend we outlined Friday's downturn in defensive sectors and the crowded commodity unwind to unfold led by the AUD support break.</li>
<li>Resources plays, base metals, steel, gold and to a lesser extent energy are all seeing mounting sell pressure with impulsive downside moves. Key support breaks will damage breadth.</li>
<li>Safe havens coming under pressure as markets enter a more mature stage of a decline, often leads to bigger out of range moves and varying degrees of panic selling.</li>
</ul>


Over the weekend we outlined Friday's downturn in defensive sectors and the crowded commodity unwind to unfold led by the AUD support break.
Resources plays, base metals, steel, gold and to a lesser extent energy are all seeing mounting sell pressure with impulsive downside moves. Key support breaks will damage breadth.
Safe havens coming under pressure as markets enter a more mature stage of a decline, often leads to bigger out of range moves and varying degrees of panic selling.


Resource/Defensive Shakeout and Pivot Supports

<ul>
<li>
<a href="https://www.smartkarma.com/entities/igo-ltd" target="_blank" data-smartkarma-citation="entities:462:1" rel="noopener">IGO (IGO AU)</a> has bumped its Offer Price for <a href="https://www.smartkarma.com/entities/western-areas-ltd" target="_blank" data-smartkarma-citation="entities:15497:1" rel="noopener">Western Areas (WSA AU)</a> by 15.2% to A$3.87  from A$3.36. WSA unanimously recommends shareholders vote in favour of the Revised Scheme.</li>
<li>IGO entered into a consultation with WSA after an Independent Export draft indicated the initial Offer was not fair and reasonable, and WSA's shares were suspended on 7 April.</li>
<li>This now looks all stitched up with a Scheme Meeting expected next month, and implementation the month after. Unless <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> opts to crash the party.</li>
</ul>



IGO (IGO AU) has bumped its Offer Price for Western Areas (WSA AU) by 15.2% to A$3.87  from A$3.36. WSA unanimously recommends shareholders vote in favour of the Revised Scheme.
IGO entered into a consultation with WSA after an Independent Export draft indicated the initial Offer was not fair and reasonable, and WSA's shares were suspended on 7 April.
This now looks all stitched up with a Scheme Meeting expected next month, and implementation the month after. Unless BHP Group Ltd (BHP AU) opts to crash the party.


Western Areas Supports IGO's Revised Offer

Australia

BHP Group Ltd operates as an international resources company. The Company offers mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel, and copper concentrate, as well as petroleum exploration, production, and refining. BHP Group serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BHP Group Ltd (BHP AU)

Last Week in Event SPACE: Sembcorp/Keppel, Razer, Hitachi Transport, Renesas, CNOOC

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Asia-Pac Weekly Risk Arb Wrap: Hitachi Transport, SPH Reit, Toyo Construction, True/DTAC

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

Western Areas: 1st June Scheme Meeting. BHP's Competing Offer Looking Remote

Trading at a gross/annualised spread of 0.5%/3.6%. if you're in, hold on for any possible (remote) Offer from BHP. If not in, I'd look elsewhere....

David Blennerhassett

Resource/Defensive Shakeout and Pivot Supports

Over the weekend we outlined Friday's downturn in defensive sectors and the crowded commodity unwind to unfold led by the AUD support break.

Thomas Schroeder

Western Areas Supports IGO's Revised Offer

Trading 0.6% above terms. if you're in, hold on for any Offer from BHP. If not in, enter on any pullback. A BHP Offer is by no means a certainty;...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)