Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The hunter becomes the hunted. After <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop (SLC AU)</a> failed to clinch <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> last year, <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband (ABB AU)</a> has now made an Offer for Superloop.</li>
<li>ABB's indicative Offer provides Superloop shareholders with 0.21 new ABB shares for each Superloop share held, or an indicative Offer price of A$0.95/share, a 33.2% premium to the three-month VWAP.</li>
<li>ABB has picked up 19.9% in Superloop, also at A$0.95/share. Superloop has yet to respond.  </li>
</ul>


The hunter becomes the hunted. After Superloop (SLC AU) failed to clinch Symbio Holdings (SYM AU) last year, Aussie Broadband (ABB AU) has now made an Offer for Superloop.
ABB's indicative Offer provides Superloop shareholders with 0.21 new ABB shares for each Superloop share held, or an indicative Offer price of A$0.95/share, a 33.2% premium to the three-month VWAP.
ABB has picked up 19.9% in Superloop, also at A$0.95/share. Superloop has yet to respond.  


ABB Targets Superloop After Taking Out Symbio

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Right on the heels of acquiring <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a>, <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband (ABB AU)</a> has made a non-binding indicative offer to take <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop (SLC AU)</a> private.</li>
<li>
<a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop (SLC AU)</a> had initiated the proposal to take <a href="https://www.smartkarma.com/entities/symbio-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20292:1" rel="noopener">Symbio Holdings (SYM AU)</a> private before <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband (ABB AU)</a> swooped in. Now ABB has SLC in its sights.</li>
<li>The offer is a small premium and <a href="https://www.smartkarma.com/entities/aussie-broadband-pty-ltd" target="_blank" data-smartkarma-citation="entities:30812:1" rel="noopener">Aussie Broadband Pty Ltd (ABB AU)</a>'s 33.2% premium claim is disingenuous at best. Expect pushback from the <a href="https://www.smartkarma.com/entities/superloop-ltd" target="_blank" data-smartkarma-citation="entities:23604:1" rel="noopener">Superloop Ltd (SLC AU)</a> Board.</li>
</ul>


Right on the heels of acquiring Symbio Holdings (SYM AU), Aussie Broadband (ABB AU) has made a non-binding indicative offer to take Superloop (SLC AU) private.

Superloop (SLC AU) had initiated the proposal to take Symbio Holdings (SYM AU) private before Aussie Broadband (ABB AU) swooped in. Now ABB has SLC in its sights.
The offer is a small premium and Aussie Broadband Pty Ltd (ABB AU)'s 33.2% premium claim is disingenuous at best. Expect pushback from the Superloop Ltd (SLC AU) Board.


Aussie Broadband's Non-Binding Indicative Offer for Superloop

<ul>
<li>With nearly 80% of the review period complete, there could be 28 adds/deletes across the S&amp;P/ASX family of indices in September.</li>
<li>There is a lot of stocks for passive trackers to trade on the index changes with the largest impacts on the potential changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. </li>
<li>The potential adds have outperformed the potential deletions by a LOT over the last few months and continued positioning could lead to further gains.</li>
</ul>


With nearly 80% of the review period complete, there could be 28 adds/deletes across the S&amp;P/ASX family of indices in September.
There is a lot of stocks for passive trackers to trade on the index changes with the largest impacts on the potential changes to the S&amp;P/ASX 200 (AS51 INDEX). 
The potential adds have outperformed the potential deletions by a LOT over the last few months and continued positioning could lead to further gains.


S&P/​​​​​​​​​ASX Index Rebalance Preview: Potential Changes from Now to September

<ul>
<li>Tally 50 - 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>No new deals were discussed on Smartkarma this week; although a <a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a> / <a href="https://www.smartkarma.com/entities/mp-materials-corp" target="_blank" data-smartkarma-citation="entities:33108:1" rel="noopener">MP Materials Corp (MP US)</a>tie-in (again) rumoured.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/tdcx-inc" target="_blank" data-smartkarma-citation="entities:34187:1" rel="noopener">TDCX (TDCX US)</a>, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.
</li>
</ul>


Tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
No new deals were discussed on Smartkarma this week; although a Lynas Corp Ltd (LYC AU) / MP Materials Corp (MP US)tie-in (again) rumoured.
Key updates took place on: Azure Minerals (AZS AU), Tietto Minerals (TIE AU), JSR Corp (4185 JP), Shinko Electric (6967 JP), TDCX (TDCX US), and Hollysys Automation Technologies (HOLI US).



(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

<ul>
<li>I tally 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>Two new deals discussed on Smartkarma this week: Madison Dearborn's low-balled Offer for <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a>; and <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/jastec-co-ltd" target="_blank" data-smartkarma-citation="entities:9201:1" rel="noopener">Jastec (9717 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral Ltd (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, &amp; <a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson (2651 JP)</a>.
</li>
</ul>


I tally 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.
Two new deals discussed on Smartkarma this week: Madison Dearborn's low-balled Offer for APM Human Services (APM AU); and NTT Data Corp (9613 JP)'s Offer for Jastec (9717 JP).
Key updates took place on: Boral Ltd (BLD AU), Azure Minerals (AZS AU), Genex Power (GNX AU), JSR Corp (4185 JP), Chilled &amp; Frozen Logistics Holdings (9099 JP), &amp; Lawson (2651 JP).



(Mostly) Asia-Pac M&A: APM Human Services, Jastec, Genex, JSR Corp, Chilled & Frozen, Lawson

Australia

GWA Group Ltd. manufactures building fittings for households and commercial premises.  The Company designs, manufactures, imports and distributes domestic and commercial bathroom, kitchen and laundry products; manufactures and imports hot water and ducted heating and cooling systems; and designs, manufactures, imports and distributes door hardware and fittings and garage doors and openers.

Macmahon Holdings Limited is a civil engineering and contract mining company. The Company offers contract engineering services for areas including roadwork, mining, ports, dams, railways, airports and bridges. The Company also provides mining services which include drilling and blasting, crushing, support, mine refurbishment, and equipment reconditioning.

RPMGlobal Holdings Limited is a technology company that provides integrated technology services (software), mining consulting and training the area of mining planning.

Service Stream Limited is a specialized fixed, wireless and broadband telecommunications service provider. The Company acquires property, plans, approves, designs, constructs, installs, commissions, and provides ongoing maintenance forwireless communications facilities. The Company also provides installation, construction and maintenance services for the telecom industry.

Lycopodium Limited is an engineering consulting firm. The Company, through its subsidiaries, provides consulting engineering services to both the mining and manufacturing industries as well as provides specialist services to the minerals resource industry. Lycopodium serves customers worldwide.

SRG Global Limited operates as a construction services company. The Company constructs skyscrapers, bridges, dams, structures, transport infrastructures, and oil and gas projects, as well as offers drilling support, civil engineering, and industrial maintenance services. SRG Global serves customers worldwide.

Austal Limited is an emerging global defence prime contractor. The Group supplies vessel platforms such as the Littoral Combat Ship and the Joint High Speed Vessel to the United States Navy, an extensive range of patrol and auxiliary vessels to defence forces around the world, and installs and maintains military communications, radar and command and control systems.

K & S Corporation Limited provides transportation, warehousing, logistics, fuel distribution and various services to companies throughout Australia.  K & S provides road, rail and sea forwarding services, warehousing and storage, fuel distribution to fishing, farming and retail customers in certain regions of Australia.  K & S also provides bulk distribution throughout New Zealand.

Alliance Aviation Services Ltd. is a mining services company. The Company specializes in providing transportation by air of its mining and energy customers' employees and contractors to and from remote locations, ad hoc charter services - operating commercial air charters servicing the needs of Government and corporate customers, and wet leasing services.

Future Generation Investment Company Limited is an investment company incorporated in Australia.  The objective of the Fund is to provide exposure to a group of prominent Australian fund managers in a single investment vehicle. The Fund will invest in funds managed by a number of Australian fund managers with diversified exposure to Australian equities.

Welldone Company sells prepaid phone cards for Taiwan Cellular and Chunghwa Telecom.  The Company also assembles cell phone batteries and markets its battery products under the SAINTOP brand name.  Welldone also acts as a sales agent for Toshiba Batteries.

PT Solusi Tunas Pratama Tbk develops and constructs telecommunication towers for the wireless communications industry.

Tianjin Port Development Holdings Limited operates container terminals in China.  The company provides container handling operations, stacking and warehousing services and non-containerized cargo services.

MATSUDA SANGYO Co., Ltd. primarily wholesales precious metals and electronic materials.  The Company also produces and wholesales foods such as fish paste and fresh groceries.

NICHIREKI CO., LTD. produces and sells asphalt emulsions.  The Company provides road paving and water proofing work with asphalt emulsions.  Nichireki also wholesales landscaping materials.

Frencken Group Limited designs, develops, and produces complex and advanced modules and systems, based on precision mechanics, hardware and software.

METAWATER Co. Ltd. is mainly specialized in manufacturing and selling water treatment equipment.  The Company also offers designing and construction services.

Shenzhen Jasic Technology Company Limited develops, produces and sells welding and cutting equipment.  The Company's main products are inverter welding machine, diesel welding machine and complete welding and cutting equipment.

TOKYU CONSTRUCTION CO., LTD. is established through the reorganization of Tokyu Construction.  The Company is a general contractor that builds commercial, institutional, and residential buildings.  Tokyu Construction also performs civil engineering works for dams, bridges, and transportation system. The Company is a member of Tokyu group.

Dredging Corporation of India Ltd. carries out dredging activities which include executing capital and maintenance dredging for ports to open new parts and to expand the existing ports.  The Company is active in sand trap dredging as well as inland dredging.

Superloop Limited operates as a telecommunications infrastructure company. The Company designs, constructs, and operates underground fibre-optic cable network. Superloop conducts business throughout the Asia Pacific region.

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Superloop Ltd (SLC AU)

ABB Targets Superloop After Taking Out Symbio

Trading tight at a gross spread of ~0.5%. Unless you believe this warrants a bump - I'm not convinced it does - there's probably not much to do...

David Blennerhassett

Aussie Broadband's Non-Binding Indicative Offer for Superloop

ABB has made an NBIO to acquire Superloop. SLC shareholders will receive 0.21 ABB shares for each SLC share. Premium is low and the SLC Board is...

Brian Freitas

S&P/ASX Index Rebalance Preview: Potential Changes from Now to September

There could be 28 changes for the ASX indices in September with a lot to trade for passive trackers. The adds have outperformed the deletes by a...

Brian Freitas

(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

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

(Mostly) Asia-Pac M&A: APM Human Services, Jastec, Genex, JSR Corp, Chilled & Frozen, Lawson

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ABB Targets Superloop After Taking Out Symbio

Trading tight at a gross spread of ~0.5%. Unless you believe this warrants a bump - I'm not convinced it does - there's probably not much to do...

David Blennerhassett

Aussie Broadband's Non-Binding Indicative Offer for Superloop

ABB has made an NBIO to acquire Superloop. SLC shareholders will receive 0.21 ABB shares for each SLC share. Premium is low and the SLC Board is...

Brian Freitas

S&P/​​​​​​​​​ASX Index Rebalance Preview: Potential Changes from Now to September

There could be 28 changes for the ASX indices in September with a lot to trade for passive trackers. The adds have outperformed the deletes by a...

Brian Freitas

(Mostly) Asia-Pac M&A: Lynas, Tietto Minerals, JSR, Shinko Electric, TDCX

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

(Mostly) Asia-Pac M&A: APM Human Services, Jastec, Genex, JSR Corp, Chilled & Frozen, Lawson

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

S&P/ASX Index Rebalance Preview: Potential Changes from Now to September