Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/360-capital-group-ltd">360 Capital</a> Group is an ASX-listed investment and funds management firm specializing in the strategic and active management of real estate assets in Australia.</li>
 <li>The company is currently the subject of an unconditional on-market takeover bid from TT Investments at $0.31 per security, an offer the Independent Board Committee has recommended shareholders accept in the absence of a superior proposal.</li>
 <li>Following the takeover offer, <a href="https://smartkarma.com/entities/360-capital-group-ltd">360 Capital</a> has initiated a strategic review to assess its operating costs, co-investment structures, and the potential for delisting from the ASX, with the review expected to conclude in February 2026.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
360 Capital Group is an ASX-listed investment and funds management firm specializing in the strategic and active management of real estate assets in Australia.
  The company is currently the subject of an unconditional on-market takeover bid from TT Investments at $0.31 per security, an offer the Independent Board Committee has recommended shareholders accept in the absence of a superior proposal.
  Following the takeover offer, 360 Capital has initiated a strategic review to assess its operating costs, co-investment structures, and the potential for delisting from the ASX, with the review expected to conclude in February 2026.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman (9956 HK)</a>'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.</li>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.</li>
<li>8th January vote on <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC (5 HK)</a>'s Offer for <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>.  Safe deal. This is effectively a term deposit hybrid.</li>
</ul>



ANE Cayman (9956 HK)'s Scheme Doc is out, absent any reference to CDH (holding an estimated 18%). Given precedents with similar fact patterns, this is probably one deal to avoid.

Hogy Medical (3593 JP)'s Offer Price is more than expected; but the fact that Dalton , who really wanted to sell, but isn't selling, suggests the price should be higher.
8th January vote on HSBC (5 HK)'s Offer for Hang Seng Bank (11 HK).  Safe deal. This is effectively a term deposit hybrid.


Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

<ul>
<li>I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Four new (ish) deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/360-capital-group-ltd" target="_blank" data-smartkarma-citation="entities:11865:1" rel="noopener">360 Capital (TGP AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> , <a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>, and <a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, and <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> </li>
</ul>


I tally xx - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new (ish) deals were discussed on Smartkarma this week: 360 Capital (TGP AU), Humm Group (HUM AU) , Hogy Medical (3593 JP), and Medical Data Vision (3902 JP).
Key updates/news also took place on: Predictive Discovery (PDI AU), ReNew Energy Global (RNW US), and Mandom Corp (4917 JP) 


Asia-Pac M&A Weekly Wrap: Mandom Humm, Medical Data Vision, Predictive Disc., ReNew Energy Global

Equity Capital Markets

<ul>
<li>The S&amp;P/ASX A-REIT 200 Index has returned -22% in FY22, underperforming the ASX 200 Index by ~17% basis points.</li>
<li>REIT performance is typically negatively correlated with bond yield movements, however, long-dated government bond yields may be approaching their peak.</li>
<li>The asset deflation bear market in FY22 has improved the REIT valuation. A basket of REITs is currently at 0.8x, versus the five-year average of 1.05x, and 1.1x pre-Covid. </li>
</ul>


The S&amp;P/ASX A-REIT 200 Index has returned -22% in FY22, underperforming the ASX 200 Index by ~17% basis points.
REIT performance is typically negatively correlated with bond yield movements, however, long-dated government bond yields may be approaching their peak.
The asset deflation bear market in FY22 has improved the REIT valuation. A basket of REITs is currently at 0.8x, versus the five-year average of 1.05x, and 1.1x pre-Covid. 


Australia REITs:  Asset Deflation Bear Market

<ul>
<li>
<a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a> has entered into Scheme Implementation Agreement with <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> and Dutch pension fund PGGM.</li>
<li>The consideration of A$1.90/cash plus a A$0.0467/security distribution is in line with the <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02480691_PS-2A1353504?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">non-binding proposal</a> terms announced on the 31 January.</li>
<li>A Scheme Booklet is expected to be despatched in May. The transaction is expected to close late July.</li>
</ul>



Irongate Group (IAP AU) has entered into Scheme Implementation Agreement with Charter Hall (CHC AU) and Dutch pension fund PGGM.
The consideration of A$1.90/cash plus a A$0.0467/security distribution is in line with the non-binding proposal terms announced on the 31 January.
A Scheme Booklet is expected to be despatched in May. The transaction is expected to close late July.


Irongate Enters Into SIA With Charter Hall And PGGM

Australia

360 Capital Group Limited operates as a property investment and funds management group. The Company offers strategic investment and active investment management services in real estate and corporate real estate. 360 Capital Group serves clients in Australia.

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360 Capital (TGP AU)

Primer: 360 Capital (TGP AU) - Dec 2025

360 Capital Group is an ASX-listed investment and funds management firm specializing in the strategic and active management of real estate...

αSK

Last Week In Event SPACE: ANE Cayman. Hogy Medical, Hang Seng, Zhejiang Sanhua Intelligent

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Mandom Humm, Medical Data Vision, Predictive Disc., ReNew Energy Global

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

Australia REITs: Asset Deflation Bear Market

The asset deflation bear market in FY22 has improved the overall REIT valuation. A basket of REITs is currently at 0.8x, versus the five-year...

David Blennerhassett

Irongate Enters Into SIA With Charter Hall And PGGM

Currently trading at a gross/annualised spread of 2.8%/8.6% assuming late-July, including the distribution. Relatively tight, but a clean deal, I'd...

David Blennerhassett

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