Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Stay long <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> through mid-January. Then sell. </li>
<li>
<a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> may drift lower as the street crunches numbers, in tandem with a vacuum of news as Brookfield undertakes its due diligence.</li>
<li>
<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> is now upset that YFO has decided to release the reason why Toyo management didn't.</li>
</ul>


Stay long NTT Data Corp (9613 JP) through mid-January. Then sell. 

Origin Energy (ORG AU) may drift lower as the street crunches numbers, in tandem with a vacuum of news as Brookfield undertakes its due diligence.

Toyo Construction (1890 JP) is now upset that YFO has decided to release the reason why Toyo management didn't.


Last Week in Event SPACE: NTT Data, Origin Energy, Toyo Construction, Haidilao, Toshiba

<ul>
<li>There are 48 - 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>Four new deals were discussed on Smartkarma: the <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara (SBM AU)</a>/ <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a> merger; <a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec (6669 HK)</a>'s Offer, <a href="https://www.smartkarma.com/entities/okk-corp" target="_blank" data-smartkarma-citation="entities:15496:1" rel="noopener">Okk (6205 JP)</a>'s Offer, <a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">MinRes (MIN AU)</a>/<a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest (NWE AU)</a> merger.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, and <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>.</li>
</ul>


There are 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals were discussed on Smartkarma: the St Barbara (SBM AU)/ Genesis Minerals (GMD AU) merger; Acotec (6669 HK)'s Offer, Okk (6205 JP)'s Offer, MinRes (MIN AU)/Norwest (NWE AU) merger.
Key updates took place for: Tyro Payments (TYR AU), Origin Energy (ORG AU), Yashili International Holdings (1230 HK), and Toyo Construction (1890 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS:  Global rate hikes+weak US Retail fan recession fears ; Tech hit hard: Macro + WDC hit on GS downgrade + NVDIA Sell initiation; Musk Continues to unload TSLA </li>
<li>JAPAN: NKY Futs -1.6% vs Cash; USDJPY weakens to ¥137.84; Corp tax hike to fund Defense-says LDP; Sony to expand image sensors; Fast Retailing 3:1 stock split; Decarbonization investments accelerating</li>
<li>DAILY NUGGET: Tokyo Electric Power to mine Bitcoin ? Huh ?  Today we take a look at this bit of "breaking news" </li>
</ul>


OVERSEAS:  Global rate hikes+weak US Retail fan recession fears ; Tech hit hard: Macro + WDC hit on GS downgrade + NVDIA Sell initiation; Musk Continues to unload TSLA 
JAPAN: NKY Futs -1.6% vs Cash; USDJPY weakens to ¥137.84; Corp tax hike to fund Defense-says LDP; Sony to expand image sensors; Fast Retailing 3:1 stock split; Decarbonization investments accelerating
DAILY NUGGET: Tokyo Electric Power to mine Bitcoin ? Huh ?  Today we take a look at this bit of "breaking news" 


Good Morning Japan |Hawkish ECB + US Retail Miss Fan Recession Fears - Equities Take It on the Chin

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>The <a href="https://asia.nikkei.com/Spotlight/Toshiba-in-turmoil/Toshiba-buyout-JIP-led-group-secures-8.8bn-loans-from-megabanks" target="_blank" rel="noopener">Nikkei reports</a> that Japan Industrial Partners (JIP), the preferred bidder, has secured bank financing of around JPY1.2 trillion (US$8.8 billion), conditional on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> selling some businesses.</li>
<li>JIP will table an offer valuing Toshiba at JPY2.2 trillion (US$16 billion). The special committee is assessing the proposal and a final decision will be made at a board meeting.</li>
<li>JIP’s next challenge is getting the committee to recommend the offer. While a potential offer of JPY5,100 is not terrible, it is well below the original bid expectation of JPY6,000.</li>
</ul>


The Nikkei reports that Japan Industrial Partners (JIP), the preferred bidder, has secured bank financing of around JPY1.2 trillion (US$8.8 billion), conditional on Toshiba Corp (6502 JP) selling some businesses.
JIP will table an offer valuing Toshiba at JPY2.2 trillion (US$16 billion). The special committee is assessing the proposal and a final decision will be made at a board meeting.
JIP’s next challenge is getting the committee to recommend the offer. While a potential offer of JPY5,100 is not terrible, it is well below the original bid expectation of JPY6,000.


Toshiba (6502 JP): Securing Financing Helps Sentiment but Hurdles Remain

Travis Lundy

<ul>
<li>A Nikkei article today suggests FUNDING SECURED for JIP's deal for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>. Noises 2wks ago suggested this timing for a deal, but there are no terms yet.</li>
<li>The syndicate, led by SMBC and Mizuho, "has agreed to ¥1.2trln in loans." The two leads take two-thirds but details suggest not all is as smooth as the headline suggests.</li>
<li>The remaining questions are whether the major holders will take the bait at that price, and/or whether JIC would come in over the top. I expect yes to the first.</li>
</ul>


A Nikkei article today suggests FUNDING SECURED for JIP's deal for Toshiba Corp (6502 JP). Noises 2wks ago suggested this timing for a deal, but there are no terms yet.
The syndicate, led by SMBC and Mizuho, "has agreed to ¥1.2trln in loans." The two leads take two-thirds but details suggest not all is as smooth as the headline suggests.
The remaining questions are whether the major holders will take the bait at that price, and/or whether JIC would come in over the top. I expect yes to the first.


Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Last Week in Event SPACE: NTT Data, Origin Energy, Toyo Construction, Haidilao, Toshiba

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec

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

Good Morning Japan |Hawkish ECB + US Retail Miss Fan Recession Fears - Equities Take It on the Chin

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Toshiba (6502 JP): Securing Financing Helps Sentiment but Hurdles Remain

Against all odds, JIP has secured financing which helps to support near-term positive sentiment. Securing Board and shareholder approval for the...

Arun George

Toshiba (6502) - Funding Secured!

An article after the close suggests major banks are now agreed to supply JPY 1.2trln of loans, plus possibly 200bn of working capital commitment....

Travis Lundy

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