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/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> intends to acquire <a href="https://www.smartkarma.com/entities/jasmine-international-pcl" target="_blank" data-smartkarma-citation="entities:949:1" rel="noopener">Jasmine International PCL (JAS TB)</a> broadband ops (TTTBB) plus a 19% stake in <a href="https://www.smartkarma.com/entities/jasmine-broadband-internet-infrastructure-fund" target="_blank" data-smartkarma-citation="entities:86:1" rel="noopener">Jasmine Broadband Internet Infrastructure Fund (JASIF TB)</a> from JAS.</li>
<li>AIS will pay Bt 19.5bn for TTTBB and Bt 12.9bn for 19% of JASIF, or Bt 32.4bn (US$908mn) all in. The acquisition will be funded by debt.</li>
<li>The transactions, which are subject to NBTC approval, follow the ongoing regulatory process for <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True (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>'s merger.  True is Thailand's largest broadband player. </li>
</ul>



Advanced Info Service (ADVANC TB) intends to acquire Jasmine International PCL (JAS TB) broadband ops (TTTBB) plus a 19% stake in Jasmine Broadband Internet Infrastructure Fund (JASIF TB) from JAS.
AIS will pay Bt 19.5bn for TTTBB and Bt 12.9bn for 19% of JASIF, or Bt 32.4bn (US$908mn) all in. The acquisition will be funded by debt.
The transactions, which are subject to NBTC approval, follow the ongoing regulatory process for True (TRUE TB) / Total Access Communication (DTAC TB)'s merger.  True is Thailand's largest broadband player. 


Jasmine Acquisition To Expand Advanced's Broadband Footprint

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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>The highest spreads are <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL 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/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, Australian Unity Office Fund.</li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>, <a href="https://www.smartkarma.com/entities/irongate-group" target="_blank" data-smartkarma-citation="entities:30897:1" rel="noopener">Irongate Group (IAP AU)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
The highest spreads are Sezzle Inc (SZL AU), Link Administration (LNK AU), 21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), Ramsay Health Care (RHC AU), Australian Unity Office Fund.
The lowest gross spreads are Hwa Hong Corp (HWAH SP), Irongate Group (IAP AU), Giordano International (709 HK), Uniti Group Ltd (UWL AU), Excelpoint Technology (EXLP SP).


Merger Arb Mondays (04 Jul) - Link Admin, Ramsay, DTAC/True, Australian Unity Office Fund, Yashili

Equity Capital Markets

<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 and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/tianqi-lithium-corporation" target="_blank" data-smartkarma-citation="entities:27789:1" rel="noopener">Tianqi Lithium (9696 HK)</a> launched an up to US$1.7bn H-listing, <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> covered its US$1bn SET listing, <a href="https://www.smartkarma.com/entities/li-auto-inc" target="_blank" data-smartkarma-citation="entities:28812:1" rel="noopener">Li Auto (LI US)</a> US$2bn ATM offering.</li>
<li>On the Event-Driven front, there were developments at <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/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, DTAC/True, <a href="https://www.smartkarma.com/entities/ardent-leisure-group-ltd" target="_blank" data-smartkarma-citation="entities:29059:1" rel="noopener">Ardent Leisure Group Ltd (ALG AU)</a>, <a href="https://www.smartkarma.com/entities/australian-unity-office-fund" target="_blank" data-smartkarma-citation="entities:24077:1" rel="noopener">Australian Unity Office Fund (AOF AU)</a>.</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 and Chinese ADRs.
On the ECM front, Tianqi Lithium (9696 HK) launched an up to US$1.7bn H-listing, Thai Life Insurance (TLI TB) covered its US$1bn SET listing, Li Auto (LI US) US$2bn ATM offering.
On the Event-Driven front, there were developments at Link Administration (LNK AU), Tassal (TGR AU), DTAC/True, Ardent Leisure Group Ltd (ALG AU), Australian Unity Office Fund (AOF AU).


Weekly Deals Digest (03 Jul) - Tianqi Lithium, Thai Life, Li Auto, Link Admin, Tassal, DTAC/True

<ul>
<li>There are 46 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deals this week: Cooke's rejected Offer for Tasmanian salmon producer <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>
</li>
<li>Key updates took place for: <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/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, and <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>
</li>
</ul>


There are 46 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals this week: Cooke's rejected Offer for Tasmanian salmon producer Tassal (TGR AU)

Key updates took place for: Link Administration (LNK AU), Link Net (LINK IJ), and Toshiba Corp (6502 JP)



Asia-Pac Weekly Risk Arb Wrap: Tassal, Toshiba, Link Admin, Link Net

<ul>
<li>For the month of June, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$8bn.</li>
<li>The average premium for the new deals announced (or first discussed) in June was ~32%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of June, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$8bn.
The average premium for the new deals announced (or first discussed) in June was ~32%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


Thailand

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

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True Corp Pcl (TRUE TB)

Jasmine Acquisition To Expand Advanced's Broadband Footprint

The spotlight has been on DTAC/True for most of this year. AIS is Thailand's largest mobile phone operator, and is looking to boost its subscriber...

David Blennerhassett

Merger Arb Mondays (04 Jul) - Link Admin, Ramsay, DTAC/True, Australian Unity Office Fund, Yashili

This week, the highest gross spreads are Sezzle (51.7%), Link Admin (44.7%), VNET (33.1%), Alliance Aviation (29.4%), Ramsay (19.9%), AOF (14.7%),...

Arun George

Weekly Deals Digest (03 Jul) - Tianqi Lithium, Thai Life, Li Auto, Link Admin, Tassal, DTAC/True

Last week, notable developments occurred in Event-Driven (Link Admin, Tassal, DTAC/True, Australian Unity Office, Ardent Leisure) and ECM (Tianqi...

Arun George

Asia-Pac Weekly Risk Arb Wrap: Tassal, Toshiba, Link Admin, Link Net

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 M&A: June 2022 Roundup

For the month of June, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$12bn. The...

David Blennerhassett

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