Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>CTBC's (likely) goal is to boost <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong (2888 TT)</a>'s shares, so as to make the <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> merger unpalatable for Shin Kong shareholders. That smells of opportunity.</li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> is trading cheap to NAV and its implied stub. It may well get cheaper.</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>'s resulting supply/demand profile is mixed, but on balance, expect to see positive demand into the H1 earnings announcement. Watch for another buyback possibly announced then.</li>
</ul>


CTBC's (likely) goal is to boost Shin Kong (2888 TT)'s shares, so as to make the Taishin Financial Holding (2887 TT) merger unpalatable for Shin Kong shareholders. That smells of opportunity.

Jardine Matheson Holdings (JM SP) is trading cheap to NAV and its implied stub. It may well get cheaper.

Toyota Motor (7203 JP)'s resulting supply/demand profile is mixed, but on balance, expect to see positive demand into the H1 earnings announcement. Watch for another buyback possibly announced then.


Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

<ul>
<li>I tally 42 - 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 were discussed this week: the <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> / <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> merger; and <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a>'s hybrid Offer. </li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services (982 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius (2696 HK)</a>,<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 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>, and <a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</a>.</li>
</ul>


I tally 42 - 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 were discussed this week: the Taishin Financial Holding (2887 TT) / Shin Kong Financial Holding (2888 TT) merger; and Silverlake Axis (SILV SP)'s hybrid Offer. 
Key updates took place on Huafa Property Services (982 HK), Shanghai Henlius (2696 HK),CPMC (906 HK), Seven &amp; I (3382 JP), Shinko Electric (6967 JP), and Arvida (ARV NZ).


(Mostly) Asia-Pac M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>7&amp;I Holdings is reviewing a confidential acquisition proposal from $ATD, highlighting significant potential for value creation through strategic refocusing on its core convenience store business</li>
<li>ValueAct Capital previously criticized 7&amp;I as an "unfocused holding company," urging a focus on core assets, estimating a potential value of ¥4,200 per share.</li>
<li>Our valuation suggests 7&amp;I could reach ¥3,700 per share, driven by the repricing of its overseas CVS business; $ATD will need a strong offer.</li>
</ul>


7&amp;I Holdings is reviewing a confidential acquisition proposal from $ATD, highlighting significant potential for value creation through strategic refocusing on its core convenience store business
ValueAct Capital previously criticized 7&amp;I as an "unfocused holding company," urging a focus on core assets, estimating a potential value of ¥4,200 per share.
Our valuation suggests 7&amp;I could reach ¥3,700 per share, driven by the repricing of its overseas CVS business; $ATD will need a strong offer.


Seven & I (3382) | Strategic Refocus and Acquisition Interest Signal Major Upside Potential

Travis Lundy

<ul>
<li>Today saw the publication of three different articles regarding the <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> approach and offer to purchase all the shares of <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> </li>
<li>The first in the Nikkei said ATD could push offer a high price, even up to ¥8 trillion. The second mentioned debt financing being feasible because of prodigious cash flow.</li>
<li>The third in Bloomberg noted that 7&amp;i had requested the government upgrade its FEFTA status to "core", which would lead to a more burdensome/restrictive government approval process.</li>
</ul>


Today saw the publication of three different articles regarding the Alimentation Couche-Tard (ATD CN) approach and offer to purchase all the shares of Seven &amp; I Holdings (3382 JP) 
The first in the Nikkei said ATD could push offer a high price, even up to ¥8 trillion. The second mentioned debt financing being feasible because of prodigious cash flow.
The third in Bloomberg noted that 7&amp;i had requested the government upgrade its FEFTA status to "core", which would lead to a more burdensome/restrictive government approval process.


Updates on The Couche-Tard Deal for 7&I (3382 JP)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard</a> has returned to the well with a NBIO for <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">7&amp;I (3382 JP)</a>. This'll be anathema to politicians who view 7&amp;i as a local champion AND a lifeline entity.</li>
<li>Global travel outfit <a href="https://www.smartkarma.com/entities/webjet-ltd" target="_blank" data-smartkarma-citation="entities:17059:1" rel="noopener">Webjet Ltd (WEB AU)</a> has announced the separation of its two key divisions. The sum of the part is greater than the whole? I'll take that bet.</li>
<li>The Kim family turn their focus to <a href="https://www.smartkarma.com/entities/hanwha-galleria-corp" target="_blank" data-smartkarma-citation="entities:39998:1" rel="noopener">Hanwha Galleria (452260 KS)</a> in the latest Partial Offer within the Hanwha Group complex. </li>
</ul>



Alimentation Couche-Tard has returned to the well with a NBIO for 7&amp;I (3382 JP). This'll be anathema to politicians who view 7&amp;i as a local champion AND a lifeline entity.
Global travel outfit Webjet Ltd (WEB AU) has announced the separation of its two key divisions. The sum of the part is greater than the whole? I'll take that bet.
The Kim family turn their focus to Hanwha Galleria (452260 KS) in the latest Partial Offer within the Hanwha Group complex. 


Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

Canada

Alimentation Couche-Tard Inc. owns and operates convenience store. The Company offers a wide range of merchandise, including coffee, snacks, beverages, grocery products, beer and wine, and lottery tickets, as well as fuel and other services. Alimentation Couche-Tard serves customers globally.

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Alimentation Couche-Tard (ATD/B CN)

Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

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 M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

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

Seven & I (3382) | Strategic Refocus and Acquisition Interest Signal Major Upside Potential

7&I Holdings considering acquisition proposal from $ATD to refocus on core convenience store business, potential value estimated at ¥3,700 per share.

Mark Chadwick

Updates on The Couche-Tard Deal for 7&I (3382 JP)

The ATD deal for 3382 will be long-dated. It will take months, not weeks. Effectively, both parties want 3382's share price higher. If higher,...

Travis Lundy

Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Shin Kong/Taishin Financial, Jardine Matheson, Toyota Motors, Huafa Props

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 M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

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

Seven & I (3382) | Strategic Refocus and Acquisition Interest Signal Major Upside Potential

​7&I Holdings considering acquisition proposal from $ATD to refocus on core convenience store business, potential value estimated at ¥3,700 per share.

Mark Chadwick

Updates on The Couche-Tard Deal for 7&I (3382 JP)

The ATD deal for 3382 will be long-dated. It will take months, not weeks. Effectively, both parties want 3382's share price higher. If higher,...

Travis Lundy

Last Week in Event SPACE: Seven & I Holdings, Webjet, Hanwha Group, Swire Pac/Props, EOFlow

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

7&I Holdings considering acquisition proposal from $ATD to refocus on core convenience store business, potential value estimated at ¥3,700 per share.