Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of May 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6.6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~60%. The average premium YTD is ~46%. Japan is well up yoy. Hong Kong is down.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of May 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6.6bn.
The average premium for the new transactions announced (or first discussed) in May was ~60%. The average premium YTD is ~46%. Japan is well up yoy. Hong Kong is down.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, May 2024: Malaysia Airports, Alps Logistics, Nihon Housing, Great Eastern

<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>One new deal was discussed on Smartkarma this week:<a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>'s Scheme. <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a> also suspended pursuant to the Takeovers Code. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities (QVE AU)</a>, <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">Sciclone Pharmaceuticals (6600 HK)</a>, and <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>.</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.
One new deal was discussed on Smartkarma this week:Huafa Property Services Group (982 HK)'s Scheme. Asia Cement China (743 HK) also suspended pursuant to the Takeovers Code. 
Key updates took place on: QV Equities (QVE AU), Boral (BLD AU), Greatview Aseptic Packaging (468 HK), Sciclone Pharmaceuticals (6600 HK), and Chilled &amp; Frozen Logistics Holdings (9099 JP).


(Mostly) Asia-Pac M&A: Huafa Prop, Asia Cement, QV Equities, Sciclone, Chilled & Frozen Logistics

<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>One new deal was discussed on Smartkarma this week: Carlyle's tiult for <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">KFC Holdings Japan (9873 JP)</a>. <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> suspended pursuant to the Takeovers Code.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a>/ <a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a>, and <a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">SciClone Pharmaceuticals (6600 HK)</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.
One new deal was discussed on Smartkarma this week: Carlyle's tiult for KFC Holdings Japan (9873 JP). Shanghai Henlius Biotech (2696 HK) suspended pursuant to the Takeovers Code.
Key updates took place on: Alumina Ltd (AWC AU), L'Occitane (973 HK), BHP Group Ltd (BHP AU)/ Anglo American (AAL LN), and SciClone Pharmaceuticals (6600 HK).


(Mostly) Asia-Pac M&A: KFC Holdings Japan, Shanghai Henlius, Alumina, BHP/ Anglo American, SciClone

<ul>
<li>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>Three new deals was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/i-rom-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2686:1" rel="noopener">I'Rom Group (2372 JP)</a> and <a href="https://www.smartkarma.com/entities/s-line-co-ltd" target="_blank" data-smartkarma-citation="entities:8076:1" rel="noopener">S Line (9078 JP)</a>. <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> also in the crosshairs. </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 Group (982 HK)</a>, <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a> , <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> and <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>.</li>
</ul>


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.
Three new deals was discussed on Smartkarma this week: Malaysia Airports (MAHB MK), I'Rom Group (2372 JP) and S Line (9078 JP). ESR Group (1821 HK) also in the crosshairs. 
Key updates took place on: Huafa Property Services Group (982 HK), Kansai Super Market (9919 JP) , Great Eastern Holdings (GE SP) and L'Occitane (973 HK).


(Mostly) Asia-Pac M&A: ESR Group, I'Rom Group, S Line, Huafa Property Services, Kansai Super Market

<ul>
<li>Tally 49 - 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>Six(!) new deals was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual (PPT AU)</a>, <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a>, <a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener">Namoi Cotton (NAM AU)</a>'; <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern (GE SP)</a>; <a href="https://www.smartkarma.com/entities/nihon-housing-co-ltd" target="_blank" data-smartkarma-citation="entities:9604:1" rel="noopener">Nihon Housing (4781 JP)</a> and <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">GAPack (468 HK)</a>'. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">QANTM Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/adbri-ltd" target="_blank" data-smartkarma-citation="entities:20166:1" rel="noopener">Adbri (ABC AU)</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</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>, and <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>.</li>
</ul>


Tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Six(!) new deals was discussed on Smartkarma this week: Perpetual (PPT AU), Alps Logistics (9055 JP), Namoi Cotton (NAM AU)'; Great Eastern (GE SP); Nihon Housing (4781 JP) and GAPack (468 HK)'. 
Key updates took place on: QANTM Intellectual Property (QIP AU), Adbri (ABC AU), L'Occitane (973 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP), and Shinko Electric Industries (6967 JP).


(Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

Australia

Electro Optic Systems Holdings Limited is a technology company specializing in electro-optic design and development for the space and defense markets.  The Company develops satellite laser ranging and tracking systems along with laser based sighting and surveillance systems.

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.

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.

Monadelphous Group Limited provides engineering and construction services to the resources and petrochemical industries. The Company provides mining and processing industry maintenance, mining equipment refurbishment, project management, construction, and airport ground handling services. Monadelphous Group serves customers in Australia.

Quickstep Holdings Limited manufactures a wide range of advanced composite materials.

HighCom Limited provides body armor and personal protective equipment. The Company designs, develops, tests, manufactures, and distributes hard and soft armor products such as helmets, plates, shields, carriers, and related accessories. HighCom serves customers worldwide.

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.

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.

Emeco Holdings Limited provides commercial equipment rental services. The Company rents earthmoving equipment to the mining industries in Australia and Indonesia.

National Presto Industries, Inc. is a diversified manufacturing company. The Company manufactures defense products, housewares/small appliances, and absorbent products. Nationals products include precision mechanical and electro-mechanical products for the U.S. Department of Defense, pressure cookers and canners, and private label diapers.

AECC Aero Science and Technology Co. Ltd. manufactures and distributes aircraft products. The Company produces aircraft engines, cartridge receivers, compressor blades, and other products. AECC Aero Science and Technology also produces bearings, metal forging parts, textile machines, medical equipment, and other products.

Sichuan Chengfa Aero Scinc & Tech (600391 CH)

Xi'an Tian He Defense Technology Company Limited directs and controls continuous wave radar and photoelectric detection technologies, develops, manufactures and sells control systems. The Company's main products include terminal air defense command and control system products.

Beijing Andawell Science & Technology Co., Ltd. manufactures airborne equipment. The Company develops and manufactures aircraft seats, kitchen and lavatory systems, aircraft interiors, airborne electronics, and other products. Beijing Andawell Science & Technology also provides airborne equipment maintenance, testing equipment development, and material trade services.

Beijing Watertek Information Technology Co., Ltd. provides embedded systems for defense and military testing products and technical services, information security products and embedded smart mobile devices embedded industry.

Beijing Watertek Information T (300324 CH)

Hunan Boyun New Materials Company Limited researches, manufactures, and markets powder metallurgy friction materials, carbon and carbon composite materials, nano materials and products, and other related equipment.  The Company also operates goods and technology import and export business.

Astronics Corporation designs, manufactures, and markets specialized lighting, control systems, and electronics for the cockpit, cabin, and exteriors of military, commercial jet, and general aviation aircraft.

Avon Protection PLC designs and specialized protection and defense products. The Company researches, develops, and manufactures ballistic and respiratory protection products such as mask systems, powered and supplied air systems, filters, spares, and accessories. Avon Protection serves customers worldwide.

Jiangxi Xinyu Guoke Technology Co., Ltd. operates as a military products manufacturing company. The Company develops and sells sounding rockets, meteorological rockets, launchers, radar equipment, meteorological instrumentation products, and other products. Jiangxi Xinyu Guoke Technology also offers importing and exporting services.

Cohort plc, through its subsidiaries, provides various products and services for the defense and security, transport, offshore energy, and other commercial markets in the United Kingdom, the Asia Pacific, North and South America, and other EC countries. The company?s services and solutions include electronic warfare operational support, secure communication systems, secure networks, test systems, and data management. It also offers electronic and surveillance technology for electronic warfare and intelligence systems, communications, UAVs, force protection, and special projects; and technical support, consultancy, and managed services in the areas of complex systems and training support, as well as regulatory, information, and communication. In addition, the company provides research, development, manufacturing, training, and support services for complex systems. Further, it offers systems engineering, software, and electronic engineering services and solutions, including design and manufacture services to government and industry. Cohort plc was incorporated in 2006 and is headquartered in Reading, the United Kingdom.

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.

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Austal Ltd (ASB AU)

(Mostly) Asia M&A, May 2024: Malaysia Airports, Alps Logistics, Nihon Housing, Great Eastern

For the month of May, 10 new deals were discussed on Smartkarma with an overall deal size of just ~US$7bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia-Pac M&A: Huafa Prop, Asia Cement, QV Equities, Sciclone, Chilled & Frozen Logistics

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: KFC Holdings Japan, Shanghai Henlius, Alumina, BHP/ Anglo American, SciClone

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: ESR Group, I'Rom Group, S Line, Huafa Property Services, Kansai Super Market

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: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

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

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