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/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board is clearly giving this to shareholders and saying "We did our job. Now it's up to you."</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> admits to falsifying some engine emission tests. But the market dinging the company ~20% is excessive. </li>
<li>US$16bn of <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares from <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> got delivered on 24 March 2023. That's a lot.</li>
</ul>



Toshiba Corp (6502 JP)'s Board is clearly giving this to shareholders and saying "We did our job. Now it's up to you."

Toyota Industries (6201 JP) admits to falsifying some engine emission tests. But the market dinging the company ~20% is excessive. 
US$16bn of Meituan (3690 HK) shares from Tencent (700 HK) got delivered on 24 March 2023. That's a lot.


Last Week in Event SPACE: Toshiba, Toyota Industries, Meituan, Kingsoft, Rakuten Bank

<ul>
<li>There are 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>Four new deal was discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/australian-clinical-labs-limited" target="_blank" data-smartkarma-citation="entities:36020:1" rel="noopener">Australian Clinical Labs (ACL AU)</a>/<a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, Wyloo/<a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor (MCR AU)</a>, JIC/<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, and MBk/ <a href="https://www.smartkarma.com/entities/osstem-implant-co-ltd" target="_blank" data-smartkarma-citation="entities:1450:1" rel="noopener">Osstem Implant (048260 KS)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, and <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a>.</li>
</ul>


There are 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.
Four new deal was discussed on Smartkarma this past week: Australian Clinical Labs (ACL AU)/Healius (HLS AU), Wyloo/Mincor (MCR AU), JIC/Toshiba Corp (6502 JP), and MBk/ Osstem Implant (048260 KS).
Key updates took place for Essential Metals (ESS AU), Golden Energy &amp; Resources (GER SP), and S.M.Entertainment Co (041510 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Healius, Mincor, Osstem, Golden Energy, S.M.Entertainment

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

National Storage REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> (NSREIT) aims to raise around US$200m (A$300m) via an institutional placement.</li>
<li>Past deals have ended up doing well, however, the stock now appears toppish and it's unclear if the deal was well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



National Storage REIT (NSR AU) (NSREIT) aims to raise around US$200m (A$300m) via an institutional placement.
Past deals have ended up doing well, however, the stock now appears toppish and it's unclear if the deal was well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


National Storage REIT Placement - Past Deals Have Done Well but Stock Looks Toppish

<ul>
<li>Nickel explorer<a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener"> Mincor Resources NL (MCR AU)</a>'s board urges shareholders to take no action in response to the on-market takeover from Andrew Forrest's backed Wyloo Metals.</li>
<li>Wyloo is offering A$1.40/share. The offer period commences on the 5 April and runs until the 8 May - unless extended. However, Wyloo's broker is already standing in the market. </li>
<li>Wyloo, together with associates, control 19.87% of the voting power in Mincor. Currently trading 5.7% through terms</li>
</ul>


Nickel explorer Mincor Resources NL (MCR AU)'s board urges shareholders to take no action in response to the on-market takeover from Andrew Forrest's backed Wyloo Metals.
Wyloo is offering A$1.40/share. The offer period commences on the 5 April and runs until the 8 May - unless extended. However, Wyloo's broker is already standing in the market. 
Wyloo, together with associates, control 19.87% of the voting power in Mincor. Currently trading 5.7% through terms


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There could be an addition to the S&amp;P/ASX 100 Index and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in April following <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>'s acquisition by <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>.</li>
<li>Then there could be another change for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the regular rebalance in June.</li>
<li>Passive trackers will need to trade between 4.5-18 days of ADV on the potential adds/ deletes. Short interest has started to increase on a couple of stocks.</li>
</ul>


There could be an addition to the S&amp;P/ASX 100 Index and S&amp;P/ASX 200 (AS51 INDEX) in April following OZ Minerals Ltd (OZL AU)'s acquisition by BHP Group Ltd (BHP AU).
Then there could be another change for the S&amp;P/ASX 200 (AS51 INDEX) at the regular rebalance in June.
Passive trackers will need to trade between 4.5-18 days of ADV on the potential adds/ deletes. Short interest has started to increase on a couple of stocks.


S&P/​​​​​​ASX Index Rebalance Preview: Changes from Now to June

Australia

BHP Billiton Limited is an international resources company.  The Company's principal business lines are mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum exploration, production, and refining.  Dually-listed company with BLT LN.

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BHP Group Ltd (BHP US)

Last Week in Event SPACE: Toshiba, Toyota Industries, Meituan, Kingsoft, Rakuten Bank

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: Healius, Mincor, Osstem, Golden Energy, S.M.Entertainment

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

National Storage REIT Placement - Past Deals Have Done Well but Stock Looks Toppish

National Storage REIT (NSR AU) (NSREIT) aims to raise around US$200m (A$300m) via an institutional placement. In this note, we run the deal through...

Sumeet Singh

Mincor: Twiggy's On-Market Takeover

Tough market to speculate on revised Offers. Yet Mincor is pretty beaten up here. I can see Wyloo bidding higher. Your downside is 5.4% currently. ...

David Blennerhassett

S&P/ASX Index Rebalance Preview: Changes from Now to June

There could be one change for the ASX100 & ASX200 in April and one change for the ASX200 in June. Passive trackers will trade between 4.5-18x ADV...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Toshiba, Toyota Industries, Meituan, Kingsoft, Rakuten Bank

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: Healius, Mincor, Osstem, Golden Energy, S.M.Entertainment

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

National Storage REIT Placement - Past Deals Have Done Well but Stock Looks Toppish

National Storage REIT (NSR AU) (NSREIT) aims to raise around US$200m (A$300m) via an institutional placement. In this note, we run the deal through...

Sumeet Singh

Mincor: Twiggy's On-Market Takeover

Tough market to speculate on revised Offers. Yet Mincor is pretty beaten up here. I can see Wyloo bidding higher. Your downside is 5.4% currently. ...

David Blennerhassett

S&P/​​​​​​ASX Index Rebalance Preview: Changes from Now to June

There could be one change for the ASX100 & ASX200 in April and one change for the ASX200 in June. Passive trackers will trade between 4.5-18x ADV...

Brian Freitas

S&P/ASX Index Rebalance Preview: Changes from Now to June