Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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>Two new deals discussed on Smartkarma this week: Madison Dearborn's low-balled Offer for <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a>; and <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>'s Offer for <a href="https://www.smartkarma.com/entities/jastec-co-ltd" target="_blank" data-smartkarma-citation="entities:9201:1" rel="noopener">Jastec (9717 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral Ltd (BLD AU)</a>, <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</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>, &amp; <a href="https://www.smartkarma.com/entities/lawson-inc" target="_blank" data-smartkarma-citation="entities:1040:1" rel="noopener">Lawson (2651 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.
Two new deals discussed on Smartkarma this week: Madison Dearborn's low-balled Offer for APM Human Services (APM AU); and NTT Data Corp (9613 JP)'s Offer for Jastec (9717 JP).
Key updates took place on: Boral Ltd (BLD AU), Azure Minerals (AZS AU), Genex Power (GNX AU), JSR Corp (4185 JP), Chilled &amp; Frozen Logistics Holdings (9099 JP), &amp; Lawson (2651 JP).



(Mostly) Asia-Pac M&A: APM Human Services, Jastec, Genex, JSR Corp, Chilled & Frozen, Lawson

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 5th (reported today) which has an aggregated short interest worth USD19.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in BHP, Treasury Wine, Northern Star Re, Flight Centre, Macquarie, Woodside Energy, Netwealth.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 5th (reported today) which has an aggregated short interest worth USD19.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in BHP, Treasury Wine, Northern Star Re, Flight Centre, Macquarie, Woodside Energy, Netwealth.


ASX Short Interest Weekly (Apr 5th): BHP, Treasury Wine, Northern Star Re, Flight Centre, Macquarie

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 we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/jastec-co-ltd" target="_blank" data-smartkarma-citation="entities:9201:1" rel="noopener">Jastec Co Ltd (9717 JP)</a>, <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/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a>, China TCM.  </li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, <a href="https://www.smartkarma.com/entities/newmark-property-reit" target="_blank" data-smartkarma-citation="entities:40696:1" rel="noopener">Newmark Property REIT (NPR AU)</a>, <a href="https://www.smartkarma.com/entities/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">Mma Offshore (MRM AU)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Jastec Co Ltd (9717 JP), Qantm Intellectual Property (QIP AU), Southern Cross Media (SXL AU), Genex Power Ltd (GNX AU), QV Equities Ltd (QVE AU), China TCM.  
Lowest spreads: Roland DG Corp (6789 JP), Tietto Minerals Ltd (TIE AU), Newmark Property REIT (NPR AU), Mma Offshore (MRM AU), CPMC Holdings (906 HK), Pact Group Holdings (PGH AU). 


Merger Arb Mondays (08 Apr) - JSR, Jastec, Shinko, Azure, Genex, Best World, Isetan

<ul>
<li>I tally 52 - 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 discussed on Smartkarma: <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal  (ASB AU)</a>'s spurned Offer; <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World (BEST SP)</a>'s Exit Offer; <a href="https://www.smartkarma.com/entities/isetan-singapore-ltd" target="_blank" data-smartkarma-citation="entities:6762:1" rel="noopener">Isetan Singapore (ISET SP)</a>'s parent Offer; and (maybe) <a href="https://www.smartkarma.com/entities/langham-hospitality-inv-ss" target="_blank" data-smartkarma-citation="entities:760:1" rel="noopener">Langham Hospitality (1270 HK)</a>'s privatisation. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/intellicentrics-global-holding" target="_blank" data-smartkarma-citation="entities:40901:1" rel="noopener">IntelliCentrics Global Holding (6819 HK)</a> and <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>.</li>
</ul>


I tally 52 - 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 discussed on Smartkarma: Austal  (ASB AU)'s spurned Offer; Best World (BEST SP)'s Exit Offer; Isetan Singapore (ISET SP)'s parent Offer; and (maybe) Langham Hospitality (1270 HK)'s privatisation. 
Key updates took place on: Azure Minerals (AZS AU), Genex Power Ltd (GNX AU), IntelliCentrics Global Holding (6819 HK) and JSR Corp (4185 JP).


(Mostly) Asia-Pac M&A: Austal, Best World, Isetan Singapore, Langham Hospitality, Azure, Genex Power

<ul>
<li>For the month of March 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~55%. The average premium YTD is ~39%.</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 March 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new transactions announced (or first discussed) in March was ~55%. The average premium YTD is ~39%.
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, Mar 2024: Chilled & Frozen, TDCX, MMA Offshore, JSR, Roland DG, SciClone

Australia

Brickworks Limited manufactures and distributes clay products including brick, paver and floor tile products.  The Company also has investment interests in unlisted and listed companies along with property development activities.

CSR Limited manufactures and supplies buildings products. The Company's products include plasterboard, insulation, glass, fibre cement, bricks and rooftiles used in residential and commercial construction.

Adbri Limited supplies construction materials. The Company distributes cement, concrete, aggregates, industrial lime, clinker, and other related products. Adbri serves customers in Australia.

Wagners Holding Co Pty Ltd. operates as a holding company. The Company, through its subsidiaries, provides raw materials, such as washed sand, loam, sealing aggregates, ballasts, road bases, boulders, and rip raps.

IGO Limited operates as an exploration company. The Company explores and mines copper, ore, nickel, gold, and other mineral resources. IGO serves customers worldwide.

Alumina Limited is an Australian resource company that produces alumina.  The Company owns about 40% of Alcoa World Alumina and Chemicals through a joint venture with Alcoa.

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

MMG Limited is a mid-tier global resources company which explores, develops and mines base metal projects around the world.  The Company currently owns and operates the Century, Golden Grove and Rosebery mines in Australia, the Kinsevere mine in the Democratic Republic of Congo (DRC) and the LXML Sepon mine in Laos.

Evolution Mining Ltd is a gold exploration company with operations in Western Australia. The Company owns the gold mines -Cracow, Edna May, Mt Rawdon, and Pajingo - and the Mt Carlton development project.

Lynas Corporation Limited explores and mines for rare earth minerals such as cerium and neodymium.

Beijing Oriental Yuhong Waterproof Technology Company Ltd. manufactures asphalt waterproof membranes.  The products are used for roofing, roads and bridge decks, and railroad bridges and culverts.

Century Textiles and Industries Ltd. manufactures cement, cotton textiles and cotton yarn. The Company manufactures denim, shirts, suits, fabrics and dress materials, bed linens, home furnishings, viscose filament yarn, viscose tire yarn, caustic soda, sulphuric acid, liquid chlorine, hydrochloric acid, writing and printing papers, packaging board, and rayon and wood-based pulp.

JK Cement Limited produces and manufactures Portland and White cement products.

Xinjiang Tianshan Cement Co., Ltd. manufactures and markets a variety of cement and its related products. The Company's products include normal cement, composite cement, portland cement, concrete, clinker, and other related products.

Asia Cement Corporation manufactures and sells cement, clinker, ready-mixed concrete, as well as granulated blast-furnace slag and fly ash.  The Company markets its cement and clinker products under the Skyscraper brand name.

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

TAIHEIYO CEMENT CORPORATION manufactures cement and industrial materials such as limestone.  The Company also operates real estate, waste management (zero emission promotion), and transportation businesses. Taiheiyo Cement operates in Japan, China, and the United States.

Imerys SA processes minerals and manufactures and sells building materials worldwide.  The Company produces pigments and additives such as kaolin, ground calcium carbonate, and precipitated calcium carbonate, clay roofing tiles, chimney blocks, bricks, and natural slate, ceramic materials used in tableware, tiles, and sanitary ware, and minerals for refractories.

Grupo Argos SA is a Colombian-based investment holding company with focuses mainly on the Cement and Energy sectors through Colombian subsidiaries. The Company also has stakes in food, financial services, and insurance companies.

Huaxin Cement Co., Ltd. manufactures and distributes building materials. The Company produces cements, concretes, aggregates, and other building materials. Huaxin Cement also conducts environmental protection, new building materials, and equipment manufacturing businesses.

Boral Limited is a manufacturer and supplier of building and construction materials in Australia and internationally.  Boral supplies building products to the residential and commercial building markets, operates clay brick business in the U.S. (for clay roof tiles and fly ash) along with the production of plasterboard, timber products and concrete products.

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Boral Ltd (BLD AU)

(Mostly) Asia-Pac M&A: APM Human Services, Jastec, Genex, JSR Corp, Chilled & Frozen, Lawson

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

ASX Short Interest Weekly (Apr 5th): BHP, Treasury Wine, Northern Star Re, Flight Centre, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Treasury Wine, Northern Star Re, Flight...

Ke Yan, CFA, FRM

Merger Arb Mondays (08 Apr) - JSR, Jastec, Shinko, Azure, Genex, Best World, Isetan

This week, the highest gross spreads are Jastec (37.6%), Qantm IP (15.0%), Southern Cross (11.5%), Genex Power (10.0%), QV Equities (7.5%), China...

Arun George

(Mostly) Asia-Pac M&A: Austal, Best World, Isetan Singapore, Langham Hospitality, Azure, Genex Power

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, Mar 2024: Chilled & Frozen, TDCX, MMA Offshore, JSR, Roland DG, SciClone

For the month of March, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$4bn. The average premium for the new deals...

David Blennerhassett

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