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/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a> and <a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a> announced an NBIO on the 26th Feb, before entering  into a Scheme on the 12th March. </li>
<li>Alcoa is offering  0.02854 new shares for each Alumina share, a 13% premium to undisturbed. Key shareholders Allan Gray and CITIC are supportive.</li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20240611/pdf/064ghqhjk716lm.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting to be held on the 18th July. Expected implementation on the 1 August. The IE says fair &amp; reasonable.</li>
</ul>



Alumina Ltd (AWC AU) and Alcoa (AA US) announced an NBIO on the 26th Feb, before entering  into a Scheme on the 12th March. 
Alcoa is offering  0.02854 new shares for each Alumina share, a 13% premium to undisturbed. Key shareholders Allan Gray and CITIC are supportive.

The Scheme Booklet is now out, with a Scheme Meeting to be held on the 18th July. Expected implementation on the 1 August. The IE says fair &amp; reasonable.


Alumina (AWU AU)'s 18th July Scheme Vote. Alcoa's Done Deal

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>The <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a> IE considers <a href="https://www.smartkarma.com/entities/alcoa-corp" target="_blank" data-smartkarma-citation="entities:6510:1" rel="noopener">Alcoa (AA US)</a>’s scheme offer (0.02854 Alcoa shares per Alumina share) fair and reasonable as the terms are within its valuation range. </li>
<li>The offer is conditional on FIRB and Alumina/Alcoa shareholder approval. FIRB approval should be forthcoming as Alcoa already owns most of Alumina’s sole assets (AWAC).</li>
<li>The support of the substantive shareholders and the re-rating of Alcoa shares since 12 March (entry into a SID) has materially lowered the vote risk. This is a done deal.</li>
</ul>


The Alumina Ltd (AWC AU) IE considers Alcoa (AA US)’s scheme offer (0.02854 Alcoa shares per Alumina share) fair and reasonable as the terms are within its valuation range. 
The offer is conditional on FIRB and Alumina/Alcoa shareholder approval. FIRB approval should be forthcoming as Alcoa already owns most of Alumina’s sole assets (AWAC).
The support of the substantive shareholders and the re-rating of Alcoa shares since 12 March (entry into a SID) has materially lowered the vote risk. This is a done deal.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>BHP’s bid for Anglo American highlights the value currently in the mining sector</li>
<li>Chinese material stocks outperforming and the world is following suit</li>
<li>Speculative buying exhaustion may prompt a correction in copper and provide a good entry point.</li>
</ul>


BHP’s bid for Anglo American highlights the value currently in the mining sector
Chinese material stocks outperforming and the world is following suit
Speculative buying exhaustion may prompt a correction in copper and provide a good entry point.


"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

Equity Bottom-Up

Cosco Shipping Energy Transportation Co. Ltd. (H) / Equity Bottom-Up

Cosco Shipping Energy Transportation Co. Ltd. (H)

<ul>
<li>The Supply/ Demand imbalance in tankers will persist for longer, supporting earnings</li>
<li>A beneficiary of increased global tensions and higher oil and gas prices</li>
<li>Proposed Stock option scheme incentives management in the right way</li>
</ul>


The Supply/ Demand imbalance in tankers will persist for longer, supporting earnings
A beneficiary of increased global tensions and higher oil and gas prices
Proposed Stock option scheme incentives management in the right way


Cosco Shipping Energy 1138.HK - Higher for Longer

<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

Hong Kong

CITIC Resources Holdings Limited, through its subsidiaries, operates the Portland Aluminum Smelter and sells aluminum finished products. The Company also imports and exports commodities. In addition, Citic Resources operates coal mining and exploration business.

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Citic Resources Holdings (1205 HK)

Alumina (AWU AU)'s 18th July Scheme Vote. Alcoa's Done Deal

This is done. Trading almost at terms. As this is a cross-border trade, look to short Alcoa late in the US day, and buy Alumina early in the AU day.

David Blennerhassett

Alumina (AWC AU): Scheme Vote on 18 July

The support of the substantive shareholders and the re-rating of Alcoa shares since 12 March (entry into a SID) has materially lowered the vote...

Arun George

"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...

Rikki Malik

Cosco Shipping Energy 1138.HK - Higher for Longer

Tanker market imbalance to continue, boosting earnings; global tensions and higher prices benefit the company; stock option scheme incentivizes...

Rikki Malik

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alumina (AWU AU)'s 18th July Scheme Vote. Alcoa's Done Deal

This is done. Trading almost at terms. As this is a cross-border trade, look to short Alcoa late in the US day, and buy Alumina early in the AU day.

David Blennerhassett

Alumina (AWC AU): Scheme Vote on 18 July

The support of the substantive shareholders and the re-rating of Alcoa shares since 12 March (entry into a SID) has materially lowered the vote...

Arun George

"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

​BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...

Rikki Malik

Cosco Shipping Energy 1138.HK - Higher for Longer

​Tanker market imbalance to continue, boosting earnings; global tensions and higher prices benefit the company; stock option scheme incentivizes...

Rikki Malik

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

BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...

Tanker market imbalance to continue, boosting earnings; global tensions and higher prices benefit the company; stock option scheme incentivizes...