Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The bigger question for investors is whether <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will keep up with global auto market needs or will they suffer as Toyota may suffer?</li>
<li>The FSS may put the breaks on <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a>'s massive capital raise. </li>
<li>Murakami-San has won <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. </li>
</ul>


The bigger question for investors is whether Denso Corp (6902 JP) will keep up with global auto market needs or will they suffer as Toyota may suffer?
The FSS may put the breaks on Korea Zinc (010130 KS)'s massive capital raise. 
Murakami-San has won Exedy Corp (7278 JP). The company has decided to up its dividend payout and future dividend payout ratio and buy back a boatload of shares. 


Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

Canvest Environmental Protection Group / Event-Driven

<ul>
<li>I tally 40 - 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 this week: Schemes for <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a> and <a href="https://www.smartkarma.com/entities/cm-hi-tech-cleanroom-limited" target="_blank" data-smartkarma-citation="entities:44057:1" rel="noopener">CM Hi-Tech (2115 HK)</a>, and Tender Offers for <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec (2715 JP)</a> and <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a> and <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>.</li>
</ul>


I tally 40 - 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 this week: Schemes for Beijing Capital Grand (1329 HK) and CM Hi-Tech (2115 HK), and Tender Offers for Elematec (2715 JP) and Nec Networks (1973 JP).
Key updates took place on: Hotel Property Investments (HPI AU), Canvest Environmental Protection Group (1381 HK) and Capitol Health (CAJ AU).


(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

Travis Lundy

<ul>
<li>13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.</li>
<li>Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.</li>
<li>Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.</li>
</ul>


13mos ago we saw a sea change. Toyota Group started the process of cross-holding unwinds. They've moved quickly. LOTS of unwinding and so far nearly ¥2trln in buybacks announced.
Aisin, Toyota, and Toyota Industries (TIC) sold Denso first. Then Denso sales of TIC and Renesas, then Aisin, then Exedy, now TIC is selling the rest of its Denso.
Denso announced lower guidance and an overwhelming buyback - as much as liquidity would allow - to offset TIC and non-life sellers. Reading between the lines, there are interesting details.


Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

<ul>
<li>
<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>'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.</li>
<li>
<a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR (1821 HK)</a> is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.</li>
<li>Murakami-San is up to 23.5% of voting rights in <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>. He would probably need 30% to be able to threaten a board spill.</li>
</ul>



Seven &amp; I (3382 JP)'s roadmap is a solid response to where retailing is headed, both in Japan and elsewhere; while ACT's bid is just about carrying on as now.

ESR (1821 HK) is a non-binding proposal, no official terms, with a fragmented shareholder register. And this is before any opaque PRC regulatory conditions tacked on in a firm Offer.
Murakami-San is up to 23.5% of voting rights in Exedy Corp (7278 JP). He would probably need 30% to be able to threaten a board spill.


Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

<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>One new deals discussed this week: <a href="https://www.smartkarma.com/entities/cemex-holdings-philippines" target="_blank" data-smartkarma-citation="entities:22700:1" rel="noopener">Cemex Holdings Philippines (CHP PM)</a> low-balled MTO.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <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>, <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/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB Capital (MPHB MK)</a>, and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</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.
One new deals discussed this week: Cemex Holdings Philippines (CHP PM) low-balled MTO.
Key updates took place on: Fuji Soft Inc (9749 JP), Shinko Electric Industries (6967 JP), CPMC Holdings (906 HK), MPHB Capital (MPHB MK), and Dyna Mac Holdings (DMHL SP).


(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

Japan

EXEDY Corporation manufactures drivetrain products for automobiles, industrial vehicles, and construction machinery.  The Company's products include manual clutches, torque converters, power shift transmissions, and hydraulic clutches. Exedy has its subsidiaries in South Korea, Australia, the US and the UK.

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Exedy Corp (7278 JP)

Last Week in Event SPACE: Denso/Toyota, Korea Zinc, Exedy, Good Drinks, Shinsegae

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Beijing Capital Grand, Elematec, Nec Networks, Hotel Property Invest, Canvest

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

Toyota Group Musical Shares - Toyota Industries' (6201) Big Multi-Year Denso (6902) Selldown & More

Toyota Group cross-holding unwinds are more than ¥1trln already and buybacks are close to ¥2trln since The Aisin Announcement. Today, TIC sells,...

Travis Lundy

Last Week in Event SPACE: Seven & I, ESR, Exedy, CMCDI, Shin Kong

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

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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