Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 45 - 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/haitong-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:166:1" rel="noopener">Haitong Securities Co Ltd (A) (600837 CH)</a>'s Offer for <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong International Securities Group (665 HK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">NWS (659 HK)</a>,<a href="https://www.smartkarma.com/entities/imax-china-holding-inc" target="_blank" data-smartkarma-citation="entities:888:1" rel="noopener">IMAX China (1970 HK)</a>, and <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>.</li>
</ul>


I tally 45 - 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: Haitong Securities Co Ltd (A) (600837 CH)'s Offer for Haitong International Securities Group (665 HK).
Key updates took place for: Origin Energy (ORG AU), Estia Health (EHE AU), Newcrest Mining (NCM AU), Liontown Resources (LTR AU), NWS (659 HK),IMAX China (1970 HK), and Eoflow (294090 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int'l, Liontown, NWS, IMAX China

<ul>
<li>On the 26 July, <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717:1" rel="noopener">Geo Energy Resources (GERL SP)</a> announced an agreement to acquire a majority stake in coal miner <a href="https://www.smartkarma.com/compose/insight/112915/ht" target="_blank" data-smartkarma-citation="entities:3835:1" rel="noopener">Golden Eagle Energy (SMMT IJ) </a>(GEE).
</li>
<li>Via an S&amp;P, GEO intends to buy a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group for US$154.1mn.</li>
<li>The completion of the S&amp;P, which is subject to Indonesia's OJK and Geo shareholder approval, will trigger an MTO at IDR 1,255/share.</li>
</ul>


On the 26 July, Geo Energy Resources (GERL SP) announced an agreement to acquire a majority stake in coal miner Golden Eagle Energy (SMMT IJ) (GEE).

Via an S&amp;P, GEO intends to buy a 58.7% stake in Golden Eagle from Indonesian conglomerate Rajawali Group for US$154.1mn.
The completion of the S&amp;P, which is subject to Indonesia's OJK and Geo shareholder approval, will trigger an MTO at IDR 1,255/share.


Golden Eagle Energy (SMMT IJ): Trading Wide To Terms

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/nameson-holdings-ltd' target='_blank' rel='noopener'>Nameson Holdings</a></li><li><a href='/entities/sunny-optical-technology-group' target='_blank' rel='noopener'>Sunny Optical Technology Group</a></li><li><a href='/entities/genting-bhd' target='_blank' rel='noopener'>Genting Bhd</a></li><li><a href='/entities/shui-on-land-ltd' target='_blank' rel='noopener'>Shui On Land</a></li><li><a href='/entities/health-and-happiness-h-h-int' target='_blank' rel='noopener'>Health And Happiness (H&H)</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Nameson HoldingsSunny Optical Technology GroupGenting BhdShui On LandHealth And Happiness (H&H)and more...

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>In our October 2021 insight, we correctly anticipated a catch-up trade in Indonesian coal names: GEO is up 66.45%, Adaro is up 102% and ITMG is up 37.4%.</li>
<li>Coal is the new tobacco as coal stays stronger for longer due to limited capacity expansion. At spot prices, FY22 div yield is 48% for Adaro and 65% for ITMG.</li>
<li>Shares have re-rated but not as fast as improvement in profits, given historical payout ratios dividend yields in 2022 could be astronomically high capping downside risks.</li>
</ul>


In our October 2021 insight, we correctly anticipated a catch-up trade in Indonesian coal names: GEO is up 66.45%, Adaro is up 102% and ITMG is up 37.4%.
Coal is the new tobacco as coal stays stronger for longer due to limited capacity expansion. At spot prices, FY22 div yield is 48% for Adaro and 65% for ITMG.
Shares have re-rated but not as fast as improvement in profits, given historical payout ratios dividend yields in 2022 could be astronomically high capping downside risks.


Indonesian Coal = the New Tobacco? Dividend Bonanza Coming: 48-65% Dividend Yields Possible

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

For our next Corporate Webinar we are glad to welcome <a href="https://www.smartkarma.com/entities/geo-energy-resources-ltd" target="_blank" data-smartkarma-citation="entities:8717" rel="noopener">Geo Energy Resources (GERL SP)</a> CEO and Executive Director, Kum Hon Tung.In the upcoming webinar, Kum Hon will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Insight Provider, <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a>. The Corporate Webinar will include a live Q&amp;A session.<h3>The Corporate Webinar will be hosted on Tuesday, 8 March 2022, 17:00 SGT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=86189037146" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div>Geo Energy Group is a coal mining group, established in 2008, with offices in Singapore and Indonesia and production operations in Kalimantan, Indonesia. The group has transitioned from being primarily a coal mining services provider to a coal producer that subcontracts its coal mining operation.Geo Energy has been listed on Singapore Stock Exchange’s main board (Stock Code: RE4) since 2012 and is part of the Singapore FTSE index.

For our next Corporate Webinar we are glad to welcome Geo Energy Resources (GERL SP) CEO and Executive Director, Kum Hon Tung.In the upcoming webinar, Kum Hon will share a short company presentation, after which he will engage in a fireside chat with Smartkarma Insight Provider, Nicolas Van Broekhoven. The Corporate Webinar will include a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 8 March 2022, 17:00 SGT.Register for the Webinar hereGeo Energy Group is a coal mining group, established in 2008, with offices in Singapore and Indonesia and production operations in Kalimantan, Indonesia. The group has transitioned from being primarily a coal mining services provider to a coal producer that subcontracts its coal mining operation.Geo Energy has been listed on Singapore Stock Exchange’s main board (Stock Code: RE4) since 2012 and is part of the Singapore FTSE index.

Smartkarma Corporate Webinar | Geo Energy: Efficient and Low-Cost Coal Mining

Singapore

Geo Energy Resources Limited is a coal mining specialist based in Indonesia. The Company owns and operates coal mines.

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Geo Energy Resources (GERL SP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Newcrest Mining, Haitong Int'l, Liontown, NWS, IMAX China

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

Golden Eagle Energy (SMMT IJ): Trading Wide To Terms

Regulatory approval should not be an issue. The GEO vote should be straightforward. Assuming end-Jan 24 payment under the MTO, the gross/annualised...

David Blennerhassett

Weekly Wrap - 21 Jul 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Indonesian Coal = the New Tobacco? Dividend Bonanza Coming: 48-65% Dividend Yields Possible

Coal is the new tobacco and could remain stronger for longer with Russian coal out of the market. Shares have re-rated but dividend yields in FY22...

Nicolas Van Broekhoven

Smartkarma Corporate Webinar | Geo Energy: Efficient and Low-Cost Coal Mining

On 8 March, 5pm SGT, join our Webinar with Geo Energy Resources CEO Kum Hong Tung, speaking to Nicolas Van Broekhoven about the company's coal...

Smartkarma Research

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