Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> buyback risk that might cause <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/JPB unwinds; though probably a H2 risk.</li>
<li>
<a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> has consistently traded through <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a>'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.</li>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. </li>
</ul>


There is Japan Post Bank (7182 JP) buyback risk that might cause Japan Post Holdings (6178 JP)/JPB unwinds; though probably a H2 risk.

Great Eastern Holdings (GE SP) has consistently traded through OCBC (OCBC SP)'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.

L'Occitane (973 HK)'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. 


Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

<ul>
<li>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>Three new deals was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK)</a>, <a href="https://www.smartkarma.com/entities/i-rom-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2686:1" rel="noopener">I'Rom Group (2372 JP)</a> and <a href="https://www.smartkarma.com/entities/s-line-co-ltd" target="_blank" data-smartkarma-citation="entities:8076:1" rel="noopener">S Line (9078 JP)</a>. <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a> also in the crosshairs. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>, <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a> , <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> and <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>.</li>
</ul>


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.
Three new deals was discussed on Smartkarma this week: Malaysia Airports (MAHB MK), I'Rom Group (2372 JP) and S Line (9078 JP). ESR Group (1821 HK) also in the crosshairs. 
Key updates took place on: Huafa Property Services Group (982 HK), Kansai Super Market (9919 JP) , Great Eastern Holdings (GE SP) and L'Occitane (973 HK).


(Mostly) Asia-Pac M&A: ESR Group, I'Rom Group, S Line, Huafa Property Services, Kansai Super Market

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>
<a href="https://www.smartkarma.com/entities/cmic-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15558:1" rel="noopener">CMIC Holdings (2309 JP)</a> has recommended an MBO tender offer of JPY2,650 per share, a 55.9% premium to the undisturbed price (7 November).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 41.29% ownership ratio.</li>
<li>Irrevocables to accept represent a 23.29% ownership ratio. While the offer is light vs. peer multiples, the minimum acceptance condition requires a 35.1% minority acceptance rate, which is doable.</li>
</ul>



CMIC Holdings (2309 JP) has recommended an MBO tender offer of JPY2,650 per share, a 55.9% premium to the undisturbed price (7 November).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 41.29% ownership ratio.
Irrevocables to accept represent a 23.29% ownership ratio. While the offer is light vs. peer multiples, the minimum acceptance condition requires a 35.1% minority acceptance rate, which is doable.


CMIC Holdings (2309 JP): MBO Tender Offer at JPY2,650

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

The suggestion of government orchestration against <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono</a>’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the Nikkei that the Japanese Health Ministry is considering setting rules on new drug usage during this fiscal year, starting with <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono</a>’s Opdivo and <a href="https://www.smartkarma.com/entities/6091" target="_blank" data-smartkarma-citation="entities:6091">Astellas</a>’s Repatha. Patients may be limited to those who can see certain impact from the treatment, which in turn would mean the drug could only be prescribed at those institutions with the facilities to check…

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the Nikkei that the Japanese Health Ministry is considering setting rules on new drug usage during this fiscal year, starting with Ono’s Opdivo and Astellas’s Repatha. Patients may be limited to those who can see certain impact from the treatment, which in turn would mean the drug could only be prescribed at those institutions with the facilities to check…

Opdivo Singled Out in Government Rule Change

Japan

Win Partners Co., Ltd. manages business operation including sales of medical instruments and associated businesses. The company is the parent company established through reorganization of Win International and Tesco.

Nippon Care Supply Co., Ltd. wholesales medical equipment to organizations which then offer it as rental products to the elderly.  The Company services any used rental products for recycling within the organizations.  Nippon Care Supply's line of rental products include electronic beds, wheelchairs, walking aids, sterilization equipment, and inspection devices.

FALCO HOLDINGS CO., LTD. undertakes laboratory testing services for hospitalsand  medical clinics.  The Company also provides clinical tests, gene related tests,  medical checkup, and food and environmental sanitary services.

CareNet, Inc. provides medicine and medical related information for doctors through Internet, satellite broadcasting, and DVD.  The Company also collects marketing information related to medicine and provides those data to pharmaceutical companies.

Value HR Co., Ltd. provides health-care-related service such as online reservation for health checkup, results maintenance and consulting. The Company offers assistance on setting up health insurance association.

MEDIUS HOLDINGS Co.,Ltd. wholesales and leases medical equipments. The mainclients are hospitals and medical institutions in Tokyo metropolitan and Tokai  area.  The company also provides hospitals with Supply Processing & Distribution services by contract.

Saint-Care Holding Corporation mainly provides dispatch-base nursing care services for elderly and handicapped. The Company also provides meal-delivery services, leases and sells nursing equipment and adult diapers, operates nursing home for the elderly, and provides home improvement plans to meet needs of elderly and handicapped.

HOKUYAKU TAKEYAMA Holdings, Inc. is a holding company which distributes medicine drugs and medical equipment through its subsidiaries.  The group companies also produce and sell chemical drugs as well as pesticide chemical, and provide delivery services.

SOLASTO CORP. provides medical related contract services. The company also provides elderly nursing care services and operates day-care centers.

Japan Medical Dynamic Marketing, INC. imports, manufactures, and markets material used for treatment of bone fracture and medical equipment mainly for orthopedic surgery and neurosurgery.  The Company also develops and sells artificial articulations.

Q & M Dental Group (Singapore) Limited operates dental clinics. The Company offers aesthetic, children's and general dentistry; fits crowns, dentures and braces; and offers bleeding gum treatment, gum surgery and oral surgery; and treats snoring and teeth grinding.

Pacific Smiles Group Limited owns and operates dental centers. The Company's centers provide preventative care, diagnosis and treatment for patients with a broad range of dental care requirements.

Bionet Corp. is a cord blood bank.  The Company collects, processes, and cryopreserves the cord blood.

Mahachai Hospital Public Company Limited owns and operates Mahachai Hospital. Located in Samut Sakorn, a province adjacent to Bangkok, the Hospital has 180 inpatient beds and 17 diagnostic rooms for 880 outpatients daily.

Chiang Mai Ram Medical Business PLC operates hospital's in Thailand.

Capitol Health Limited is mainly focus in the diagnostic imaging business through radiology clinics in Australia. It has previously provided dental surgeries and facilities to self employed dentists who carry on their own dental practices. The Company had also provided administration and management services.

Hi-Clearance Inc. sells medical apparatus and medical materials. The Company's products include artificial kidneys, blood tubing sets, paunch flushers, dialysis solutions, erythropoietin and puncture needles, and biomedical materials, such as teeth protectors, artificial dermises, cardiac catheters and hepatic catheters.

CHC Healthcare Group involves in distributing and leasing radioation oncology, n euroscience, dental and ophthalmic equipment. The company also sells related par ts and consumables and provides maintainance service.

Oriola-KD Oyj operates with in two business areas: Pharmaceutical Trade and Healthcare and Dental Trade.  The Company is active in Finland, Sweden, the Baltic countries.

Integrated Diagnostics Holdings PLC provides medical diagnostic services. The Company offers pathology and molecular diagnostics, genetics testing, and basic radiology services in the areas of immunology, hematology, clinical chemistry, parasitology, toxicology, cytology, surgical pathology, molecular biology, and cytogenetics.

Integrated Diagnostics Holdings (IDHC LN)

I'rom Group Co., Ltd. provides management services on clinical trials and staffing consulting services including providing nurses, pharmacists, and clinical pathologists to medical institutions as well as training medicalrelated staffs.  The Company also provides and leases facilities and finances for these who are to start their clinics.

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I'Rom Group (2372 JP)

Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

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 M&A: ESR Group, I'Rom Group, S Line, Huafa Property Services, Kansai Super Market

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

CMIC Holdings (2309 JP): MBO Tender Offer at JPY2,650

While the offer is light vs. peer multiples, the minimum acceptance condition requires a 35.1% minority acceptance rate, which is doable as the...

Arun George

Opdivo Singled Out in Government Rule Change

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the...

Pelham Smithers Associates

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