Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 48  - 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 this week: the <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> / <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a> merger; and <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>'s Tender Offer.</li>
<li>Key updates took place on: <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/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>, <a href="https://www.smartkarma.com/entities/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>, and <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>.</li>
</ul>


I tally 48  - 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 this week: the Capitol Health (CAJ AU) / Integral Diagnostics (IDX AU) merger; and Infocom Corp (4348 JP)'s Tender Offer.
Key updates took place on: MMA Offshore (MRM AU), L'Occitane (973 HK), Mimasu Semiconductor Industry (8155 JP), Tatsuta Electric Wire &amp; Cable (5809 JP), and Great Eastern Holdings (GE SP).


(Mostly) Asia-Pac M&A: Infocom, Capitol Health, MMA Offshore, Mimasu, Tatsuta Elect., Great Eastern

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 foreign holdings of KRX Stocks as of Jun 14th which has an aggregated holding worth USD547.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,575mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Jun 14th which has an aggregated holding worth USD547.8bn.
We estimate that foreign flows to be inflows of USD1,575mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.


KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

Keisei Electric Railway Co / Event-Driven

<ul>
<li>The Palliser/<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is an unconvincing trade. Avoid being long Keisei vs <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> except in short-term impact events. Avoid the drift trade also.</li>
<li>On the subject of activism, keep an eye on <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a>'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.</li>
<li>A <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. </li>
</ul>


The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. 


Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>KRX announced KOSDAQ Global rebalancing. Annually in June, effective date follows June options expiry. Passive flow trading on Thursday, the 13th. 49 companies designated, with nine excluded and eleven added.</li>
<li>Predicting passive capital movement is challenging, but attention must be given to price impacts because reshuffle predictability is low, lacking preemptive trading setups.</li>
<li>We must anticipate the SSF reshuffle in August, likely including new KOSDAQ Global constituents. KRX plans to list SSFs for all remaining constituents, potentially advancing setup timing for price increases.</li>
</ul>


KRX announced KOSDAQ Global rebalancing. Annually in June, effective date follows June options expiry. Passive flow trading on Thursday, the 13th. 49 companies designated, with nine excluded and eleven added.
Predicting passive capital movement is challenging, but attention must be given to price impacts because reshuffle predictability is low, lacking preemptive trading setups.
We must anticipate the SSF reshuffle in August, likely including new KOSDAQ Global constituents. KRX plans to list SSFs for all remaining constituents, potentially advancing setup timing for price increases.


KOSDAQ Global Rebalancing This Week: Trading Considerations

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> started 2024 on a strong note with highest ever quarterly revenue and operating profit in 1Q24. Faster-than-expected consumables orders from overseas markets drove the overall performance.</li>
<li>The proportion of consumable sales rose to 53% (1Q23: 48% and 4Q23: 43%), increasing by 42% and 32% QoQ. Increasing contribution from high-margin consumables sales improved the profitability substantially.</li>
<li>Favorable industry tailwind, global expansion, and new launches remain main growth drivers. Classys still expects 2024 revenue of KRW225B, up 25% YoY. In April, Classys obtained FDA approval for Volnewmer.</li>
</ul>



Classys (214150 KS) started 2024 on a strong note with highest ever quarterly revenue and operating profit in 1Q24. Faster-than-expected consumables orders from overseas markets drove the overall performance.
The proportion of consumable sales rose to 53% (1Q23: 48% and 4Q23: 43%), increasing by 42% and 32% QoQ. Increasing contribution from high-margin consumables sales improved the profitability substantially.
Favorable industry tailwind, global expansion, and new launches remain main growth drivers. Classys still expects 2024 revenue of KRW225B, up 25% YoY. In April, Classys obtained FDA approval for Volnewmer.


Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24

South Korea

Lutronic Corporation is an innovator in advanced aesthetic, medical laser and related technology. The Company reinvests large portion of its revenue in R&D, developing breakthrough applications to explore future medical laser opportunities that include ophthalmology, neurosurgery, urology, and other surgical laser applications. Lutronic serves customers globally.

Dentium Co., Ltd. manufactures dental instruments and materials.  The Company's products include dental implant kits and lab tool kits.

I-Sens Inc. develops, produces and distributes medical devices.  The Company's main products include blood glucose monitoring systems, electrolyte and gas analyzers, and immunosensors.

INTEROJO CO LTD manufactures and markets contact lens.  The Company's main brands are Clalen, Morning-Q, Festival-II, Bandage, Multivision.

Value Added Technology Co., Ltd. develops, manufactures, and engages in sales of digital radiography medical equipments for dental clinics.  The Company also supplies digital sensor for X-ray equipments.

Curexo Inc. distributes medical equipment such as MRI (Magnetic Resonance Imaging) and endoscope used in operating of breast cancer.  The Company also produces goods for aromatic therapy.

InBody Co., Ltd. manufactures and markets a body composition analyzer and other related medical instruments.  The Company supplies its products to the hospitals, clinics, fitness clubs, and households.  Biospace also exports its products to overseas markets, such as America, Europe, and Asia.

Huons Co., Ltd. manufactures pharmaceutical products.  The Company produces medical drugs in the fields of nervous system, sensory organs, anti-histamines, circulatory system, respiratory system, digestive system, metabolic agents and hormones.

Access Bio Inc. develops, manufactures, and markets in-vitro diagnostic (IVD) tests.  The Company develops rapid diagnostic test (RDT) for Malaria and Pregnancy.

Vieworks Company Ltd. designs and manufactures camera systems for digital radiography, digital fluoroscopy, and angiography systems.

Nanosonics Limited is a life science company.  The Company researches, develops, and commercializes a range of disinfection and sterilization technologies that are utilized for infection control and decontamination.

Atrion Corporation, through its subsidiaries, designs, develops, manufactures, markets, sells, and distributes medical products and components.  The Company's products are used in ophthalmic, diagnostic, and cardiovascular procedures. Atrion's products are sold primarily to health care companies which market and distribute its products in conjunction with their name-brand products.

Blue Sail Medical Co., Ltd. manufactures and sells PVC gloves and other plastic products. The company also engages in the sale of  nitrile gloves, latex gloves,  paper pulp molding products, and a range of medical equipments.

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

SurModics, Inc. provides surface modification solutions to the medical device industry.  The Company's primary focus is the commercialization of its PhotoLink process through third-party licensing arrangements.  SurModics's process is a light-activated coating technology that modifies medical device surfaces by creating chemical bonds between those surfaces and a variety of chemical agents.

Lifetech Scientific Corporation develops, manufactures and markets minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders.  The Company produces congenital heart defect occluders, vena cava filters, stent grafts, balloon catheters, and vascular plugs.

Edan Instruments Inc develops, produces and sells medical electronic equipments.  The Company's main products are fetal dopplers, electrocardiographs, fetal monitors and ultrasound scanners.

Easywell Biomedical Inc manufactures thermometers for the medical industry. The Company offers a wide range of thermometers, including transparent and fast read thermometers.

Paul Hartmann AG manufactures and markets personal hygiene and medical products. The Company sells baby diapers under the Fixie brand name, diagnostic equipment, and first aid, operating, skin care, feminine hygiene, and incontinence products.  Paul Hartmann operates approximately six production facilities in Germanyand markets its products worldwide.

Advanced Medical Solutions Group plc designs, develops and produces novel high performance polymers, both natural and synthetic, for the healthcare market in the United Kingdom.  The Company's products include wound care products and non-wound care products such as biomaterials, tubing products, textiles and dipped products.

Jeisys Medical Inc. operates medical device manufacturing businesses. The Company produces diagnostic devices, earpieces, rehabilitation devices, and other medical devices. Jeisys Medical conducts businesses in South Korea.

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Jeisys Medical (287410 KS)

(Mostly) Asia-Pac M&A: Infocom, Capitol Health, MMA Offshore, Mimasu, Tatsuta Elect., Great Eastern

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

KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.

Ke Yan, CFA, FRM

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

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

KOSDAQ Global Rebalancing This Week: Trading Considerations

This post outlines today's announcement of the KOSDAQ Global Index rebalancing results and explores trading implications.

Sanghyun Park

Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24

Classys reports 29% and 33% growth in revenue and operating profit, respectively, in 1Q24, driven by strong overseas consumables orders. The...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Infocom, Capitol Health, MMA Offshore, Mimasu, Tatsuta Elect., Great Eastern

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

KRX Foreign Holding Weekly (Jun 14th): Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics, Hanmi Semicon, Kia.

Ke Yan, CFA, FRM

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

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

KOSDAQ Global Rebalancing This Week: Trading Considerations

This post outlines today's announcement of the KOSDAQ Global Index rebalancing results and explores trading implications.

Sanghyun Park

Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24

​Classys reports 29% and 33% growth in revenue and operating profit, respectively, in 1Q24, driven by strong overseas consumables orders. The...

Tina Banerjee

Classys reports 29% and 33% growth in revenue and operating profit, respectively, in 1Q24, driven by strong overseas consumables orders. The...