Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 47 - 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>Five new deals this week: <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">NWS Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/poly-culture-group-corp-h" target="_blank" data-smartkarma-citation="entities:4729:1" rel="noopener">Poly Culture Group Corp H (3636 HK)</a>, <a href="https://www.smartkarma.com/entities/mandala-multifinance-tbk-pt" target="_blank" data-smartkarma-citation="entities:12756:1" rel="noopener">Mandala Multifinance (MFIN IJ)</a>, and <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>.</li>
<li>Key updates took place for<a href="https://www.smartkarma.com/entities/silk-laser-australia-ltd" target="_blank" data-smartkarma-citation="entities:33498:1" rel="noopener">Silk Laser Australia (SLA AU)</a> and <a href="https://www.smartkarma.com/entities/challenger-technologies-ltd" target="_blank" data-smartkarma-citation="entities:16490:1" rel="noopener">Challenger Technologies (CHLG SP)</a>.</li>
</ul>


There are 47 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals this week: DDH1 (DDH AU), NWS Holdings (659 HK), Poly Culture Group Corp H (3636 HK), Mandala Multifinance (MFIN IJ), and JSR Corp (4185 JP).
Key updates took place forSilk Laser Australia (SLA AU) and Challenger Technologies (CHLG SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: DDH1/Perent, NWS, Mandala Multifinance, JSR Corp, Silk Laser

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.</li>
<li>Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.</li>
<li>AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.</li>
</ul>


Micron results this week; will give a key readthrough for Nanya Tech. The latest memory chip pricing data implies it was another tough quarter.
Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning over naysayers.
AI Leaders Basket: TSMC and ASML have substantially lagged Nvidia and could serve as AI-exposure alternatives to chasing Nvidia's rally.


Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX -0.4% down again; NASDAQ -1.4%  as hope for early rate cuts fade with sticky inflation;   Russian political drama continues spurring geopolitical uncertainty; Raft of Tesla -6% rating downgrades. </li>
<li>JAPAN. NKY futs -0.4% vs Cash;  USDJPY 143.5 steady as Japanese officials start verbal intervention; BOJ official wants review of YCC; Deal effectively done JSR(4185) to be taken private</li>
<li>NUGGET.  Japanese Auto majors are ramping up on software engineer headcount to respond to the critical software requirement of EVs.  Internal retraining is proceeded a pace, but the question remains..</li>
</ul>


OVERSEAS. SPX -0.4% down again; NASDAQ -1.4%  as hope for early rate cuts fade with sticky inflation;   Russian political drama continues spurring geopolitical uncertainty; Raft of Tesla -6% rating downgrades. 
JAPAN. NKY futs -0.4% vs Cash;  USDJPY 143.5 steady as Japanese officials start verbal intervention; BOJ official wants review of YCC; Deal effectively done JSR(4185) to be taken private
NUGGET.  Japanese Auto majors are ramping up on software engineer headcount to respond to the critical software requirement of EVs.  Internal retraining is proceeded a pace, but the question remains..


Ohayo Japan |SPX Down (Again)  As Rates Cut Bets Fade; NUGGET: JP OEMs Race for Software Engineers

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/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> has recommended JIC’s pre-conditional tender offer of JPY4,350 per share, a 34.5% and 10.6% premium to the undisturbed price and last close, respectively.</li>
<li>The pre-conditions relate to various country approvals. China's approval should be challenging due to Japan’s recent curbs on Chinese exports of chipmaking equipment.</li>
<li>The offer is long-dated and opens in late December. The offer price is attractive compared to peer multiples and just a touch below the all-time share price high.</li>
</ul>



JSR Corp (4185 JP) has recommended JIC’s pre-conditional tender offer of JPY4,350 per share, a 34.5% and 10.6% premium to the undisturbed price and last close, respectively.
The pre-conditions relate to various country approvals. China's approval should be challenging due to Japan’s recent curbs on Chinese exports of chipmaking equipment.
The offer is long-dated and opens in late December. The offer price is attractive compared to peer multiples and just a touch below the all-time share price high.


JSR Corporation (4185 JP): JIC’s Pre-Conditional Tender Offer at JPY4,350

Travis Lundy

<ul>
<li>Japan Investment Corp (JIC) has launched a Tender Offer on top photoresist maker <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, at ¥4,350/share.  </li>
<li>That is a decent price, but it is not overwhelming. Furthermore, process for determining (and understanding) "fair" remains inadequate. </li>
<li>Significant foreign ownership, a high price, Japanese equity excitement, etc, all make this a situation where we likely see a pop (the last bit), a fade, then a re-drift better.</li>
</ul>


Japan Investment Corp (JIC) has launched a Tender Offer on top photoresist maker JSR Corp (4185 JP), at ¥4,350/share.  
That is a decent price, but it is not overwhelming. Furthermore, process for determining (and understanding) "fair" remains inadequate. 
Significant foreign ownership, a high price, Japanese equity excitement, etc, all make this a situation where we likely see a pop (the last bit), a fade, then a re-drift better.


JIC Launches a NOT-¥1trln Tender Offer for JSR (4185). Welcome? Yes. Overwhelming? Meh.

Japan

JSR Corporation manufactures synthetic rubber and synthetic resins.  The Company's rubber products are used mainly for auto tires.  JSR Corporation also manufactures LCD-related materials and photo-resists.

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JSR Corp (4185 JP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: DDH1/Perent, NWS, Mandala Multifinance, JSR Corp, Silk Laser

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

Taiwan Tech Weekly: Micron Results Key for Nanya; Hon Hai New 52-Week High; AI Leaders Basket

Hon Hai's break out continues, with the shares achieving a new 52-week high. The company's new JV with automaker Stellantis may finally be winning...

Vincent Fernando, CFA

Ohayo Japan |SPX Down (Again) As Rates Cut Bets Fade; NUGGET: JP OEMs Race for Software Engineers

NKY futs -0.4% vs Cash; USDJPY 143.5 steady as Japanese officials start verbal intervention; BOJ official wants review of YCC; Deal effectively...

Mark Chadwick

JSR Corporation (4185 JP): JIC’s Pre-Conditional Tender Offer at JPY4,350

The offer is long-dated and opens in late December. The offer price is attractive. Pre-conditions which require various country approvals are a risk.

Arun George

JIC Launches a NOT-¥1trln Tender Offer for JSR (4185). Welcome? Yes. Overwhelming? Meh.

JIC indeed has launched a ¥1 trillion TOB for JSR (4185) where they pay ¥903.9bn in market cap and cover ¥100bn in debt. It is a 35% premium. Price...

Travis Lundy

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