Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are people who'll take profit in <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> because of path dependency til year-end. It will drag out a while: buy the dips, trim on pops.</li>
<li>Just like in <a href="https://www.smartkarma.com/entities/lufax-holding-ltd-b751749a-8feb-4b4d-85a7-d99ac0308fe7" target="_blank" data-smartkarma-citation="entities:40067:1" rel="noopener">Lufax Holding (6623 HK)</a>'s special dividend, expect Ping An to boost its holding in <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a> via the stealthy scrip dividend option. </li>
<li>The landscape for <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a> has FULLY changed. The details now matter quite a bit. NEC has two basic choices. Neither are that palatable.  </li>
</ul>


There are people who'll take profit in Seven &amp; I (3382 JP) because of path dependency til year-end. It will drag out a while: buy the dips, trim on pops.
Just like in Lufax Holding (6623 HK)'s special dividend, expect Ping An to boost its holding in Ping An Healthcare and Technology (1833 HK) via the stealthy scrip dividend option. 
The landscape for Nec Networks &amp; System Integr (1973 JP) has FULLY changed. The details now matter quite a bit. NEC has two basic choices. Neither are that palatable.  


Last Week in Event SPACE: Seven & I, PA Gooddoctor, Nec Networks, Genscript/Legend, ASM PT, Hanwha

Nec Networks & System Integr / 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>Six new deals this week! TOs for <a href="https://www.smartkarma.com/entities/agro-kanesho-co-ltd" target="_blank" data-smartkarma-citation="entities:17621:1" rel="noopener">Agro Kanesho (4955 JP)</a>, <a href="https://www.smartkarma.com/entities/nishimoto-co-ltd" target="_blank" data-smartkarma-citation="entities:44086:1" rel="noopener">Nishimoto (9260 JP)</a>, <a href="https://www.smartkarma.com/entities/chita-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:9882:1" rel="noopener">Chita Kogyo (5993 JP)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill (3978 JP)</a>. Also <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a> and <a href="https://www.smartkarma.com/entities/avarga-ltd" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga (AVARGA SP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASMPT (522 HK)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <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>, and <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports Holdings (MAHB MK)</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.
Six new deals this week! TOs for Agro Kanesho (4955 JP), Nishimoto (9260 JP), Chita Kogyo (5993 JP), Macromill (3978 JP). Also Silk Logistics (SLH AU) and Avarga (AVARGA SP).
Key updates took place on: Pacific Smiles (PSQ AU), ASMPT (522 HK), Nec Networks &amp; System Integr (1973 JP), Seven &amp; I (3382 JP), and Malaysia Airports Holdings (MAHB MK).


(Mostly) Asia-Pac M&A: Agro Kanesho, Nishimoto, Chita Kogyo, Macromill, Silk Logistics, Avarga, MAHB

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/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> has announced a partial tender offer for <a href="https://www.smartkarma.com/entities/intage-holdings-inc" target="_blank" data-smartkarma-citation="entities:3151:1" rel="noopener">Intage Holdings (4326 JP)</a> to make it a consolidated subsidiary. </li>
<li>The offer is for a minimum of 15.4m shares (40.00% ownership ratio) and a maximum of 19.6m shares (51.00%) at JPY2,400 per share, a 26.4% premium to the undisturbed price.</li>
<li>Irrevocables represent a 19.90% ownership ratio. The minimum acceptance condition requires a 20% minority acceptance rate. The offer is attractive and represents an all-time high.</li>
</ul>



NTT (Nippon Telegraph &amp; Telephone) (9432 JP) has announced a partial tender offer for Intage Holdings (4326 JP) to make it a consolidated subsidiary. 
The offer is for a minimum of 15.4m shares (40.00% ownership ratio) and a maximum of 19.6m shares (51.00%) at JPY2,400 per share, a 26.4% premium to the undisturbed price.
Irrevocables represent a 19.90% ownership ratio. The minimum acceptance condition requires a 20% minority acceptance rate. The offer is attractive and represents an all-time high.


Intage Holdings (4326 JP): NTT’s Partial Tender Offer

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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

Research Reinvented

Equity Capital Markets

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.<div><h2>Accuracy Rate:</h2></div>Our overall accuracy rate is 76.3% for IPOs and 65.2% for Placements.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/022/348/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1489129050" class="editor-image img-responsive" data-smartkarma-image-id="22348"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/022/349/original/2017-Total-Deals-2017-Accuracy-Rate-_chartbuilder.png?1489129058" class="editor-image img-responsive" data-smartkarma-image-id="22349"></figure><h2>Placements:</h2> What we wrote on this week:<a href="https://www.smartkarma.com/insights/universal-entertainment-positive-news-flow-may-continue-but-discount-has-yet-to-be-determined" target="_blank" data-smartkarma-citation="insights:9280">Universal Entertainment - Positive News Flow May Continue but Discount Has yet to Be Determined</a><ul>
<li>Earnings have been stronger than expected. Net income for FY2017 was revised up more than 100%</li>
<li>UE forecasted that it will distribute JPY40 per share dividend…</li>
</ul>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our overall accuracy rate is 76.3% for IPOs and 65.2% for Placements.Placements: What we wrote on this week:Universal Entertainment - Positive News Flow May Continue but Discount Has yet to Be Determined
Earnings have been stronger than expected. Net income for FY2017 was revised up more than 100%
UE forecasted that it will distribute JPY40 per share dividend…


Smartkarma - ECM Coverage Weekly Update (11 Mar 2017)

<a href="https://www.smartkarma.com/entities/24026" target="_blank" data-smartkarma-citation="entities:24026:1">Macromill, Inc (3978 JP)</a> aims to raise US$426 - 471m in its upcoming IPO. Secondary shares account for 98% of the deal, mainly being sold by Bain Capital, VOC Investments, and Poldie Ventures.In this insight, we will look into Macromill's business model, strengths and weaknesses, compare the company's current performance to its past financials before delisting and value the company relative to its peers. We will also run the deal through our ECM framework.

Macromill, Inc (3978 JP) aims to raise US$426 - 471m in its upcoming IPO. Secondary shares account for 98% of the deal, mainly being sold by Bain Capital, VOC Investments, and Poldie Ventures.In this insight, we will look into Macromill's business model, strengths and weaknesses, compare the company's current performance to its past financials before delisting and value the company relative to its peers. We will also run the deal through our ECM framework.

Macromill IPO Review - Leader in Online Market Research but Valuation Offers Limited Upside

Japan

MACROMILL, INC. is a market research company utilizing Internet System. The Company collects and analyzes data and prepares research reports. MACROMILL also provides digital marketing solutions.

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Macromill, Inc (3978 JP)

Last Week in Event SPACE: Seven & I, PA Gooddoctor, Nec Networks, Genscript/Legend, ASM PT, Hanwha

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: Agro Kanesho, Nishimoto, Chita Kogyo, Macromill, Silk Logistics, Avarga, MAHB

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

Intage Holdings (4326 JP): NTT’s Partial Tender Offer

Irrevocables represent a 19.90% ownership ratio. The minimum acceptance condition requires a 20% minority acceptance rate. The offer is attractive...

Arun George

Smartkarma - ECM Coverage Weekly Update (11 Mar 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:Our...

Zhen Zhou, Toh

Macromill IPO Review - Leader in Online Market Research but Valuation Offers Limited Upside

Macromill, Inc (3978 JP) aims to raise US$426 - 471m in its upcoming IPO. Secondary shares account for 98% of the deal, mainly being sold by Bain...

Zhen Zhou, Toh

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