Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For the month of May, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$26bn.</li>
<li>The average premium for the new deals announced (or first discussed) in May was ~53%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of May, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$26bn.
The average premium for the new deals announced (or first discussed) in May was ~53%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


<ul>
<li>Post-Spin, <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a> should look more like RIO. It's not clear it does, but it does move around in a way that allows one to harvest ratio noise. </li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> has been the poster child for "deep value" Japan traders and occasional wannabe activists. It has a huge equity portfolio which dwarfs market cap. </li>
<li>Fourteen years after its acquisition, <a href="https://www.smartkarma.com/entities/incitec-pivot-ltd" target="_blank" data-smartkarma-citation="entities:1127:1" rel="noopener">Incitec Pivot (IPL AU)</a> plans to demerge Dyno Nobel from its fertilizer ops. The split has been a long time coming. </li>
</ul>


Post-Spin, BHP (BHP AU) should look more like RIO. It's not clear it does, but it does move around in a way that allows one to harvest ratio noise. 

Bank of Kyoto (8369 JP) has been the poster child for "deep value" Japan traders and occasional wannabe activists. It has a huge equity portfolio which dwarfs market cap. 
Fourteen years after its acquisition, Incitec Pivot (IPL AU) plans to demerge Dyno Nobel from its fertilizer ops. The split has been a long time coming. 


Last Week in Event SPACE: BHP, Bank of Kyoto, Incitec Pivot, Yancoal, Virtus

<ul>
<li>There are 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two news deals this week: <a href="https://www.smartkarma.com/entities/yanzhou-coal-mining-company-limited-h" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy Group Company (1171 HK)</a>'s tilt for <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>; <a href="https://www.smartkarma.com/entities/saic-motor-corp-ltd-a" target="_blank" data-smartkarma-citation="entities:20833:1" rel="noopener">SAIC Motor (600104 CH)</a>'s Offer for <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/sph-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">SPH REIT (SPHREIT SP)</a>, <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a>/ <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>
</li>
</ul>


There are 43 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two news deals this week: Yankuang Energy Group Company (1171 HK)'s tilt for Yancoal Australia (YAL AU); SAIC Motor (600104 CH)'s Offer for Dongzheng Automotive Finance (2718 HK).
Key updates took place for: Virtus Health (VRT AU), Toyo Construction (1890 JP), SPH REIT (SPHREIT SP), Mapletree Commercial Trust (MCT SP)/ Mapletree North Asia Commercial Trust (MAGIC SP)



Asia-Pac Weekly Risk Arb Wrap: Yancoal, Donzheng, Virtus, Toyo, SPH REIT, Mapletree Merger, BEURG

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li><a href="https://www.smartkarma.com/entities/capitaland-integrated-commercial-trust" target="_blank" data-smartkarma-citation="entities:105" rel="noopener">Capitaland Integrated Commercial Trust (CICT SP)</a> renews leases with Temasek subsidiaries</li><li><a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> , <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> unitholders approved merger to create third largest SREIT</li><li>Suburban condos have outperformed prime ones the last decade and may continue given regulations in place</li></ul>

Capitaland Integrated Commercial Trust (CICT SP) renews leases with Temasek subsidiariesMapletree Commercial Trust (MCT SP) , Mapletree North Asia Commercial Trust (MAGIC SP) unitholders approved merger to create third largest SREITSuburban condos have outperformed prime ones the last decade and may continue given regulations in place

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

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.

Total Access Communication / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Thailand and Chinese ADRs.</li>
<li>This week, the highest gross spreads are <a href="https://www.smartkarma.com/entities/sezzle-inc" target="_blank" data-smartkarma-citation="entities:30969:1" rel="noopener">Sezzle Inc (SZL AU)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/shanghai-dongzheng-automotive-finance-co-ltd" target="_blank" data-smartkarma-citation="entities:27984:1" rel="noopener">Dongzheng Automotive Finance (2718 HK)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>. </li>
<li>The lowest gross spreads are <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a>, <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a>, <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Thailand and Chinese ADRs.
This week, the highest gross spreads are Sezzle Inc (SZL AU), 21Vianet Group (VNET US), Dongzheng Automotive Finance (2718 HK), Link Administration Holdings (LNK AU), Alliance Aviation Services (AQZ AU). 
The lowest gross spreads are Hwa Hong Corp (HWAH SP), Virtus Health (VRT AU), Uniti Group Ltd (UWL AU), Mapletree North Asia Commercial Trust (MAGIC SP), Excelpoint Technology (EXLP SP).


Merger Arb Mondays (23 May) - True Corp, DTAC, Ramsay, VNET, Link Admin, Alliance Aviation, Yashili

Singapore

Mapletree Pan Asia Commercial Trust is a Singapore-focused real estate investment trust. The Trust invests on a long-term basis, directly or indirectly, in a diversified portfolio of income-producing real estate used primarily for office and/or retail purposes, whether wholly or partially, as well as real estate-related assets.

Mapletree Pan Asia Commercial Trust (MCT SP)

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Mapletree Pan Asia Commercial Trust (MCT SP)

(Mostly) Asia M&A: May 2022 Roundup

For the month of May, 10 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$26bn. The average...

David Blennerhassett

Last Week in Event SPACE: BHP, Bank of Kyoto, Incitec Pivot, Yancoal, Virtus

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

Asia-Pac Weekly Risk Arb Wrap: Yancoal, Donzheng, Virtus, Toyo, SPH REIT, Mapletree Merger, BEURG

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

ASEAN Builder's Scoop (24May22) - CICT Renews Leases with Temasek Subs

MCT-MAGIC merger gets nod from unitholders; Suburban condos outperforming prime; APAC driving global RE flows; House inquiry of BIG, MEG closure...

SCCM Asia Research

Merger Arb Mondays (23 May) - True Corp, DTAC, Ramsay, VNET, Link Admin, Alliance Aviation, Yashili

This week, the highest gross spreads are Sezzle (53.2%), VNET (40.6%), Dongzheng AFC (30.7%), Link (22.5%), Alliance Aviation (19.3%), True Corp...

Arun George

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