Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Marine and subsea services provider <strong><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></strong> has<a href="https://announcements.asx.com.au/asxpdf/20240325/pdf/061th4gr5xnplb.pdf" target="_blank" rel="noopener"> entered into a Scheme</a> with Singapore's Cyan Renewables. </li>
<li>Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP. </li>
<li>MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July. </li>
</ul>


Marine and subsea services provider MMA Offshore (MRM AU) has entered into a Scheme with Singapore's Cyan Renewables. 
Cyan, wholly-owned by Seraya Partners, is offering A$2.60/share in cash, a 11% premium to last close and a 31% premium to the 90-day VWAP. 
MMA shareholder approval and FIRB are the key conditions. This Offer will tentatively complete mid-late July. 


MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners

External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

We are an ASX-listed financial services firm specialising in asset management, lending, corporate advisory and equities. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul>
<li>1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the range of $55- $60m, which implies +56% upgrade on prior MAe (at the midpoint), as well as +79% growth on pcp and +54% sequential HoH growth;</li>
<li>From an operational perspective, management noted strong contributions across all divisions (vessels, subsea, and project logistics) during the first 4 months of the year supported by strong activity across all key markets;</li>
<li>Management further noted "solid contracted revenue position" for the remainder of 1H24</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the range of $55- $60m, which implies +56% upgrade on prior MAe (at the midpoint), as well as +79% growth on pcp and +54% sequential HoH growth;
From an operational perspective, management noted strong contributions across all divisions (vessels, subsea, and project logistics) during the first 4 months of the year supported by strong activity across all key markets;
Management further noted "solid contracted revenue position" for the remainder of 1H24

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MMA Offshore Ltd - 1H24 Guidance Highlights Operating Leverage

<div><div><div><div><ul><li><p>Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.</p></li><li><p>Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.</p></li><li><p>Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. </p></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017 as returns have not justified new investment.Improved oil &amp; gas prices and offshore wind activity underpinned by growing energy demand have contributed to climbing vessel utilisation (MRM: 80% in FY24 vs 53% in FY21) that is expected to be sustained through the short term as new supply lags.Improved day rates and utilisation expected to unlock operating leverage: The cost base associated with a large asset base contributes to significant operating leverage within the model. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65

<ul>
<li>I tally 50 - 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 discussed this week: <strong><a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a></strong>'s Tender offer, <strong><a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a></strong>'s Scheme, and <strong><a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a></strong>'s delisting offer. Bain also approached <strong><a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a></strong>.</li>
<li>Key updates took place on: <strong><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></strong>, <strong><a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a></strong>, and <strong><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></strong>.</li>
</ul>


I tally 50 - 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 discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

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 short interest of ASX Stocks as of Jul 26th (reported today) which has an aggregated short interest worth USD20.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Woodside Energy, Fortescue, ANZ, CSL, Altium, Telstra.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 26th (reported today) which has an aggregated short interest worth USD20.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Woodside Energy, Fortescue, ANZ, CSL, Altium, Telstra.


ASX Short Interest Weekly (Jul 26th): Woodside Energy, Fortescue, ANZ, CSL, Altium, Telstra

Australia

MMA Offshore Limited provides diversified marine services. The Company operates mainly in the Dampier and North West Shelf in Western Australia and also in the Northern Territory. MMA Offshore operates crew vessel charters, vessel manning, management and logistics along with operating supply base facilities.

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Mma Offshore (MRM AU)

MMA Offshore Ltd - 1H24 Guidance Highlights Operating Leverage

1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the...

MA Moelis Australia

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65

Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017...

MA Moelis Australia

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

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

ASX Short Interest Weekly (Jul 26th): Woodside Energy, Fortescue, ANZ, CSL, Altium, Telstra

We analyzed ASX short interest report for the past week and highlight short interest changes in Woodside Energy, Fortescue, ANZ, CSL, Altium, Telstra.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MMA Offshore: A$2.60/Share Cash Offer From Seraya Partners

Trading almost to terms. Investors expecting a bump in lieu of a FY24E dividend? Or Halom pushing back? Terms have not been declared final. But I...

David Blennerhassett

MMA Offshore Ltd - 1H24 Guidance Highlights Operating Leverage

1H24 EBITDA guidance range exceeds our expectations: management has issued quantitative guidance for the first time, and expects 1H24 EBITDA in the...

MA Moelis Australia

MMA Offshore Limited (MRM-AU) – Buy – Price: $1.29; PT: $1.65

Vessel supply shortfall expected to be sustained against a backdrop of building demand: New OSV deliveries have been at historical lows since 2017...

MA Moelis Australia

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

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

ASX Short Interest Weekly (Jul 26th): Woodside Energy, Fortescue, ANZ, CSL, Altium, Telstra

We analyzed ASX short interest report for the past week and highlight short interest changes in Woodside Energy, Fortescue, ANZ, CSL, Altium, Telstra.

Ke Yan, CFA, FRM