Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 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>Two new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a>'s rubbish Scheme; and the low-balled MBO for <a href="https://www.smartkarma.com/entities/nagatanien-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:8059:1" rel="noopener">Nagatanien Holdings (2899 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/apm-human-services-internation" target="_blank" data-smartkarma-citation="entities:34808:1" rel="noopener">APM Human Services (APM AU)</a>, <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium (ALU AU)</a>, <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal  (ASB AU)</a>,<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>.</li>
</ul>


I tally 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.
Two new deals discussed on Smartkarma this week: Asia Cement China (743 HK)'s rubbish Scheme; and the low-balled MBO for Nagatanien Holdings (2899 JP).
Key updates took place on: CPMC Holdings (906 HK), APM Human Services (APM AU), Altium (ALU AU), Austal  (ASB AU),Shinko Electric Industries (6967 JP), and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac M&A: CPMC, Nagatanien, APM Services, Altium, Austal, Shinko Elect, Hollysys

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.

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/yichang-hec-changjiang-pharmaceutical" target="_blank" data-smartkarma-citation="entities:21040:1" rel="noopener">Yichang HEC Changjiang Pharma (1558 HK)</a>, <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a>, <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>
<li>Lowest spreads: <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>, <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/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</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/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU)</a>. 
</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Yichang HEC Changjiang Pharma (1558 HK), Hollysys Automation Technologies (HOLI US), Chilled &amp; Frozen Logistics Holdings (9099 JP), Ansarada Group Ltd (AND AU), Malaysia Airports Holdings (MAHB MK). 
Lowest spreads: Great Eastern Holdings (GE SP), Mma Offshore (MRM AU), Pact Group Holdings (PGH AU), Mimasu Semiconductor Industry (8155 JP), Kfc Holdings Japan (9873 JP), Alumina Ltd (AWC AU). 



Merger Arb Mondays (03 Jun) - China TCM, Huafa, GA Pack, SciClone, CF Logistics, Great Eastern

<ul>
<li>For the month of May 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6.6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~60%. The average premium YTD is ~46%. Japan is well up yoy. Hong Kong is down.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of May 2024, 10 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6.6bn.
The average premium for the new transactions announced (or first discussed) in May was ~60%. The average premium YTD is ~46%. Japan is well up yoy. Hong Kong is down.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, May 2024: Malaysia Airports, Alps Logistics, Nihon Housing, Great Eastern

<ul>
<li>Colour me perplexed. Murakami Group ran up <a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a>'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.</li>
<li>Two activist shareholders. And long only upping its stake. Heavily discounted <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> is in play.</li>
<li>A HUGE new buyback for <a href="https://www.smartkarma.com/entities/kansai-paint-co-ltd" target="_blank" data-smartkarma-citation="entities:13340:1" rel="noopener">Kansai Paint (4613 JP)</a>. Really big. Buy Kansai Paint vs Nippon Paint. One can buy the pop. One can buy any dips after the pop. </li>
</ul>


Colour me perplexed. Murakami Group ran up Mitsui Matsushima (1518 JP)'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.
Two activist shareholders. And long only upping its stake. Heavily discounted China Merchants China Direct Investments (133 HK) is in play.
A HUGE new buyback for Kansai Paint (4613 JP). Really big. Buy Kansai Paint vs Nippon Paint. One can buy the pop. One can buy any dips after the pop. 


Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma

<ul>
<li>I tally 51 - 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>One new deal was discussed on Smartkarma this week:<a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>'s Scheme. <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</a> also suspended pursuant to the Takeovers Code. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities (QVE AU)</a>, <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral (BLD AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" target="_blank" data-smartkarma-citation="entities:17351:1" rel="noopener">Sciclone Pharmaceuticals (6600 HK)</a>, and <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>.</li>
</ul>


I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma this week:Huafa Property Services Group (982 HK)'s Scheme. Asia Cement China (743 HK) also suspended pursuant to the Takeovers Code. 
Key updates took place on: QV Equities (QVE AU), Boral (BLD AU), Greatview Aseptic Packaging (468 HK), Sciclone Pharmaceuticals (6600 HK), and Chilled &amp; Frozen Logistics Holdings (9099 JP).


(Mostly) Asia-Pac M&A: Huafa Prop, Asia Cement, QV Equities, Sciclone, Chilled & Frozen Logistics

Australia

K & S Corporation Limited provides transportation, warehousing, logistics, fuel distribution and various services to companies throughout Australia.  K & S provides road, rail and sea forwarding services, warehousing and storage, fuel distribution to fishing, farming and retail customers in certain regions of Australia.  K & S also provides bulk distribution throughout New Zealand.

Alliance Aviation Services Ltd. is a mining services company. The Company specializes in providing transportation by air of its mining and energy customers' employees and contractors to and from remote locations, ad hoc charter services - operating commercial air charters servicing the needs of Government and corporate customers, and wet leasing services.

Future Generation Investment Company Limited is an investment company incorporated in Australia.  The objective of the Fund is to provide exposure to a group of prominent Australian fund managers in a single investment vehicle. The Fund will invest in funds managed by a number of Australian fund managers with diversified exposure to Australian equities.

Lindsay Australia Limited is an integrated transport, logistics and rural supply company.  The Company primarily services customers in the food processing, food services, fresh produce, rural and horticultural industries.

CTI Logistics Limited provides courier services, freight forwarding, parcel, warehousing, logistic and customs broking services.  The Company also designs, produces and installs security systems in Western Australia along with plastic services such as manufacturing plumbing fittings.

Monadelphous Group Limited provides engineering and construction services to the resources and petrochemical industries. The Company provides mining and processing industry maintenance, mining equipment refurbishment, project management, construction, and airport ground handling services. Monadelphous Group serves customers in Australia.

McMillan Shakespeare Limited provides salary packaging services.  The Company also offers services like procurement of motor vehicles, insurance, finance and fuel and service maintenance programs.

SG Fleet Group Ltd provides vehicle leasing and fleet management services. The Company offers its services to corporate and government customers and individual employees of those customers.

Austal Limited is an emerging global defence prime contractor. The Group supplies vessel platforms such as the Littoral Combat Ship and the Joint High Speed Vessel to the United States Navy, an extensive range of patrol and auxiliary vessels to defence forces around the world, and installs and maintains military communications, radar and command and control systems.

SmartGroup Corp Ltd. is an Australian outsourced salary packaging company within the health, not-for-profit, State and Federal Government departments and corporate sectors nationwide.

Eagle Bulk Shipping Inc. owns a fleet of dry bulk vessels and transports a range of major and minor bulk cargoes.  The Company transports iron ore, coal, grain, cement, and fertilizer along worldwide shipping routes.

NS United Kaiun Kaisha, Ltd. operates specialized carriers and tramps to ship iron ore, steel, coal, crude oil, and gas. The Company is affiliated with Nippon Yusen. The Company also has close ties with Nippon Steel.

2GO Group, Inc., together with its subsidiaries, provides shipping and logistics services in the Philippines and internationally. It engages in the domestic and international delivery of documents and parcels, money remittances, cash, certificate and visas, pouches and boxes, full container and loose cargo, and supply chain services; and warehousing and distribution, asset maintenance, and relocation services. The company also provides project management and consultancy services, such as transportation of heavy and bulk-sized equipment; and logistics services, such as ambient and temperature controlled distribution centers, forward stock locations, ambient and temperature controlled cross-docking, domestic freight forwarding and land transport, bundling and kitting, control tower solutions, and logistics solutions design and consultancy services. In addition, it provides passenger travel services; and operates ferry vessels. Further, the company offers international and domestic air and sea freight forwarding services, cargo consolidation, dangerous goods handling, customs brokerage, and building and exhibition logistics; and FMCG trading and distribution, food servicing, and catering services, as well as liquid transport services. Additionally, it provides manpower, security, trucking, forwarding services, water barging, tugboat assistance, and arrastre and stevedoring services. The company operates a fleet of 23 passenger and freight vessels. It also operates 15,000 containers, 35 cross-dock warehouses, 550 trucks, 1,200 trailers, 250 motorcycles, 70,000 square meters of distribution center operations, and approximately 185 branches and outlets. The company formerly known as ATS Consolidated (ATSC), Inc. and changed its name to 2GO Group, Inc. in March 2012. The company was founded in 1949 and is headquartered in Manila, the Philippines.

Regional Container Lines Public Company Limited provides ocean freight transportation services. The Company owns and operates a fleet of container vessels covering more than 70 destinations in Asia, Australia, and the Middle East.

PT Pelayaran Tempuran Emas Tbk provides sea transportation services. The company has network of branches and agents throughout Indonesia and Singapore. Pelayaran Tempuran Emas also offers logistic supports for cargo movements.

Bohai Ferry Company Limited is a passenger liner transportation enterprise. The Company mainly operates passenger vessel transport for the Yantai-Dalian and Penglai-Dalian sea routes.

Safe Bulkers Inc. is an international provider of marine drybulk transportation services transporting bulk cargoes particularly grain, iron ore, and coal. The Company has a fleet of panamax, kamsarmax, and post-panamax class vessels.

IINO KAIUN KAISHA, LTD. owns and operates specialized tankers such as oil, chemical, and LPG carriers.  The Company transports crude oil, petroleum gasoline, and various dry consumer and agricultural goods.  Iino Kaiun Kaisha also leases and sells real estate.

Genco Shipping & Trading Ltd. provides shipping services. The Company focuses on drybulk carrier ships used to transport iron ore, coal, grain, steel, and other products. Genco Shipping & Trading serves customers worldwide.

Ningbo Marine Co., Ltd. provides freight transportation on the inland waters, as well as between the ports of Ningbo and Southeast Asian countries and Japan. The Company also invests in the transportation facility construction business and processes steel product.

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)

(Mostly) Asia-Pac M&A: CPMC, Nagatanien, APM Services, Altium, Austal, Shinko Elect, Hollysys

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

Merger Arb Mondays (03 Jun) - China TCM, Huafa, GA Pack, SciClone, CF Logistics, Great Eastern

This week, the highest gross spreads are HEC Pharma (110.1%), Hollysys (25.2%), CF Logistics (18.0%), Ansarada (12.1%), Malaysia Airports (10.7%),...

Arun George

(Mostly) Asia M&A, May 2024: Malaysia Airports, Alps Logistics, Nihon Housing, Great Eastern

For the month of May, 10 new deals were discussed on Smartkarma with an overall deal size of just ~US$7bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma

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

(Mostly) Asia-Pac M&A: Huafa Prop, Asia Cement, QV Equities, Sciclone, Chilled & Frozen Logistics

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

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