Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hollysys Automation Technologies / Event-Driven

<ul>
<li>I tally 42 - 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/glosel-co-ltd" target="_blank" data-smartkarma-citation="entities:18515:1" rel="noopener">Glosel (9995 JP)</a>'s Tender Offer; and the indicative Offer for <a href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 HK)</a>'s H-shares. </li>
<li>Key updates on: <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE AU)</a>, and <a href="https://www.smartkarma.com/entities/lansen-pharmaceutical-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:10835:1" rel="noopener">Lansen Pharmaceutical Holdings Co, Ltd. (503 HK)</a> </li>
</ul>


I tally 42 - 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: Glosel (9995 JP)'s Tender Offer; and the indicative Offer for CIMC Vehicle Group Co Ltd (1839 HK)'s H-shares. 
Key updates on: Orecorp Ltd (ORR AU), Tietto Minerals Ltd (TIE AU), and Lansen Pharmaceutical Holdings Co, Ltd. (503 HK) 


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Glosel, CIMC, Orecorp, Tietto Mineral, Lansen Pharmaceutical

Taisho Pharmaceutical Holdin / Event-Driven

<ul>
<li>For the month of November 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$13bn.</li>
<li>The average premium for the new deals announced (or first discussed) in November was 41%. The average YTD is 38% (97 deals).</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of November 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$13bn.
The average premium for the new deals announced (or first discussed) in November was 41%. The average YTD is 38% (97 deals).
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax

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>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/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/taisho-pharmaceutical-holdin" target="_blank" data-smartkarma-citation="entities:3774:1" rel="noopener">Taisho Pharmaceutical Holdin (4581 JP)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/irc-ltd" target="_blank" data-smartkarma-citation="entities:20649:1" rel="noopener">Irc Ltd (1029 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/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS 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/tietto-minerals-ltd" target="_blank" data-smartkarma-citation="entities:28006:1" rel="noopener">Tietto Minerals Ltd (TIE 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/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</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  Eoflow (294090 KS), 111 Inc (YI US), Taisho Pharmaceutical Holdin (4581 JP), Healius (HLS AU), Irc Ltd (1029 HK), Hollysys Automation Technologies (HOLI US), Origin Energy (ORG AU).
Lowest spreads - Azure Minerals (AZS AU), Toyo Construction (1890 JP), Tietto Minerals Ltd (TIE AU), Pact Group Holdings (PGH AU), IJTT Co., Ltd. (7315 JP). 


Merger Arb Mondays (27 Nov) - Origin, OreCorp, Healius, Taisho, JSR, Eoflow, Hollysys, Haitong Intl

<ul>
<li>Now the time decay to expected approvals and tender offer start for <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> are getting steep. Time to Fight The FUD.</li>
<li>The accretion trade is going to plan as <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> sells <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>; and Prosus and Tencent both back their own shares.</li>
<li>
<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>'s board capacity to sabotage calling an SGM has finally run out of puff.</li>
</ul>


Now the time decay to expected approvals and tender offer start for JSR Corp (4185 JP) are getting steep. Time to Fight The FUD.
The accretion trade is going to plan as Prosus NV (PRX NA) sells Tencent (700 HK); and Prosus and Tencent both back their own shares.

Hollysys Automation Technologies (HOLI US)'s board capacity to sabotage calling an SGM has finally run out of puff.


Last Week in Event SPACE: JSR, Prosus/Tencent, Hollysys, Tata Consultancy, Geely, EOFlow

<ul>
<li>I tally 39 - 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 discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/taisho-pharmaceutical-holdin" target="_blank" data-smartkarma-citation="entities:3774:1" rel="noopener">Taisho Pharmaceutical Holding (4581 JP)</a>'s MBO. </li>
<li>Key updates on:  <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">OreCorp (ORR AU)</a>, <a href="https://www.smartkarma.com/entities/haitong-international-securities-group-ltd" target="_blank" data-smartkarma-citation="entities:13153:1" rel="noopener">Haitong Int'l (665 HK)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, T&amp;K TOKA, and <a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys (HOLI US)</a>.</li>
</ul>


I tally 39 - 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 discussed on Smartkarma this week: Taisho Pharmaceutical Holding (4581 JP)'s MBO. 
Key updates on:  Origin Energy (ORG AU), Healius (HLS AU), OreCorp (ORR AU), Haitong Int'l (665 HK), JSR Corp (4185 JP), Eoflow (294090 KS), T&amp;K TOKA, and Hollysys (HOLI US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Origin Energy, Healius, OreCorp, Haitong Int., Taisho Pharma

Australia

Pro-Pac Packaging Limited manufactures and distributes biodegradable, flowable, voidfill packaging products as well as general industrial packaging products.

Meteoric Resources NL is a gold and copper-gold exploration company.  The Company's primary exploration activities are situated in the Tennant Creek gold field in the Northern Territory and in the Peak Hill and Yilgarn regions of Western Australia.

GreenX Metals Limited provides exploration and mining services. The Company explores and develops copper and other critical mineral projects. GreenX Metals serves customers worldwide.

Musgrave Minerals Ltd. explores for minerals in Australia.  The Company operates on the Musgrave Province in South Australia.

Base Resources Limited is a resources developer. The Company develops and produces mineral sand. Base Resources serves customers in Africa and Australia.

Fenix Resources Ltd operates as a resource exploration company. The Company explores for iron ore, vanadium, and manganese. Fenix Resources develops its projects in Australia.

OreCorp Limited is a mineral resource exploration company. The company acquires, explores and develops properties for gold, nickel, copper and other base metal deposits.

Encounter Resources Ltd. is a mineral exploration company. The Company focuses in the methodological exploration and the development of base metals, manganese and uranium resources in Australia.

Santana Minerals Limited focuses on the exploration of gold and silver. The Company explores for, develops and retails precious metals mined throughout Mexico.

Bisalloy Steel Group Limited imports, distributes and processes specialty steels and metals in Australia and New Zealand.  The Company's products include stainless steels, engineering steels, quenched and tempered steel plate, flat rolled aluminium, carbon tube, pipe and fittings. Bisalloy also provides heat treating, cutting, slitting, blanking and polishing services.

Alucon Public Company Limited manufactures a variety of aluminum products, including collapsible tubes for toothpaste, monobloc aerosol cans for cosmetic products, rigid wall containers for pesticides, technical impact extrusions for use as casings for electronic parts or condenser shells, and aluminum slugs for downstream production of aluminum tubes and cans.

Thong Guan Industries Berhad is an investment holding company. The Company, through its subsidiaries, trades plastic and paper products.  Thong Guan also trades beverages including tea and coffee and machinery.

United Paper PCL manufactures and distributes paper products. The Company's product lines include liner boards and corrugated medium which are generally used for the production of corrugated paper containers.

Everest Kanto Cylinder Limited manufactures high pressure gas cylinders and cascades for storage of Compressed Natural Gas (CNG).

Daibochi Plastic and Packaging Industry Bhd manufactures and prints plastic bags and packaging materials.  The Company, through its subsidiaries, operates in property development.

Daibochi Plastic & Packaging Industry (DPP MK)

Seha Corp. specializes in producing manila paperboards.  The Company's products include coated and uncoated duplex boards, craft boards, and corrugated paper. Seha distributes its products to the domestic and international packaging industry.  In addition, the Company operates environmental technology business such as water treatment facility construction.

Suzhou Yangtze New Materials Company Limited develops, manufactures and sells organic coated sheets and its substrates. The Company's main products include organic coated sheet products and its substrates products.

Shanghai Xintonglian Packaging Co., Ltd. researches and designs packaging solutions and provides packaging services.  The company manufacturers wooden, paper, foam, and plastic packaging for multiple businesses.  The company serves customers around the world.

PT. Panca Budi Idaman produces and distributes plastic packaging products. The Company supplies plastic bags, rolls, sacks, and sheets for agriculture, medical, and food and beverages industries. Panca Budi Idaman serves clients in Indonesia.

Samyang Packaging Corporation manufactures plastic containers. The Company produces and sells polyethylene terephthalate bottles and other products. Samyang Packaging also provides processing and recycling services. Samyang Packaging serves clients the Republic of Korea.

Pact Group Holdings Ltd manufactures packaging and other related products. The Company, through its subsidiaries, manufactures packaging and other products that service customers in the food, dairy, beverage, chemical, agricultural, industrial and other sectors throughout Australia, New Zealand and Asia.

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Pact Group Holdings (PGH AU)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Glosel, CIMC, Orecorp, Tietto Mineral, Lansen Pharmaceutical

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

(Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax

For the month of November, 16 new deals were discussed on Smartkarma with an overall deal size of ~US$13bn. The average premium for the new deals...

David Blennerhassett

Merger Arb Mondays (27 Nov) - Origin, OreCorp, Healius, Taisho, JSR, Eoflow, Hollysys, Haitong Intl

This week, the highest gross spreads are Eoflow (218%), 111 (69.4%), Taisho Pharma (55.5%), Healius (48.0%), IRC (20.4%), Hollysys (12.8%), Origin...

Arun George

Last Week in Event SPACE: JSR, Prosus/Tencent, Hollysys, Tata Consultancy, Geely, EOFlow

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 Weekly Risk Arb Wrap: Origin Energy, Healius, OreCorp, Haitong Int., Taisho Pharma

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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