Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Participate in <a href="https://www.smartkarma.com/entities/sjm-holdings-ltd" target="_blank" data-smartkarma-citation="entities:805:1" rel="noopener">SJM Holdings (880 HK)</a>'s Excess Application Auction, though one would need to bid for a fantastically large quantity of shares to get anything, because everyone else will</li>
<li>At a 11% gross spread to terms, and potential 4Q22 completion, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili(1230 HK)</a> IS A CLEAR BUY. The world is a bit risk averse and it shows up in spreads.</li>
<li>The 'headcount test' for Cayman-incorporated companies failed to move with the times and address the fact that the majority of shares of Hong Kong-listed companies were held by HKSCC Nominees.</li>
</ul>


Participate in SJM Holdings (880 HK)'s Excess Application Auction, though one would need to bid for a fantastically large quantity of shares to get anything, because everyone else will
At a 11% gross spread to terms, and potential 4Q22 completion, Yashili(1230 HK) IS A CLEAR BUY. The world is a bit risk averse and it shows up in spreads.
The 'headcount test' for Cayman-incorporated companies failed to move with the times and address the fact that the majority of shares of Hong Kong-listed companies were held by HKSCC Nominees.


Last Week In Event SPACE: SJM, Yashili, Cayman Headcount, ResApp, Honda Tsushin Kogyo

Yashili International Holdings / Event-Driven

<ul>
<li>There are 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>One new deal was discussed this week on Smartkarma. <a href="https://www.smartkarma.com/entities/honda-tsushin-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:15218:1" rel="noopener">Honda Tsushin Kogyo (6826 JP)</a>'s Tender Offer.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, and <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>.</li>
</ul>


There are 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.
One new deal was discussed this week on Smartkarma. Honda Tsushin Kogyo (6826 JP)'s Tender Offer.
Key updates took place for: Resapp Health (RAP AU), Link Administration (LNK AU), and Yashili International Holdings (1230 HK).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: ResApp, Honda Tsushin Kogyo, Yashili, Link Admin, Lifestyle

Travis Lundy

<ul>
<li>Electronics Parts and Devices manufacturer <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> has announced a 25% premium Tender Offer to take over connector-maker <a href="https://www.smartkarma.com/entities/honda-tsushin-kogyo-co-ltd" target="_blank" data-smartkarma-citation="entities:15218:1" rel="noopener">Honda Tsushin Kogyo (6826 JP)</a>. </li>
<li>It is not an overwhelming bid, but is supported by <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a> which owns an equity affiliate stake, and crossholders and friendly shareholders hold a lot.</li>
<li>This looks like it will complete, despite being a little light on price. </li>
</ul>


Electronics Parts and Devices manufacturer Minebea Mitsumi (6479 JP) has announced a 25% premium Tender Offer to take over connector-maker Honda Tsushin Kogyo (6826 JP). 
It is not an overwhelming bid, but is supported by Panasonic Corp (6752 JP) which owns an equity affiliate stake, and crossholders and friendly shareholders hold a lot.
This looks like it will complete, despite being a little light on price. 


Minebea Mitsumi Tender for Honda Tsushin Kogyo (6826)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we talk about the recent refiling updates, peer comparison and valuations.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we talk about the recent refiling updates, peer comparison and valuations.


WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<ul>
<li>Tesla beat both our estimates and the Street's by a wide margin, but the earnings call had some cautiousness regarding order backlogs, production ramps &amp; 4680 cells.</li>
<li>Tesla sold 75% of their Bitcoin holdings at a gain in Q2, which largely accounts for the earnings beat. It is also a sign of larger cash needs than expected. </li>
<li>The stock was only +1.5% after hours and it was noteworthy that the biggest Tesla bull on the Street said this huge beat wasn't a "step change" to consensus. </li>
</ul>


Tesla beat both our estimates and the Street's by a wide margin, but the earnings call had some cautiousness regarding order backlogs, production ramps &amp; 4680 cells.
Tesla sold 75% of their Bitcoin holdings at a gain in Q2, which largely accounts for the earnings beat. It is also a sign of larger cash needs than expected. 
The stock was only +1.5% after hours and it was noteworthy that the biggest Tesla bull on the Street said this huge beat wasn't a "step change" to consensus. 


Tesla Q2 Results Beat, But Earnings Call Reveals Many Risks

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

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Panasonic Corp (6752 JP)

Last Week In Event SPACE: SJM, Yashili, Cayman Headcount, ResApp, Honda Tsushin Kogyo

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: ResApp, Honda Tsushin Kogyo, Yashili, Link Admin, Lifestyle

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

Minebea Mitsumi Tender for Honda Tsushin Kogyo (6826)

Honda Tsushin Kogyo (6826) Tender Offer - it's light, but there are crossholders and friendly shareholders and very few active foreign...

Travis Lundy

WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note we talk about the refiling...

Sumeet Singh

Tesla Q2 Results Beat, But Earnings Call Reveals Many Risks

Tesla's earnings beat was due to gains on its sale of Bitcoin rather than impairment charges, as the Street had estimated. Earnings call revealed...

SC Capital

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