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.

Event-Driven

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/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/qv-equities-ltd" target="_blank" data-smartkarma-citation="entities:24284:1" rel="noopener">QV Equities Ltd (QVE AU)</a>, <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>, <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a>, <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a>, China TCM.
</li>
<li>Lowest spreads: <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/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</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/jastec-co-ltd" target="_blank" data-smartkarma-citation="entities:9201:1" rel="noopener">Jastec Co Ltd (9717 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: Hollysys Automation Technologies (HOLI US), QV Equities Ltd (QVE AU), Southern Cross Media (SXL AU), Qantm Intellectual Property (QIP AU), Probiotec Ltd (PBP AU), China TCM.

Lowest spreads: Chilled &amp; Frozen Logistics Holdings (9099 JP), Roland DG Corp (6789 JP), Mma Offshore (MRM AU), Pact Group Holdings (PGH AU), Jastec Co Ltd (9717 JP). 



Merger Arb Mondays (06 May) - China TCM, L'Occitane, Hollysys, Shinko, QV Equities, Qantm IP, Adbri

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>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>One new deals was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s VGO from major shareholder, Reinold Geiger. A deal for <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> is apparently imminent. </li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a>, <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/cimc-vehicles-group-co-ltd" target="_blank" data-smartkarma-citation="entities:28012:1" rel="noopener">CIMC Vehicle Group Co Ltd (1839 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>


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.
One new deals was discussed on Smartkarma this week: L'Occitane (973 HK)'s VGO from major shareholder, Reinold Geiger. A deal for KFC Holdings Japan (9873 JP) is apparently imminent. 
Key updates took place on: CSR Ltd (CSR AU), Azure Minerals (AZS AU), CIMC Vehicle Group Co Ltd (1839 HK), and Chilled &amp; Frozen Logistics Holdings (9099 JP).


(Mostly) Asia-Pac M&A: L'Occitane, KFC Holdings Japan, CSR, Azure Minerals, CIMC, Chilled & Frozen

Travis Lundy

Chilled & Frozen Logistics Holdings / Event-Driven

<ul>
<li>
<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> had been sending out questions, and trying to get <a href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" target="_blank" data-smartkarma-citation="entities:17280:1" rel="noopener">AZ-Com Maruwa Holdings (9090 JP)</a> to delay the start until at least late-May.</li>
<li>AZ-Com Maruwa answered questions (<a href="https://contents.xj-storage.jp/xcontents/AS96767/8ab1adb2/511f/4c2b/b41d/8ee9b69afa57/140120240419573330.pdf" target="_blank" rel="noopener">first</a> and <a href="https://contents.xj-storage.jp/xcontents/AS96767/84331775/46b3/43bb/9e72/0366975d1bfa/140120240426577630.pdf" target="_blank" rel="noopener">second</a> set) and on the 24th, C&amp;F asked AZ-Com to extend. They did not extend. AZ-Com announced the Tender Offer at ¥3,000 today.</li>
<li>C&amp;F responded today saying the TOB is launched without C&amp;F Board approval. Then they said some other things that might be disclosed when C&amp;F's Board presents its Target Opinion.</li>
</ul>



Chilled &amp; Frozen Logistics Holdings (9099 JP) had been sending out questions, and trying to get AZ-Com Maruwa Holdings (9090 JP) to delay the start until at least late-May.
AZ-Com Maruwa answered questions (first and second set) and on the 24th, C&amp;F asked AZ-Com to extend. They did not extend. AZ-Com announced the Tender Offer at ¥3,000 today.
C&amp;F responded today saying the TOB is launched without C&amp;F Board approval. Then they said some other things that might be disclosed when C&amp;F's Board presents its Target Opinion.


AZ-Com Maruwa Launches Hostile TOB on Chilled & Frozen Logistics (9099) - Expect More Fun To Come

<ul>
<li>For the month of April 2024, 7 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~55%. The average premium YTD is ~42%. </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 April 2024, 7 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. 
The average premium for the new transactions announced (or first discussed) in April was ~55%. The average premium YTD is ~42%. 
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, April 2024: Austal, L'Occitane, Langham Hosp., Jastec, Mimasu, Best World, Isetan

<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/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">Qantm Intellectual Property (QIP AU)</a>, <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/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/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a>, <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>, China TCM.
</li>
<li>Lowest spreads: <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/roland-dg-corp" target="_blank" data-smartkarma-citation="entities:10653:1" rel="noopener">Roland DG Corp (6789 JP)</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/newmark-property-reit" target="_blank" data-smartkarma-citation="entities:40696:1" rel="noopener">Newmark Property REIT (NPR 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: Qantm Intellectual Property (QIP AU), Azure Minerals (AZS AU), Hollysys Automation Technologies (HOLI US), Probiotec Ltd (PBP AU), Southern Cross Media (SXL AU), China TCM.

Lowest spreads: Chilled &amp; Frozen Logistics Holdings (9099 JP), Roland DG Corp (6789 JP), Mma Offshore (MRM AU), Pact Group Holdings (PGH AU), Newmark Property REIT (NPR AU).


Merger Arb Mondays (29 Apr) - Azure, Silver Lake, Roland DG, CF Logistics, China TCM, Hollysys

Japan

MELCO HOLDINGS INC. is a holding company which manages computer peripheral equipment manufacturing subsidiaries.  The Company's subsidiaries develop and produce memory and storage devices and network equipment.

MIMAKI ENGINEERING CO.,LTD. manufactures and sells industrial printers, cutting plotters and related products.

Maxell Ltd develops a diverse portfolio of media devices. The Company's products include batteries, DVD's, memory storage, optical lenses, headphones and other accessories.

Eizo Corp develops, designs, manufactures, and markets computer displays and monitors for amusement products.  The Company's products include liquid crystal displays (LCD) and cathode ray tube (CRT) displays.

RISO KAGAKU CORPORATION is a manufacturer of copying and printing machines for office, home, and educational use.  The Company specializes in lithograph printers and also produces software, computer interfaces, and peripherals such as sorters, card counters, and sheet feeders.

Wacom Co., Ltd. manufactures pen tablets utilizing electronic pen and multitouch technologies. The Company's pen tablets are used in various fields, including film making, industrial  design, medical, education and financials. Wacom also manufactures components for smart phones and tablets.

MUTOH HOLDINGS CO., LTD. designs, manufactures, and markets drafting equipment, computers, and computer software.  The Company's products include computer-aided design (CAD) systems, pen-based components, large format graphics printers, plotters, and sign cutters.

NAGANO KEIKI CO., LTD. manufactures measuring instruments such as pressure gauges, transmitters, and temperature gauges primarily used for automobiles. The Company also makes equipment for the semiconductor industry, such as pressure regulators, transducers, digital pressure gauges, and power supplies.

IRISO ELECTRONICS CO., LTD. produces precision metal pins and high-technology connectors for printed circuit boards used in a range of electrical equipment. The Company also sells electrical lead wires.

Nippon Signal Company, Limited. manufactures and sells traffic signals. The Company also develops control system equipment such as ticket vending machines, automatic passenger gates, and automatic check in machines. Nippon Signal's products are used for railway stations, airports, and parking lots.

CMC Magnetics Corporation manufactures and markets digital storage media and magnetic disks.  The Company's products include CD-R (Compact Disc Recordable), CD-RW (Compact Disc Rewritable), DVD-R (Digital Video Disc Recordable), DVD-RAM (Digital Video Disc Random Access Memory), floppy disks, video tapes, and CD (Compact Disc) jewel boxes.  CMC also provides replication services.

Shenzhen Rapoo Technology Company Limited manufactures mouse, keyboards, tools and dies, audio products and accessories, computer games and related peripheral products. The company also develops computer software.

KYE Systems Corporation manufactures and markets mouse devices, scanners, graphic tablets, joysticks, keyboards as well as networking, communication, and multi-media products.  The Company markets its products under the Genius brand name.

Ritek Corporation manufactures and markets digital storage media, electro-optical products, and electronic components.  The Company's products include CD-R (Compact Disc Recordable), CD-RW (Compact Disc Rewritable), DVD-R (Digital Video Disc Recordable), DVD-RAM (Digital Video Disc Random Access Memory), ITO (Indium Tin OxideGlass), and EL Lamp (Electro-Luminescent Lamp).

Shandong New Beiyang Information Technology Co., Ltd. researches, develops, and sells thermal printer and scanning products. The Company's products include receipt printers, label printers and other printers.

Shandong New Beiyng Infrmt Tchlgy (002376 CH)

Wuhan Tianyu Information Industry Company Limited develops, produces, sells and provides services for smart card and related application systems.  The Company's main products are various smart cards including communication smart cards, financial IC cards, city cards, mobile multimedia broadcasting conditional access cards, tax cards, social security cards, fuel cards etc.

Eastman Kodak Company develops, manufactures, and markets imaging products for businesses.  The Company provides disruptive technologies and imaging solutions in the product goods packaging, functional and digital printing markets.  Eastman Kodak also offers products and services in Entertainment Imaging and Commercial Films.

Immersion Corporation develops and licenses hardware and software technologies that enable users to interact with computers using their sense of touch.  The Company's patented TouchSense technologies enable computer peripheral devices to deliver tactile sensations that correspond to on-screen events.

Shenzhen Sinovatio Technology Co., Ltd. produces communication products. The Company develops, manufactures, and sells broadband and mobile network, network content security, big data operation, and other related products. Shenzhen Sinovatio Technology also provides product installation, commissioning, training, and other technical services.

Shenzhen Sinovatio Technology (002912 CH)

Leadtek Research Inc. manufactures and markets communication equipments, computer and peripheral products, industrial control systems, and toys.  The Company also designs and trades information software.

Roland DG Corporation manufactures color printers and computer related products. The Company's product lines include color printers, vinyl cutters, 3D machines,  and software.  Roland DG has group companies in North and South America, Oceania, Europe.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Roland DG Corp (6789 JP)

Merger Arb Mondays (06 May) - China TCM, L'Occitane, Hollysys, Shinko, QV Equities, Qantm IP, Adbri

This week, the highest gross spreads are Hollysys (12.1%), QV Equities (11.4%), Southern Cross (9.0%), Qantm IP (8.2%), Probiotec (7.4%), China TCM...

Arun George

(Mostly) Asia-Pac M&A: L'Occitane, KFC Holdings Japan, CSR, Azure Minerals, CIMC, Chilled & Frozen

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

AZ-Com Maruwa Launches Hostile TOB on Chilled & Frozen Logistics (9099) - Expect More Fun To Come

AZ-Com Maruwa has launched its hostile TOB for C&F Logistics without C&F Board support. There may be counterproposals and C&F crossholders hold the...

Travis Lundy

(Mostly) Asia M&A, April 2024: Austal, L'Occitane, Langham Hosp., Jastec, Mimasu, Best World, Isetan

For the month of April, 7 new deals were discussed on Smartkarma with an overall deal size of just ~US$4bn. The average premium for the new deals...

David Blennerhassett

Merger Arb Mondays (29 Apr) - Azure, Silver Lake, Roland DG, CF Logistics, China TCM, Hollysys

This week, the highest gross spreads are Qantm IP (18.4%), Azure (8.8%), Hollysys (7.9%), Probiotec (7.4%), Southern Cross (7.2%), China TCM...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)