Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>One may presume that <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> moved their <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> shares received from their non-CCASS holdings of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. It does not tell us much else. </li>
<li>Allocation in the <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a> partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. </li>
<li>
<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> has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. </li>
</ul>


One may presume that Prosus (PRX NA) moved their Meituan (3690 HK) shares received from their non-CCASS holdings of Tencent (700 HK). It does not tell us much else. 
Allocation in the S.M.Entertainment Co (041510 KS) partial Offer was 44.14%. With shares trading ~₩95k, that was a pretty good outcome. 

Toyo Construction (1890 JP) has asked the Japanese government to investigate YFO's alleged breaches of FEFTA. Expect YFO to say they did no wrong. Expect Toyo to complain about it. 


Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> is a month in to its new existence as a business more than twice as large as its old business after absorbing Keppel O&amp;M. </li>
<li>There have been some noises about cost-cutting, which could be key to an early return to profitability. </li>
<li>Today, mid-day, we get news of the <a href="https://links.sgx.com/FileOpen/Announcement%2030_Mar_2023.ashx?App=Announcement&amp;FileID=751707" target="_blank" rel="noopener">biggest ever offshore renewables contract win</a> in a JV with General Electric - a deal worth €6bn (SGD 8.64bn). It's big.</li>
</ul>



Sembcorp Marine (SMM SP) is a month in to its new existence as a business more than twice as large as its old business after absorbing Keppel O&amp;M. 
There have been some noises about cost-cutting, which could be key to an early return to profitability. 
Today, mid-day, we get news of the biggest ever offshore renewables contract win in a JV with General Electric - a deal worth €6bn (SGD 8.64bn). It's big.


Sembcorp Marine (SMM SP) JVs for S$8.6bn Multi-Year Offshore HVDC Converter Platforms Deal

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.</li>
<li>In my previous insight (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-for-straits-times-index-mar-23-smm-could-miss-addition" target="_blank" rel="noopener">link</a>), I mentioned <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> could miss out on being added to the STI in March 2023 and that happened to be true.</li>
<li>However, based on the current data, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> could finally be added to the STI in September 2023.</li>
</ul>


In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.
In my previous insight (link), I mentioned Sembcorp Marine (SMM SP) could miss out on being added to the STI in March 2023 and that happened to be true.
However, based on the current data, Sembcorp Marine (SMM SP) could finally be added to the STI in September 2023.


Quiddity Leaderboard Singapore's STI Sep 23: Sembcorp Marine Addition Could Finally Happen

<ul>
<li>For the month of February, 14 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$23bn.</li>
<li>The average premium for the new deals announced (or first discussed) in February was 34%.</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 February, 14 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$23bn.
The average premium for the new deals announced (or first discussed) in February was 34%.
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, Feb 2023: Newcrest Mining, S.M Entertainment, Kanematsu, Nissin Electric

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

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Technical Analysis

<ul>
<li>Sembcorp Marine shows interesting bull support at 0.12 where price and trendline meet but does face global cycle headwinds in March. Sell near term above 14.</li>
<li>MACD trendline support under pressure and a must hold level for the bull case. An MACD would spell trouble for price.</li>
<li>Current weakness if viewed as a pullback after the May to June bull triangle breakout. 11 is the key pivot level to hold.</li>
</ul>


Sembcorp Marine shows interesting bull support at 0.12 where price and trendline meet but does face global cycle headwinds in March. Sell near term above 14.
MACD trendline support under pressure and a must hold level for the bull case. An MACD would spell trouble for price.
Current weakness if viewed as a pullback after the May to June bull triangle breakout. 11 is the key pivot level to hold.


Singapore

Seatrium Ltd offers engineering solutions for the offshore, marine, and energy industries. The Company provides rigs and floaters, repairs and upgrades, offshore platforms, and specialized shipbuilding. Seatrium serves customers worldwide.

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Seatrium (STM SP)

Last Week in Event SPACE: Meituan, S.M.Entertainment, Toyo, Mincor, JD.com, AAG

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

Sembcorp Marine (SMM SP) JVs for S$8.6bn Multi-Year Offshore HVDC Converter Platforms Deal

Sembcorp Marine today announced it had won (with GE, who will provide the converter equipment) three offshore HVDC converter platforms for...

Travis Lundy

Quiddity Leaderboard Singapore's STI Sep 23: Sembcorp Marine Addition Could Finally Happen

If SMM gets added to the STI, there could be around 427mn shares to buy which around 1.4 days of volume and translates to a flow of US$33.6mn

Janaghan Jeyakumar, CFA

(Mostly) Asia M&A, Feb 2023: Newcrest Mining, S.M Entertainment, Kanematsu, Nissin Electric

For the month of February, 14 new deals were discussed on Smartkarma with an announced deal size of ~US$23bn. The average premium for the new deals...

David Blennerhassett

Sembcorp Marine Buy Target/Support

Sembcorp Marine shows interesting bull support at 0.12 where price and trendline meet but does face global cycle headwinds in March. Sell near term...

Thomas Schroeder

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