Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 40 - 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 were discussed this week: Offers for <a href="https://www.smartkarma.com/entities/virgin-money-uk-plc" target="_blank" data-smartkarma-citation="entities:22918:1" rel="noopener">Virgin Money UK Plc (VUK AU)</a> and <a href="https://www.smartkarma.com/entities/psc-insurance-group-ltd" target="_blank" data-smartkarma-citation="entities:24266:1" rel="noopener">PSC Insurance (PSI AU)</a>.</li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/rex-minerals-ltd" target="_blank" data-smartkarma-citation="entities:13845:1" rel="noopener">Rex Minerals (RXM AU)</a>, <a href="https://www.smartkarma.com/entities/namoi-cotton-co-operative" target="_blank" data-smartkarma-citation="entities:10711:1" rel="noopener">Namoi Cotton (NAM AU)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China TCM (570 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 JP)</a>, and <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a> . </li>
</ul>


I tally 40 - 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 were discussed this week: Offers for Virgin Money UK Plc (VUK AU) and PSC Insurance (PSI AU).
Key updates took place on Rex Minerals (RXM AU), Namoi Cotton (NAM AU), CPMC (906 HK), China TCM (570 HK), Seven &amp; I (3382 JP), and Fuji Soft (9749 JP) . 


(Mostly) Asia-Pac M&A: Seven & I, Virgin Money, PSC Insurance, Rex Minerals, Namoi, CPMC, China TCM

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>The Couche-Tard "friendly bid" raises more questions than it answers: Is it real? What does CT really want? Can it afford it? Will the Japanese government let it through?</li>
<li>We remain sceptical about a bid – if it happens – succeeding. Either way, Seven &amp; Eleven Japan looks to be the much better retailer.</li>
<li>It has been selling 25-40% more than competitors in the world's toughest CVS market and looks set to extract more value in Japan/overseas than anyone else could so why sell?</li>
</ul>


The Couche-Tard "friendly bid" raises more questions than it answers: Is it real? What does CT really want? Can it afford it? Will the Japanese government let it through?
We remain sceptical about a bid – if it happens – succeeding. Either way, Seven &amp; Eleven Japan looks to be the much better retailer.
It has been selling 25-40% more than competitors in the world's toughest CVS market and looks set to extract more value in Japan/overseas than anyone else could so why sell?


For Long-Term Investors, Seven & I Is the Better Bet

Travis Lundy

<ul>
<li>On 30 August, 7&amp;i shareholder Artisan Partners (holder since 2019, now at 1%) wrote an <a href="https://www.morningstar.com/news/globe-newswire/9223425/artisan-partners-international-value-team-sends-letter-to-the-board-of-seven-i" target="_blank" rel="noopener">open letter to the Board of Directors</a> of <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> </li>
<li>There are several comments in bold. "It is imperative that the board of directors negotiate with ACT immediately to achieve the best possible outcome for shareholders" is one.</li>
<li>The letter is a bit preachy, a bit fluffy, and a bit misleading in parts. But it requests the Company brief shareholders on the negotiations by 19 September 2024. </li>
</ul>


On 30 August, 7&amp;i shareholder Artisan Partners (holder since 2019, now at 1%) wrote an open letter to the Board of Directors of Seven &amp; I Holdings (3382 JP) 
There are several comments in bold. "It is imperative that the board of directors negotiate with ACT immediately to achieve the best possible outcome for shareholders" is one.
The letter is a bit preachy, a bit fluffy, and a bit misleading in parts. But it requests the Company brief shareholders on the negotiations by 19 September 2024. 


Artisan Partners Writes a Letter To the 7&I Board (3382) - Meh...

<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 were discussed this week: the <a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin Financial Holding (2887 TT)</a> / <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> merger; and <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a>'s hybrid Offer. </li>
<li>Key updates took place on <a href="https://www.smartkarma.com/entities/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services (982 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius (2696 HK)</a>,<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC (906 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric (6967 JP)</a>, and <a href="https://www.smartkarma.com/entities/arvida-group-ltd" target="_blank" data-smartkarma-citation="entities:14485:1" rel="noopener">Arvida (ARV NZ)</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 were discussed this week: the Taishin Financial Holding (2887 TT) / Shin Kong Financial Holding (2888 TT) merger; and Silverlake Axis (SILV SP)'s hybrid Offer. 
Key updates took place on Huafa Property Services (982 HK), Shanghai Henlius (2696 HK),CPMC (906 HK), Seven &amp; I (3382 JP), Shinko Electric (6967 JP), and Arvida (ARV NZ).


(Mostly) Asia-Pac M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>7&amp;I Holdings is reviewing a confidential acquisition proposal from $ATD, highlighting significant potential for value creation through strategic refocusing on its core convenience store business</li>
<li>ValueAct Capital previously criticized 7&amp;I as an "unfocused holding company," urging a focus on core assets, estimating a potential value of ¥4,200 per share.</li>
<li>Our valuation suggests 7&amp;I could reach ¥3,700 per share, driven by the repricing of its overseas CVS business; $ATD will need a strong offer.</li>
</ul>


7&amp;I Holdings is reviewing a confidential acquisition proposal from $ATD, highlighting significant potential for value creation through strategic refocusing on its core convenience store business
ValueAct Capital previously criticized 7&amp;I as an "unfocused holding company," urging a focus on core assets, estimating a potential value of ¥4,200 per share.
Our valuation suggests 7&amp;I could reach ¥3,700 per share, driven by the repricing of its overseas CVS business; $ATD will need a strong offer.


Seven & I (3382) | Strategic Refocus and Acquisition Interest Signal Major Upside Potential

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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Seven & I Holdings (3382 JP)

(Mostly) Asia-Pac M&A: Seven & I, Virgin Money, PSC Insurance, Rex Minerals, Namoi, CPMC, China TCM

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

For Long-Term Investors, Seven & I Is the Better Bet

Couche-Tard's bid for Seven & Eleven Japan raises doubts, with skepticism about its success. Seven & Eleven Japan looks to be the superior...

Michael Causton

Artisan Partners Writes a Letter To the 7&I Board (3382) - Meh...

The Artisan Partners Int'l Value Strategy team owns 1% of 7ni. They wrote a public letter saying the Board should engage with ACT. It is bland,...

Travis Lundy

(Mostly) Asia-Pac M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

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

Seven & I (3382) | Strategic Refocus and Acquisition Interest Signal Major Upside Potential

7&I Holdings considering acquisition proposal from $ATD to refocus on core convenience store business, potential value estimated at ¥3,700 per share.

Mark Chadwick

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A: Seven & I, Virgin Money, PSC Insurance, Rex Minerals, Namoi, CPMC, China TCM

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

For Long-Term Investors, Seven & I Is the Better Bet

​Couche-Tard's bid for Seven & Eleven Japan raises doubts, with skepticism about its success. Seven & Eleven Japan looks to be the superior...

Michael Causton

Artisan Partners Writes a Letter To the 7&I Board (3382) - Meh...

The Artisan Partners Int'l Value Strategy team owns 1% of 7ni. They wrote a public letter saying the Board should engage with ACT. It is bland,...

Travis Lundy

(Mostly) Asia-Pac M&A: Seven & I, Silverlake Axis, Shanghai Henlius, CPMC, Shinko Electric, Arvida

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

Seven & I (3382) | Strategic Refocus and Acquisition Interest Signal Major Upside Potential

​7&I Holdings considering acquisition proposal from $ATD to refocus on core convenience store business, potential value estimated at ¥3,700 per share.

Mark Chadwick

Couche-Tard's bid for Seven & Eleven Japan raises doubts, with skepticism about its success. Seven & Eleven Japan looks to be the superior...

7&I Holdings considering acquisition proposal from $ATD to refocus on core convenience store business, potential value estimated at ¥3,700 per share.