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

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (1998104D CH)</a> IPO and <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>'s US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</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/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 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>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - REPT BATTERO Energy (1998104D CH) IPO and Denso Corp (6902 JP)'s US$4.0 Billion Secondary Offering and US$1.4 Billion Buyback.
Event-Driven developments - Benefit One Inc (2412 JP), Shinko Electric Industries (6967 JP), Toyo Construction (1890 JP), CPMC Holdings (906 HK), Vinda International (3331 HK), Hollysys Automation Technologies (HOLI US). 


Weekly Deals Digest (17 Dec) - Benefit One, Shinko Electric, Toyo, CPMC, Vinda, Hollysys, Rept

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>M3 extends its Tender Offer for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a>. M3 can match Dai-Ichi Life proposal, financially, if backed. And <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> can probably bump further. </li>
<li>
<a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a>'s CEO and <a href="https://www.smartkarma.com/entities/org-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:17510:1" rel="noopener">ORG Technology Co., Ltd. A (002701 CH)</a> reckon they can trump SASAC's Offer for <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>.</li>
<li>First City of London Investment Management, then Palliser Capital and now Whitebox, urge <a href="https://www.smartkarma.com/entities/samsung-c-t-corporation" target="_blank" data-smartkarma-citation="entities:481:1" rel="noopener">Samsung C&amp;T (028260 KS)</a> to improve its cash spending, improve governance and communications and simplify its corporate structure</li>
</ul>


M3 extends its Tender Offer for Benefit One (2412 JP). M3 can match Dai-Ichi Life proposal, financially, if backed. And Dai Ichi Life Insurance (8750 JP) can probably bump further. 

Haier Electronics Group Co (1169 HK)'s CEO and ORG Technology Co., Ltd. A (002701 CH) reckon they can trump SASAC's Offer for CPMC Holdings (906 HK).
First City of London Investment Management, then Palliser Capital and now Whitebox, urge Samsung C&amp;T (028260 KS) to improve its cash spending, improve governance and communications and simplify its corporate structure


Last Week in Event SPACE: Benefit One, CPMC, Samsung C&T, Sands China, Shinko Electric, Hankook & Co

<ul>
<li>I tally 46 - 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>Four new deals discussed this week: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>'s reverse takeover; Tanotos' tilt for <a href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda (3331 HK)</a>; and Tender offers for <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/outsourcing-inc" target="_blank" data-smartkarma-citation="entities:7431:1" rel="noopener">Outsourcing (2427 JP)</a>.</li>
<li>Key updates took place on: <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/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem (AKE AU)</a>, <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a> and <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>.</li>
</ul>


I tally 46 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week: Sigma Healthcare (SIG AU)'s reverse takeover; Tanotos' tilt for Vinda (3331 HK); and Tender offers for Shinko Electric (6967 JP) and Outsourcing (2427 JP).
Key updates took place on: Pact Group Holdings (PGH AU), Allkem (AKE AU), Costa Group Holdings (CGC AU), T&amp;K Toka Co Ltd (4636 JP) and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Sigma Health, Vinda, Outsourcing, Allkem, Costa, Hollysys

Travis Lundy

Shinko Electric Industries / Event-Driven

<ul>
<li>The JIC Deal for <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> has been announced and is, as expected, trading wide. </li>
<li>There is <a href="https://www.smartkarma.com/insights/jsr-4185-jp-takeover-why-so-wide-fud-and-flows" target="_blank" rel="noopener">FUD</a>. There are <a href="https://www.smartkarma.com/insights/jsr-4185-time-to-fight-the-fud" target="_blank" rel="noopener">Flows</a>. Just like JSR (4185). Some of that FUD can be explained by "gap risk" on deal break.... or can it? We look at risks.</li>
<li>There's more positioning risk than fundamental risk at this point. And the FUD and Flows have specific timing in this case which makes thing different than JSR. Worth thinking about.</li>
</ul>


The JIC Deal for Shinko Electric Industries (6967 JP) has been announced and is, as expected, trading wide. 
There is FUD. There are Flows. Just like JSR (4185). Some of that FUD can be explained by "gap risk" on deal break.... or can it? We look at risks.
There's more positioning risk than fundamental risk at this point. And the FUD and Flows have specific timing in this case which makes thing different than JSR. Worth thinking about.


Shinko Electric (6967) Takeover:  Initial Break/Gap Risk Analysis

<ul>
<li>29 minutes after I published a long, musing piece on the possibilities of structure and announcement later this week, JIC and Shinko Electric announced 5 minutes before midnight.</li>
<li>A warning for the future: The Nikkei and every other media outlet got the number wrong. It is NOT a total acquisition cost of "around ¥800bn". It is under ¥700bn. </li>
<li>It IS a split deal. And if JIC won with that price, it tells you something about the state of the market and future deals in the space.</li>
</ul>


29 minutes after I published a long, musing piece on the possibilities of structure and announcement later this week, JIC and Shinko Electric announced 5 minutes before midnight.
A warning for the future: The Nikkei and every other media outlet got the number wrong. It is NOT a total acquisition cost of "around ¥800bn". It is under ¥700bn. 
It IS a split deal. And if JIC won with that price, it tells you something about the state of the market and future deals in the space.


JIC Deal For Shinko Electric Is LIGHT, and There's Room To Complain, But Will Trade Wide

Japan

SHINKO ELECTRIC INDUSTRIES CO., LTD. designs, manufactures, and markets advanced electronic materials, such as semiconductor packages, including leadframes, and PLP(Plastics Laminated Packages).  The Company markets its products worldwide through a network of sales offices in such places as the Philippines, Germany, and Hong Kong.

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Shinko Electric Industries (6967 JP)

Weekly Deals Digest (17 Dec) - Benefit One, Shinko Electric, Toyo, CPMC, Vinda, Hollysys, Rept

Last week, notable developments occurred in Event-Driven (Benefit One, Shinko Electric, Toyo Construction, CPMC, Vinda, Hollysys, Costa, Volpara)...

Arun George

Last Week in Event SPACE: Benefit One, CPMC, Samsung C&T, Sands China, Shinko Electric, Hankook & Co

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: Sigma Health, Vinda, Outsourcing, Allkem, Costa, Hollysys

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

Shinko Electric (6967) Takeover: Initial Break/Gap Risk Analysis

JIC's announced deal for Shinko Electric (6967 JP) is now trading wide, as expected. But the FUD and Flows have a different timeline than JSR's. So...

Travis Lundy

JIC Deal For Shinko Electric Is LIGHT, and There's Room To Complain, But Will Trade Wide

JIC's deal for Shinko comes in light in terms of total cost. Fujitsu gives up some of what it should have gotten just to get out. There are...

Travis Lundy

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