Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<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> has announced a potential merger with Chemist Warehouse Group (CWG) to create a leading healthcare wholesaler, distributor and retail pharmacy franchisor.</li>
<li>With a market cap of ~A$8.5bn and a free float market cap of ~A$4bn, the merged company will make the cut for inclusion in the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. </li>
<li>Inclusion in the S&amp;P/ASX 100 Index looks just out of reach at the moment as does inclusion in some large global indices.</li>
</ul>



Sigma Healthcare (SIG AU) has announced a potential merger with Chemist Warehouse Group (CWG) to create a leading healthcare wholesaler, distributor and retail pharmacy franchisor.
With a market cap of ~A$8.5bn and a free float market cap of ~A$4bn, the merged company will make the cut for inclusion in the S&amp;P/ASX 200 (AS51 INDEX). 
Inclusion in the S&amp;P/ASX 100 Index looks just out of reach at the moment as does inclusion in some large global indices.


SIG/CWG Merger: Back Door Entry to the ASX200; Other Index Implications

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>I tally 50 - 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>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <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>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">Seven Group Holdings (SVW AU)</a>'s holding in <a href="https://www.smartkarma.com/entities/boral-ltd" target="_blank" data-smartkarma-citation="entities:1487:1" rel="noopener">Boral Ltd (BLD AU)</a> continues to increase and that could lead to an index change at the June rebalance, if not earlier.</li>
<li>The <a href="https://www.smartkarma.com/entities/silver-lake-resources-ltd" target="_blank" data-smartkarma-citation="entities:6529:1" rel="noopener">Silver Lake Resources (SLR AU)</a>/ <a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU)</a> merger could lead to an index change early June.</li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a>'s acquisition of <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> could lead to another index change just ahead of the regular June rebalance.</li>
</ul>



Seven Group Holdings (SVW AU)'s holding in Boral Ltd (BLD AU) continues to increase and that could lead to an index change at the June rebalance, if not earlier.
The Silver Lake Resources (SLR AU)/ Red 5 Ltd (RED AU) merger could lead to an index change early June.

Cie De Saint-Gobain (SGO FP)'s acquisition of CSR Ltd (CSR AU) could lead to another index change just ahead of the regular June rebalance.


ASX200 Index Rebalance Preview: Potential Changes Prior to the June Rebalance

<ul>
<li>I tally 49 - 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>Just one new deal was discussed this week on Smartkarma: <a href="https://www.smartkarma.com/entities/sermsuk-pcl" target="_blank" data-smartkarma-citation="entities:15918:1" rel="noopener">Sermsuk PCL (SSC TB)</a>'s Delisting Offer. There are also rumours of an Offer for <a href="https://www.smartkarma.com/entities/raffles-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:879:1" rel="noopener">Raffles Medical Group (RFMD SP)</a>.</li>
<li>Key updates took place on: <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>, <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/mma-offshore-ltd" target="_blank" data-smartkarma-citation="entities:594:1" rel="noopener">MMA Offshore (MRM AU)</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 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Just one new deal was discussed this week on Smartkarma: Sermsuk PCL (SSC TB)'s Delisting Offer. There are also rumours of an Offer for Raffles Medical Group (RFMD SP).
Key updates took place on: L'Occitane (973 HK), Shinko Electric Industries (6967 JP), MMA Offshore (MRM AU), and Hollysys Automation Technologies (HOLI US).


(Mostly) Asia-Pac M&A: Sermsuk, L'Occitane, Shinko Electric, MMA Offshore, Hollysys

<ul>
<li>For the month of June 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in June was ~52%. The average premium YTD is ~47%. </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 June 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn.
The average premium for the new transactions announced (or first discussed) in June was ~52%. The average premium YTD is ~47%. 
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, June 2024: Fancl, Capitol Health, Infocom,Jeisys Medical, Nagatanien, Henlius Bio

Australia

Regis Healthcare Limited is a treatment program that offers Family Therapy, Clinical Psychology, Education and Occupational Therapy.

Estia Health Limited provides aged care services. The Company operates a network of retirement homes, providing housing, nursing, food preparation, community building, and related services. Estia Health serves residents throughout Victoria, Australia.

Paragon Care Ltd. is a medical equipment company. The Company provides medical equipment and consumables to the healthcare market. Paragon Care provides medical equipment to customers in Aged Care, Hospital and Acute Care, Primary Care, Ophthalmic/Optometry, Medical Aesthetics, and Materials Handling.

Integral Diagnostics Limited provides medical diagnostics services. The Company offers pathology and molecular diagnostics, genetics testing, and basic radiology services. Integral Diagnostics operates throughout Australia.

Capitol Health Limited is mainly focus in the diagnostic imaging business through radiology clinics in Australia. It has previously provided dental surgeries and facilities to self employed dentists who carry on their own dental practices. The Company had also provided administration and management services.

Pacific Smiles Group Limited owns and operates dental centers. The Company's centers provide preventative care, diagnosis and treatment for patients with a broad range of dental care requirements.

Apiam Animal Health Limited operates as a veterinary practice and products supplier. The Company practices across the pig, dairy, feedlot, sheep, equine, and companion animal sectors. Apiam Animal Health has headquarters in Australia.

Nanosonics Limited is a life science company.  The Company researches, develops, and commercializes a range of disinfection and sterilization technologies that are utilized for infection control and decontamination.

Anteris Technologies Ltd manufactures medical devices. The Company designs and develops cardiovocal equipment such as heart valve. Anteris Technologies serves customers in Australia.

Asian American Medical Group Ltd operates centers that provide treatment for liver diseases in adults and children.

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

SHIP HEALTHCARE HOLDINGS, INC. mainly distributes medical equipment and physics & chemistry equipment.  The Company also sells equipment used for medical facility and office automation.  Ship Healthcare provides integrated consultation as well as maintenance services.

AS ONE CORPORATION wholesales laboratory equipment, scientific equipment, and related products.  The Company sells its products through catalogs and provides quick delivery by using the on-line ordering system.

Teladoc Health, Inc. provides healthcare services. The Company diagnoses, recommends treatment, and prescribes medication for routine medical issues through phone and video consultations. Teladoc operates in the United States.

Tibet Rhodiola Pharmaceutical Holding Co. develops, manufactures, and markets Tibet medicines.  The Company's products include Rhodiola capsules, Rhodiola pellets, and other related medicines.

Brookdale Senior Living Inc. operates senior living facilities in the United States.  The Company offers its residents access to a full continuum of services across all sectors of the senior living industry.  Brookdale Senior operates independent living facilities, assisted living facilities, continuing care retirement communities, and a skilled nursing facility.

U.S. Physical Therapy, Inc. develops, owns, and operates outpatient physical therapy clinics in partnership with physical therapists. The Company and its partners operate freestanding outpatient clinics throughout the United States.

Spire Healthcare Group PLC provides private healthcare throughout the United Kingdom.

AEVIS VICTORIA SA operates as an investment company. The Company focuses on investments in healthcare, lifestyle, and infrastructure sectors. AEVIS VICTORIA investments includes private clinics in medical residences, ambulatory centers, and medical real estate and infrastructures.

Sigma Healthcare Limited wholesales and distributes pharmaceutical products. The Company offers prescription, over-the-counter, and generic drugs. Sigma Healthcare serves customers in Australia.

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Sigma Healthcare (SIG AU)

SIG/CWG Merger: Back Door Entry to the ASX200; Other Index Implications

The Sigma Healthcare and Chemist Warehouse merger will create a MergeCo with market cap of A$8.5bn. There are a lot of index implications across...

Brian Freitas

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

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

ASX200 Index Rebalance Preview: Potential Changes Prior to the June Rebalance

Upcoming M&A activity will result in ad hoc inclusions to the ASX200 prior to the June rebal. There could be 2-3 adds in the first few weeks of...

Brian Freitas

(Mostly) Asia-Pac M&A: Sermsuk, L'Occitane, Shinko Electric, MMA Offshore, 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

(Mostly) Asia M&A, June 2024: Fancl, Capitol Health, Infocom,Jeisys Medical, Nagatanien, Henlius Bio

For the month of June, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$6bn. The average premium for the new deals...

David Blennerhassett

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