Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 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>Three new deals were discussed on Smartkarma this past week: <a href="https://www.smartkarma.com/entities/slater-gordon-ltd" target="_blank" data-smartkarma-citation="entities:353:1" rel="noopener">Slater &amp; Gordon (SGH AU)</a>'s off-market Offer; <a href="https://www.smartkarma.com/entities/shl-japan-ltd" target="_blank" data-smartkarma-citation="entities:11571:1" rel="noopener">SHL Japan Ltd (4327 JP)</a>'s MBO/LBO; and <a href="https://www.smartkarma.com/entities/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>'s MBO. </li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>, and <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>.</li>
</ul>


There are 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.
Three new deals were discussed on Smartkarma this past week: Slater &amp; Gordon (SGH AU)'s off-market Offer; SHL Japan Ltd (4327 JP)'s MBO/LBO; and GK Goh Holdings (GKG SP)'s MBO. 
Key updates took place for Nitro Software Ltd (NTO AU), Yashili International Holdings (1230 HK), Halcyon Agri (HACL SP), and Golden Energy &amp; Resources (GER SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Slater & Gordon; SHL Japan, GK Goh, Nitro Software, Yashili

<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

<ul>
<li>Beleaguered law firm <a href="https://www.smartkarma.com/entities/slater-gordon-ltd" target="_blank" data-smartkarma-citation="entities:353:1" rel="noopener">Slater &amp; Gordon (SGH AU)</a> has announced an A$0.55/share cash off-market Offer from Aussie PE outfit Allegro.  </li>
<li>The key condition is Allegro acquiring a a 50.1% interest. This condition may be waived. </li>
<li>The Offer was more than welcome by S&amp;G's board. "We don’t belong on the stock exchange,” said  CEO John Somerville.</li>
</ul>


Beleaguered law firm Slater &amp; Gordon (SGH AU) has announced an A$0.55/share cash off-market Offer from Aussie PE outfit Allegro.  
The key condition is Allegro acquiring a a 50.1% interest. This condition may be waived. 
The Offer was more than welcome by S&amp;G's board. "We don’t belong on the stock exchange,” said  CEO John Somerville.


Slater & Gordon (SGH AU): Allegro's Opening Salvo

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

Director - Research, Consulting and Advisory, BondAdviser

Nicholas Yaxley

Director - Research, Consulting and Advisory

Australian bonds & fixed income research

BondAdviser

BondAdviser is the central reference point for intelligent information on Australian fixed income markets. We help you make informed decisions by providing unbiased research, transparent pricing data, analytics, portfolio tools and education.

BondAdviser has the broadest coverage of retail-accessible ASX-listed and over-the-counter Australian bonds and fixed income securities. We make it easy for you to review and compare investments before you place an order with your broker or dealer.

In <a href="https://www.bondadviser.com.au/blog/the-demand-we-have-been-waiting-for" target="_blank">November 2016</a> we stated a large proportion of redemptions would be reinvested in existing corporate issues to achieve some degree of sectoral diversification away from the banks. Since then, the demand/supply imbalance has squeezed trading margins on corporate hybrids to the point where some security valuations are being stretched from a trading margin risk perspective.Although we expect tight supply dynamics to continue and support expensive valuations, particularly for corporate listed securities, new investors should be aware of the inherent risk. For investors already holding these securities there is probably no reason to sell as scheduled corporate redemptions will continue to intensify demand in a relatively small market. We believe this situation of demand over supply will persist. However, given valuations are not reflective of risk profiles, we will be reviewing our recommendations if corporate hybrid margins continue to tighten.

In November 2016 we stated a large proportion of redemptions would be reinvested in existing corporate issues to achieve some degree of sectoral diversification away from the banks. Since then, the demand/supply imbalance has squeezed trading margins on corporate hybrids to the point where some security valuations are being stretched from a trading margin risk perspective.Although we expect tight supply dynamics to continue and support expensive valuations, particularly for corporate listed securities, new investors should be aware of the inherent risk. For investors already holding these securities there is probably no reason to sell as scheduled corporate redemptions will continue to intensify demand in a relatively small market. We believe this situation of demand over supply will persist. However, given valuations are not reflective of risk profiles, we will be reviewing our recommendations if corporate hybrid margins continue to tighten.

Valuations Stretched on ASX-Listed Corporate Hybrids

Australia

Shine Corporate Ltd. is a national law firm. The Firm's areas of practice includes personal injuries law, family law, property law, class actions, wills, probate and residential conveyancing.

NextEd Group Limited provides educational solutions. The Company delivers industry relevant courses and programs, as well as offers work placement and internship. NextEd Group serves students worldwide.

Top Education Group Ltd, doing business as Top Education Institute, offers educational services. The Company provides graduates and undergraduate degree program in the field of business, legal, and technology. Top Education Institute serves clients in Australia.

Academies Australasia Group Limited grants baccalaureate and graduate degrees. The College offers degrees in accounting, language, information technology, management, marketing, tourism, and sports and fitness. Academies Australasia Group serves students in Australia and Singapore.

Kip McGrath Education Centres Limited is a franchiser of education centers that provide tutoring services to children ages 6-16.  The centers aid children in a variety of subject matters including mathematics, reading, spelling and English.

Site Group International Ltd. provides Australian accredited vocational education to Asian markets. The Company also services global employment needs by placing qualified graduates in high demand employment areas. Site Group has operations in both Australia and the Philippines.

3P Learning Limited provides educational services. The Company owns and operates a website for students, teachers, and mathematics coordinators with a focus on e-learning of mathematics. 3P Learning serves the kindergarten through twelfth grade curriculum worldwide.

Betmakers Technology Group Ltd operates as a software development company. The Company designs and develops odds comparison and intelligent betting platforms, as well as analytics and trading solutions. Betmakers Technology Group serves customers in Australia.

Eumundi Group Limited is a property investor and operator whose portfolio includes hotels and retail shopping centers.  The Group's hotels provides liquor and has gaming licenses also.

Propel Funeral Partners Limited provides funeral services. The Company owns and operates funeral homes, cemeteries, crematoria, and related assets, as well as offers funeral, cremation, burial, and mortuary services. Propel Funeral Partners serves individuals and families in Australia and New Zealand.

Evolve Education Group Limited provides children with early education until they attend primary school. The Company provides teacher-led and parent-led services in New Zealand.

Hakuyosha Company, Ltd. provides overall laundry services.  The Company has outlets throughout Japan, and provides dry cleaning and laundry services. Hakuyosha also supplies linens to hotels.

Global Dragon Limited provides commercial, academic, and technical education relating to electronic data processing, computers, languages, as well as financial and business management courses.  The Company also provides expertise in setting up and administering schools including the provision of course materials and training of staff.

Anxian Yuan China Holdings Limited is a holding company. The Company, through its subsidiaries, operates cemetary business.

Overseas Education Limited is a private foreign school system in Singapore offering the K-12 IB curriculum. The Company provides a globalised multi-cultural environment to children aged between 3 and 18 years.

Eduspec Holdings Bhd. is an investment holding company that through its subsidiaries is a regional electronic learning provider.  The Company's subsidiaries designs,  develops, and distributes E-learning products and education services for the regional Asian market.

NE Neungyule, Inc produces and publishes English learning materials, such as books, cassettes, and video tapes.  The Company also operates English education facility and provides on-line education through Internet.

Visang Education Inc. designs, publishes, and distributes educational books. The Company's products include reference books for students and teachers and both online and offline classes from elementary to high-school students.

JLS Co., Ltd. operates both off-line and on-line language schools. The Company manufactures and sells educational material used in its institutes. JLS manufactures network devices, such as fiber optic multiplexer, data transmission units, and community antenna television (CATV) transmission units.

Raffles Education Corp Ltd provides training programs and courses in various are as of design and management.  The Company's education services include fashion design, visual communication, multimedia design, interior design, design management, fashion marketing, and business administration.

Slater & Gordon Limited is a national law firm. The Firm's areas of practice include commercial, family, employment, asbestos-related and personal injury law.

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Slater & Gordon (SGH AU)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Slater & Gordon; SHL Japan, GK Goh, Nitro Software, Yashili

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, 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