Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Sparx on Friday announced a Tender Offer at 0.55x book and an EV of less than inventory (&lt;20% of revenue) for <a href="https://www.smartkarma.com/entities/snt-corp" target="_blank" data-smartkarma-citation="entities:3651:1" rel="noopener">Snt Corp (6319 JP)</a> - another metal monozukuri company.</li>
<li>Last year they did it on <a href="https://www.smartkarma.com/entities/ijtt-co-ltd" target="_blank" data-smartkarma-citation="entities:19461:1" rel="noopener">IJTT Co., Ltd. (7315 JP)</a>. That one got bumped. This one could too, but cross-holders own nearly 60%.  </li>
<li>This kind of company has skill-sets which may be portable but the product line is tied to old Japan. The takeover </li>
</ul>


Sparx on Friday announced a Tender Offer at 0.55x book and an EV of less than inventory (&lt;20% of revenue) for Snt Corp (6319 JP) - another metal monozukuri company.
Last year they did it on IJTT Co., Ltd. (7315 JP). That one got bumped. This one could too, but cross-holders own nearly 60%.  
This kind of company has skill-sets which may be portable but the product line is tied to old Japan. The takeover 


Sparx Launches Another Offensively Underpriced Takeover at a Fat Premium - SNT (6319) +94%

<ul>
<li>
<a href="https://www.smartkarma.com/entities/econavista-inc" target="_blank" data-smartkarma-citation="entities:39958:1" rel="noopener">EcoNaviSta (5585 JP)</a> has a couple of interesting product lines and platforms. That makes it attractive, and scalable. Synergies to a big buyer are reasonably obvious.</li>
<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> is that big buyer, having decided to be interested last summer. I could imagine others could be interested too. The tech has uses.</li>
<li>For the moment, it is a high EV/Revenue bid on an interesting small company. The chairman, cross-holders, directors, and a couple of financial institutions own 66+%. But...</li>
</ul>



EcoNaviSta (5585 JP) has a couple of interesting product lines and platforms. That makes it attractive, and scalable. Synergies to a big buyer are reasonably obvious.

Eisai Co Ltd (4523 JP) is that big buyer, having decided to be interested last summer. I could imagine others could be interested too. The tech has uses.
For the moment, it is a high EV/Revenue bid on an interesting small company. The chairman, cross-holders, directors, and a couple of financial institutions own 66+%. But...


EcoNavista (5585 JP) - Takeover By Eisai (4523)

David Blennerhassett

<ul>
<li>I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week: <a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a>, <a href="https://www.smartkarma.com/entities/tenma-corp" target="_blank" data-smartkarma-citation="entities:11900:1" rel="noopener">Tenma Corp (7958 JP)</a>, and <a href="https://www.smartkarma.com/entities/naigai-trans-line-ltd" target="_blank" data-smartkarma-citation="entities:8938:1" rel="noopener">Naigai Trans Line (9384 JP)</a>.</li>
<li>Key updates/news took place on: <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>, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto Corp (4298 JP)</a>, and <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>.</li>
</ul>


I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week: Soundwill Holdings (878 HK), Tenma Corp (7958 JP), and Naigai Trans Line (9384 JP).
Key updates/news took place on: Seven &amp; I Holdings (3382 JP), Silk Logistics (SLH AU), ESR Group (1821 HK), Proto Corp (4298 JP), and Japfa Ltd (JAP SP).


(Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line

<ul>
<li>Did Trump do <a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CKH (1 HK)</a> a solid, convincing them to sell assets that have profited from international trade growth, just as Trump starts imposing tariffs on anything that moves?</li>
<li>An OK package for <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>. Not perfect. SEI IPO's a bit dodgy. It may be designed to spur ACT into action, but isn't an awful fallback.</li>
<li>
<a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill (3978 JP)</a>'s Offer bumped.  If you want to make sure this deal doesn't get done, do the things you need to do to make sure it doesn't get done.</li>
</ul>


Did Trump do CKH (1 HK) a solid, convincing them to sell assets that have profited from international trade growth, just as Trump starts imposing tariffs on anything that moves?
An OK package for Seven &amp; I (3382 JP). Not perfect. SEI IPO's a bit dodgy. It may be designed to spur ACT into action, but isn't an awful fallback.

Macromill (3978 JP)'s Offer bumped.  If you want to make sure this deal doesn't get done, do the things you need to do to make sure it doesn't get done.


Last Week in Event SPACE: Cheung Kong, Macromill, China National Building Material, Canvest

<ul>
<li>I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three news new deals discussed this week:<a href="https://www.smartkarma.com/entities/soundwill-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19318:1" rel="noopener">Soundwill Holdings (878 HK)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/snt-corp" target="_blank" data-smartkarma-citation="entities:3651:1" rel="noopener">Snt Corp (6319 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-mall-co-ltd" target="_blank" data-smartkarma-citation="entities:5262:1" rel="noopener">AEON Mall (8905 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</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 Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, and <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>.</li>
</ul>


I tally 55 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Three news new deals discussed this week:Soundwill Holdings (878 HK), Oneconnect Financial Technology (6638 HK), Snt Corp (6319 JP), Aeon Delight (9787 JP), and AEON Mall (8905 JP).
Key updates/news took place on: Insignia Financial (IFL AU), Seven &amp; I Holdings (3382 JP), Sun Art Retail (6808 HK), and Macromill, Inc (3978 JP).


(Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art

Japan

SNT CORPORATION manufactures automobile forged parts such as crankshafts and connecting rods.  The Company also produces construction machinery parts and distribution products including pallets and containers.  SNT leases construction machinery and equipment, as well.

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Snt Corp (6319 JP)

Sparx Launches Another Offensively Underpriced Takeover at a Fat Premium - SNT (6319) +94%

SNT (6319) is another 'monozukuri' smallcap where Sparx has big up big, but still way below book. This is entirely too cheap. HUGE volume traded on...

Travis Lundy

EcoNavista (5585 JP) - Takeover By Eisai (4523)

Eisai has announced a takeover of EcoNaviSta. This is probably worth a look to people who can trade tiny caps (US$100mm). There is a setup here...

Travis Lundy

(Mostly) Asia-Pac M&A: Seven & I, ESR Group, Japfa, Soundwill Holdings, Tenma, Naigai Trans Line

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

Last Week in Event SPACE: Cheung Kong, Macromill, China National Building Material, Canvest

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

(Mostly) Asia-Pac M&A: Oneconnect, Snt, Aeon Delight, AEON Mall, Insignia, 7&I, Sun Art

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

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