Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 48  - 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 discussed this week: the <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a> / <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a> merger; and <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>'s Tender Offer.</li>
<li>Key updates took place on: <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>, <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/mimasu-semiconductor-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:5531:1" rel="noopener">Mimasu Semiconductor Industry (8155 JP)</a>, <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>, and <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>.</li>
</ul>


I tally 48  - 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 discussed this week: the Capitol Health (CAJ AU) / Integral Diagnostics (IDX AU) merger; and Infocom Corp (4348 JP)'s Tender Offer.
Key updates took place on: MMA Offshore (MRM AU), L'Occitane (973 HK), Mimasu Semiconductor Industry (8155 JP), Tatsuta Electric Wire &amp; Cable (5809 JP), and Great Eastern Holdings (GE SP).


(Mostly) Asia-Pac M&A: Infocom, Capitol Health, MMA Offshore, Mimasu, Tatsuta Elect., Great Eastern

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.

<ul>
<li>Following months of press speculation, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a> announced a <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> tender offer at JPY6,060 per share, a 177.3% premium to the undisturbed price. </li>
<li>After the share consolidation, Infocom will repurchase <a href="https://www.smartkarma.com/entities/teijin-ltd" target="_blank" data-smartkarma-citation="entities:5097:1" rel="noopener">Teijin Ltd (3401 JP)</a>’s stake at a share repurchase price of JPY4,231. The process is expected to be completed in early October.</li>
<li>The offer is a knockout bid helped by auction. This is a done deal with payment commencing from 7 August. At the last close, the gross spread was 0.5%.</li>
</ul>


Following months of press speculation, Infocom Corp (4348 JP) announced a Blackstone (BX US) tender offer at JPY6,060 per share, a 177.3% premium to the undisturbed price. 
After the share consolidation, Infocom will repurchase Teijin Ltd (3401 JP)’s stake at a share repurchase price of JPY4,231. The process is expected to be completed in early October.
The offer is a knockout bid helped by auction. This is a done deal with payment commencing from 7 August. At the last close, the gross spread was 0.5%.


Infocom (4348 JP): Blackstone’s Long-Awaited JPY6,060 Tender Offer

<ul>
<li>Colour me perplexed. Murakami Group ran up <a href="https://www.smartkarma.com/entities/mitsui-matsushima-co-ltd" target="_blank" data-smartkarma-citation="entities:13569:1" rel="noopener">Mitsui Matsushima (1518 JP)</a>'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.</li>
<li>Two activist shareholders. And long only upping its stake. Heavily discounted <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a> is in play.</li>
<li>A HUGE new buyback for <a href="https://www.smartkarma.com/entities/kansai-paint-co-ltd" target="_blank" data-smartkarma-citation="entities:13340:1" rel="noopener">Kansai Paint (4613 JP)</a>. Really big. Buy Kansai Paint vs Nippon Paint. One can buy the pop. One can buy any dips after the pop. </li>
</ul>


Colour me perplexed. Murakami Group ran up Mitsui Matsushima (1518 JP)'s share price in acquiring 29%. The pattern was clear, but one assumes everyone in-group was on the same page.
Two activist shareholders. And long only upping its stake. Heavily discounted China Merchants China Direct Investments (133 HK) is in play.
A HUGE new buyback for Kansai Paint (4613 JP). Really big. Buy Kansai Paint vs Nippon Paint. One can buy the pop. One can buy any dips after the pop. 


Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma

<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/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> seeks to raise up to US$320 million.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/asia-cement-china-holdings" target="_blank" data-smartkarma-citation="entities:3374:1" rel="noopener">Asia Cement China (743 HK)</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/huafa-property-services-group" target="_blank" data-smartkarma-citation="entities:5841:1" rel="noopener">Huafa Property Services Group (982 HK)</a>, <a href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:40987:1" rel="noopener">Chilled &amp; Frozen Logistics Holdings (9099 JP)</a>, <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</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: Shift Up (462870 KS) seeks to raise up to US$320 million.
Event-Driven developments: Asia Cement China (743 HK), Greatview Aseptic Packaging (468 HK), Huafa Property Services Group (982 HK), Chilled &amp; Frozen Logistics Holdings (9099 JP), Infocom Corp (4348 JP). 


Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

<ul>
<li>Bloomberg reports that <a href="https://www.smartkarma.com/entities/blackstone-inc" target="_blank" data-smartkarma-citation="entities:27166:1" rel="noopener">Blackstone (BX US)</a> has agreed to acquire <a href="https://www.smartkarma.com/entities/teijin-ltd" target="_blank" data-smartkarma-citation="entities:5097:1" rel="noopener">Teijin Ltd (3401 JP)</a>’s 55% stake in <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a> at a rumoured valuation of JPY260 billion. </li>
<li>The potential minority offer price depends on whether the rumoured valuation refers to market cap or enterprise value and whether Teijin will share TOB tax benefits. </li>
<li>The most likely scenario is that the valuation refers to the market cap, with Teijin sharing TOB tax benefits, resulting in a minority offer of around JPY5,720 per share. </li>
</ul>


Bloomberg reports that Blackstone (BX US) has agreed to acquire Teijin Ltd (3401 JP)’s 55% stake in Infocom Corp (4348 JP) at a rumoured valuation of JPY260 billion. 
The potential minority offer price depends on whether the rumoured valuation refers to market cap or enterprise value and whether Teijin will share TOB tax benefits. 
The most likely scenario is that the valuation refers to the market cap, with Teijin sharing TOB tax benefits, resulting in a minority offer of around JPY5,720 per share. 


Infocom (4348 JP): Blackstone’s Rumoured JPY260bn Bid to Acquire Teijin’s Stake

Japan

KANEKA CORPORATION manufactures and sells a wide range of synthetic resins, and chemicals for foods and medicines.  The Company operates sales/manufacturing subsidiaries in Belgium, Malaysia, Singapore, and US.

LINTEC Corporation manufactures and markets adhesive products and paper.  The Company's pressure-sensitive adhesives are used in a wide range of applications such as labeling, sealing, and packaging, as well as marking and window filming in the architecture and automotive industries.  Lintec also produces packaging, labeling, and printing machines.

DIC Corp. is a chemical company that specializes in printing inks, organic pigments, and thermosetting resins.  The Company also manufactures polymers, specialty plastics and compounds, and others which include building materials, pressure-sensitive adhesives materials, and biochemicals.

FUJIMI INCORPORATED manufactures silicon wafer polishing materials.  The Company also produces mirror surface finishing materials and other related products.

ZEON CORPORATION produces synthetic rubbers, latex, and resins.  The Company's products are used as tires and other auto parts, and materials for electronic components.

OSAKA SODA CO., LTD. is a major producer of caustic soda and other chemical products. The Company markets its products in North America and Europe.

NIPPON SHOKUBAI CO., LTD. manufactures and sells basic and fine chemicals, synthetic resins, and catalysts.  The Company's products include acrylic acid, super absorbent polymers, and automobile catalysts.  Nippon Shokubai exports to Germany, US, and Singapore.

Ube Industries, Ltd. produces and sells chemical products such as nylon resins, plastics and synthetic rubbers, fine chemicals, and pharmaceutical bulk compounds and intermediates. The Company also manufactures cement, construction materials, and machineries.

C. Uyemura & Co., Ltd. manufactures and sells plating chemicals.  The Company also manufactures plating machinery.  C. Uyemura markets its products in North America and Asia.

Denka Co., Ltd. is a diversified manufacturer and supplier of chemical products, including basic chemicals, agrochemicals, petrochemicals, pharmaceuticals, and construction materials.  The Company's primary products include styrene resins, polyvinyl chloride, and other synthetic resins.

Fufeng Group Limited manufactures corn-based bio-chemical products utilizing fermentation technology. The Company's products include glutamic acid and xanthan gum.

Nanning Chemical Industry Co., Ltd. develops, manufactures, and markets organic and inorganic industrial chemicals.  The Company's products include chlorine and alkali products, pesticides, and disinfectants.

Nanning Chemical Industry Co., (600301 CH)

Zhejiang Transfar Co., Ltd. manufactures and markets a variety of organic fluorine and organic silicone such as water and oil repellent, pre-treating agents, dyeing auxiliaries, finishing treating auxiliaries, conning oil, and optical brightening agent.

Scientex Berhad is an investment holding company.  The Company, through its subsidiaries manufactures polyvinyl chloride (PVC), polyurethane leather sheetings, packaging materials, bricks, and automotive parts.  Scientex also operates in property investment, development, and leasing, as well as deals in securities.

DCM Shriram Ltd. is a business conglomerate. The Company, through its subsidiaries, operates agricultural, energy and other businesses that provides sugar, fertilizers, crop care chemicals, seeds, caustic soda, chlorine, polyvinyl chloride (PVC) compounds and resin, calcium carbide, cement, windows, and textiles.

Anhui Jinhe Industrial Co.,Ltd. manufactures chemical products. The Company produces additives, methyl maltol, ethyl maltol, liquid ammonia, ammonium bicarbonate, melamine, formaldehyde, nitric acids, and other products. Anhui Jinhe Industrial also operates import and export businesses.

Inner Mongolia Lantai Industrial Co., Ltd. manufactures and markets salt for both consumer and industrial uses.  The Company also produces metal sodium, liquid chlorine, ADC blowing agent, carotene, and other related chemicals.

Inner Mongolia Lantai Industrial (600328 CH)

Zhejiang Xinan Chemical Industrial Group Co., Ltd. produces and sells pesticides and other chemical materials, including herbicides and organophosphorus insecticides, organosilicon materials, and other chemicals. Through its subsidiaries, the Company also sells coal, generates electric power, and manufactures crystal products.

Hunan Nanling Industry Explosive Material Co Ltd primarily manufactures and markets industrial explosives and fuses.

Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers.  The Company predominately sells its products in Taiwan.

Teijin Ltd manufactures polyester and other fibers including nylon, acetate, aramid, and polyvinyl chloride for apparel and industrial materials.  Teijin also makes polyester films used in advanced magnetic media and electronics equipment through a joint venture with Dupont.  The Company also produces pharmaceuticals, medical products, and information system equipment.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Teijin Ltd (3401 JP)

(Mostly) Asia-Pac M&A: Infocom, Capitol Health, MMA Offshore, Mimasu, Tatsuta Elect., Great Eastern

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

Infocom (4348 JP): Blackstone’s Long-Awaited JPY6,060 Tender Offer

The offer is a knockout bid helped by auction. This is a done deal with payment commencing from 7 August. At the last close, the gross spread was...

Arun George

Last Week in Event SPACE: Mitsui Matsushima, China Merchants,Kansai Paint, Teijin, Sciclone Pharma

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

Weekly Deals Digest (02 Jun) - Infocom, CF Logistics, Asia Cement, GA Pack, Huafa, Shift Up

Last week, notable developments occurred in Event-Driven (Infocom, CF Logistics, Asia Cement China, GA Pack, Huafa, SciClone, Adbri) and ECM (Shift...

Arun George

Infocom (4348 JP): Blackstone’s Rumoured JPY260bn Bid to Acquire Teijin’s Stake

The potential minority offer price depends on whether the rumoured JPY260bn valuation refers to market cap or enterprise value and whether Teijin...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)