Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> investors should look at process and understand the difference between this one and others. Some news is not news, other than telling you the dance has started.</li>
<li>
<a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a> is cheap. It appears to be running at 6x 2022 earnings. This is not abnormal for a cyclical at the end of the cycle.</li>
<li>
<a href="https://www.smartkarma.com/entities/westpac-banking-corp" target="_blank" data-smartkarma-citation="entities:444:1" rel="noopener">Westpac Banking (WBC AU)</a> confirms its interest in <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, but still nothing firm.</li>
</ul>



Toshiba (6502 JP) investors should look at process and understand the difference between this one and others. Some news is not news, other than telling you the dance has started.

United Tractors (UNTR IJ) is cheap. It appears to be running at 6x 2022 earnings. This is not abnormal for a cyclical at the end of the cycle.

Westpac Banking (WBC AU) confirms its interest in Tyro Payments (TYR AU), but still nothing firm.


Last Week in Event SPACE: Toshiba, United Tractor, Recruit, Tyro Payments, DTAC/True, Bank Of Kyoto

<ul>
<li>There are 45 - 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>I see no new deals discussed on Smartkarma this week.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>, <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, and <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True (TRUE TB)</a> / <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>.</li>
</ul>


There are 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
I see no new deals discussed on Smartkarma this week.
Key updates took place for Tyro (TYR AU), Shandong Fengxiang (9977 HK), Singapore Medical (SMG SP), Shinsei Bank (8303 JP), and True (TRUE TB) / Total Access Communication (DTAC TB).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Tyro, Fengxiang, Singapore Medical, Shinsei Bank, True/DTAC

Total Access Communication / Event-Driven

<ul>
<li>Nearly eleven months after <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> and <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> first announced a merger, the NBTC, the Thai telecommunication regulator, has given the go-ahead.  </li>
<li>This long-winded regulatory process hinged on whether the NBTC actually had the legal clout to halt the merger, which would create a duopoly with <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a> </li>
<li>The transaction process should accelerate from here with an expected listing of the new entity by year-end. </li>
</ul>


Nearly eleven months after Total Access Communication (DTAC TB) and True Corp Pcl (TRUE TB) first announced a merger, the NBTC, the Thai telecommunication regulator, has given the go-ahead.  
This long-winded regulatory process hinged on whether the NBTC actually had the legal clout to halt the merger, which would create a duopoly with Advanced Info Service (ADVANC TB) 
The transaction process should accelerate from here with an expected listing of the new entity by year-end. 


DTAC/True: NBTC Green Lights Mobile Duopoly. With Caveats

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>The NBTC Board approved the merger by acknowledging by a vote of 3-2 the intention for <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> and <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> to merge. </li>
<li>The NBTC issued several conditions on the mergers, such as price ceilings, service quality, innovation and spectrum-sharing with MVNOs. The implementation of the conditions will be monitored for five years.</li>
<li>The VTOs will likely launch in 4Q22/1Q23. Play the merger approval by buying the share price ratio of 9.020x at an 11.8% discount to the implied swap ratio of 10.221x.</li>
</ul>


The NBTC Board approved the merger by acknowledging by a vote of 3-2 the intention for True Corp Pcl (TRUE TB) and Total Access Communication (DTAC TB) to merge. 
The NBTC issued several conditions on the mergers, such as price ceilings, service quality, innovation and spectrum-sharing with MVNOs. The implementation of the conditions will be monitored for five years.
The VTOs will likely launch in 4Q22/1Q23. Play the merger approval by buying the share price ratio of 9.020x at an 11.8% discount to the implied swap ratio of 10.221x.


DTAC/True Merger: NBTC Clears the Deal with Conditions

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take a look at the potential index changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> between now and the December 2022 Rebalance.</li>
<li>There is an ongoing market consultation with significant implications for constituent selection and there is also a potential intra-review change due to the DTAC-TRUE merger.</li>
<li>Based on the latest available data, there could three or four index changes during the December 2022 Rebalance depending on the outcome of the DTAC-TRUE merger.</li>
</ul>


In this insight, we take a look at the potential index changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) between now and the December 2022 Rebalance.
There is an ongoing market consultation with significant implications for constituent selection and there is also a potential intra-review change due to the DTAC-TRUE merger.
Based on the latest available data, there could three or four index changes during the December 2022 Rebalance depending on the outcome of the DTAC-TRUE merger.


Thailand SET50 Quiddity Leaderboard Dec 22: BJC Is the Most Interesting Name

Thailand

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

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True Corp PCL (TRUE-R TB)

Last Week in Event SPACE: Toshiba, United Tractor, Recruit, Tyro Payments, DTAC/True, Bank Of Kyoto

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: Tyro, Fengxiang, Singapore Medical, Shinsei Bank, True/DTAC

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

DTAC/True: NBTC Green Lights Mobile Duopoly. With Caveats

Nearly eleven months after Total Access Communication (DTAC TB) and True Corp Pcl (TRUE TB) first announced a merger, the NBTC, the Thai...

David Blennerhassett

DTAC/True Merger: NBTC Clears the Deal with Conditions

The VTOs will likely launch in 4Q22/1Q23. Play the merger approval by buying the share price ratio of 9.020x at an 11.8% discount to the implied...

Arun George

Thailand SET50 Quiddity Leaderboard Dec 22: BJC Is the Most Interesting Name

I expect RATCH to replace DTAC in the SET 50 index prior to the December Rebalance. DELTA, BJC, and COM7 could be added and KCE, BLA, and SAWAD...

Janaghan Jeyakumar, CFA

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