Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mapletree Pan Asia Commercial Trust / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.</li>
<li>The <a href="https://www.smartkarma.com/entities/mapletree-commercial-trust" target="_blank" data-smartkarma-citation="entities:106:1" rel="noopener">Mapletree Commercial Trust (MCT SP)</a> and <a href="https://www.smartkarma.com/entities/mapletree-north-asia-commercial-trust" target="_blank" data-smartkarma-citation="entities:5127:1" rel="noopener">Mapletree North Asia Commercial Trust (MAGIC SP)</a> prospective merger means a lot of flow. Lots and lots of flow. </li>
<li>The market was assigning ₩18bn (₩232,000/share) less for <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem (051910 KS)</a> stub ops since December 2020, when the battery business division (<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a>) was carved out.</li>
</ul>



China Mobile (941 HK) announced it would start executing on its buyback mandate (10% of H-shares out (2.047bn shares). This is potentially enormous. And absolutely praise-worthy.
The Mapletree Commercial Trust (MCT SP) and Mapletree North Asia Commercial Trust (MAGIC SP) prospective merger means a lot of flow. Lots and lots of flow. 
The market was assigning ₩18bn (₩232,000/share) less for LG Chem (051910 KS) stub ops since December 2020, when the battery business division (LG Energy Solution (LGENERGY KS)) was carved out.


Last Week in Event SPACE: Mapletree Merger, China Mobile, LG Chem, China Logistics

<ul>
<li>There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma</li>
<li>For a change of pace, there were no new deals this week discussed on Smartkarma.</li>
<li>There were updates for <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/china-logistics-property-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:22799:1" rel="noopener">China Logistics Property Holdings (1589 HK)</a>,  <a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-REIT (EREIT SP)</a>/<a href="https://www.smartkarma.com/entities/ara-logos-logistics-trust" target="_blank" data-smartkarma-citation="entities:937:1" rel="noopener">ARA LOGOS (ALLT SP)</a>, and <a href="https://www.smartkarma.com/entities/yorkey-optical-international-cayman" target="_blank" data-smartkarma-citation="entities:12407:1" rel="noopener">Yorkey Optical International Cayman (2788 HK)</a>.</li>
</ul>


There are currently 45 - mostly firm - transactions currently being discussed and analysed on Smartkarma
For a change of pace, there were no new deals this week discussed on Smartkarma.
There were updates for Katakura Industries (3001 JP), China Logistics Property Holdings (1589 HK),  ESR-REIT (EREIT SP)/ARA LOGOS (ALLT SP), and Yorkey Optical International Cayman (2788 HK).


Asia-Pac Weekly Risk Arb Summary: ARA LOGOS, Katakura Industries, China Logistics, Yorkey Optical

<ul>
<li>For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).</li>
<li>This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.</li>
</ul>


For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).
This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.


<ul>
<li>There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals this week: <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>'s Scheme Offer; and <a href="https://www.smartkarma.com/entities/shin-keisei-electric-railway" target="_blank" data-smartkarma-citation="entities:6262:1" rel="noopener">Shin Keisei Electric (9014 JP)</a> cleaning up two of its subsidiaries, </li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, <a href="https://www.smartkarma.com/entities/hitachi-metals-ltd" target="_blank" data-smartkarma-citation="entities:8561:1" rel="noopener">Hitachi Metals (5486 JP)</a>, and <a href="https://www.smartkarma.com/entities/golden-throat-holdings-group" target="_blank" data-smartkarma-citation="entities:22664:1" rel="noopener">Golden Throat Holdings (6896 HK)</a>.</li>
</ul>


There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Three new deals this week: Razer Inc (1337 HK)'s Scheme Offer; and Shin Keisei Electric (9014 JP) cleaning up two of its subsidiaries, 
Keys updates took place for: Australian Pharmaceutical Industries (API AU), Hitachi Metals (5486 JP), and Golden Throat Holdings (6896 HK).


Asia-Pac Weekly Risk Arb Summary: Razer, Daibiru, Utoc, Aussie Pharma, Hitachi Metals, Golden Throat

Australian Pharmaceutical Industries / Event-Driven

<ul>
<li>Grocer giant <a href="https://www.smartkarma.com/entities/woolworths-ltd" target="_blank" data-smartkarma-citation="entities:500:1" rel="noopener">Woolworths Ltd (WOW AU)</a> has made a non-binding Offer of <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02461347-3A582711?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">A$1.75/share</a> for <a href="https://www.smartkarma.com/entities/australian-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:19399:1" rel="noopener">Australian Pharmaceutical Industries (API AU)</a>, ~12.9% above <a href="https://www.smartkarma.com/entities/wesfarmers-ltd" target="_blank" data-smartkarma-citation="entities:1104:1" rel="noopener">Wesfarmers Ltd (WES AU)</a>'s firm Offer of $1.55/share.</li>
<li>API has granted confirmatory due diligence to facilitate a binding offer. A firm Offer would be subject to ACCC approval.</li>
<li>Wesfarmers SID includes a matching right in favour of Wesfarmers which is exercisable before API enters into any binding agreement in respect of a Competing Proposal.</li>
</ul>


Grocer giant Woolworths Ltd (WOW AU) has made a non-binding Offer of A$1.75/share for Australian Pharmaceutical Industries (API AU), ~12.9% above Wesfarmers Ltd (WES AU)'s firm Offer of $1.55/share.
API has granted confirmatory due diligence to facilitate a binding offer. A firm Offer would be subject to ACCC approval.
Wesfarmers SID includes a matching right in favour of Wesfarmers which is exercisable before API enters into any binding agreement in respect of a Competing Proposal.


Woolies Trumps Wesfarmers' Offer for Aussie Pharma

Australia

Coles Group Limited owns and operates a chain of supermarkets and department stores. The Company offers apparels, liquor, office supplies, groceries, and household products. Coles Group serves customers throughout Australia and New Zealand.

Wesfarmers Ltd. owns retail chains, operates mines, writes insurance, manufactures and distributes industrial products, manufactures fertilizers and chemicals, and distributes liquefied petroleum gas and medical and industrial gases.

Metcash Limited is a marketing and distribution company operating in the food and other consumer goods sectors.  The Company operates distribution centers serving grocery products for independent retail grocery stores, liquor distribution centers and cash and carry warehouses which serve retailers and businesses in the grocery, liquor, food services and convenience stores.

Treasury Wine Estates Ltd was founded in 2010 and is headquartered in Southbank, Victoria, Australia. The Company's line of business includes vineyard operations and international marketing and distribution of wine.

Blackmores Limited manufactures and markets vitamin, herbal, mineral supplements and natural skin and hair treatment products in Australia and New Zealand. These products are supplied to the over the counter retail market and to health care professionals. The Company also has a line of natural beauty and aromatherapy products and its products are distributed in South East Asia.

GrainCorp Limited operates as a food ingredients and agribusiness company. The Company processes and distributes wheat, barley, and canola, as well as offers a range of malt products and service to brewers and distillers. GrainCorp also supplies and refines edible oils. GrainCorp serves customers worldwide.*Dummy ticker for index membership mapping

Bega Cheese Ltd. provides dairy food products. The Company offers a variety of cheese products including can, stringers, fingers, slice, whey powder, processed, natural, and reduced fat cheddar cheeses. Bega Cheese's exports its whey powder to Asian countries. Bega Cheese's also distributes its cheese products to international commodity markets.

Elders Limited owns and operates rural services businesses. The Company brokers and processes wool, buys and sells grain, and retails seed, fertilizer, and animal health and other farm products. Elders operates in Australia.

Costa Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, grows and markets fruits and vegetables. Costa Group Holdings supplies its products to supermarket chains and independent grocers worldwide.

Bubs Australia Limited produces packaged food products. The Company supplies organic baby food, milk formulas, cereals, and other nutritional products for children. Bubs Australia serves customers in Australia.

AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. The Company is also engaged in women's and casual clothing store business, development business of commercial property, and financing service through the subsidiaries.

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

CP ALL PCL operates convenience store chains in Thailand and China.  The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

Sysco Corporation distributes food and related products primarily to the foodservice industry.  The Company also distributes personal care guest amenities, housekeeping supplies, room accessories, and textiles to the lodging industry.

The Kroger Co. operates supermarkets and convenience stores in the United States.  The Company also manufactures and processes some of the foods that its supermarkets sell.

George Weston Limited operates as a super market. The Company processes and distributes food and pharmacy products to grocer wholesalers, warehouses, and independent accounts, as well as provides real estate services. George Weston serves customers in Canada.

Loblaw Companies Limited is a retail and wholesale food distributor with operations across Canada.  The Company's operations include both company and franchisee operated stores, warehouses, and cash and carry outlets.

Tesco PLC, through its subsidiaries, operates as a food retailer. The Company offers online retailing, brick and mortar supermarkets, and a private-label brand of products. Tesco provides its services primarily throughout Europe, with additional activities in Asia.

Walgreens Boots Alliance, Inc., operates retail drugstores that offer a wide variety of prescription and non-prescription drugs as well as general goods. Walgreens' also offers health services, including primary and acute care, wellness, pharmacy and disease management services and health and fitness.

CP Axtra Public Company Limited operates a retail discount store chain. The Company sells food and consumer products to its registered customers including wholesalers, retailers, small businesses, caterers, and private individuals who hold its member cards. CP Axtra serves customers in Thailand.

Woolworths Limited operates supermarkets, specialty and discount department stores, liquor and electronics stores throughout Australia.  Woolworths also manufactures processed foods, exports and wholesales food and offers petrol retailing.  The Company also operates hotels which includes pubs, food, accommodation, and gaming operations.

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Woolworths Ltd (WOW AU)

Last Week in Event SPACE: Mapletree Merger, China Mobile, LG Chem, China Logistics

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

Asia-Pac Weekly Risk Arb Summary: ARA LOGOS, Katakura Industries, China Logistics, Yorkey Optical

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: December 2021 Roundup

For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. The...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: Razer, Daibiru, Utoc, Aussie Pharma, Hitachi Metals, Golden Throat

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

Woolies Trumps Wesfarmers' Offer for Aussie Pharma

There's probably a further 10-15% here with two large players in the mix. I think we could see a $2/handle. I'd buy on any weakness.

David Blennerhassett

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