Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Stay long <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> and buy more, or get long. <a href="https://www.smartkarma.com/entities/ctbc-financial-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:436:1" rel="noopener">CTBC Financial Holding (2891 TT)</a> may make a better run at it, and may even bump.</li>
<li>It's a hard to be bearish <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.</li>
<li>
<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> saw breathless news articles suggesting a foreign takeover became more difficult. Not really.</li>
</ul>


Stay long Shin Kong Financial Holding (2888 TT) and buy more, or get long. CTBC Financial Holding (2891 TT) may make a better run at it, and may even bump.
It's a hard to be bearish Swire Pacific (A) (19 HK) at 0.34x P/B. Yet the Hong Kong property market remains a challenging space. To put it mildly.

Seven &amp; I Holdings (3382 JP) saw breathless news articles suggesting a foreign takeover became more difficult. Not really.


Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>I tally 42  - 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>Four new deals: scrip mergers for<a href="https://www.smartkarma.com/entities/wide-bay-australia-ltd" target="_blank" data-smartkarma-citation="entities:18747:1" rel="noopener">Auswide Bank (ABA AU)</a>, <a href="https://www.smartkarma.com/entities/latin-resources-ltd" target="_blank" data-smartkarma-citation="entities:8770:1" rel="noopener">Latin Resources (LRS AU)</a> &amp; <a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum Asset Management (PTM AU)</a>; and the Tender Offer for <a href="https://www.smartkarma.com/entities/trancom-co-ltd" target="_blank" data-smartkarma-citation="entities:13043:1" rel="noopener">Trancom Co Ltd (9058 JP)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China TCM (570 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/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a>, and <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>.</li>
</ul>


I tally 42  - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals: scrip mergers forAuswide Bank (ABA AU), Latin Resources (LRS AU) &amp; Platinum Asset Management (PTM AU); and the Tender Offer for Trancom Co Ltd (9058 JP).
Key updates took place on: Pacific Smiles (PSQ AU), China TCM (570 HK), Greatview Aseptic Packaging (468 HK), Shin Kong Financial Holding (2888 TT), and Seven &amp; I Holdings (3382 JP).


(Mostly) Asia-Pac M&A: TCM, Auswide, Latin Resources, Platinum Asset, Trancom, Pacific Smiles

<ul>
<li>On the 13th September, MBK joined <a href="https://www.smartkarma.com/entities/young-poong-corporation" target="_blank" data-smartkarma-citation="entities:11740:1" rel="noopener">Young Poong (000670 KS)</a> in seeking control of <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a> via Partial Tender Offers for KZ and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a>.</li>
<li>This situation has been canvassed by analysts here at Smartkarma; with increasing expectation the Choi family makes a counterbid.</li>
<li>This insight analyses the fair value of YPP. No matter how you slice it, the Offer Price is punchy. Perhaps not punchier enough.</li>
</ul>


On the 13th September, MBK joined Young Poong (000670 KS) in seeking control of Korea Zinc (010130 KS) via Partial Tender Offers for KZ and Young Poong Precision (036560 KS).
This situation has been canvassed by analysts here at Smartkarma; with increasing expectation the Choi family makes a counterbid.
This insight analyses the fair value of YPP. No matter how you slice it, the Offer Price is punchy. Perhaps not punchier enough.


Young Poong Precision (036560 KS) Also Now Trading Through Terms

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>After the market close on 12 September, Maekyung Business Daily reported that MBK Partners will become the largest shareholder of Korea Zinc (010130 KS) along with Young Poong (000670 KS). </li>
<li>
MBK Partners, along with Youngpoong and advisor Jang Hyung-jin, also plans to conduct a tender offer of 14.6% stake in Korea Zinc. </li>
<li>The tender offer price for Korea Zinc is 660,000 won per share, which is 18.7% higher than the closing price on 12 September.</li>
</ul>


After the market close on 12 September, Maekyung Business Daily reported that MBK Partners will become the largest shareholder of Korea Zinc (010130 KS) along with Young Poong (000670 KS). 

MBK Partners, along with Youngpoong and advisor Jang Hyung-jin, also plans to conduct a tender offer of 14.6% stake in Korea Zinc. 
The tender offer price for Korea Zinc is 660,000 won per share, which is 18.7% higher than the closing price on 12 September.


MBK Partners and Jang Family Partner to Control Korea Zinc + Tender Offer of 14.6% of Korea Zinc

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> was (finally) included in the Shanghai/Shenzhen-HK Connect programs; on the same day a Cayman court uplifted a BABA dissenter's merger price by 659%.</li>
<li>MBK has teamed up with <a href="https://www.smartkarma.com/entities/young-poong-corporation" target="_blank" data-smartkarma-citation="entities:11740:1" rel="noopener">Young Poong (000670 KS)</a> to secure control of <a href="https://www.smartkarma.com/entities/korea-zinc-co-ltd" target="_blank" data-smartkarma-citation="entities:17944:1" rel="noopener">Korea Zinc (010130 KS)</a> via Partial Tender Offers for Korea Zinc and <a href="https://www.smartkarma.com/entities/young-poong-precision-corp" target="_blank" data-smartkarma-citation="entities:16188:1" rel="noopener">Young Poong Precision (036560 KS)</a>
</li>
<li>Like all long-dated arbs, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric (6967 JP)</a> is really about buying dips, then lightening up when it gets tighter, as long as the opinion about eventual result/path is unchanged.</li>
</ul>



Alibaba Group Holding (9988 HK) was (finally) included in the Shanghai/Shenzhen-HK Connect programs; on the same day a Cayman court uplifted a BABA dissenter's merger price by 659%.
MBK has teamed up with Young Poong (000670 KS) to secure control of Korea Zinc (010130 KS) via Partial Tender Offers for Korea Zinc and Young Poong Precision (036560 KS)

Like all long-dated arbs, Shinko Electric (6967 JP) is really about buying dips, then lightening up when it gets tighter, as long as the opinion about eventual result/path is unchanged.


Last Week in Event SPACE: Alibaba, Young Poong/Korea Zinc, Shinko Electric, Guotai Junan/Haitong Sec

South Korea

Young Poong Precision Corporation manufactures centrifugal pumps, valves, and anti-corrosion equipment.  The Company also manufactures mold products, and retails various machine parts and motors.

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Young Poong Precision (036560 KS)

Last Week in Event SPACE: Shin Kong Financial, Swire Pac, Seven & I, Korea Zinc

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 M&A: TCM, Auswide, Latin Resources, Platinum Asset, Trancom, Pacific Smiles

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