In today’s briefing:
- Last Week in Event SPACE: Yamada Denki, Genting, HKBN, Toyo Construction
- Las Vegas Sands: Starting a Run as Macau Recovery Gains Speed. Up 23% YTD.
- Ambev S.A.: Major Drivers
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Silk Laser, Arcland, Essential Metals, AAG, Lian Beng, Oishi
Last Week in Event SPACE: Yamada Denki, Genting, HKBN, Toyo Construction
- Yamada Denki (9831 JP) lowering the March 2023 div to ¥12/share vs ¥18/share last year was just weird. And bodes badly. We need a lightbulb moment for a lightbulb dilemma.
- Genting Bhd (GENT MK)‘s implied stub and simple ratio (GENT/ Genting Singapore (GENS SP)) are currently at muti-year trough levels.
- Buy Toyo Construction (1890 JP) <¥970. The proposed dividend could be in danger should YFO spill the board; but spilling the board to get better governance is a good thing.
Las Vegas Sands: Starting a Run as Macau Recovery Gains Speed. Up 23% YTD.
- LVS just reported 1Q23 results showing a surging recovery of GGR and daily arrivals in Macau driving gains in revenue and profit profile.
- Labor shortages that have limited availability of LVS’ 12,000 rooms are beginning to subside. Golden Week just ahead expected to reach +90% room occupancy.
- Stock has moved over 20% since our buy call at $53. Our PT is raised to $80.
Ambev S.A.: Major Drivers
- Ambev delivered mixed results in Q4.
- The company saw a 1.5% increase in volumes though its revenues were below Wall Street expectations.
- Also, despite the impact of inflationary pressures on Ambev’s expenditures and expenses, normalized EBITDA increased in the quarter and the company delivered an earnings beat.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Silk Laser, Arcland, Essential Metals, AAG, Lian Beng, Oishi
- There are 41 – 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 were discussed on Smartkarma this past week: Wesfarmers (WES AU)‘s tilt for Silk Laser (SLA AU); and Arclands Corporation (9842 JP)Offer for Arcland Service (3085 JP).
- Key updates took place for Essential Metals (ESS AU), Genesis Minerals (GMD AU), Alliance Aviation (AQZ AU), AAG Energy (2686 HK), Lian Beng (LBG SP), and Oishi Group (OISHI TB).
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