In today’s briefing:
- Medical Data Vision (3902) – SBI Upping Their Stake Means Opportunity
- Lunit (Specializes in AI-Based Cancer Diagnosis and Treatment): Rights Offering of 202 Billion Won
- Index Rebalance & ETF Flow Recap: HSCEI, HSI, HSTECH, Yuanta ETFs, China ETFs, REMX, KOSPI
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: SK Rent A Car, UMW, BPlant, E Guardian, EOflow, Oishi
- Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)
- Last Week In Event SPACE: JSR, Intouch/Thaksin, Softbank/ARM, M&A Research, Premier
- Weekly Deals Digest (27 Aug) – Golden Eagle, Costa, Boustead, UMW, ARM, Integral, S.F. Holding
Medical Data Vision (3902) – SBI Upping Their Stake Means Opportunity
- On Friday after the close, SBI Holdings (8473 JP) – which currently owns 24.63% of Medical Data Vision (3902 JP) – announced it would buy another 2,043,200 shares.
- This market purchase would lift them to just under 30% by year-end.
- There have been similar trades done by others in the past and they were worth looking at.
Lunit (Specializes in AI-Based Cancer Diagnosis and Treatment): Rights Offering of 202 Billion Won
- On 24 August, Lunit announced a rights offering capital increase of 202 billion won.
- Lunit’s current share price is 155,700 won and its market cap is 1.9 trillion won. The expected rights offering price is 30% discount to current price.
- We have a positive view of Lunit and its rights offering. Lunit is one of the leading companies in Korea that specializes in AI-based cancer diagnosis and treatment solutions.
Index Rebalance & ETF Flow Recap: HSCEI, HSI, HSTECH, Yuanta ETFs, China ETFs, REMX, KOSPI
- The JPX Nikkei 400 index rebalance will take place on Wednesday, MSIC on Thursday and HSI, HSCEI, HSTECH and HSCI on Friday.
- There are review cutoffs for the MVIS family of indices, and multiple announcements of changes to various indices during the week.
- There were inflows to mainland China ETFs, iShares India ETF (INDA), Ishares India Small-Cap (SMIN) and iShares EmergingMarkets ex China (EMXC) while there were outflows for iShares Emerging Markets (EEM).
(Mostly) Asia-Pac Weekly Risk Arb Wrap: SK Rent A Car, UMW, BPlant, E Guardian, EOflow, Oishi
- I tally 49 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Three new deals this week: SK Rent A Car (068400 KS)‘s Tender Offer; Sime Darby (SIME MK)‘s Offer for UMW (UMWH MK); KLK‘s Offer for Boustead Plantations (BPLANT MK).
- Key updates took place for Golden Eagle Retail (3308 HK), JSR Corp (4185 JP), E Guardian Inc (6050 JP), Eoflow (294090 KS), and Oishi Group PCL (OISHI TB).
Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)
- This week it is changed from H/A Discount to A/H Premium, by popular demand. Some Northbound data is added. We kept the unicorn.
- Last week saw a win/loss ratio of 21:13. Average recommended pair on the week earned 0.9% if Sunday recos executed Monday close, 1.35% if executed Monday VWAP.
- 6 Unwinds and 3 new trades recommended this week. As always, feedback desired to make this even better.
Last Week In Event SPACE: JSR, Intouch/Thaksin, Softbank/ARM, M&A Research, Premier
- Why is JSR Corp (4185 JP) trading wide? FUD and Flows.
- Intouch Holdings (INTUCH TB) plumbs new 12-month lows for its implied stub, and NAV discount as the former PM returns from exile.
- You would NOT want to short M&A Research Institute (9552 JP) into the inclusion. But the ascension to TOPIX is not a surprise.
Weekly Deals Digest (27 Aug) – Golden Eagle, Costa, Boustead, UMW, ARM, Integral, S.F. Holding
- 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 – ARM Holdings (1822695D US), Integral Corporation (5842 JP) and S.F. Holding (002352 CH) IPOs.
- Event-Driven developments – Boustead Plantations (BPLANT MK), UMW Holdings (UMWH MK), Eoflow (294090 KS), Golden Eagle Retail (3308 HK), Costa Group Holdings (CGC AU), Metro Pacific Investments Co (MPI PM).
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