In today’s briefing:
- (Mostly) Asia-Pac M&A: Seven & I, Virgin Money, PSC Insurance, Rex Minerals, Namoi, CPMC, China TCM
- Quiddity ASX Sep 24 Rebal: Two Big Surprises; Short Interest Trends; Stunning Trade Performance
- China Healthcare Weekly (Sep.8) – Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria
- Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson
(Mostly) Asia-Pac M&A: Seven & I, Virgin Money, PSC Insurance, Rex Minerals, Namoi, CPMC, China TCM
- I tally 40 – 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 this week: Offers for Virgin Money UK Plc (VUK AU) and PSC Insurance (PSI AU).
- Key updates took place on Rex Minerals (RXM AU), Namoi Cotton (NAM AU), CPMC (906 HK), China TCM (570 HK), Seven & I (3382 JP), and Fuji Soft (9749 JP) .
Quiddity ASX Sep 24 Rebal: Two Big Surprises; Short Interest Trends; Stunning Trade Performance
- The ADDs/DELs for the ASX index family for the September 2024 index rebal event were announced after market close on Friday 6th September 2024.
- In this insight, we take a final look at the flow expectations for each of these index changes.
- We have also highlighted certain names with noticeable movements in short interest.
China Healthcare Weekly (Sep.8) – Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria
- The past “infrastructure-driven demand model” in medical devices has become “an updated model”. The future reasonable demand for medical devices may fall back to a quarter of pre anti-corruption levels.
- Top innovative pharmaceutical companies worth investing in need to meet certain conditions. Currently, there is still a gap between Chinese pharmaceutical companies and companies like Regeneron in various aspects.
- Henlius is of great strategic significance for Fosun Pharma, which actually increases the privatization success rate. Valuation logic of Fosun Pharma should be based on PE/VC firms not traditional pharma.
Last Week in Event SPACE: Fuji Soft, Jardine Matheson, Exedy, Henderson
- Buy dips on the possibility that 3DIP would not agree to Bain. Otherwise, at ¥9,000 Fuji Soft (9749 JP) is a buy, and at ¥9,500, it’s probably a sell near-term.
- Drilling down into its balance sheet uncovers additional value for Jardine Matheson Holdings (JM SP); but not enough to move the needle
- Exedy Corp (7278 JP) completed its buyback. Murakami Group bought more. The stock (pro-forma) is at 0.62x book, 0.54x book for the non-cash portion. There’s LOTS of cash left.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
