In today’s briefing:
- Last Week in Event SPACE: NTT Data, Origin Energy, Toyo Construction, Haidilao, Toshiba
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec
- SK Inc: Chairman Chey’s Divorce Settlement Finalized + SoTP Valuation Analysis
- Trex Company Inc.: Initiation of Coverage – Financial Forecasts
Last Week in Event SPACE: NTT Data, Origin Energy, Toyo Construction, Haidilao, Toshiba
- Stay long NTT Data Corp (9613 JP) through mid-January. Then sell.
- Origin Energy (ORG AU) may drift lower as the street crunches numbers, in tandem with a vacuum of news as Brookfield undertakes its due diligence.
- Toyo Construction (1890 JP) is now upset that YFO has decided to release the reason why Toyo management didn’t.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec
- There are 48 – 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 were discussed on Smartkarma: the St Barbara (SBM AU)/ Genesis Minerals (GMD AU) merger; Acotec (6669 HK)‘s Offer, Okk (6205 JP)‘s Offer, MinRes (MIN AU)/Norwest (NWE AU) merger.
- Key updates took place for: Tyro Payments (TYR AU), Origin Energy (ORG AU), Yashili International Holdings (1230 HK), and Toyo Construction (1890 JP).
SK Inc: Chairman Chey’s Divorce Settlement Finalized + SoTP Valuation Analysis
- In early December, the divorce settlement between SK Group Chairman Chey Tae-Won and his former wife Roh So-Young was finalized after 6+ years of long proceedings.
- The end of the divorce settlement means that there is now a greater probability of SK Inc materially cancelling some of its treasury shares in 2023.
- Our SoTP valuation of SK Inc suggests an implied valuation of 260,712 won per share, suggesting 28.1% upside from current levels.
Trex Company Inc.: Initiation of Coverage – Financial Forecasts
- This is our first report on Trex, one of the largest manufacturers of high-performance, wood-alternative railing and decking, as well as a leader in eco-friendly, low-maintenance living products in the world.
- The launch of the new Trex Transcend lineage product line of the company has been received favorably in the market.
- In this quarter, Trex partnered with two more distribution locations in Texas, which enabled it to expand and service the availability of the products of Trex Outdoor Living in the fastest-growing markets.
💡 Before it’s here, it’s on Smartkarma
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