In today’s briefing:
- Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.
- HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers
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Last Week in Event SPACE: Toshiba, CK Infra/Power Assets, Rakuten Bank, Haitong Int’l Sec
- Tactically, it isn’t attractive owning Toshiba (6502 JP) at 1% spread. Expect it to trade wider. There is still a fair bit of stock to come down the pipe.
- Because of significant business overlap, CK Infrastructure Holdings (1038 HK) looks very similar to Power Assets Holdings (6 HK). And CKI is coming up cheap on my monitor versus PAH.
- There is less fundamental alpha to Rakuten Bank (5838 JP) than before and more “just keep it because it is going up“-ness to the trade.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: System Info, Keiyo, Invocare, Liontown, ENM, Toyo Const.
- I tally 46 – 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 this week: Bain’s Offer for System Information (3677 JP) and DCM’s for Keiyo Co Ltd (8168 JP). An Offer for Haitong International Securities (665 HK) appears imminent.
- Key updates took place for: Invocare Ltd (IVC AU), Liontown Resources (LTR AU), ENM Holdings (128 HK) and Toyo Construction (1890 JP),
HEICO Corporation: Behind The Scenes Of The Recent Performance & The Wencor Acquisition! – Major Drivers
- HEICO Corporation managed to exceed the revenue and earnings expectations of Wall Street.
- These results primarily represent a 12% quarterly consolidated organic net sales growth and the impact of acquisitions.
- In the quarter, The Flight Support Group’s net sales grew 23% to $405 million, up from $330.3 million in the third quarter of fiscal 2022.