In today’s briefing:
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Silver Lake, Ssangyong Cement, Vinda, Benefit One, Hollysys
- Asics (7936) | Slow Out of the Blocks
- Last Week in Event SPACE: Mitsui Fudosan/Oriental Land, Giordano, JSR, Pasona, Lawson, L’Occitane
- Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Silver Lake, Ssangyong Cement, Vinda, Benefit One, Hollysys
- I tally 52 – 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 discussed this week on Smartkarma: Red 5 (RED AU)/Silver Lake Resources (SLR AU) merger; Ssangyong Cement Industrial (003410 KS)‘s Tender Offer; and Lawson (2651 JP) Tender Offer.
- Key updates took place on: Symbio (SYM AU), Bwp Trust (BWP AU), Vinda (3331 HK), JSR Corp (4185 JP), Benefit One (2412 JP), Kerry Express Thailand (KEX TB), Hollysys (HOLI US)
Asics (7936) | Slow Out of the Blocks
- Asics absolutely smashed the last MTP; this year they have a more measured approach
- Full-Year OP guidance for FY24 is a little shy of street expectations, but this should not impact the share price
- Asics has a decent runway for growth ahead and will benefit from channel mix improvements. The stock remains undervalued relative to peers
Last Week in Event SPACE: Mitsui Fudosan/Oriental Land, Giordano, JSR, Pasona, Lawson, L’Occitane
- Apparently Elliott is requesting Mitsui Fudosan (8801 JP) conduct a very large buyback and to sell down its stake in Oriental Land (4661 JP).
- Some 17 months after the Cheng Family failed to secure 50%+ of Giordano International (709 HK), the family are now calling an SGM to install friendly directors.
- TheLawson (2651 JP) deal is not terribly surprising. It’s not terribly surprising that it is being done cheaply. It IS being done too cheaply. This is bumpable by force.
Terumo Corp (4543 JP): 3Q Result Beat Estimate; Currency Depreciation Led Full-Year Guidance Raise
- Terumo Corp (4543 JP) posted highest ever quarterly and YTD revenue and operating profit in Q3FY24. Double-digit growth in C&V and TBCT businesses are the main revenue growth driver.
- During 9MFY24, gross profit margin expanded 50bps YoY to 52%, while operating profit margin improved 40bps to 15.5%. Profitability improvement through price increases and cost reduction is on track.
- Terumo has revised both FY24 revenue and profit upward to reflect continuing positive impacts from yen depreciation. The company is aiming for record high revenue and profit in FY24.
💡 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
