In today’s briefing:
- Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric
- (Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium
- Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex
- Ride-Hailing Operator Chenqi Drops on Hong Kong Debut
- Endava plc: Focus on Core Modernization For Better AI Integration
- Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers
- nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers
Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric
- The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by Aisin (7259 JP) but moves have come fast and furious.
- Apparently minorities are grumbling to the SFC about the low-balled Offer for Asia Cement China (743 HK). And for good reason. The best course of action? Vote against the Scheme.
- Hanwha Corporation (000880 KS) is trading at a steep NAV discount. And the controlling family is making a partial Offer to gain majority control.
(Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium
- 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.
- Four new deals discussed this week on Smartkarma: Second Chance Properties (SCE SP)‘s VGO,Shinsung Tongsang (005390 KS)‘s Tender, Rex Minerals (RXM AU)‘s Scheme, and Canvest (1381 HK)‘s possible Offer.
- Key updates took place on Altium Ltd (ALU AU), Pacific Smiles (PSQ AU), Asia Cement China (743 HK), Shanghai Henlius Biotech (2696 HK), and Kfc Holdings Japan (9873 JP).
Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex
- 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: ASICS Corp (7936 JP), Honda Motor (7267 JP), Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
- Event-Driven developments: Canvest Environmental Protection Group (1381 HK), Shanghai Henlius Biotech (2696 HK), Hong Kong Television Network (1137 HK), Rex Minerals (RXM AU), Second Chance Properties (SCE SP).
Ride-Hailing Operator Chenqi Drops on Hong Kong Debut
- Chenqi Technology Ltd., operator of the ride-sharing platform OnTime, closed its first trading day in Hong Kong 3.14% below the offering price, after raising $124 million in its initial public offering.
- Chenqi’s shares closed at HK$33.9 ($4.3) each, recovering from a 14% drop during its debut on the Hong Kong Stock Exchange. The company’s market cap stood at HK$6.92 billion.
- Chenqi, also known as Ruqi Mobility, offered more than 30 million shares at HK$35 each in its IPO, raising a net HK$969 million.
Endava plc: Focus on Core Modernization For Better AI Integration
- Endava’s recent fiscal performance and strategic initiatives highlight a dynamic period for the company as it navigates a challenging economic landscape marked by cautious client spending and macroeconomic uncertainties.
- The third-quarter results for the fiscal year 2024 saw a revenue figure of GBP 174.4 million, which represents an 11.8% decrease in constant currency terms year-over-year from GBP 203.5 million.
- This performance was within the expected guidance range but underscored the challenges faced by the technology services sector broadly.
Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers
- Marathon Digital Holdings recently reported their first quarter 2024 results, revealing a substantial transformation and strategic reorientation of their business model.
- The company has shifted from primarily an asset-light bitcoin mining operation into a diversified global entity focusing on digital asset computations with a strong emphasis on sustainability and inclusivity.
- A significant highlight of the quarter was Marathon’s acquisition and integration of fully owned bitcoin mining sites, a critical step towards gaining direct operational control and optimizing cost efficiencies.
nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers
- nCino, an advanced cloud-based software for financial institutions, has reported its first quarter fiscal year 2025 financial results, showing a year-over-year increase in total revenues to $128.1 million, which signifies a 13% rise from the previous year.
- Subscription revenues, forming 86% of total revenues, grew similarly by 13% to $110.4 million.
- Growth across various sectors of the business, especially in the U.S. enterprise and community and regional markets, contributed to these improved financial metrics.
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