Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

ALPS LOGISTICS CO., LTD., a subsidiary of Alps Electric Co., Ltd., is a trucking and courier transportation company that works closely with Alps Electric. The Company also provides warehousing and storage services,  Alps Logistics distributes and sells various personal care goods and packaging materials as well.

<ul>
<li>There was a news article I missed in late February saying <a href="https://www.smartkarma.com/entities/alps-alpine-co-ltd" target="_blank" data-smartkarma-citation="entities:12001:1" rel="noopener">Alps Alpine (6770 JP)</a>, parent of <a href="https://www.smartkarma.com/entities/alps-logistics-co-ltd" target="_blank" data-smartkarma-citation="entities:3935:1" rel="noopener">Alps Logistics (9055 JP)</a> was in the process of selling the logistics unit.</li>
<li>A deal made sense for a strategic given the upcoming "2024 Problem". Pre-close, headlines blared, the stock popped 12%, now we're at double the end-February price.</li>
<li>Late in the evening,Alps Logistics said it had received a bid from Logisteed but nothing had been decided. This morning we have a few more details, but nothing concrete</li>
</ul>


There was a news article I missed in late February saying Alps Alpine (6770 JP), parent of Alps Logistics (9055 JP) was in the process of selling the logistics unit.
A deal made sense for a strategic given the upcoming "2024 Problem". Pre-close, headlines blared, the stock popped 12%, now we're at double the end-February price.
Late in the evening,Alps Logistics said it had received a bid from Logisteed but nothing had been decided. This morning we have a few more details, but nothing concrete


KKR Deal for Alps Logistics (9055) Appears Imminent

Nippon Yusen Kabushiki Kaisha mainly provides marine transportation services and transportation management solution from international hub ports to both domestic and international ports. The Company operates container transportation, tramp and specialized carriers, and logistics and cruise lines. Nippon Yusen offers scheduled and unscheduled transportation services around the world.

<ul>
<li>Last May, <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> announced buybacks of ¥200bn over 2 years. In August, they changed it to say  ¥200bn in the next nine months.</li>
<li>That helped support the stock through early March. It was big, and a decent percentage of ADV. Today, they announced earnings and guidance and another ¥100bn buyback through April 2025.</li>
<li>Earnings were OK. Guidance is a little low vs the Street. The stock popped 5% from where it was trading. Lower impact vs 2023. More cross-holder overhang consideration. </li>
</ul>


Last May, Nippon Yusen Kk (9101 JP) announced buybacks of ¥200bn over 2 years. In August, they changed it to say  ¥200bn in the next nine months.
That helped support the stock through early March. It was big, and a decent percentage of ADV. Today, they announced earnings and guidance and another ¥100bn buyback through April 2025.
Earnings were OK. Guidance is a little low vs the Street. The stock popped 5% from where it was trading. Lower impact vs 2023. More cross-holder overhang consideration. 


Nippon Yusen (9101) - Another Big Buyback Announced, But Details Matter

David Blennerhassett

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

<ul>
<li>Back in December last year, Aussie-listed equities manager <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU) </a><a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02750947-2A1492987?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">rejected</a> <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson (SOL AU)</a>'s $3bn all-scrip non-binding indicative proposal. </li>
<li>Yet Soul Patt's proposal was in sync with Perpetual's previously flagged intentions to explore a potential separation of its corporate trust and wealth management businesses, from its asset management business.</li>
<li>Perpetual has now <a href="https://announcements.asx.com.au/asxpdf/20240508/pdf/063ccykhk7w69h.pdf" target="_blank" rel="noopener">entered a Scheme</a>, to carve out the corporate trust and wealth management businesses to KKR for A$2.175bn. A lack of clarity on net proceeds saw shares rollover.</li>
</ul>


Back in December last year, Aussie-listed equities manager Perpetual Ltd (PPT AU) rejected Washington H. Soul Pattinson (SOL AU)'s $3bn all-scrip non-binding indicative proposal. 
Yet Soul Patt's proposal was in sync with Perpetual's previously flagged intentions to explore a potential separation of its corporate trust and wealth management businesses, from its asset management business.
Perpetual has now entered a Scheme, to carve out the corporate trust and wealth management businesses to KKR for A$2.175bn. A lack of clarity on net proceeds saw shares rollover.


Perpetual (PPT AU): Shareholders Divided Over Carve Out

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  </li>
<li>For BSE 100, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a> is a new potential ADD and that has caused major changes to the index change expectations I had previously.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.

Wipro Ltd (WPRO IN)'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  
For BSE 100, Jio Financial Services (JIOFIN IN) is a new potential ADD and that has caused major changes to the index change expectations I had previously.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Qantm Intellectual Property / Event-Driven

QANTM Intellectual Property Limited operates in the commercial services industry. The Company offers services for patent, design, trademark procurement, and other related intellectual properties throughout Australia.

<ul>
<li>It always seemed like a question of when, not if, <a href="https://www.smartkarma.com/entities/iph-ltd" target="_blank" data-smartkarma-citation="entities:2495:1" rel="noopener">IPH (IPH AU)</a> would make an Offer for <a href="https://www.smartkarma.com/entities/qantm-intellectual-property" target="_blank" data-smartkarma-citation="entities:24317:1" rel="noopener">QANTM (QIP AU)</a>. IPH previously approached QANTM in 2018, but was spurned.</li>
<li>Capitalising on ongoing extensions to Adamantem's exclusivity, as it relates to its all-cash A$1.817/share Offer by way of a Scheme, IPH has now tabled an all-scrip, plus A$0.11/share dividend <a href="https://announcements.asx.com.au/asxpdf/20240508/pdf/063c31fpygftp0.pdf" target="_blank" rel="noopener">NBIO</a>.</li>
<li>IPH's implied Scheme value of A$1.90/share is a premium to Adamantem's proposal. The catch: apart from terms being indicative, IPH's Offer requires ACCC and NZCC clearance.</li>
</ul>


It always seemed like a question of when, not if, IPH (IPH AU) would make an Offer for QANTM (QIP AU). IPH previously approached QANTM in 2018, but was spurned.
Capitalising on ongoing extensions to Adamantem's exclusivity, as it relates to its all-cash A$1.817/share Offer by way of a Scheme, IPH has now tabled an all-scrip, plus A$0.11/share dividend NBIO.
IPH's implied Scheme value of A$1.90/share is a premium to Adamantem's proposal. The catch: apart from terms being indicative, IPH's Offer requires ACCC and NZCC clearance.


QANTM (QIP AU): IPH Wades In As Adamantem Tarries

Quiddity Advisors
Pan-Asia Catalysts/Events

KKR Deal for Alps Logistics (9055) Appears Imminent

KKR appears near a deal to buy Alps Logistics - Alps Alpine's distribution company. The deal was rumoured end-Feb and the stock has doubled since....

Travis Lundy

Nippon Yusen (9101) - Another Big Buyback Announced, But Details Matter

Nippon Yusen today announced erns, guidance, a div hike, and an added buyback to last year's new MTMP. The stock reacted well. The buyback is...

Travis Lundy

Perpetual (PPT AU): Shareholders Divided Over Carve Out

The sum of the parts should be greater than the whole. It's not unreasonable to expect Perpetual to re-rate as debt-free, pure play asset manager?...

David Blennerhassett

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

The reference period for the BSE/SENSEX June 2024 ended on 30th April 2024. The index expectations discussed in this insight are our final...

Janaghan Jeyakumar, CFA

QANTM (QIP AU): IPH Wades In As Adamantem Tarries

Trading at a gross spread of 1.7% to Adamantem's terms, and 6.3% to IPH's. Both Offers are indicative. I'd be picking up shares around here. I...

David Blennerhassett

KKR Deal for Alps Logistics (9055) Appears Imminent

KKR appears near a deal to buy Alps Logistics - Alps Alpine's distribution company. The deal was rumoured end-Feb and the stock has doubled since....

Travis Lundy

Nippon Yusen (9101) - Another Big Buyback Announced, But Details Matter

Nippon Yusen today announced erns, guidance, a div hike, and an added buyback to last year's new MTMP. The stock reacted well. The buyback is...

Travis Lundy

Perpetual (PPT AU): Shareholders Divided Over Carve Out

The sum of the parts should be greater than the whole. It's not unreasonable to expect Perpetual to re-rate as debt-free, pure play asset manager?...

David Blennerhassett

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

The reference period for the BSE/SENSEX June 2024 ended on 30th April 2024. The index expectations discussed in this insight are our final...

Janaghan Jeyakumar, CFA

QANTM (QIP AU): IPH Wades In As Adamantem Tarries

Trading at a gross spread of 1.7% to Adamantem's terms, and 6.3% to IPH's. Both Offers are indicative. I'd be picking up shares around here. I...

David Blennerhassett

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities