Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental International (MAND SP)</a>, <a href="https://www.smartkarma.com/entities/rpmglobal-holdings-limited" target="_blank" data-smartkarma-citation="entities:16492:1" rel="noopener">RPMGlobal Holdings Limited (RUL AU)</a> and <a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/iress-ltd" target="_blank" data-smartkarma-citation="entities:15342:1" rel="noopener">Iress Ltd (IRE AU)</a>, and <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Mandarin Oriental International (MAND SP), RPMGlobal Holdings Limited (RUL AU) and Genting Malaysia (GENM MK).
Key updates/news took place on: Mayne Pharma (MYX AU), Iress Ltd (IRE AU), and Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK).


(Mostly) Asia-Pac M&A: Mandarin Oriental, RPMGlobal, Genting, Mayne Pharma, Iress, Kangji Medical

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad</li>
<li>The UST curve bull steepened meaningfully yesterday, on haven flows and Fed-easing expectations after credit concerns hit two US regional banks. The yield on the 2Y UST fell 7 bps to 3.43%, while that on the 10Y UST declined 5 bps to 3.98%.</li>
<li>Equities and risk assets (e.g. bitcoin) slumped following credit fears in the economy, while gold soared above USD 4.3 k/oz. The S&amp;P 500 decreased 0.6% to 6,629, and the Nasdaq dropped 0.5% to 22,563.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad
The UST curve bull steepened meaningfully yesterday, on haven flows and Fed-easing expectations after credit concerns hit two US regional banks. The yield on the 2Y UST fell 7 bps to 3.43%, while that on the 10Y UST declined 5 bps to 3.98%.
Equities and risk assets (e.g. bitcoin) slumped following credit fears in the economy, while gold soared above USD 4.3 k/oz. The S&amp;P 500 decreased 0.6% to 6,629, and the Nasdaq dropped 0.5% to 22,563.


Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>CGSI flags lower earnings for Riverstone due to currency shifts, maintains 'add' rating.</li><li>17Live's challenges might be easing, according to Lim &amp; Tan's report.</li><li>DBS suggests parent company could increase dividends from Genting Singapore.</li></ul>

CGSI flags lower earnings for Riverstone due to currency shifts, maintains 'add' rating.17Live's challenges might be easing, according to Lim &amp; Tan's report.DBS suggests parent company could increase dividends from Genting Singapore.

Singapore Market Roundup (14-Oct-2025): CGSI lowers Riverstone earnings forecast, keeps 'add'

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genting-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:3141:1" rel="noopener">Genting Malaysia (GENM MK)</a> disclosed a conditional voluntary offer from <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> at RM2.35, a 9.8% premium to the last close price of RM2.14. </li>
<li>The 50% minimum acceptance condition is easily met as Genting is the largest shareholder, representing 49.36% of outstanding shares. </li>
<li>Genting’s preferred endgame is to delist GENM, thereby fully benefiting if GENM successfully bids for a downstate New York casino licence. Therefore, there is a good chance of a bump. </li>
</ul>



Genting Malaysia (GENM MK) disclosed a conditional voluntary offer from Genting Bhd (GENT MK) at RM2.35, a 9.8% premium to the last close price of RM2.14. 
The 50% minimum acceptance condition is easily met as Genting is the largest shareholder, representing 49.36% of outstanding shares. 
Genting’s preferred endgame is to delist GENM, thereby fully benefiting if GENM successfully bids for a downstate New York casino licence. Therefore, there is a good chance of a bump. 


Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Sep 12th. The aggregated short interest is USD365m.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Malaysian Resources, Sime Darby, Bumi Armada, Genting, Yinson.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Sep 12th. The aggregated short interest is USD365m.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Malaysian Resources, Sime Darby, Bumi Armada, Genting, Yinson.


Bursa Short Interest Weekly (Sep 12th): Malaysian Resources, Sime Darby, Bumi Armada, Genting

Malaysia

Genting Berhad is an investment holding company.  The Company, through its subsidiaries, provides leisure and hospitality, gaming, and entertainment businesses. Genting also operates plantations, develops and manages property, provides tours and travel related services, manufactures and trades paper, explores oil and gas, and provides money lending services.

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Genting Bhd (GENT MK)

(Mostly) Asia-Pac M&A: Mandarin Oriental, RPMGlobal, Genting, Mayne Pharma, Iress, Kangji Medical

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: China Jinmao, Longfor Group, Genting Berhad

Lucror Analytics

Singapore Market Roundup (14-Oct-2025): CGSI lowers Riverstone earnings forecast, keeps 'add'

CGSI lowers earnings outlook for Riverstone amid currency shifts but keeps 'add' rating. 17Live's issues may be improving, while DBS hints at...

Singapore Market Roundup

Genting Malaysia (GENM MK): Genting’s Conditional Voluntary Offer at RM2.35

The 50% minimum acceptance condition is easily met. However, Genting’s preferred endgame is to delist GENM. Therefore, there is a good chance of a...

Arun George

Bursa Short Interest Weekly (Sep 12th): Malaysian Resources, Sime Darby, Bumi Armada, Genting

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Malaysian Resources, Sime Darby, Bumi...

Ke Yan, CFA, FRM

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52-week Range

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