Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. </li>
<li>One new deal was discussed this week: <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne Hotels Nz (MCK NZ)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings (AVJ AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, and <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine (6135 JP)</a>. </li>
</ul>


I tally 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. 
One new deal was discussed this week: City Developments (CIT SP)'s Offer for Millennium &amp; Copthorne Hotels Nz (MCK NZ).
Key updates/news took place on: Insignia Financial (IFL AU), AVJennings (AVJ AU), Shanghai Henlius Biotech (2696 HK), Canvest (1381 HK), Greatview Aseptic Packaging (468 HK), and Makino Milling Machine (6135 JP). 


(Mostly) Asia-Pac M&A:Millennium & Copthorne, Insignia, AVJennings, Henlius, Canvest, Makino Milling

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Familiar theme across a lot of names with prices either back to the lows of range over the last 2 months or having given back all of the stimulus gains.</li>
<li>Call volumes back to normal levels making up 57% of all single-stock trading. High volumes for Tencent did not repeat this weak as Tencent trading settled back to normal levels. </li>
<li>Materials were the strongest sector with the median stock rising just under 6%.</li>
</ul>


Familiar theme across a lot of names with prices either back to the lows of range over the last 2 months or having given back all of the stimulus gains.
Call volumes back to normal levels making up 57% of all single-stock trading. High volumes for Tencent did not repeat this weak as Tencent trading settled back to normal levels. 
Materials were the strongest sector with the median stock rising just under 6%.


EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda (7267 JP) </a> announced a HUGE ¥1.1trln buyback. At ~¥1500/share, this would increase EPS by 17+%.  Buy the shares in the low ¥1,400s. Expect this to be a range trade.</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>'s Circular is now out. Hoome straight and done deal. </li>
<li>Murakami-San has started selling <a href="https://www.smartkarma.com/entities/exedy-corp" target="_blank" data-smartkarma-citation="entities:6516:1" rel="noopener">Exedy Corp (7278 JP)</a>, earlier than expected. Best to get out first, ask questions later.</li>
</ul>



Honda (7267 JP)  announced a HUGE ¥1.1trln buyback. At ~¥1500/share, this would increase EPS by 17+%.  Buy the shares in the low ¥1,400s. Expect this to be a range trade.

Shanghai Henlius Biotech (2696 HK)'s Circular is now out. Hoome straight and done deal. 
Murakami-San has started selling Exedy Corp (7278 JP), earlier than expected. Best to get out first, ask questions later.


Last Week in Event SPACE: Honda, Shanghai Henlius, Exedy, Arcadium Lithium

<ul>
<li>Communication Services had 39% of single stock option volumes vs only 22% of the open interest highlighting short expiry / speculative nature of trading.</li>
<li>Tencent and Baidu heading in opposite directions – Baidu vol on the inexpensive side vs Tencent vol.</li>
<li>Xiaomi one of only 2 optionable names trading at 52-week high (Sunny optical being the other).</li>
</ul>


Communication Services had 39% of single stock option volumes vs only 22% of the open interest highlighting short expiry / speculative nature of trading.
Tencent and Baidu heading in opposite directions – Baidu vol on the inexpensive side vs Tencent vol.
Xiaomi one of only 2 optionable names trading at 52-week high (Sunny optical being the other).


EQD | Hong Kong Single Stock Options Weekly December 16 – 20

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 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.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> priced its IPO at JPY1,455, the midpoint of the IPO price range.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>. 
</li>
</ul>


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: Kioxia Holdings (285A JP) priced its IPO at JPY1,455, the midpoint of the IPO price range.
Event-Driven developments: Fosun Tourism (1992 HK), CPMC Holdings (906 HK), Fuji Soft Inc (9749 JP), Nec Networks &amp; System Integr (1973 JP), Topcon Corp (7732 JP), Insignia Financial (IFL AU). 



Weekly Deals Digest (15 Dec) - Fosun Tourism, CPMC, ESR, Fuji Soft, NEC Networks, Topcon, Kioxia

China

China National Building Material Company Limited manufactures cement products. The Company produces silica cements, commodity concretes, cement clinkers, and other products. China National Building Material also produces glass fibers, composite materials, and other products.

China National Building Material (3323 HK)

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China National Building Material (3323 HK)

(Mostly) Asia-Pac M&A:Millennium & Copthorne, Insignia, AVJennings, Henlius, Canvest, Makino Milling

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

EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...

John Ley

Last Week in Event SPACE: Honda, Shanghai Henlius, Exedy, Arcadium Lithium

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

EQD | Hong Kong Single Stock Options Weekly December 16 – 20

Tencent and Baidu showing contrasting price and volatility levels with Baidu implied vol looking relatively inexpensive. Xiaomi stands out as one...

John Ley

Weekly Deals Digest (15 Dec) - Fosun Tourism, CPMC, ESR, Fuji Soft, NEC Networks, Topcon, Kioxia

Last week, notable developments occurred in Event-Driven (CNBM, CPMC, ESR, Fosun Tourism, Vesync, Fuji Soft, NEC Networks, Topcon, Insignia...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

(Mostly) Asia-Pac M&A:Millennium & Copthorne, Insignia, AVJennings, Henlius, Canvest, Makino Milling

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

EQD | Hong Kong Single Stock Options Weekly (January 13 – 17): Stocks at Inflection Point.

​A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...

John Ley

Last Week in Event SPACE: Honda, Shanghai Henlius, Exedy, Arcadium Lithium

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

EQD | Hong Kong Single Stock Options Weekly December 16 – 20

Tencent and Baidu showing contrasting price and volatility levels with Baidu implied vol looking relatively inexpensive. Xiaomi stands out as one...

John Ley

Weekly Deals Digest (15 Dec) - Fosun Tourism, CPMC, ESR, Fuji Soft, NEC Networks, Topcon, Kioxia

Last week, notable developments occurred in Event-Driven (CNBM, CPMC, ESR, Fosun Tourism, Vesync, Fuji Soft, NEC Networks, Topcon, Insignia...

Arun George

A number of single stocks have seen their prices either return to lows of the past 2 months or have lost all of their stimulus gains. Option...