Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The long-term major owner now chairman is getting out. The company was shopped. And bought. And this is the deal. ¥2,830 which is about 5.7x this year's EBITDA.</li>
<li>It could have been done a bit better, but irrevocables are 48.5% out of the 50.01% minimum and other directors get this past the minimum hurdle. </li>
<li>Transparency is lacking but it is an all-time high and you can't do much about it.</li>
</ul>


The long-term major owner now chairman is getting out. The company was shopped. And bought. And this is the deal. ¥2,830 which is about 5.7x this year's EBITDA.
It could have been done a bit better, but irrevocables are 48.5% out of the 50.01% minimum and other directors get this past the minimum hurdle. 
Transparency is lacking but it is an all-time high and you can't do much about it.


[Japan M&A] Private Co Takeout of Fuji Corp (7605 JP) - A Done Deal

David Blennerhassett

Washington H. Soul Pattinson and Co. Ltd / Event-Driven

<ul>
<li>I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: the <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> / <a href="https://www.smartkarma.com/entities/brickworks-ltd" target="_blank" data-smartkarma-citation="entities:2726:1" rel="noopener">Brickworks Ltd (BKW AU)</a>merger; and <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>'s Exit Offer. </li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/spartan-resources-ltd-australi" target="_blank" data-smartkarma-citation="entities:1818:1" rel="noopener">Spartan Resources (SPR AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/esr-group-ltd" target="_blank" data-smartkarma-citation="entities:27983:1" rel="noopener">ESR Group (1821 HK)</a>, and <a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a>.</li>
</ul>


I tally 44 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: the Washington H. Soul Pattinson  (SOL AU) / Brickworks Ltd (BKW AU)merger; and Great Eastern Holdings (GE SP)'s Exit Offer. 
Key updates/news took place on: Spartan Resources (SPR AU), PointsBet Holdings (PBH AU), ESR Group (1821 HK), and Tam Jai International (2217 HK).


(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> and <a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> have recently written extensively about <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>  proposed takeover. Read the details in their insights.</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> is involved: <a href="https://www.smartkarma.com/insights/toyota-motor-7203-jp-tactical-view-privatization-momentum-builds-ready-to-rally" target="_blank" rel="noopener">2 weeks ago we predicted a rally</a>, and the rally did happen and went past our suggested profit target - time for an update.</li>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> at the end of last week was overbought, according to our model. Any catalyst could trigger a sell off from here but let's analyze the models....</li>
</ul>



Travis Lundy and Arun George have recently written extensively about Toyota Industries (6201 JP)  proposed takeover. Read the details in their insights.

Toyota Motor (7203 JP) is involved: 2 weeks ago we predicted a rally, and the rally did happen and went past our suggested profit target - time for an update.

Toyota Motor (7203 JP) at the end of last week was overbought, according to our model. Any catalyst could trigger a sell off from here but let's analyze the models....


Toyota Motor (7203 JP) Outlook Amid Uncertainty Over Toyota Industries Privatization Bid

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>  aims to raise around US$400m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH)  aims to raise around US$400m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.


JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

Japan

TOYOTA INDUSTRIES CORPORATION, a member of the Toyota Motor Group, assembles motor vehicles and manufactures automotive parts such as engines and air conditioner compressors.  The Company also produces industrial equipment and textile machinery as well as electronic devices such as computer modems and power inverters.

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Toyota Industries (6201 JP)

[Japan M&A] Private Co Takeout of Fuji Corp (7605 JP) - A Done Deal

Fuji Corp has been a small cap manager's dream stock for two decades because of steady growth and buybacks. The stock has done well. Now the owners...

Travis Lundy

(Mostly) Asia-Pac M&A: Soul Patts/ Brickworks, Spartan Resources, PointsBet, ESR Group, Tam Jai

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

Toyota Motor (7203 JP) Outlook Amid Uncertainty Over Toyota Industries Privatization Bid

Toyota Motor last week hit and surpassed our 2763 profit target, entering overbought territory, while Toyota Industries takeover uncertainty...

Nico Rosti

Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kawasaki Heavy Industries (7012 JP), Mitsubishi Ufj Financial...

Ke Yan, CFA, FRM

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