Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
 Highlights: In Australia, currently four pair trade opportunities persist across two sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

 Highlights: In Australia, currently four pair trade opportunities persist across two sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Australia: Relative Value Opportunities and Pair Trades (29 Sep 2026)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Kobayashi Pharmaceutical Co / Event-Driven

<ul>
<li>I tally 36 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/global-lithium-resources-ltd" target="_blank" data-smartkarma-citation="entities:34827:1" rel="noopener">Global Lithium Resources Ltd (GL1 AU)</a>, <a href="https://www.smartkarma.com/entities/idp-education-ltd" target="_blank" data-smartkarma-citation="entities:1098:1" rel="noopener">IDP Education (IEL AU)</a>, and <a href="https://www.smartkarma.com/entities/kobayashi-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:14930:1" rel="noopener">Kobayashi Pharmaceutical Co (4967 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ofx-group-ltd" target="_blank" data-smartkarma-citation="entities:8376:1" rel="noopener">OFX Group (OFX AU)</a>,<a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, <a href="https://www.smartkarma.com/entities/ajinomoto-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:12499:1" rel="noopener">Ajinomoto Malaysia (AJI MK)</a>, <a href="https://www.smartkarma.com/entities/carnaby-resources-ltd" target="_blank" data-smartkarma-citation="entities:4197:1" rel="noopener">Carnaby Resources (CNB AU)</a>, and <a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a>.</li>
</ul>


I tally 36 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Global Lithium Resources Ltd (GL1 AU), IDP Education (IEL AU), and Kobayashi Pharmaceutical Co (4967 JP).
Key updates/news also took place on: OFX Group (OFX AU),Changhong Jiahua (3991 HK), Ajinomoto Malaysia (AJI MK), Carnaby Resources (CNB AU), and Reliance Worldwide Corp (RWC AU).


Asia-Pac Weekly Wrap: Kobayashi Pharma, Global Lithium, IDP, OFX, Ajinomoto, Reliance Worldwide

<ul>
<li>
<a href="https://www.smartkarma.com/entities/resonac-holdings-corp" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Resonac Holdings (4004 JP)</a> is worth more than ¥200/share over the medium-term. But expect this <a href="https://www.smartkarma.com/entities/crasus-chemical" target="_blank" data-smartkarma-citation="entities:58630:1" rel="noopener">Crasus Chemical (646A JP)</a> spinoff to create trading and accumulation opportunities in the near future.</li>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine (8766 JP)</a> reportedly identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>. It's a clean play after selling Suncorp Bank to ANZ. <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">IAG (IAG AU)</a> is now cleaner after settling the Greensill litigation.</li>
<li>
<a href="https://www.smartkarma.com/entities/legend-holdings-corporation-class-h" target="_blank" data-smartkarma-citation="entities:517:1" rel="noopener">Legend Holdings (3396 HK)</a> remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. </li>
</ul>



Resonac Holdings (4004 JP) is worth more than ¥200/share over the medium-term. But expect this Crasus Chemical (646A JP) spinoff to create trading and accumulation opportunities in the near future.

Tokio Marine (8766 JP) reportedly identified Suncorp (SUN AU). It's a clean play after selling Suncorp Bank to ANZ. IAG (IAG AU) is now cleaner after settling the Greensill litigation.

Legend Holdings (3396 HK) remains deeply valued. It is now seeking to offload its 90% stake in Banque Internationale à Luxembourg for ~HK$23bn. 


Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eight pairtrade opportunities persist across three markets and five sectors.
</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eight pairtrade opportunities persist across three markets and five sectors.


Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Sep 2026)

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: In Australia, currently four pair trade opportunities persist across three sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: In Australia, currently four pair trade opportunities persist across three sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Australia: Relative Value Opportunities and Pair Trades (21 Sep 2026)

Australia

Insurance Australia Group Limited (IAG) is an Australian-based international general insurance group with operations in Australia, New Zealand, and Asia. The Group provides a range of personal and commercial insurance products, primarily motor vehicle and home insurance.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Insurance Australia (IAG AU)

Australia: Relative Value Opportunities and Pair Trades (29 Sep 2026)

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Asia-Pac Weekly Wrap: Kobayashi Pharma, Global Lithium, IDP, OFX, Ajinomoto, Reliance Worldwide

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

Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Sep 2026)

Discover eight pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Australia: Relative Value Opportunities and Pair Trades (21 Sep 2026)

Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Australia: Relative Value Opportunities and Pair Trades (29 Sep 2026)

​Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Asia-Pac Weekly Wrap: Kobayashi Pharma, Global Lithium, IDP, OFX, Ajinomoto, Reliance Worldwide

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

Last Week In Event SPACE: Resonac, Tokio Marine/Suncorp/IAG, Legend, Chery Automobile

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

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (28 Sep 2026)

​Discover eight pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Australia: Relative Value Opportunities and Pair Trades (21 Sep 2026)

​Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Discover four pair trade opportunities across two sectors using statistical mean-reversion methodology for actionable insights.

Discover eight pair trade opportunities across three markets and five sectors using statistical mean-reversion methodology for actionable insights.

Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.