Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for <a href="https://www.smartkarma.com/entities/apiam-animal-health-ltd" target="_blank" data-smartkarma-citation="entities:26109:1" rel="noopener">Apiam Animal Health (AHX AU)</a>, Australia's largest rural and regional veterinary group.</li>
<li>The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.</li>
<li>
<a href="https://announcements.asx.com.au/asxpdf/20251212/pdf/06t8y2p0w1dc35.pdf" target="_blank" rel="noopener">The Scheme Booklet is now out</a>, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".</li>
</ul>


Back on the 22nd October, PE outfit Adamantem Capital firmed its Offer for Apiam Animal Health (AHX AU), Australia's largest rural and regional veterinary group.
The A$0.87/share Offer Price was a 64.5% premium to last close. This included a permitted fully franked dividend up to A$0.10/share. Mix &amp; match options are afforded, including 100% scrip.

The Scheme Booklet is now out, with a Scheme Meeting on the 3rd February, and expected implementation on the 23rd Feb 2026. The IE (Kroll) says "fair &amp; reasonable".


Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

<ul>
<li>I tally 38 - 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>Just one new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener">Raksul Inc (4384 JP)</a><a href="https://www.smartkarma.com/entities/raksul-inc" target="_blank" data-smartkarma-citation="entities:27043:1" rel="noopener"></a>.</li>
<li>Key updates/news also took place on <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>,<a href="https://www.smartkarma.com/entities/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan International Airport (357 HK)</a>, and <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings (2389 JP)</a>.</li>
</ul>


I tally 38 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Just one new deal was discussed on Smartkarma this week: Raksul Inc (4384 JP).
Key updates/news also took place on Toyota Industries (6201 JP),Predictive Discovery (PDI AU), Jinke Smart Services (9666 HK), Hainan Meilan International Airport (357 HK), and Digital Holdings (2389 JP).


Asia-Pac M&A Weekly Wrap: Toyota Inds, Predictive Discovery, Jinke Smart Services, Meilan Airport

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 5th (reported today). The aggregated short interest was USD28.4bn.</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 Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 5th (reported today). The aggregated short interest was USD28.4bn.
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 Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths.


ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

<ul>
<li>The process in the <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> transaction is egregiously bad and lacking in  transparency. This deal, as structured, is block-able, even if bumped.</li>
<li>There's been a lot of enthusiasm for HK spin-offs of late (<a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin Mining (2899 HK)</a> and <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO (9896 HK)</a>). I'm not convinced <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> deserves similar accolades.  </li>
<li>If you've the ability to borrow <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>, this promises to be fun/interesting. If you're a long-only investor, it's more nuanced. And it depends on where you are post-tender.</li>
</ul>


The process in the Toyota Industries (6201 JP) transaction is egregiously bad and lacking in  transparency. This deal, as structured, is block-able, even if bumped.
There's been a lot of enthusiasm for HK spin-offs of late (Zijin Mining (2899 HK) and MINISO (9896 HK)). I'm not convinced Dongfeng Motor (489 HK) deserves similar accolades.  
If you've the ability to borrow Aeon (8267 JP), this promises to be fun/interesting. If you're a long-only investor, it's more nuanced. And it depends on where you are post-tender.


Last Week In Event SPACE: Toyota Inds, Dongfeng Motors, Aeon/TSURUHA, Jinke Smart, Genting Malaysia

<ul>
<li>I tally 37 - 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/predictive-discovery-ltd" target="_blank" data-smartkarma-citation="entities:15374:1" rel="noopener">Predictive Discovery (PDI AU)</a>, <a href="https://www.smartkarma.com/entities/african-gold-ltd" target="_blank" data-smartkarma-citation="entities:29028:1" rel="noopener">African Gold Ltd (A1G AU)</a>, and <a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928:1" rel="noopener">Low Keng Huat Singapore (LKH SP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a>, and <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a>.</li>
</ul>


I tally 37 - 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: Predictive Discovery (PDI AU), African Gold Ltd (A1G AU), and Low Keng Huat Singapore (LKH SP).
Key updates/news also took place on: ANE Cayman Inc (9956 HK), Steadfast (SDF AU), and Spindex Industries (SPE SP).


Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

Australia

AUB Group Limited provides financial services. The Company offers equity-based risk management, insurance broking, and specialist underwriting agencies, as well as focuses on risk solutions for clients and strengthening our partners risk advisory capabilities.

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AUB Group Limited (AUB AU)

Asia-Pac M&A Weekly Wrap: Toyota Inds, Predictive Discovery, Jinke Smart Services, Meilan Airport

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

ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Toyota Inds, Dongfeng Motors, Aeon/TSURUHA, Jinke Smart, Genting Malaysia

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

Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Apiam Animal Health (AHX AU): 3rd Feb Vote On Adamantem's A$0.87/Share Offer

Clean deal. Trading at terms. Unless in - and/or can take advantage of the franking credits - I would be looking elsewhere.

David Blennerhassett

Asia-Pac M&A Weekly Wrap: Toyota Inds, Predictive Discovery, Jinke Smart Services, Meilan Airport

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

ASX Short Interest Weekly (Dec 5th): Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global, Woolworths

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, ALS, JB Hi-Fi, WiseTech Global,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Toyota Inds, Dongfeng Motors, Aeon/TSURUHA, Jinke Smart, Genting Malaysia

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

Asia-Pac M&A Weekly Wrap: ANE (Cayman), Predictive Discovery, African Gold, Steadfast, Spindex

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