Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 52 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal discussed this week: <a href="https://www.smartkarma.com/entities/public-storage" target="_blank" data-smartkarma-citation="entities:18193:1" rel="noopener">Public Storage (PSA US)</a>'s NBIO, by way of a Scheme, for <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <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/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental (1381 HK)</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>, <a href="https://www.smartkarma.com/entities/goldlion-holdings-ltd" target="_blank" data-smartkarma-citation="entities:12359:1" rel="noopener">Goldlion Holdings (533 HK)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>.</li>
</ul>


I tally 52 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
One new deal discussed this week: Public Storage (PSA US)'s NBIO, by way of a Scheme, for Abacus Storage King (ASK AU).
Key updates/news took place on Gold Road Resources (GOR AU), Mayne Pharma (MYX AU), Canvest Environmental (1381 HK), ESR Group (1821 HK), Goldlion Holdings (533 HK), Shibaura Electronics (6957 JP).


(Mostly) Asia-Pac M&A: Abacus Storage, Gold Road, Mayne Pharma, Canvest, ESR, Shibaura Electronics

James Hardie Industries Plc / Event-Driven

<ul>
<li>On the 24th March, building materials outfit <a href="https://www.smartkarma.com/entities/james-hardie-industries-plc" target="_blank" data-smartkarma-citation="entities:10937:1" rel="noopener">James Hardie Industries Plc (JHX AU)</a> announced a cash/scrip merger with decking manufacturer <a href="https://www.smartkarma.com/entities/azek-co-inc-the" target="_blank" data-smartkarma-citation="entities:36947:1" rel="noopener">Azek (AZEK US)</a>.</li>
<li>JHX is offering 1.034 new JHX shares plus US$26.45/share in cash for each Azek share, or an implied $56.88 all-in price (at the time), a punchy 37.4% premium to undisturbed. </li>
<li>Apart from pushback on pricing for Azek, JHX shareholders have voiced opposition over the ASX granting a waiver, allowing the merger to proceed without a vote from JHX shareholders</li>
</ul>


On the 24th March, building materials outfit James Hardie Industries Plc (JHX AU) announced a cash/scrip merger with decking manufacturer Azek (AZEK US).
JHX is offering 1.034 new JHX shares plus US$26.45/share in cash for each Azek share, or an implied $56.88 all-in price (at the time), a punchy 37.4% premium to undisturbed. 
Apart from pushback on pricing for Azek, JHX shareholders have voiced opposition over the ASX granting a waiver, allowing the merger to proceed without a vote from JHX shareholders


James Hardie (JHX AU)/Azek (AZEK US) Merger: Risky, Expensive, And Poor Governance

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Generation Development Group L / Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.</li>
<li>We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. </li>
<li>The official index changes will be announced after the close on Friday 6th June 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the June 2025 index rebal event.
We expect one change for ASX 50, one change for ASX 100, and two changes for ASX 200. 
The official index changes will be announced after the close on Friday 6th June 2025.


Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential segment.</li><li>The company's net sales increased by 22% year-over-year to $272 million, driven significantly by growth in the Deck, Rail & Accessories and Exteriors product categories.</li><li>The Residential segment also saw a 24% year-over-year growth in adjusted EBITDA, and adjusted EBITDA margin expanded to 23.7%.</li></ul>

The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential segment.The company's net sales increased by 22% year-over-year to $272 million, driven significantly by growth in the Deck, Rail & Accessories and Exteriors product categories.The Residential segment also saw a 24% year-over-year growth in adjusted EBITDA, and adjusted EBITDA margin expanded to 23.7%.

AZEK’s Railing Revolution: How It’s Trying To Take Over The Billion-Dollar Wood Market!

<ul><li>The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some challenges that could impact future performance.</li><li>The company achieved a 12% year-over-year growth in net sales, marking another year of strong performance within its Residential segment, which grew by high single digits.</li><li>However, there was some softness in the Exteriors business during the latter half of the year.</li></ul>

The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some challenges that could impact future performance.The company achieved a 12% year-over-year growth in net sales, marking another year of strong performance within its Residential segment, which grew by high single digits.However, there was some softness in the Exteriors business during the latter half of the year.

The AZEK Company: Will Its Enhanced Strategic Distribution & Market Expansion Be A Potential Game Changer? - Major Drivers

United States

The AZEK Company Inc. manufactures environmentally sustainable building products for residential and commercial markets. The Company's products include decking, railing, trim, porch, moulding, pavers, bathroom, and locker systems, as well as extruded plastic sheets and other non-fabricated products for special applications in industrial markets.

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Azek (AZEK US)

(Mostly) Asia-Pac M&A: Abacus Storage, Gold Road, Mayne Pharma, Canvest, ESR, Shibaura Electronics

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

James Hardie (JHX AU)/Azek (AZEK US) Merger: Risky, Expensive, And Poor Governance

On balance, this isn’t inherently a "bad" deal,; but risky and expensive. Yet, JHX is down a massive 23% on the news. I think JHX has probably...

David Blennerhassett

Quiddity Leaderboard ASX Jun25: De Grey Mining Intra-Review Replacement + More Regular Changes

The last day of trading for De Grey Mining will be 23rd April. There will be an ASX 200 replacement for De Grey mining. For the Acquirer Northern...

Janaghan Jeyakumar, CFA

AZEK’s Railing Revolution: How It’s Trying To Take Over The Billion-Dollar Wood Market!

The AZEK Company reported solid financial performance for the first quarter of fiscal 2025, with notable achievements in their Residential...

Baptista Research

The AZEK Company: Will Its Enhanced Strategic Distribution & Market Expansion Be A Potential Game Changer? - Major Drivers

The AZEK Company recently announced its financial results for the fourth quarter of fiscal 2024, revealing significant achievements alongside some...

Baptista Research

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