Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">7&amp;I (3382 JP)</a>'s MBO is off. Itochu has apparently not been able to agree with Ito-san on board composition/representation and management control. That the MBO is off isn't surprising.</li>
<li>
<a href="https://www.smartkarma.com/entities/yangzijiang-shipbuilding-holdings-limited" target="_blank" data-smartkarma-citation="entities:660:1" rel="noopener">Yangzijiang Shipbuilding (YZJSGD SP)</a> is sucking wind as United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels</li>
<li>
<a href="https://www.smartkarma.com/entities/pentamaster-international-ltd" target="_blank" data-smartkarma-citation="entities:31099:1" rel="noopener">Pentamaster International (1665 HK)</a>'s Scheme comfortably gets up after a wild week of trading. </li>
</ul>



7&amp;I (3382 JP)'s MBO is off. Itochu has apparently not been able to agree with Ito-san on board composition/representation and management control. That the MBO is off isn't surprising.

Yangzijiang Shipbuilding (YZJSGD SP) is sucking wind as United States Trade Representative’s (USTR) office proposed a raft of fees and other shipping restrictions on Chinese vessels

Pentamaster International (1665 HK)'s Scheme comfortably gets up after a wild week of trading. 


Last Week in Event SPACE: Seven & I, Yangzijiang Shipbuilding, Pentamaster Int'l, T'Way Holdings

<ul>
<li>I tally 56 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals discussed this week: <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>'s Offer for <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>, and <a href="https://www.smartkarma.com/entities/tonami-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:2615:1" rel="noopener">Tonami Holdings (9070 JP)</a>'s MBO. <a href="https://www.smartkarma.com/entities/china-international-capital-corporation-ltd" target="_blank" data-smartkarma-citation="entities:1071:1" rel="noopener">CICC (3908 HK)</a>/<a href="https://www.smartkarma.com/entities/china-galaxy-securities-co-h" target="_blank" data-smartkarma-citation="entities:165:1" rel="noopener">China Galaxy (6881 HK)</a> merger rumoured.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a>, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a>, <a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco Corp (7408 JP)</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 Co (6135 JP)</a>.</li>
</ul>


I tally 56 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Two new deals discussed this week: Mixi Inc (2121 JP)'s Offer for PointsBet Holdings (PBH AU), and Tonami Holdings (9070 JP)'s MBO. CICC (3908 HK)/China Galaxy (6881 HK) merger rumoured.
Key updates/news took place on: SG Fleet (SGF AU), Silk Logistics (SLH AU), Jamco Corp (7408 JP), and Makino Milling Machine Co (6135 JP).


(Mostly) Asia-Pac M&A: PointsBet, Tonami, CIC/China Galaxy, SG Fleet, Silk Logistics, Jamco, Makino

<ul>
<li>After online trading player <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth (SWF AU)</a> entered into a SID with <a href="https://www.smartkarma.com/entities/bell-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:7251:1" rel="noopener">Bell Financial (BFG AU)</a> on the 25th November, Singaporean-based wealth manager Svava gate-crashed the party earlier this month. </li>
<li>Svava tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme, versus Bell's A$0.25/share. Svava also built an effective blocking stake - 18.83% of shares out.</li>
<li>After Bell <a href="https://announcements.asx.com.au/asxpdf/20250226/pdf/06fym71b8fmpny.pdf" target="_blank" rel="noopener">said</a> it won't make a counterproposal yesterday, SelfWealth has now <a href="https://announcements.asx.com.au/asxpdf/20250227/pdf/06g09l1txvg45r.pdf" target="_blank" rel="noopener">entered into Scheme</a> with Svava. Expect implementation in May. </li>
</ul>


After online trading player SelfWealth (SWF AU) entered into a SID with Bell Financial (BFG AU) on the 25th November, Singaporean-based wealth manager Svava gate-crashed the party earlier this month. 
Svava tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme, versus Bell's A$0.25/share. Svava also built an effective blocking stake - 18.83% of shares out.
After Bell said it won't make a counterproposal yesterday, SelfWealth has now entered into Scheme with Svava. Expect implementation in May. 


SelfWealth (SWF AU) Enters Into Scheme With Svava

Director, RaaS Research Group, Research as a Service (RaaS)

RaaS Research Group (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Research as a Service (RaaS)

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

<ul><li>RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of its FY24 audited results which demonstrated H2 CY24 acceleration in NPAT relative to H1 in the key recurring revenue businesses of Technology & Platforms (+18% vs. +2%) and Products & Services (+9% vs. +3%) as scale benefits continue.</li><li>The Retail & Institutional business benefited from improved ECM activity and equity volumes, with H1 FY24 NPAT growth ~290% and H2 FY24 +6% off a strong base.</li><li>Products & Services delivered 10% NPAT growth in CY24, with H2 growth accelerating to 16% following 3% growth in H1 as scale benefits kicked in.</li></ul>

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of its FY24 audited results which demonstrated H2 CY24 acceleration in NPAT relative to H1 in the key recurring revenue businesses of Technology & Platforms (+18% vs. +2%) and Products & Services (+9% vs. +3%) as scale benefits continue.The Retail & Institutional business benefited from improved ECM activity and equity volumes, with H1 FY24 NPAT growth ~290% and H2 FY24 +6% off a strong base.Products & Services delivered 10% NPAT growth in CY24, with H2 growth accelerating to 16% following 3% growth in H1 as scale benefits kicked in.

Bell Financial Group Ltd - Diversification continues to drive growth

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

Australia

Bell Financial Group Limited provides broking, investment and financial advisory services. The Company offers corporate finance, portfolio administration, investment solutions in global futures and options, currency markets, foreign exchange services. Bell Financial Group serves client in Australia.

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Bell Financial (BFG AU)

Last Week in Event SPACE: Seven & I, Yangzijiang Shipbuilding, Pentamaster Int'l, T'Way Holdings

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

(Mostly) Asia-Pac M&A: PointsBet, Tonami, CIC/China Galaxy, SG Fleet, Silk Logistics, Jamco, Makino

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

SelfWealth (SWF AU) Enters Into Scheme With Svava

Trading tight at a 1.8%/8.9% gross/annualised spread, assuming mid-May payment If small, illiquid arbs are your bent, look to enter around here and...

David Blennerhassett

Bell Financial Group Ltd - Diversification continues to drive growth

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of its FY24 audited...

Research as a Service (RaaS)

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

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

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