Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Six new deals! Australia's <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth (SWF AU)</a>, and Japan's <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>, <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>, <a href="https://www.smartkarma.com/entities/tecnos-japan-inc" target="_blank" data-smartkarma-citation="entities:5167:1" rel="noopener">Tecnos Japan (3666 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto (4298 JP)</a>, &amp; <a href="https://www.smartkarma.com/entities/toyo-sugar-refining-co-ltd" target="_blank" data-smartkarma-citation="entities:2182:1" rel="noopener">Toyo Sugar Refining (2107 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> , <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> , <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>, and <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong (2888 TT)</a>/<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin  (2887 TT)</a>.</li>
</ul>


I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Six new deals! Australia's SelfWealth (SWF AU), and Japan's Shibaura Electronics (6957 JP), Tohto Suisan (8038 JP), Tecnos Japan (3666 JP), Proto (4298 JP), &amp; Toyo Sugar Refining (2107 JP).
Key updates/news took place on: Insignia Financial (IFL AU) , Fosun Tourism (1992 HK) , Fuji Soft (9749 JP), Suntec REIT (SUN SP), and Shin Kong (2888 TT)/Taishin  (2887 TT).


(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

<ul>
<li>On the <a href="https://announcements.asx.com.au/asxpdf/20241125/pdf/06bsnwy06nspdv.pdf" target="_blank" rel="noopener">25th November</a>, online trading player <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth Ltd (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> at A$0.25/share after outbidding AxiCorp Financial Services.</li>
<li>Now Singaporean-based wealth manager Svava has tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme. Svava also holds an effective blocking stake - 18.8% of shares out. </li>
<li>SelfWealth said Svava's proposal "while indicative and non-binding, could be reasonably considered to become a superior proposal." BFG needs to step up. </li>
</ul>


On the 25th November, online trading player SelfWealth Ltd (SWF AU) entered into a SID with Bell Financial (BFG AU) at A$0.25/share after outbidding AxiCorp Financial Services.
Now Singaporean-based wealth manager Svava has tabled a non-binding A$0.28/share Offer, in cash, by way of a Scheme. Svava also holds an effective blocking stake - 18.8% of shares out. 
SelfWealth said Svava's proposal "while indicative and non-binding, could be reasonably considered to become a superior proposal." BFG needs to step up. 


SelfWealth (SWF AU): Peter Thiel-Backed Svava Crashes Bell's Offer

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

RaaS Research Group (RaaS)

Director, RaaS Research Group

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<ul><li>RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of FY24 unaudited revenue and reported NPAT, with group revenue +12% to $276m (RaaS $279m), implying H2 FY24 growth of 8.0%, and group NPAT +26% to $30.7m (RaaS $31m), implying H2 FY24 growth of 7.0%.</li><li>Divisionally Retail & Wholesale NPAT increased 115% to $9.2m, with H1 growth >900% and a H2 decline of ~20% on forecast lower ECM activity off a high base and in line with ASX market data.</li><li>Technology & Platforms and Products & Services NPAT increased 16% over the year, with H1 +~5% and H2 +~25% (including normalisation assumptions), likely to be aided by growth in Funds Under Administration (FUA) and higher transaction volumes.These businesses now represent 70% of group NPAT with a NPAT margin of 25% compared to 5.2% for Retail & Wholesale.</li></ul>

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the release of FY24 unaudited revenue and reported NPAT, with group revenue +12% to $276m (RaaS $279m), implying H2 FY24 growth of 8.0%, and group NPAT +26% to $30.7m (RaaS $31m), implying H2 FY24 growth of 7.0%.Divisionally Retail & Wholesale NPAT increased 115% to $9.2m, with H1 growth >900% and a H2 decline of ~20% on forecast lower ECM activity off a high base and in line with ASX market data.Technology & Platforms and Products & Services NPAT increased 16% over the year, with H1 +~5% and H2 +~25% (including normalisation assumptions), likely to be aided by growth in Funds Under Administration (FUA) and higher transaction volumes.These businesses now represent 70% of group NPAT with a NPAT margin of 25% compared to 5.2% for Retail & Wholesale.

Bell Financial Group Ltd - Reported FY24 NPAT +26% in line

<ul><li>RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) on the back of supportive September 2024 metrics including ECM league tables, ASX volumes and equity markets performance.</li><li>BFG is sitting fourth on the LSEG ECM league tables for the nine months to September 2024, raising $1.2b and on-track with RaaS forecasts (positive for Retail and Institutional).</li><li>The ASX200 closed 6.3% higher at the end of September 2024 relative to June 2024, above implied RaaS assumptions for the full-year and positive for the Portfolio Administration Services (PAS) business and overall investor confidence.ASX transaction volumes continue to recover from a weak CY23, up 32% for the September quarter and positive for the Retail and Technology & Platforms divisions.</li></ul>

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) on the back of supportive September 2024 metrics including ECM league tables, ASX volumes and equity markets performance.BFG is sitting fourth on the LSEG ECM league tables for the nine months to September 2024, raising $1.2b and on-track with RaaS forecasts (positive for Retail and Institutional).The ASX200 closed 6.3% higher at the end of September 2024 relative to June 2024, above implied RaaS assumptions for the full-year and positive for the Portfolio Administration Services (PAS) business and overall investor confidence.ASX transaction volumes continue to recover from a weak CY23, up 32% for the September quarter and positive for the Retail and Technology & Platforms divisions.

Bell Financial Group Ltd - Strong September quarter earnings drivers

<ul>
<li>RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the company's interim report in which it posted an 18% increase in revenue, PBT growth of 44% and NPATA growth of 44%.</li>
<li>Key themes of recurring revenue growth, higher net interest income and a recovery in retail and institutional revenue and earnings played out over the half.</li>
<li>BFG appears well placed for continued growth in H2 FY24 with a margin lending book 9% higher than the pcp, a Portfolio Administration Services (PAS) &amp; Super balance 13% higher than the pcp, stable interest rates and a relatively stable but much improved equity market.</li>
</ul>


RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the company's interim report in which it posted an 18% increase in revenue, PBT growth of 44% and NPATA growth of 44%.
Key themes of recurring revenue growth, higher net interest income and a recovery in retail and institutional revenue and earnings played out over the half.
BFG appears well placed for continued growth in H2 FY24 with a margin lending book 9% higher than the pcp, a Portfolio Administration Services (PAS) &amp; Super balance 13% higher than the pcp, stable interest rates and a relatively stable but much improved equity market.


Bell Financial Group Ltd - Well placed for continued growth in H2

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)

(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

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): Peter Thiel-Backed Svava Crashes Bell's Offer

We have a (more than likely) competing bidding situation. If small, illiquid arbs are your bent, look to enter around Svava's non-binding terms and...

David Blennerhassett

Bell Financial Group Ltd - Reported FY24 NPAT +26% in line

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

Research as a Service (RaaS)

Bell Financial Group Ltd - Strong September quarter earnings drivers

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) on the back of supportive September 2024...

Research as a Service (RaaS)

Bell Financial Group Ltd - Well placed for continued growth in H2

RaaS has published an update report on diversified financials company Bell Financial Group (ASX:BFG) following the company's interim report in...

Research as a Service (RaaS)

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