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/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a>/<a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a>'s indicative Offer for <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a>was light from the onset. They'd need bump terms bigly for any deal to move forward. </li>
<li>The<a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a>'s Tender Offer for <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.</li>
<li>Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a>buys back Qatar Airways' stake.  </li>
</ul>



SGH Limited (SGH AU)/Steel Dynamics (STLD US)'s indicative Offer for Bluescope Steel (BSL AU)was light from the onset. They'd need bump terms bigly for any deal to move forward. 
TheAeon Co Ltd (8267 JP)'s Tender Offer for Tsuruha Holdings (3391 JP) shows a 100% pro-ration.  A LOT of long-only and retail holders did NOT tender.
Air China's share placing agreement, is very clearly geared to get their stake &lt;30% after Cathay Pacific Airways (293 HK)buys back Qatar Airways' stake.  


Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a> confirmed that on 12 December, it received a non-binding proposal from <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> and Steel Dynamics at US$30.00, a 22.7% premium to last close.</li>
<li>The offer is the latest of three previous offers from <a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a> that the Board rejected as significantly undervaluing BlueScope and having regulatory approval issues.</li>
<li>The statement strongly suggests that this offer will share a similar fate. While representing a ten-year high, the offer is light compared to peer multiples. </li>
</ul>



Bluescope Steel (BSL AU) confirmed that on 12 December, it received a non-binding proposal from SGH Limited (SGH AU) and Steel Dynamics at US$30.00, a 22.7% premium to last close.
The offer is the latest of three previous offers from Steel Dynamics (STLD US) that the Board rejected as significantly undervaluing BlueScope and having regulatory approval issues.
The statement strongly suggests that this offer will share a similar fate. While representing a ten-year high, the offer is light compared to peer multiples. 


BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Non-Binding Offer Likely to Be Knocked Back

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: Currently nine pair trade opportunities across four markets and six sectors persist.</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 nine pair trade opportunities across four markets and six sectors persist.

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 (8 Dec)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a> vs. <a href="https://www.smartkarma.com/entities/sims-metal-management-ltd" target="_blank" data-smartkarma-citation="entities:18184:1" rel="noopener">Sims Metal Management (SGM AU)</a> price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Bluescope (BSL AU) and short Sims (SGM AU) targets a 6% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Bluescope Steel (BSL AU) vs. Sims Metal Management (SGM AU) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Bluescope (BSL AU) and short Sims (SGM AU) targets a 6% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Bluescope (BSL AU) Vs. Short Sims (SGM AU): Pair Trade Back in Play

<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 14 pair trade opportunities across four markets and five sectors persist.</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 14 pair trade opportunities across four markets and five sectors persist.

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 (10 Nov)

Australia

BlueScope Steel Limited supplies steel products and solutions. The Company manufactures steel slabs, plates, hot and cold rolled coils, and coated and painted strip products for building and construction, automotive, whitegoods, and manufacturing applications. BlueScope Steel serves customers in Asia, Australia, New Zealand, and the United States.

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Bluescope Steel (BSL AU)

Last Week In Event SPACE: Bluescope Steel, Cathay Pacific, Sunny Optical

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