Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>No new deals were discussed on Smartkarma this week. Although <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> and <a href="https://www.smartkarma.com/entities/emeco-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8126:1" rel="noopener">Emeco Holdings (EHL AU)</a> appear to be in the crosshairs. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM 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/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/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 (4464 JP)</a>, and <a href="https://www.smartkarma.com/entities/ci-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:26170:1" rel="noopener">Ci Medical (3540 JP)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
No new deals were discussed on Smartkarma this week. Although ANE Cayman Inc (9956 HK) and Emeco Holdings (EHL AU) appear to be in the crosshairs. 
Key updates/news took place on SmartPay Holdings (SMP AU), Humm Group (HUM AU), Jinke Smart Services (9666 HK), Shibaura Electronics (6957 JP), Soft99 (4464 JP), and Ci Medical (3540 JP).


(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

Washington H. Soul Pattinson and Co. Ltd / Event-Driven

<ul>
<li>Following shareholder approval, there'll be an index DELetion for <a href="https://www.smartkarma.com/entities/brickworks-ltd" target="_blank" data-smartkarma-citation="entities:2726:1" rel="noopener">Brickworks (BKW AU)</a>, and an index UPweight for <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Soul Patts (SOL AU)</a>. BKW's last day of trading is the 15th September. </li>
<li>
<a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a>'s Offer for <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>. That leaves this to be done by <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, unopposed.</li>
<li>After a protracted succession stoush, Rupert Murdoch's son Lachlan asserts control of <a href="https://www.smartkarma.com/entities/news-corp-class-b" target="_blank" data-smartkarma-citation="entities:5990:1" rel="noopener">News Corp Class B (NWS US)</a> and <a href="https://www.smartkarma.com/entities/fox-corp-b470c4a5-c947-401c-af9f-3e6497d73406" target="_blank" data-smartkarma-citation="entities:36135:1" rel="noopener">Fox (FOXA US)</a>.</li>
</ul>


Following shareholder approval, there'll be an index DELetion for Brickworks (BKW AU), and an index UPweight for Soul Patts (SOL AU). BKW's last day of trading is the 15th September. 

Minebea Mitsumi (6479 JP)'s Offer for Shibaura Electronics (6957 JP). That leaves this to be done by Yageo Corporation (2327 TT), unopposed.
After a protracted succession stoush, Rupert Murdoch's son Lachlan asserts control of News Corp Class B (NWS US) and Fox (FOXA US).


Last Week In Event SPACE: Brickworks/Soul Patts, Shibaura Electronics, News Corp/Fox/REA, Dongfeng

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</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>. Also, <a href="https://www.smartkarma.com/entities/evergrande-property-services" target="_blank" data-smartkarma-citation="entities:30921:1" rel="noopener">Evergrande Property Services (6666 HK)</a> suspended pursuant to the Takeovers Code. </li>
<li>Key updates/news took place on <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>, <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>, <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a>, and <a href="https://www.smartkarma.com/entities/furukawa-battery-co-ltd" target="_blank" data-smartkarma-citation="entities:6513:1" rel="noopener">Furukawa Battery (6937 JP)</a>.
</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: Mandom Corp (4917 JP) and Digital Holdings (2389 JP). Also, Evergrande Property Services (6666 HK) suspended pursuant to the Takeovers Code. 
Key updates/news took place on PointsBet Holdings (PBH AU), Jilin Jiutai Rural Comm Bank (6122 HK), Topcon Corp (7732 JP), and Furukawa Battery (6937 JP).



(Mostly) Asia-Pac M&A: Evergrande Property Services, Mandom, Digital Hold., Topcon, Furukawa Battery

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

<ul>
<li>Japan-Based advertising/marketing services company <a href="https://www.smartkarma.com/entities/hakuhodo-dy-holdings-inc" target="_blank" data-smartkarma-citation="entities:8736:1" rel="noopener">Hakuhodo Dy Holdings (2433 JP)</a> launched a Tender Offer to acquire all the shares in small-cap digital marketing company <a href="https://www.smartkarma.com/entities/soldout-inc" target="_blank" data-smartkarma-citation="entities:35570:1" rel="noopener">SoldOut (6553 JP)</a> on 9th February 2022.</li>
<li>The TOB Price is ¥1,809 per share in cash which translates to an implied market capitalization of ¥19.5bn (~US$170mn) for the Target company - a 101% premium to previous close.</li>
<li>The Tender Offer has a minimum acceptance condition and is expected to be completed in March 2022. Below is a closer look at the Deal Details.</li>
</ul>


Japan-Based advertising/marketing services company Hakuhodo Dy Holdings (2433 JP) launched a Tender Offer to acquire all the shares in small-cap digital marketing company SoldOut (6553 JP) on 9th February 2022.
The TOB Price is ¥1,809 per share in cash which translates to an implied market capitalization of ¥19.5bn (~US$170mn) for the Target company - a 101% premium to previous close.
The Tender Offer has a minimum acceptance condition and is expected to be completed in March 2022. Below is a closer look at the Deal Details.


High Premium Hakuhodo DY TOB for SoldOut (6553 JP) - Could Be a Catalyst for Digital Holding (2389)

Japanese news, equities, and trends, Teddy Letter

Teddy Okuyama

Japanese news, equities, and trends

Teddy Letter

We aim to fill the information gap on the Japan market, especially on small cap companies with little or no analyst coverage. While brokerages and sponsored research provide useful information, there is still an information divide between domestic and foreign investors. We aim to fill that gap by providing access to insights that are lost in translation.

Equity Bottom-Up

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.

Japan

Digital Holdings, Inc. operates as an internet advertising agency. The Company provides internet advertising, digital marketing, and other related services for local small and medium-size enterprises. Digital Holdings also offers venture investment, information gathering, and digital shift support education services.

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Digital Holdings Inc (2389 JP)

(Mostly) Asia-Pac M&A: Shibaura, ANE, Emeco, SmartPay, Humm, Jinke Smart Service, Soft99, Ci Medical

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

Last Week In Event SPACE: Brickworks/Soul Patts, Shibaura Electronics, News Corp/Fox/REA, Dongfeng

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: Evergrande Property Services, Mandom, Digital Hold., Topcon, Furukawa Battery

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

High Premium Hakuhodo DY TOB for SoldOut (6553 JP) - Could Be a Catalyst for Digital Holding (2389)

Hakuhodo launched a ~US170mn Tender Offer to acquire SoldOut. This looks like a done deal and could be a catalyst for SoldOut's current parent...

Janaghan Jeyakumar, CFA

Day 6: Fringe81 (6550)

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative...

Teddy Okuyama

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