Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>One new deals discussed this week: <a href="https://www.smartkarma.com/entities/cemex-holdings-philippines" target="_blank" data-smartkarma-citation="entities:22700:1" rel="noopener">Cemex Holdings Philippines (CHP PM)</a> low-balled MTO.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, <a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>, <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB Capital (MPHB MK)</a>, and <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a>.</li>
</ul>


I tally 42 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deals discussed this week: Cemex Holdings Philippines (CHP PM) low-balled MTO.
Key updates took place on: Fuji Soft Inc (9749 JP), Shinko Electric Industries (6967 JP), CPMC Holdings (906 HK), MPHB Capital (MPHB MK), and Dyna Mac Holdings (DMHL SP).


(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

Concreat Holdings Philippines / Event-Driven

<ul>
<li>Back on the 25th April 2024, a Dacon/<a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings (DMC PM)</a>-led consortium entered into a SPA to acquire 89.86% in <a href="https://www.smartkarma.com/entities/cemex-holdings-philippines" target="_blank" data-smartkarma-citation="entities:22700:1" rel="noopener">CEXMEX (CHP PM)</a> from <a href="https://www.smartkarma.com/entities/cemex-sab-de-cv" target="_blank" data-smartkarma-citation="entities:24735:1" rel="noopener">Cemex SAB de CV (CEMEXCPO MM)</a>.</li>
<li>The completion of the sale triggered a mandatory tender offer for the remaining 10.14% of shares out. The Offer Price is ₱1.42/share (before considerable fees), a 8% discount to undisturbed.</li>
<li>The Offer Period spans October 23 to November 21. There's the possibility of a technical bump. Don't expect a follow-on delisting Offer. The Bidders' intention is to maintain CEMEX's listing.</li>
</ul>


Back on the 25th April 2024, a Dacon/DMCI Holdings (DMC PM)-led consortium entered into a SPA to acquire 89.86% in CEXMEX (CHP PM) from Cemex SAB de CV (CEMEXCPO MM).
The completion of the sale triggered a mandatory tender offer for the remaining 10.14% of shares out. The Offer Price is ₱1.42/share (before considerable fees), a 8% discount to undisturbed.
The Offer Period spans October 23 to November 21. There's the possibility of a technical bump. Don't expect a follow-on delisting Offer. The Bidders' intention is to maintain CEMEX's listing.


Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

<ul>
<li>In this short insight, we include our flow estimates for all additions and deletions taking place in the range of WisdomTree EM Funds at the rebalance this Wednesday (16 October).</li>
<li>We show the top 40 buys and sells across DEM, XSOE and DGS.</li>
<li>The top buys include <a href="https://www.smartkarma.com/entities/chc-resources-corp" target="_blank" data-smartkarma-citation="entities:13423:1" rel="noopener">Chc Resources (9930 TT)</a> &amp; <a href="https://www.smartkarma.com/entities/uchi-technologies-bhd" target="_blank" data-smartkarma-citation="entities:10723:1" rel="noopener">Uchi Technologies (UCHI MK)</a>. The top sells include <a href="https://www.smartkarma.com/entities/impack-pratama-industri-tbk" target="_blank" data-smartkarma-citation="entities:3927:1" rel="noopener">Impack Pratama Industri Tbk (IMPC IJ)</a> and <a href="https://www.smartkarma.com/entities/hap-seng-consolidated-bhd" target="_blank" data-smartkarma-citation="entities:13036:1" rel="noopener">Hap Seng Consolidated (HAP MK).</a>
</li>
</ul>


In this short insight, we include our flow estimates for all additions and deletions taking place in the range of WisdomTree EM Funds at the rebalance this Wednesday (16 October).
We show the top 40 buys and sells across DEM, XSOE and DGS.
The top buys include Chc Resources (9930 TT) &amp; Uchi Technologies (UCHI MK). The top sells include Impack Pratama Industri Tbk (IMPC IJ) and Hap Seng Consolidated (HAP MK).



WisdomTree Oct 24 Emerging Market Rebalance: Top Net Buys and Sells Across DGS, SOE & DEM

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/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>'s voluntary delisting tender offer from a consortium at PHP5.20 (net price of PHP5.1677 per share) will run from 9 August to 7 September.</li>
<li>The delisting proposal was approved on 8 August. Excluding the consortium’s votes, only 37.4% of minorities (representing 13.73% of outstanding shares) voted YES for the delisting proposal.</li>
<li>A key risk is satisfying the 95% delisting threshold, which would require a minorities acceptance rate of 86.4%. The risk/reward is unattractive at the current spread of 4.4% (net 3.8%). </li>
</ul>



Metro Pacific Investments Co (MPI PM)'s voluntary delisting tender offer from a consortium at PHP5.20 (net price of PHP5.1677 per share) will run from 9 August to 7 September.
The delisting proposal was approved on 8 August. Excluding the consortium’s votes, only 37.4% of minorities (representing 13.73% of outstanding shares) voted YES for the delisting proposal.
A key risk is satisfying the 95% delisting threshold, which would require a minorities acceptance rate of 86.4%. The risk/reward is unattractive at the current spread of 4.4% (net 3.8%). 


Metro Pacific Investments (MPI PM): Risk/Reward as Uncertainty Hangs on the Delisting Threshold

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a> disclosed a revised voluntary delisting tender offer from a consortium at PHP5.20 per share (PHP5.24 per share including a potential 1H23 dividend).</li>
<li>The revised offer remains conditional on meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.  The IFA valued MPI at PHP3.37-5.10.  </li>
<li>The offer was revised to increase the chance of meeting the high delisting threshold, which requires an 86% acceptance rate. At the last close, the gross spread is 8.6%. </li>
</ul>



Metro Pacific Investments Co (MPI PM) disclosed a revised voluntary delisting tender offer from a consortium at PHP5.20 per share (PHP5.24 per share including a potential 1H23 dividend).
The revised offer remains conditional on meeting the threshold for voluntary delisting (95% of outstanding shares) or obtaining an exemptive relief from the PSE.  The IFA valued MPI at PHP3.37-5.10.  
The offer was revised to increase the chance of meeting the high delisting threshold, which requires an 86% acceptance rate. At the last close, the gross spread is 8.6%. 


Metro Pacific Investments (MPI PM): Revised and Final Offer at PHP5.20

Philippines

DMCI Holdings is a Philippine engineering conglomerate and diversified holding company. It has core investments in construction, real estate development, coal and nickel mining, power generation, and water utilities. The company's activities include general construction services, production of concrete products, exploration and mining of coal and nickel, power generation through coal-fired and satellite plants, and provision of water and sewerage services. DMCI Holdings is headquartered in Makati, Philippines, and was founded in 1954.

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DMCI Holdings (DMC PM)

(Mostly) Asia-Pac M&A: CEMEX, Fuji Soft, Shinko Electric, CPMC, MPHB Capital, Dyna Mac

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

CEMEX's Low-Balled MTO. For Good Reason

For arb players, there's nothing to see here. Unless CEMEX were to materially fall. For long-onlies, I have no strong opinion on the back-end.

David Blennerhassett

WisdomTree Oct 24 Emerging Market Rebalance: Top Net Buys and Sells Across DGS, SOE & DEM

WisdomTree EM Funds are due for rebalancing on Wednesday. In this insight, we show the top net buys and sells by volume multiple. We aggregate our...

DMA

Metro Pacific Investments (MPI PM): Risk/Reward as Uncertainty Hangs on the Delisting Threshold

Government Service Insurance System (GSIS) has increased its shareholding to 11.98% and will not accept the delisting proposal, i.e., the 95% or a...

Arun George

Metro Pacific Investments (MPI PM): Revised and Final Offer at PHP5.20

The offer was revised to increase the chance of meeting the high delisting threshold (86% minority acceptance rate). A reasonable offer increases...

Arun George

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