Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Earlier today (30 March), <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a> said <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> would not agree to amend off-take agreement specifications, and will no longer accept lower-quality ore.</li>
<li>Mincor delivers 100% of its ore to BHP.  It will continue to deliver on-specification ore to BHP, but has withdrawn its forward guidance. </li>
<li>Shares rolled over 5.7% to close at A$1.42/share, above Wyloo's unconditional A$1.40/share. Offer.</li>
</ul>


Earlier today (30 March), Mincor Resources NL (MCR AU) said BHP Group (BHP AU) would not agree to amend off-take agreement specifications, and will no longer accept lower-quality ore.
Mincor delivers 100% of its ore to BHP.  It will continue to deliver on-specification ore to BHP, but has withdrawn its forward guidance. 
Shares rolled over 5.7% to close at A$1.42/share, above Wyloo's unconditional A$1.40/share. Offer.


<ul>
<li>Lithium play <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a> has now thrice rejected <a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a>'s proposals. </li>
<li>Liontown has labeled Albermarle's third bid of A$2.50/share as opportunistic. </li>
<li>Albemarle has picked up 2.2% in Liontown. But that is dwarfed by Tim Goyder's (chairman)'s 15% stake, who is not engaged at the current bid price. </li>
</ul>


Lithium play Liontown Resources (LTR AU) has now thrice rejected Albemarle Corp (ALB US)'s proposals. 
Liontown has labeled Albermarle's third bid of A$2.50/share as opportunistic. 
Albemarle has picked up 2.2% in Liontown. But that is dwarfed by Tim Goyder's (chairman)'s 15% stake, who is not engaged at the current bid price. 


Liontown (LTR AU) Rejects Albemarle's Advances

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Zhejiang Leapmotor Technologie / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> raised around US$800m in its Hong Kong IPO, after pricing at the low-end. The stock was listed on 29th Sep 2022, its six-month lockup will expire soon.</li>
<li>LM is a smart EV company based in China, founded in 2015.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Leapmotor (9863 HK) raised around US$800m in its Hong Kong IPO, after pricing at the low-end. The stock was listed on 29th Sep 2022, its six-month lockup will expire soon.
LM is a smart EV company based in China, founded in 2015.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Leapmotor IPO Lock-Up - A Precursor to a Larger Release Later in the Year

<ul>
<li>Nickel explorer<a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener"> Mincor Resources NL (MCR AU)</a>'s board urges shareholders to take no action in response to the on-market takeover from Andrew Forrest's backed Wyloo Metals.</li>
<li>Wyloo is offering A$1.40/share. The offer period commences on the 5 April and runs until the 8 May - unless extended. However, Wyloo's broker is already standing in the market. </li>
<li>Wyloo, together with associates, control 19.87% of the voting power in Mincor. Currently trading 5.7% through terms</li>
</ul>


Nickel explorer Mincor Resources NL (MCR AU)'s board urges shareholders to take no action in response to the on-market takeover from Andrew Forrest's backed Wyloo Metals.
Wyloo is offering A$1.40/share. The offer period commences on the 5 April and runs until the 8 May - unless extended. However, Wyloo's broker is already standing in the market. 
Wyloo, together with associates, control 19.87% of the voting power in Mincor. Currently trading 5.7% through terms


External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul>
<li>In 2022, Viet Nam Engine And Agricultural Machinery Corporation (VEA) recorded revenue and net profit of VND4,748bn (+18.1% YoY) and VND7,602bn (+32% YoY), respectively.</li>
<li>During the two years of social distancing, sales of both automobiles and motorcycles plunged, but expanded when the Covid restrictions were lifted in 2022.</li>
<li>As a result, dividends received from joint venture companies, including Honda, Ford and Toyota, increased by a hefty 34.9% YoY to VND6,984bn.</li>
</ul>
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>


In 2022, Viet Nam Engine And Agricultural Machinery Corporation (VEA) recorded revenue and net profit of VND4,748bn (+18.1% YoY) and VND7,602bn (+32% YoY), respectively.
During the two years of social distancing, sales of both automobiles and motorcycles plunged, but expanded when the Covid restrictions were lifted in 2022.
As a result, dividends received from joint venture companies, including Honda, Ford and Toyota, increased by a hefty 34.9% YoY to VND6,984bn.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Viet Nam Engine And Agricultural Machinery  - Outlook 2023 - Attractive Dividend Amid Downtrend

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Mincor: Did Twiggy Thwart BHP Offtake?

Mincor's inability to supply BHP with the inferior product will eat into costs. And sentiment. That probably plays into Wyloo's court. Your...

David Blennerhassett

Liontown (LTR AU) Rejects Albemarle's Advances

What is "fair" is highly subjective, given volatile lithium prices, EV demand, and general sentiment. But I couldn't recommend chasing it here. ...

David Blennerhassett

Leapmotor IPO Lock-Up - A Precursor to a Larger Release Later in the Year

Leapmotor (9863 HK) raised around US$800m in its Hong Kong IPO, after pricing at the low-end. The stock was listed on 29th Sep 2022, its six-month...

Sumeet Singh

Mincor: Twiggy's On-Market Takeover

Tough market to speculate on revised Offers. Yet Mincor is pretty beaten up here. I can see Wyloo bidding higher. Your downside is 5.4% currently. ...

David Blennerhassett

Viet Nam Engine And Agricultural Machinery - Outlook 2023 - Attractive Dividend Amid Downtrend

In 2022, Viet Nam Engine And Agricultural Machinery Corporation (VEA) recorded revenue and net profit of VND4,748bn (+18.1% YoY) and VND7,602bn...

Mirae Asset Securities

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