Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 23 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global (3271 JP)</a>. Both <a href="https://www.smartkarma.com/entities/ronzgun-international-holdings" target="_blank" data-smartkarma-citation="entities:40082:1" rel="noopener">Rongzun (1780 HK)</a> and <a href="https://www.smartkarma.com/entities/beijingwest-industries-interna" target="_blank" data-smartkarma-citation="entities:13118:1" rel="noopener">BeijingWest Industries (2339 HK)</a> are suspended pursuant to the Hong Kong Takever's Code.</li>
<li>Key updates/news also 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/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-commodities-group" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>, <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ (6670 JP)</a>, and <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a>.</li>
</ul>


I tally 23 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Global (3271 JP). Both Rongzun (1780 HK) and BeijingWest Industries (2339 HK) are suspended pursuant to the Hong Kong Takever's Code.
Key updates/news also took place on: Insignia Financial (IFL AU), National Storage REIT (NSR AU), Bright Smart Securities (1428 HK), MCJ (6670 JP), and Takara Bio Inc (4974 JP).


Asia-Pac M&A Weekly Wrap: The Global, Insignia Financial, National Storage REIT, MCJ, Takara Bio

<ul>
<li>There's little left in <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> if Murakami-san is the sole blocker, as it gets done with him in the back end OR a big bump.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a> is trading around its highest implied stub, post <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a>'s spin-off. Forward growth drivers are more evident in Smithfield and <a href="https://www.smartkarma.com/entities/henan-shuanghui-investment-development" target="_blank" data-smartkarma-citation="entities:20515:1" rel="noopener">Henan Shuanghui (000895 CH)</a>.</li>
<li>For CSRC to pushback on <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, it would need to clearly articulate, clear friction points surrounding the deal structure and/or systematic A-share market risks. Neither appears apparent.</li>
</ul>


There's little left in Sankei Real Estate (2972 JP) if Murakami-san is the sole blocker, as it gets done with him in the back end OR a big bump.

WH Group (288 HK) is trading around its highest implied stub, post Smithfield Foods (SFD US)'s spin-off. Forward growth drivers are more evident in Smithfield and Henan Shuanghui (000895 CH).
For CSRC to pushback on ENN Energy (2688 HK), it would need to clearly articulate, clear friction points surrounding the deal structure and/or systematic A-share market risks. Neither appears apparent.


Last Week In Event SPACE: Sankei Real Estate, WH Group, ENN Energy, Tekscend Photomask

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Apr 3rd. The aggregated net margin trading position is USD21,015m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, Furukawa Electric, West Japan Railway Company, SoftBank, Kyushu Railway Company, Edion, Sanrio, Mitsubishi Heavy Industries, Kintetsu.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 3rd. The aggregated net margin trading position is USD21,015m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, Furukawa Electric, West Japan Railway Company, SoftBank, Kyushu Railway Company, Edion, Sanrio, Mitsubishi Heavy Industries, Kintetsu.


JPX Margin Trading Weekly (Apr 3rd): Kioxia, Advantest, Furukawa Electric

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Daito Trust Construct / Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construction (1878 JP)</a> is launching a tender offer for <a href="https://www.smartkarma.com/entities/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global Ltd/The (3271 JP)</a> . Details have been discussed by <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> and <a href="https://www.smartkarma.com/profiles/arun-george" target="_blank" data-smartkarma-citation="accounts:1680" rel="noopener">Arun George</a> in previous insights.</li>
<li>A strategic TOB for The Global Ltd, involving a ¥17bn investment, may introduce a neutral to negative immediate sentiment and affect <a href="https://www.smartkarma.com/entities/daito-trust-construct-co-ltd" target="_blank" data-smartkarma-citation="entities:10503:1" rel="noopener">Daito Trust Construction (1878 JP)</a> stock price. </li>
<li>This analysis examines potential market reactions and Daito’s projected trajectory, based on our quantitative forecasting model.</li>
</ul>



Daito Trust Construction (1878 JP) is launching a tender offer for Global Ltd/The (3271 JP) . Details have been discussed by Travis Lundy and Arun George in previous insights.
A strategic TOB for The Global Ltd, involving a ¥17bn investment, may introduce a neutral to negative immediate sentiment and affect Daito Trust Construction (1878 JP) stock price. 
This analysis examines potential market reactions and Daito’s projected trajectory, based on our quantitative forecasting model.


Daito Trust Construction (1878 JP) Tactical Outlook After TOB for The Global Ltd (3271 JP)

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Mar 27th. The aggregated net margin trading position is USD17,856m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Mar 27th. The aggregated net margin trading position is USD17,856m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.


JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

Japan

The Global Ltd. develops, sells, and leases condominiums, detached houses, and commercial buildings.  The Company also provides asset management and real estate brokerage services.

Price Gauge
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Global Ltd/The (3271 JP)

Asia-Pac M&A Weekly Wrap: The Global, Insignia Financial, National Storage REIT, MCJ, Takara Bio

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: Sankei Real Estate, WH Group, ENN Energy, Tekscend Photomask

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

JPX Margin Trading Weekly (Apr 3rd): Kioxia, Advantest, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Furukawa Electric (5801...

Ke Yan, CFA, FRM

Daito Trust Construction (1878 JP) Tactical Outlook After TOB for The Global Ltd (3271 JP)

Daito Trust Construction has launched a TOB for The Global Ltd. Our analysis evaluates the potential effects on Daito’s stock price, with...

Nico Rosti

JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

We analyzed JPX margin trading positions report for the past week and highlighted Fujikura (5803 JP), SoftBank (9984 JP), Sanrio (8136 JP), West...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)