Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Is <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino (7205 JP)</a> a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.</li>
<li>A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.</li>
<li>A spin-off makes sense as <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin (2899 HK)</a> capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.</li>
</ul>


Is Hino (7205 JP) a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.
A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.
A spin-off makes sense as Zijin (2899 HK) capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.


Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

<ul>
<li>I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>'s Scheme, and Tender Offers for <a href="https://www.smartkarma.com/entities/fuji-corp-miyagi" target="_blank" data-smartkarma-citation="entities:20243:1" rel="noopener">Fuji Corp (7605 JP)</a>, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a>.</li>
<li>Fer.Key updates/news took place on: <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
</ul>


I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal were discussed on Smartkarma this week: New World Resources (NWC AU)'s Scheme, and Tender Offers for Fuji Corp (7605 JP), TRYT (9164 JP), and Shinsung Tongsang (005390 KS).
Fer.Key updates/news took place on: Austal Ltd (ASB AU), HKBN Ltd (1310 HK), Shandong Fengxiang (9977 HK), and Mitsubishi Shokuhin (7451 JP).


(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Harmony Gold delivered strong earnings and margin expansion, driven by higher gold prices and improved grades across key underground assets.</li>
<li>The company is expanding into copper via CSA Mine and Eva, aiming to diversify production and enhance long-term cash flows.</li>
<li>Valuations remain attractive, though risks include commodity price volatility, South African exposure, and integration of new international assets.</li>
</ul>


Harmony Gold delivered strong earnings and margin expansion, driven by higher gold prices and improved grades across key underground assets.
The company is expanding into copper via CSA Mine and Eva, aiming to diversify production and enhance long-term cash flows.
Valuations remain attractive, though risks include commodity price volatility, South African exposure, and integration of new international assets.


Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation

<ul>
<li>On the 21st May 2025, copper miner <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a> <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener"></a> inked a Scheme with <a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.</li>
<li>Copper plays are definitely in vogue after <a href="https://www.smartkarma.com/entities/harmony-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:25115:1" rel="noopener">Harmony Gold Mining (HAR SJ)</a>'s recent Offer for <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU)</a>, and Bastion Minerals' tilt for <a href="https://www.smartkarma.com/entities/xanadu-mines-ltd" target="_blank" data-smartkarma-citation="entities:1270:1" rel="noopener">Xanadu Mines (XAM AU)</a>.</li>
<li>NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder? </li>
</ul>


On the 21st May 2025, copper miner New World Resources (NWC AU)  inked a Scheme with Central Asia Metals (CAML LN) at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.
Copper plays are definitely in vogue after Harmony Gold Mining (HAR SJ)'s recent Offer for MAC Copper (MAC AU), and Bastion Minerals' tilt for Xanadu Mines (XAM AU).
NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder? 


New World Resources (NWC AU)'s Possible Interloper

<ul>
<li>MBK has made a legally binding bid for <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a>. Stay long if you still hold or buy the dip. Buy at under ¥11,200.</li>
<li>Given the share price decline, <a href="https://www.smartkarma.com/entities/nufarm-ltd-australia" target="_blank" data-smartkarma-citation="entities:1128:1" rel="noopener">Nufarm (NUF AU)</a>'s board is under pressure to do "something". Nufarm would be better off selling its entire operations, as opposed to offloading divisions.</li>
<li>
<a href="https://www.smartkarma.com/entities/dic-corp" target="_blank" data-smartkarma-citation="entities:7343:1" rel="noopener">Dic Corp (4631 JP)</a> is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.</li>
</ul>


MBK has made a legally binding bid for Makino Milling Machine Co (6135 JP). Stay long if you still hold or buy the dip. Buy at under ¥11,200.
Given the share price decline, Nufarm (NUF AU)'s board is under pressure to do "something". Nufarm would be better off selling its entire operations, as opposed to offloading divisions.

Dic Corp (4631 JP) is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.


Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN

South Africa

Harmony Gold Mining Company Limited is a gold-mining and exploration company which produces gold from its operations in South Africa and Papua New Guinea.

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Harmony Gold Mining (HAR SJ)

Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

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: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

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

Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation

Harmony Gold's strong earnings driven by gold prices, expanding into copper for diversification, with attractive valuations but risks to consider.

Rahul Jain

New World Resources (NWC AU)'s Possible Interloper

Trading at terms. Given the flurry of activity in this space, a third party bidder cannot be ruled out. Optically, CAML's Offer is solid. If...

David Blennerhassett

Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

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: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

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

Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation

​Harmony Gold's strong earnings driven by gold prices, expanding into copper for diversification, with attractive valuations but risks to consider.

Rahul Jain

New World Resources (NWC AU)'s Possible Interloper

Trading at terms. Given the flurry of activity in this space, a third party bidder cannot be ruled out. Optically, CAML's Offer is solid. If...

David Blennerhassett

Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN

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

Harmony Gold's strong earnings driven by gold prices, expanding into copper for diversification, with attractive valuations but risks to consider.