Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 25 - 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>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ju-teng-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:9998:1" rel="noopener">Ju Teng International (3336 HK)</a>'s takeunder and<a href="https://www.smartkarma.com/entities/mkh-bhd" target="_blank" data-smartkarma-citation="entities:6966:1" rel="noopener">MKH Bhd (MKH MK)</a>'s MGO. </li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, and <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a>.</li>
</ul>


I tally 25 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were discussed on Smartkarma this week: Ju Teng International (3336 HK)'s takeunder andMKH Bhd (MKH MK)'s MGO. 
Key updates/news also took place on: Australian Strategic Materials (ASM AU), Atlas Arteria (ALX AU), oOh!Media Ltd (OML AU), and Webjet Group (WJL AU).


Asia-Pac M&A Weekly Wrap: Atlas Arteria , Ju Teng, MKH, Australian Strategic Mat, OOh!Media, Webjet

<ul>
<li>The <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> deal is good for <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial (8411 JP)</a>; bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.</li>
<li>CSRC has approved <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a>'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.</li>
<li>
<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.</li>
</ul>


The Rakuten Bank (5838 JP) deal is good for Rakuten (4755 JP) and Mizuho Financial (8411 JP); bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.
CSRC has approved China Resources Power (836 HK)'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.

ROHM Co Ltd (6963 JP) has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.


Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

<ul>
<li>On the 12th May 2025, BGH and Portfolio Services, an entity associated with <a href="https://www.smartkarma.com/entities/ariadne-australia-ltd" target="_blank" data-smartkarma-citation="entities:7452:1" rel="noopener">Ariadne Australia (ARA AU)</a> and Gary Weiss, proposed a A$0.80/share cash Offer for <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a>.</li>
<li>That kickstarted a competitive bidding situation with <a href="https://www.smartkarma.com/entities/helloworld-travel-ltd" target="_blank" data-smartkarma-citation="entities:16134:1" rel="noopener">Helloworld Ltd (HLO AU)</a>, culminating in Webjet ceasing discussions with both Helloworld and BGH/Weiss on the 13th Feb 2026.</li>
<li>Then crickets. BGH and Ariadne have now terminated their partnership. Webjet concurrently announces okay FY26 numbers. The share price is currently ~54% adrift of Helloworld &amp; BGH/Ariadne's NBIOs.</li>
</ul>


On the 12th May 2025, BGH and Portfolio Services, an entity associated with Ariadne Australia (ARA AU) and Gary Weiss, proposed a A$0.80/share cash Offer for Webjet Group (WJL AU).
That kickstarted a competitive bidding situation with Helloworld Ltd (HLO AU), culminating in Webjet ceasing discussions with both Helloworld and BGH/Weiss on the 13th Feb 2026.
Then crickets. BGH and Ariadne have now terminated their partnership. Webjet concurrently announces okay FY26 numbers. The share price is currently ~54% adrift of Helloworld &amp; BGH/Ariadne's NBIOs.


Webjet (WJL AU) (Further) Rolls Over After Ariadne & BGH Terminate Co-Op

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Thematic (Sector/Industry)

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The results were mostly driven by factors specific to each group. Still, whether it is the sentiment impact of an isolated theme park tragedy, competitive intensity in the U.S. leisure market, low airfares, or film popularity, the bottom line is there are many variables beyond management's control in the industry. These factors are the very basis for our…

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

<ul>
<li>I tally 33 - 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>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a> and <a href="https://www.smartkarma.com/entities/tkg-aikang-co-ltd" target="_blank" data-smartkarma-citation="entities:9800:1" rel="noopener">TKG Aikang (022220 KS)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/webjet-group-limited" target="_blank" data-smartkarma-citation="entities:45177:1" rel="noopener">Webjet Group (WJL AU)</a>, <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>, <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>, and <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>.</li>
</ul>


I tally 33 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Taiyo Holdings (4626 JP) and TKG Aikang (022220 KS).
Key updates/news also took place on: Webjet Group (WJL AU), ENN Energy (2688 HK), Bright Smart Securities (1428 HK), and Toyota Industries (6201 JP).


Asia-Pac M&A Weekly Wrap: Taiyo Holdings, TKG Aikang, ENN Energy, Bright Smart Sec, Toyota Indd

Australia

Helloworld Travel Limited operates as a travel company. The Company provides corporate travel management services to corporate and government customers including booking flights, cruises, and accommodation. Helloworld Travel serves customers worldwide.

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Helloworld Ltd (HLO AU)

Asia-Pac M&A Weekly Wrap: Atlas Arteria , Ju Teng, MKH, Australian Strategic Mat, OOh!Media, Webjet

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: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

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

Webjet (WJL AU) (Further) Rolls Over After Ariadne & BGH Terminate Co-Op

At this price level, I doubt Helloworld, Ariadne, and/or BGH are out of the picture. Still, absent an Offer (indicative or otherwise), I'd be...

David Blennerhassett

Not Much Fun In Leisure; Ardent Leisure Undervalued While Event Hospitality Worth Monitoring

Leisure companies under our coverage endured a torrid reporting season, with average fiscal 2017 first-half EBITDA fall of 15% from a year ago. The...

Morningstar, Inc.

Asia-Pac M&A Weekly Wrap: Taiyo Holdings, TKG Aikang, ENN Energy, Bright Smart Sec, Toyota Indd

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

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