Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>10 days ago I wrote <a href="https://www.smartkarma.com/insights/fujitsu-6702-subsidiary-selldowns-to-come" target="_blank" data-smartkarma-citation="insights:87273" rel="noopener">Fujitsu (6702) Subsidiary Selldowns To Come</a> after Bloomberg carried an article with the CEO. Not new news, but I was struck by the implications.</li>
<li>Yesterday saw an <a href="https://www.todayonline.com/world/fujitsu-kicks-auction-air-conditioning-business-sources-2093861" target="_blank" rel="noopener">article</a> which pushed <a href="https://www.smartkarma.com/entities/fujitsu-general-ltd" target="_blank" data-smartkarma-citation="entities:2025:1" rel="noopener">Fujitsu General (6755 JP)</a> nearly 14% higher yesteday. <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> had launched an auction for its 42% stake. First round bids due imminently.</li>
<li>This takes the urgency to a new level. People jumped into an already illiquid stock. How far can this go?</li>
</ul>


10 days ago I wrote Fujitsu (6702) Subsidiary Selldowns To Come after Bloomberg carried an article with the CEO. Not new news, but I was struck by the implications.
Yesterday saw an article which pushed Fujitsu General (6755 JP) nearly 14% higher yesteday. Fujitsu Ltd (6702 JP) had launched an auction for its 42% stake. First round bids due imminently.
This takes the urgency to a new level. People jumped into an already illiquid stock. How far can this go?


Fujitsu General (6755) - Fujitsu's Stake On The Block

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> shareholders vote next week. <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> shareholders are awaiting their Circular. Expect both sets of shareholders will approve. The optics and performance look good.</li>
<li>
<a href="https://www.smartkarma.com/entities/carbon-revolution-ltd" target="_blank" data-smartkarma-citation="entities:29071:1" rel="noopener">Carbon Revolution Ltd (CBR AU)</a>  SPAC Offer is a high-cost red-herring. Management who support this takeover should be fired.</li>
<li>Nintendo Founder Family Office "YFO" bought 25+% of <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, then offered to buy it out. Negotiations are ongoing. We still don't really know what is going on. </li>
</ul>



Keppel Corp (KEP SP) shareholders vote next week. Sembcorp Marine (SMM SP) shareholders are awaiting their Circular. Expect both sets of shareholders will approve. The optics and performance look good.

Carbon Revolution Ltd (CBR AU)  SPAC Offer is a high-cost red-herring. Management who support this takeover should be fired.
Nintendo Founder Family Office "YFO" bought 25+% of Toyo Construction (1890 JP), then offered to buy it out. Negotiations are ongoing. We still don't really know what is going on. 


Last Week in Event SPACE: Keppel/Sembcorp, Carbon Revolution, Toyo Construction, Fuji Oil, Toshiba

<ul>
<li>There are 48 - 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>Two new deals were discussed on Smartkarma: <a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a>'s low-balled Offer; <a href="https://www.smartkarma.com/entities/carbon-revolution-ltd" target="_blank" data-smartkarma-citation="entities:29071:1" rel="noopener">Carbon Revolution Ltd (CBR AU)</a>'s desperate SPAC takeover.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, and <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a>.</li>
</ul>


There are 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma: Bigtincan Holdings Ltd (BTH AU)'s low-balled Offer; Carbon Revolution Ltd (CBR AU)'s desperate SPAC takeover.
Key updates took place for: Warrego Energy (WGO AU), Toyo Construction (1890 JP), and Hitachi Transport System (9086 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Bigtincan, Carbon Revolution, Warrego, Toyo, Hitachi T'sport

<ul>
<li>There are 45 - 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>Three new deals discussed on Smartkarma this week: K1's Offer for <a href="https://www.smartkarma.com/entities/elmo-software-ltd" target="_blank" data-smartkarma-citation="entities:24342:1" rel="noopener">Elmo Software (ELO AU)</a>, Chu's Offer for <a href="https://www.smartkarma.com/entities/kingston-financial-group-ltd" target="_blank" data-smartkarma-citation="entities:3566:1" rel="noopener">Kingston Financial (1031 HK)</a>, KKR's tilt for <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>, and <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" data-smartkarma-citation="entities:26072:1" rel="noopener">Aruhi Corp (7198 JP)</a>.</li>
</ul>


There are 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed on Smartkarma this week: K1's Offer for Elmo Software (ELO AU), Chu's Offer for Kingston Financial (1031 HK), KKR's tilt for Hitachi Transport System (9086 JP).
Key updates took place for Nearmap Ltd (NEA AU), Jinke Smart Services (9666 HK), Lifestyle International Holdings (1212 HK), and Aruhi Corp (7198 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: ELMO, Kingston Financial, Hitachi Transport, Nearmap, Aruhi

<ul>
<li>The KKR deal for <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a> is here. </li>
<li>Some were worried KKR would walk. That was never a worry. Some worried Russia wouldn't approve. There was always a way. </li>
<li>This deal should trade tight. New money might be better allocated elsewhere. Arbitrageurs and investors should be wary of the index effects of the TOPIX FFW adjustment tomorrow at close.</li>
</ul>


The KKR deal for Hitachi Transport System (9086 JP) is here. 
Some were worried KKR would walk. That was never a worry. Some worried Russia wouldn't approve. There was always a way. 
This deal should trade tight. New money might be better allocated elsewhere. Arbitrageurs and investors should be wary of the index effects of the TOPIX FFW adjustment tomorrow at close.


Hitachi Transport (9086) - KKR Deal Is Here And There Are Index Implications

Japan

Hitachi Transport System, Ltd. provides freight truck, port harbor, and marine transportation, logistics, cargo handling, warehousing, and customs clearing services.  The Company mainly transports Hitachi Ltd's freight such as industrial machinery and precision equipment.

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Hitachi Transport System (9086 JP)

Fujitsu General (6755) - Fujitsu's Stake On The Block

Fujitsu's stake of Fujitsu General (6755) is up for auction and it is already pricey. That suggests a dual-price outcome, but even then, it may not...

Travis Lundy

Last Week in Event SPACE: Keppel/Sembcorp, Carbon Revolution, Toyo Construction, Fuji Oil, Toshiba

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Bigtincan, Carbon Revolution, Warrego, Toyo, Hitachi T'sport

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: ELMO, Kingston Financial, Hitachi Transport, Nearmap, Aruhi

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

Hitachi Transport (9086) - KKR Deal Is Here And There Are Index Implications

KKR deal for Hitachi Transport is now on. This was a good deal for investors at the start. It is a better deal now. Take the money and run. And...

Travis Lundy

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