Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A week after JIP gets preferred status and we had rumoured bid prices, we now have an article saying JIC/Bain is still in it, and a new article today.</li>
<li>Today's "new" article says JIP's bid price is what the first leak suggested, which is below ¥6,000/share. Other articles suggest bidders are finding that securing financing is tough. </li>
<li>Investors should look at process and understand the difference between this one and most others. It matters. Some news is not news, other than telling you the dance has started.</li>
</ul>


A week after JIP gets preferred status and we had rumoured bid prices, we now have an article saying JIC/Bain is still in it, and a new article today.
Today's "new" article says JIP's bid price is what the first leak suggested, which is below ¥6,000/share. Other articles suggest bidders are finding that securing financing is tough. 
Investors should look at process and understand the difference between this one and most others. It matters. Some news is not news, other than telling you the dance has started.


Toshiba (6502) - There Is Actual News, and There Are Datapoints Which Masquerade as News

<ul>
<li>In January 2022, <a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a> launched a Tender Offer buyback to buy back shares from NTT Data, Hakuhodo, and TBS. </li>
<li>Today, Recruit announced another buyback of up to 42mm shares (2.57% of shares out) spending up to ¥150bn, to go from now until 14 March 2023 (5mos).</li>
<li>This time the buyback should have better traction and market impact, but it is not overwhelming, and the impact will likely lessen at higher share prices.</li>
</ul>


In January 2022, Recruit Holdings (6098 JP) launched a Tender Offer buyback to buy back shares from NTT Data, Hakuhodo, and TBS. 
Today, Recruit announced another buyback of up to 42mm shares (2.57% of shares out) spending up to ¥150bn, to go from now until 14 March 2023 (5mos).
This time the buyback should have better traction and market impact, but it is not overwhelming, and the impact will likely lessen at higher share prices.


Recruit (6098) Launches ANOTHER Big Buyback

David Blennerhassett

<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>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a>'s MTO for <a href="https://www.smartkarma.com/entities/eagle-cement-corp" target="_blank" data-smartkarma-citation="entities:31217:1" rel="noopener">Eagle Cement (EAGLE PM)</a>, <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu (5019 JP)</a>'s Offer for <a href="https://www.smartkarma.com/entities/toa-oil-co-ltd" target="_blank" data-smartkarma-citation="entities:11021:1" rel="noopener">Toa Oil (5008 JP)</a>, and <a href="https://www.smartkarma.com/entities/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro (OIIM US)</a>'s MBO. </li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/shidax-corp" target="_blank" data-smartkarma-citation="entities:7754:1" rel="noopener">Shidax Corp (4837 JP)</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/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</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.
Three new deals discussed this week: San Miguel (SMC PM)'s MTO for Eagle Cement (EAGLE PM), Idemitsu (5019 JP)'s Offer for Toa Oil (5008 JP), and O2Micro (OIIM US)'s MBO. 
Key updates took place for Tassal (TGR AU), Hitachi Transport System (9086 JP), Shidax Corp (4837 JP), Toyo Construction (1890 JP), and Singapore Medical (SMG SP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Eagle Cement,Toa Oil, O2Micro, Hitachi Transport, Shidax

<ul>
<li>The KKR consortium which was to buy <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> has encountered a delay. What was to start in September is now scheduled for November. </li>
<li>On the 29th, HTS released a document saying KKR still had a couple of approvals or lapses of waiting periods needed. </li>
<li>The HTS announcement suggested the start of the Tender Offer would be early November rather than end-September.</li>
</ul>


The KKR consortium which was to buy Hitachi Transport System (9086 JP) has encountered a delay. What was to start in September is now scheduled for November. 
On the 29th, HTS released a document saying KKR still had a couple of approvals or lapses of waiting periods needed. 
The HTS announcement suggested the start of the Tender Offer would be early November rather than end-September.


Hitachi Transport (9086) - Delay Doesn't Mean Ditched

<ul>
<li>
<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> has had a "long" wait to get its approvals, but EC and China are in, any remaining should be in shortly. </li>
<li>Yesterday, as a footnote on the SG Holdings offering document, there was a comment about SG Holdings selling shares. This was likely more good corporate governance hygiene than warning.</li>
<li>Shares are down this morning. I'd expect final approvals and launch quite soon. I would therefore look to buy the dip on flow - block or not.</li>
</ul>



Hitachi Transport System (9086 JP) has had a "long" wait to get its approvals, but EC and China are in, any remaining should be in shortly. 
Yesterday, as a footnote on the SG Holdings offering document, there was a comment about SG Holdings selling shares. This was likely more good corporate governance hygiene than warning.
Shares are down this morning. I'd expect final approvals and launch quite soon. I would therefore look to buy the dip on flow - block or not.


Hitachi Transport (9086 JP) - Tender Launch Likely Soon But Watch for Flow

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)

Toshiba (6502) - There Is Actual News, and There Are Datapoints Which Masquerade as News

Toshiba has come off its recent highs vs Peers as less bullish "news" appears. Some of that news is not news as much as it is datapoint in a...

Travis Lundy

Recruit (6098) Launches ANOTHER Big Buyback

Recruit has announced another large buyback - the second one this year announced at ¥150bn. This one is from the market, meaning some price impact...

Travis Lundy

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Eagle Cement,Toa Oil, O2Micro, Hitachi Transport, Shidax

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) - Delay Doesn't Mean Ditched

Hitachi Transport and KKR announced on 29 Sep the start to the Tender Offer would be delayed. The problem? A new Russian decree in September....

Travis Lundy

Hitachi Transport (9086 JP) - Tender Launch Likely Soon But Watch for Flow

Hitachi Transport should be in final stages. The two tough approvals were done a month ago. The Russia sub should not be a factor (it could be sold...

Travis Lundy

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