Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The market now realise that EQT's playing the long game for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com (2371 JP)</a>. Not optimal unless EQT thinks that they have a chance at a runoff. </li>
<li>Reportedly, <a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591" rel="noopener">Tokio Marine Holdings (8766 JP)</a> has identified <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218" rel="noopener">Suncorp (SUN AU)</a> as its preferred takeover target</li>
<li>
<a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a> is a busted deal. Did the Offeror sound out all the necessary officials AND regulatory bodies before even launching the Offer.</li>
</ul>


The market now realise that EQT's playing the long game for Kakaku.com (2371 JP). Not optimal unless EQT thinks that they have a chance at a runoff. 
Reportedly, Tokio Marine Holdings (8766 JP) has identified Suncorp (SUN AU) as its preferred takeover target

Changhong Jiahua (3991 HK) is a busted deal. Did the Offeror sound out all the necessary officials AND regulatory bodies before even launching the Offer.


Last Week In Event SPACE: Kakaku.com, Suncorp, TCL Electronics, Changhong Jiahua, Steadfast

<ul>
<li>Real estate developer <a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a> has entered into a Scheme with <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU).</a>
</li>
<li>Ingenia is offering 0.3367 new shares plus A$0.68/share in cash for each Peet share, or an implied price of A$2.185/share (when including the A$0.065/share final dividend - 8th September ex-date). </li>
<li>Major shareholder (Anthony Lennon; ~14.5%) and board are supportive. Mix-and-match facilities afforded (subject to clawback). Expected late-December implementation. Looks clean</li>
</ul>


Real estate developer Peet Ltd (PPC AU) has entered into a Scheme with Ingenia Communities (INA AU).

Ingenia is offering 0.3367 new shares plus A$0.68/share in cash for each Peet share, or an implied price of A$2.185/share (when including the A$0.065/share final dividend - 8th September ex-date). 
Major shareholder (Anthony Lennon; ~14.5%) and board are supportive. Mix-and-match facilities afforded (subject to clawback). Expected late-December implementation. Looks clean


Peet Ltd (PPC AU): Ingenia Communities (INA AU)'s Clean Scheme

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/peet-ltd" target="_blank" data-smartkarma-citation="entities:15586:1" rel="noopener">Peet Ltd (PPC AU)</a> entered into a scheme with <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> at A$0.68 cash + 0.3367 INA shares per PPC share + an A$0.065 dividend (total value A$2.185).</li>
<li>Regulatory approvals (ACCC) are low-risk. While a discount to peers' EV/EBITDA multiples, the offer is attractive compared to historical price ratios, precedent transactions and peers' P/NTA multiples. </li>
<li>The scheme vote is low-risk, particularly as the offer represents an all-time high. The key risk is a sustained decline in Ingenia’s share price (a 10% decline since offer announcement). </li>
</ul>



Peet Ltd (PPC AU) entered into a scheme with Ingenia Communities (INA AU) at A$0.68 cash + 0.3367 INA shares per PPC share + an A$0.065 dividend (total value A$2.185).
Regulatory approvals (ACCC) are low-risk. While a discount to peers' EV/EBITDA multiples, the offer is attractive compared to historical price ratios, precedent transactions and peers' P/NTA multiples. 
The scheme vote is low-risk, particularly as the offer represents an all-time high. The key risk is a sustained decline in Ingenia’s share price (a 10% decline since offer announcement). 


Peet (PPC AU): Ingenia (INA AU)’s Cash-And-Scrip Scheme Offer

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

Shenton Research

Shenton 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 short interest of ASX Stocks as of Jul 17th (reported today). The aggregated short interest was USD45.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Genesis Minerals, CSL, Aristocrat Leisure, ASX, Atlas Arteria.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 17th (reported today). The aggregated short interest was USD45.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Genesis Minerals, CSL, Aristocrat Leisure, ASX, Atlas Arteria.


ASX Short Interest Weekly (Jul 17th): Genesis Minerals, CSL, Aristocrat Leisure, ASX, Atlas Arteria

<ul>
<li>I tally 21- 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: the NBIO for <a href="https://www.smartkarma.com/entities/matrix-composites-eng" target="_blank" data-smartkarma-citation="entities:8331:1" rel="noopener">Matrix Composites &amp; Eng (MCE AU)</a>. <a href="https://www.smartkarma.com/entities/ju-teng-international-hldgs" target="_blank" data-smartkarma-citation="entities:9998:1" rel="noopener">Ju Teng International (3336 HK)</a> is currently suspended pursuant to the Takeovers Code</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a>,<a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-limited" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua Holdings (3991 HK)</a>, <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, and <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>.</li>
</ul>


I tally 21- 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: the NBIO for Matrix Composites &amp; Eng (MCE AU). Ju Teng International (3336 HK) is currently suspended pursuant to the Takeovers Code
Key updates/news also took place on: Qube Holdings (QUB AU),Qoria (QOR AU), Changhong Jiahua Holdings (3991 HK), Ingenia Communities (INA AU), and Makino Milling Machine Co (6135 JP).


Asia-Pac M&A Weekly Wrap: Makino Milling, Matrix Composites, Qube, Qoria, Changhong Jiahua, Ingenia

Australia

Ingenia Communities Group manages, develops and invests in a portfolio of retirement village accomodation housing units.

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Ingenia Communities (INA AU)

Last Week In Event SPACE: Kakaku.com, Suncorp, TCL Electronics, Changhong Jiahua, Steadfast

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

Peet Ltd (PPC AU): Ingenia Communities (INA AU)'s Clean Scheme

Clean merger. Trading at a gross/annualised spread of 3.8%/11.7%, if late Dec completion. Including the FY26 A$0.065/share divi. If you can take...

David Blennerhassett

Peet (PPC AU): Ingenia (INA AU)’s Cash-And-Scrip Scheme Offer

The scheme vote is low-risk, particularly as the offer represents an all-time high. The key risk is a sustained decline in Ingenia’s share price (a...

Arun George

ASX Short Interest Weekly (Jul 17th): Genesis Minerals, CSL, Aristocrat Leisure, ASX, Atlas Arteria

We analyzed ASX short interest report for the past week and highlight short interest changes in Genesis Minerals, CSL, Aristocrat Leisure, ASX,...

Ke Yan, CFA, FRM

Asia-Pac M&A Weekly Wrap: Makino Milling, Matrix Composites, Qube, Qoria, Changhong Jiahua, Ingenia

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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52-week Range

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