Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 37 - 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>Surprisingly, no new deals were discussed on Smartkarma this week. </li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan International Airport (357 HK)</a>, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, <a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a>, and <a href="https://www.smartkarma.com/entities/restaurant-brands-nz-ltd" target="_blank" data-smartkarma-citation="entities:11891:1" rel="noopener">Restaurant Brands (RBD NZ)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Surprisingly, no new deals were discussed on Smartkarma this week. 
Key updates/news also took place on: Mayne Pharma (MYX AU), Hainan Meilan International Airport (357 HK), ReNew Energy Global (RNW US), Mandom Corp (4917 JP), and Restaurant Brands (RBD NZ).


Mostly Asia-Pac M&A: Mayne Pharma, Meilan Airport, ReNew Energy Global, Mandom, Restaurant Brands

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

Soon Hock Enterprise Holding / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/soon-hock-enterprise-holding-pte-ltd" target="_blank" data-smartkarma-citation="entities:45970:1" rel="noopener">Soon Hock Enterprise Holding (SHOCK SP)</a> is an established real estate developer that undertakes property development and property investment in Singapore.</li>
<li>The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.</li>
<li>We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.</li>
</ul>



Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in Singapore.
The Group’s management has been involved in the launch of more than 1,200 units of strata-titled industrial properties in Singapore, achieving a total Gross Development Value (GDV) of S$1bn.
We initiate coverage on Soon Hock Enterprise with a RNAV-based TP of S$0.74, representing an upside of 27.6%.


Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Thematic (Sector/Industry)

<ul>
<li>There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.</li>
<li>Hence, we thought it timely to take a closer look at the SGX. </li>
<li>The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. </li>
</ul>


There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund flow movements.
Hence, we thought it timely to take a closer look at the SGX. 
The local bourse has seen renewed investor attention, underpinned by selective growth stories, valuation gaps, and improving balance sheet quality. We highlight key observations and emerging themes within the SGX. 


<ul>
<li>Concurrent with the sale of 13 floors of OCB to <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba</a>, <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> announced on the 17th October an Offer for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a>'s minorities at US$3.35/share.</li>
<li>This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.</li>
<li>Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. </li>
</ul>


Concurrent with the sale of 13 floors of OCB to Alibaba, Jardine Matheson (JM SP) announced on the 17th October an Offer for Mandarin Oriental (MAND SP)'s minorities at US$3.35/share.
This is a clean, full, "dull" Offer. And MAND is trading super tight to terms at ~2.1% gross, with possible payment (my estimate) late Feb 2026.
Proceeds from the OCB sale will be US$925mn. And taking out MAND's minorities will set Matheson back ~US$1bn. Yet the market is now assigning US$2.1bn less for Matheson's stub ops. 


Jardine Matheson's Underperformance Post Mandarin Offer

<ul>
<li>Palliser discloxes stake in <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>, and subsequently seeks to spill the board and undertake buybacks. </li>
<li>The family  increased their bid for <a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a> by 42.4%, from ¥2,050 to ¥2,919/share. This now becomes a short-term rate of return trade. It will trade relatively tight.</li>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> appears to have squeezed the most out its unlisted subsidiary MPIC, for now, with the forthcoming Maynilad IPO.</li>
</ul>


Palliser discloxes stake in LG Chem Ltd (051910 KS), and subsequently seeks to spill the board and undertake buybacks. 
The family  increased their bid for Pacific Industrial (7250 JP) by 42.4%, from ¥2,050 to ¥2,919/share. This now becomes a short-term rate of return trade. It will trade relatively tight.

First Pacific Co (142 HK) appears to have squeezed the most out its unlisted subsidiary MPIC, for now, with the forthcoming Maynilad IPO.


Last Week In Event SPACE: LG Chem, Pacific Industrial, Critical Minerals, First Pacific

Singapore

Jardine Strategic Holdings Limited is a holding company with principal interests in Jardine Matheson, Dairy Farm, Hongkong Land, Mandarin Oriental, and Cycle and Carriage.  The Company, through its subsidiaries, operates auto distribution, food and retailing, property investment, property development, and hotel operations.

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Jardine Strategic Holdings (JS SP)

Mostly Asia-Pac M&A: Mayne Pharma, Meilan Airport, ReNew Energy Global, Mandom, Restaurant Brands

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

Soon Hock Enterprise Initiation - Established Player with Consistent Execution

Soon Hock Enterprise Holding (SHOCK SP) is an established real estate developer that undertakes property development and property investment in...

Evolve Capital Advisory Pte Ltd

A Timely Review of Our Local Bourse

There has been a flurry of activity within the SGX in recent months - from heightened trading interest to a pickup in corporate actions and fund...

Evolve Capital Advisory Pte Ltd

Jardine Matheson's Underperformance Post Mandarin Offer

Proceeds from the OCB sale will be US$925mn. And taking out MAND minorities will cost Matheson ~US$1bn. Yet the market is now assigning US$2.1bn...

David Blennerhassett

Last Week In Event SPACE: LG Chem, Pacific Industrial, Critical Minerals, First Pacific

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

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