Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-steel-mfg-co-ltd" target="_blank" data-smartkarma-citation="entities:16195:1" rel="noopener">Tokyo Steel (5423 JP)</a>'s cost are up, but Japan's still a net scrap exporter, with enough scrap to keep Japan scrap prices low enough to keep electric arc furnaces competitive.</li>
<li>I can't see FIRB stomping on the Kestrel  deal. Perhaps behavioural remedies, where possible, such that <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a> doesn't divert the majority of the exports to China.</li>
<li>IDX has considerable work to do to address transparency, investability, and credibility. <a href="https://www.smartkarma.com/entities/barito-pacific-tbk-pt" target="_blank" data-smartkarma-citation="entities:8851:1" rel="noopener">Barito Pacific (BRPT IJ)</a> and 64.7%-held <a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a> are both uninvestable.</li>
</ul>



Tokyo Steel (5423 JP)'s cost are up, but Japan's still a net scrap exporter, with enough scrap to keep Japan scrap prices low enough to keep electric arc furnaces competitive.
I can't see FIRB stomping on the Kestrel  deal. Perhaps behavioural remedies, where possible, such that Yancoal Australia (YAL AU) doesn't divert the majority of the exports to China.
IDX has considerable work to do to address transparency, investability, and credibility. Barito Pacific (BRPT IJ) and 64.7%-held Barito Renewables Energy (BREN IJ) are both uninvestable.


Last Week In Event SPACE: Tokyo Steel, Yancoal, Sun Corp/Cellebrite, Barito Pacific/Renewables

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Low volatility investing has taken the mantle from Dividend yield as the top strategy during July</li>
<li><a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> and <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 Group Holding (9988 HK)</a> are rated BUYs as their businesses show improvement.  </li>
<li>
<a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.
</li>
</ul>


Low volatility investing has taken the mantle from Dividend yield as the top strategy during July
BYD Electronics (285 HK) and Alibaba Group Holding (9988 HK) are rated BUYs as their businesses show improvement.  

Kingdee International Software (268 HK) is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.



BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

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.

EVOC Intelligent Technology / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company Limited H (2308 HK)</a>’s delisting resolution was approved - 81.20 % of independent H Share votes cast FOR (7.05% of all independent H Shareholders AGAINST).</li>
<li>The gross spread recently increased from 2.9% (11 October) to 7.5% (13 October) due to nervousness about another failed privatisation attempt after two failed bids. </li>
<li>The last trading date is 20 October. At last close and for the 7 November payment date, the gross and annualised spread to the offer is 5.4% and 164.7%, respectively.</li>
</ul>



EVOC Intelligent Technology Company Limited H (2308 HK)’s delisting resolution was approved - 81.20 % of independent H Share votes cast FOR (7.05% of all independent H Shareholders AGAINST).
The gross spread recently increased from 2.9% (11 October) to 7.5% (13 October) due to nervousness about another failed privatisation attempt after two failed bids. 
The last trading date is 20 October. At last close and for the 7 November payment date, the gross and annualised spread to the offer is 5.4% and 164.7%, respectively.


EVOC’s H Share Class Meeting – And that Is a Pass

<ul>
<li>The Composite Document for electronics play and property developer <a href="https://www.smartkarma.com/entities/evoc-intelligent-technology-company-limited-h" target="_blank" data-smartkarma-citation="entities:2015:1" rel="noopener">EVOC Intelligent Technology Company  (2308 HK)</a>, has been dispatched.  The EM and H-Class meeting will be held on the 19 October. </li>
<li>The Offer Price is HK$1.75/share. It will not be increased. No further dividends will be added. </li>
<li>This is done. Trading at a gross/annualised spread of 2.9%/34%.</li>
</ul>


The Composite Document for electronics play and property developer EVOC Intelligent Technology Company  (2308 HK), has been dispatched.  The EM and H-Class meeting will be held on the 19 October. 
The Offer Price is HK$1.75/share. It will not be increased. No further dividends will be added. 
This is done. Trading at a gross/annualised spread of 2.9%/34%.


EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable

Hong Kong

Ju Teng International manufactures casings for notebooks, televisions, and handheld devices, specializing in plastic injection, metal stamping, and surface coating technologies. The company also provides mold development, design, and assembly services for computer, communication, and consumer electronics. It was founded in 2000 and is headquartered in Central, Hong Kong.

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Ju Teng International (3336 HK)

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

Last Week In Event SPACE: Tokyo Steel, Yancoal, Sun Corp/Cellebrite, Barito Pacific/Renewables

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

BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Low volatility investing is performing well in July. BYD Electronics has seen better Apple related and NEV sales and Alibaba is increasing some...

David Mudd

EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable

There's enough here to see the Offer get up. It has been declared final for that reason. Buy here. I expect the share price to increase to...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Last Week In Event SPACE: Tokyo Steel, Yancoal, Sun Corp/Cellebrite, Barito Pacific/Renewables

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

BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Low volatility investing is performing well in July. BYD Electronics has seen better Apple related and NEV sales and Alibaba is increasing some...

David Mudd

EVOC’s H Share Class Meeting – And that Is a Pass

The last trading date is 20 October. At last close and for the 7 November payment date, the gross and annualised spread to the offer is 5.4% and...

Arun George

EVOC (2308 HK): 19 October H-Class Meeting. IFA Says Fair & Reasonable

There's enough here to see the Offer get up. It has been declared final for that reason. Buy here. I expect the share price to increase to...

David Blennerhassett