Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 30 - 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>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism Holdings (THL NZ)</a>, <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>, and <a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX 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/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a>, <a href="https://www.smartkarma.com/entities/china-shengmu-organic-milk-ltd" target="_blank" data-smartkarma-citation="entities:12714:1" rel="noopener">China Shengmu Organic Milk (1432 HK)</a>, and <a href="https://www.smartkarma.com/entities/guocoland-malaysia-bhd" target="_blank" data-smartkarma-citation="entities:16496:1" rel="noopener">Guocoland Malaysia (GUOL MK)</a>.</li>
</ul>


I tally 30 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deals were discussed on Smartkarma this week: Tourism Holdings (THL NZ), Kodensha Co (1948 JP), and Nippon Dry Chemical (1909 JP).
Key updates/news also took place on: Atlas Arteria (ALX AU), Qoria (QOR AU), Magnetic Resources Nl (MAU AU), China Shengmu Organic Milk (1432 HK), and Guocoland Malaysia (GUOL MK).


Asia-Pac M&A Weekly Wrap: Atlas Arteria, Tourism Hold., Kodensha, Qoria, Shengmu, Guocoland Malaysia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a> is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.</li>
</ul>



Nippon Dry Chemical (1909 JP) is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.

CK Hutchison (1 HK) is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. 

Jardine Matheson (JM SP) goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.


Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

Travis Lundy

<ul>
<li>Today after the close, Japan's biggest electrical equipment construction co <a href="https://www.smartkarma.com/entities/kinden-corp" target="_blank" data-smartkarma-citation="entities:20620:1" rel="noopener">Kinden Corp (1944 JP)</a> announced a deal to take over a smaller electrical equipment construction co <a href="https://www.smartkarma.com/entities/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> owns 51%. Other corporates own 7%. A few banks own a bit under 2%, then retail owns everything else. As of Mar2025, foreign investors held &lt;1%.</li>
<li>Shares rose sharply last year, and apparently a Nikkei article in January suggested they'd sell the asset. Shares popped on that. Well-flagged. (Inexplicably?) HUGE price. Big win for retail.</li>
</ul>


Today after the close, Japan's biggest electrical equipment construction co Kinden Corp (1944 JP) announced a deal to take over a smaller electrical equipment construction co Kodensha Co (1948 JP). 

Mitsubishi Electric (6503 JP) owns 51%. Other corporates own 7%. A few banks own a bit under 2%, then retail owns everything else. As of Mar2025, foreign investors held &lt;1%.
Shares rose sharply last year, and apparently a Nikkei article in January suggested they'd sell the asset. Shares popped on that. Well-flagged. (Inexplicably?) HUGE price. Big win for retail.


[Japan M&A] Kinden (1944) To Take Over Kodensha (1948) At HUGE UNBELIEVABLE AMAZING Price (¥11,501)

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/kodensha-co-ltd-the" target="_blank" data-smartkarma-citation="entities:2741:1" rel="noopener">Kodensha Co (1948 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/kinden-corp" target="_blank" data-smartkarma-citation="entities:20620:1" rel="noopener">Kinden Corp (1944 JP)</a> at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  </li>
<li>The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.</li>
<li>While <a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a>'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.</li>
</ul>



Kodensha Co (1948 JP) announced a tender offer from Kinden Corp (1944 JP) at JPY11,501, a 50.3% premium to the last close and a 198% premium to the undisturbed price.  
The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA DCF valuation range.
While Mitsubishi Electric (6503 JP)'s irrevocable has a competing-offer clause, a higher offer is unlikely, as Kinden’s offer was the highest at the auction. This is a done deal.


Kodensha (1948 JP): Kinden (1944 JP)’s Knockout Tender Offer

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

<ul>
<li>JPX-Nikkei400 Index comprises common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology considering size, fundamentals, governance factors. Public pensions and ETFs track the index.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-April 2026.</li>
</ul>


JPX-Nikkei400 Index comprises common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology considering size, fundamentals, governance factors. Public pensions and ETFs track the index.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-April 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Apr 2026 Ranks

Japan

KINDEN CORPORATION designs, constructs, and maintains communication, electrical, and environmental facilities nationwide and overseas.  The Company's services include optical fiber network, cable television, power distribution line, power generation, air-conditioning, and water supply and sewage facilities.

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Kinden Corp (1944 JP)

Asia-Pac M&A Weekly Wrap: Atlas Arteria, Tourism Hold., Kodensha, Qoria, Shengmu, Guocoland Malaysia

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: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

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

[Japan M&A] Kinden (1944) To Take Over Kodensha (1948) At HUGE UNBELIEVABLE AMAZING Price (¥11,501)

Large electrical equipment construction co Kinden is buying smaller 'rival' owned by an industrial electric co. This was flagged to the market and...

Travis Lundy

Kodensha (1948 JP): Kinden (1944 JP)’s Knockout Tender Offer

The offer is attractive due to the high takeover premium, which represents an all-time high and is materially above the high end of the target IFA...

Arun George

Quiddity JPX-Nikkei 400 Rebal 2026: End-Apr 2026 Ranks

In total, there are 50 Potential ADDs and 46 Potential DELs (unique names) presented in the current Quiddity Leaderboard. There are roughly two...

Janaghan Jeyakumar, CFA

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