Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The family trust of the Widjaja Family has made a voluntary unconditional general Offer for the 29.7% in <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a> not held.</li>
<li>The S$0.31 cash Offer (not declared final) for the (mainly) Indo property play is a 12.9% premium to last close; but a 73.9% discount to Sinarmas' 1H24 NAV of S$1.19/share.</li>
<li>The Offer is unconditional in all respects. Trading a spread through terms. This deserves a bump.</li>
</ul>


The family trust of the Widjaja Family has made a voluntary unconditional general Offer for the 29.7% in Sinarmas Land (SML SP) not held.
The S$0.31 cash Offer (not declared final) for the (mainly) Indo property play is a 12.9% premium to last close; but a 73.9% discount to Sinarmas' 1H24 NAV of S$1.19/share.
The Offer is unconditional in all respects. Trading a spread through terms. This deserves a bump.


The Widjaja Family's Tilt For Sinarmas Land: This Needs A Bump

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/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>’s IFA opines that <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a>’s HK$24.60 offer is fair and reasonable. The vote is on 22 January. </li>
<li>The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There are recent movements in H Share substantial shareholders. </li>
<li>Key shareholders should be supportive of the cash/scrip offer. At the last close and for a 15 February payment, the gross/annualised spread is 2.9%/16.9%.</li>
</ul>



Shanghai Henlius Biotech (2696 HK)’s IFA opines that Shanghai Fosun Pharmaceutical (Group) (2196 HK)’s HK$24.60 offer is fair and reasonable. The vote is on 22 January. 
The key condition is approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). There are recent movements in H Share substantial shareholders. 
Key shareholders should be supportive of the cash/scrip offer. At the last close and for a 15 February payment, the gross/annualised spread is 2.9%/16.9%.


Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January

<ul>
<li>Due to several factors, the gross spread of <a href="https://www.smartkarma.com/entities/shanghai-fosun-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:8045:1" rel="noopener">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a>’s HK$24.60 offer for <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a> has widened to 21.5%.</li>
<li>The wide gross spread reflects the China TCM deal break hangover, slow progress in satisfying the precondition, Fosun Pharma’s potential funding challenges, and the shareholder vote. </li>
<li>NDRC approval should calm nerves about precondition satisfaction. Even with lingering deal-break concerns, a 21.5% gross spread is excessive.</li>
</ul>


Due to several factors, the gross spread of Shanghai Fosun Pharmaceutical (Group) (2196 HK)’s HK$24.60 offer for Shanghai Henlius Biotech (2696 HK) has widened to 21.5%.
The wide gross spread reflects the China TCM deal break hangover, slow progress in satisfying the precondition, Fosun Pharma’s potential funding challenges, and the shareholder vote. 
NDRC approval should calm nerves about precondition satisfaction. Even with lingering deal-break concerns, a 21.5% gross spread is excessive.


Henlius (2696 HK): NDRC Approval Should Calm Nerves

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vcredit-holdings-ltd" target="_blank" data-smartkarma-citation="entities:27143:1" rel="noopener">VCredit Holdings Ltd (2003 HK)</a>, a provider of consumer financial services in China, was listed on the 21st June 2018 at <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2018/0620/02003_3371304/e102.pdf" target="_blank" rel="noopener">HK$20/share</a>. Shares are currently down 90%.</li>
<li>Ma Ting Hung, VCredit's chairman, held 35.6% at the time of listing, and currently holds 39.85%.  </li>
<li>VCredit was suspended this morning pursuant to the Takeovers Code. Now might be the time for Ma to take VCredit back into the fold. </li>
</ul>



VCredit Holdings Ltd (2003 HK), a provider of consumer financial services in China, was listed on the 21st June 2018 at HK$20/share. Shares are currently down 90%.
Ma Ting Hung, VCredit's chairman, held 35.6% at the time of listing, and currently holds 39.85%.  
VCredit was suspended this morning pursuant to the Takeovers Code. Now might be the time for Ma to take VCredit back into the fold. 


<ul>
<li>Following a Partial Offer for <a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> in July, and <a href="https://www.smartkarma.com/entities/hanwha-galleria-corp" target="_blank" data-smartkarma-citation="entities:39998:1" rel="noopener">Hanwha Galleria (452260 KS)</a>'s yesterday, the Hanwha Group has now made an <a href="https://links.sgx.com/FileOpen/Offer_Announcement.ashx?App=Announcement&amp;FileID=818566" target="_blank" rel="noopener">Offer</a> for <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna-Mac (DMHL SP)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-aerospace-co-ltd" target="_blank" data-smartkarma-citation="entities:504:1" rel="noopener">Hanwha Aerospace (012450 KS)</a>, collectively holding 25.36%, have made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance hurdle.   </li>
<li>Terms are not final for the offshore oil-and-gas contractor. Optically, that's probably prudent. The Offer also requires Singapore's competition watchdog signing off. </li>
</ul>


Following a Partial Offer for Hanwha Corporation (000880 KS) in July, and Hanwha Galleria (452260 KS)'s yesterday, the Hanwha Group has now made an Offer for Dyna-Mac (DMHL SP).

Hanwha Ocean (042660 KS) and Hanwha Aerospace (012450 KS), collectively holding 25.36%, have made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance hurdle.   
Terms are not final for the offshore oil-and-gas contractor. Optically, that's probably prudent. The Offer also requires Singapore's competition watchdog signing off. 


Luxembourg

L'Occitane International S.A. designs, manufactures, and retails natural and organic ingredient-based beauty and well-being products, including skincare, haircare, body care, fragrances, and makeup. The company operates a portfolio of premium beauty brands such as L'Occitane en Provence, ELEMIS, and Sol de Janeiro. It is headquartered in Luxembourg City, Luxembourg, and was founded in 2000.

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L'Occitane International (973 HK)

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Henlius (2696 HK): Interesting Shareholder Movements with the Vote on 22 January

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Hanwha Group Makes A Move On Dyna-Mac

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David Blennerhassett

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