Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> reported solid performance in 1Q23, with double-digit revenue growth, driven by expansion of domestic consumables sales for Shrink Universe and growth in overseas device and consumables sales.</li>
<li>Operating profit increased 19% YoY to KRW 19.9 billion, leading to 380 basis point margin expansion to 51%. Net profit increased 46% YoY to KRW 18.8 billion.</li>
<li>Classys continues to strengthen its competitiveness through product line and geography expansion. The company has reiterated 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.</li>
</ul>



Classys (214150 KS) reported solid performance in 1Q23, with double-digit revenue growth, driven by expansion of domestic consumables sales for Shrink Universe and growth in overseas device and consumables sales.
Operating profit increased 19% YoY to KRW 19.9 billion, leading to 380 basis point margin expansion to 51%. Net profit increased 46% YoY to KRW 18.8 billion.
Classys continues to strengthen its competitiveness through product line and geography expansion. The company has reiterated 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.


Classys (214150 KS): Strong 1Q23 Result Lifted by Overseas Performance and Consumables Sales

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Five new deals were discussed this week: <a href="https://www.smartkarma.com/entities/lutronic-corp" target="_blank" data-smartkarma-citation="entities:2250:1" rel="noopener">Lutronic (085370 KS)</a> tender Offer;<a href="https://www.smartkarma.com/entities/hailan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39776:1" rel="noopener">Hailan (2278 HK)</a>'s VGO; <a href="https://www.smartkarma.com/entities/mason-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:17664:1" rel="noopener">Mason (273 HK)</a>'s Scheme; <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent (TNT AU)</a>Scheme, &amp; <a href="https://www.smartkarma.com/entities/kenedix-office-investment-co" target="_blank" data-smartkarma-citation="entities:16263:1" rel="noopener">Kenedix Office (8972 JP)</a>'s merger. </li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>, and <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>.</li>
</ul>


There are 44 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Five new deals were discussed this week: Lutronic (085370 KS) tender Offer;Hailan (2278 HK)'s VGO; Mason (273 HK)'s Scheme; Tesserent (TNT AU)Scheme, &amp; Kenedix Office (8972 JP)'s merger. 
Key updates took place for Toyo Construction (1890 JP), Inner Mongolia Yitai Coal Company Ltd (3948 HK), and HKBN Ltd (1310 HK).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Lutronic, Hailan, Mason, Tesserent, Kenedix

<ul>
<li>On 9 June, skin and cosmetic treatment play <a href="https://www.smartkarma.com/entities/lutronic-corp" target="_blank" data-smartkarma-citation="entities:2250:1" rel="noopener">Lutronic Corp (085370 KS)</a> announced a Tender Offer from Korean PE outfit Hahn &amp; Company.</li>
<li>After acquiring 19.41% from Lutronic's CEO at ₩ 36,700, Hahn will launch an Offer for all remaining shares at the same price. </li>
<li>This Offer Price is a lifetime high. There is no minimum tendering condition. </li>
</ul>


On 9 June, skin and cosmetic treatment play Lutronic Corp (085370 KS) announced a Tender Offer from Korean PE outfit Hahn &amp; Company.
After acquiring 19.41% from Lutronic's CEO at ₩ 36,700, Hahn will launch an Offer for all remaining shares at the same price. 
This Offer Price is a lifetime high. There is no minimum tendering condition. 


Lutronic (085370 KS): Hahn & Co Tender Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.</li>
<li>Given <a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">CR Power (836 HK)</a>'s clean energy unit's profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.</li>
<li>
<a href="https://www.smartkarma.com/entities/chindata-group-holdings-adr" target="_blank" data-smartkarma-citation="entities:29274:1" rel="noopener">Chindata Group (CD US)</a> is unquestionably cheap. But Bain's indicative Offer is not the answer to long-suffering shareholders.</li>
</ul>



Toshiba Corp (6502 JP)'s Board has a Revised Opinion. It has recommended the Offer for reasons which smack of resignation rather than appropriate deliberation. Investors beware.
Given CR Power (836 HK)'s clean energy unit's profitably, a listing should be a significant event, attracting a wide audience, and probably a premium to other listed green energy plays.

Chindata Group (CD US) is unquestionably cheap. But Bain's indicative Offer is not the answer to long-suffering shareholders.


Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we provide details of the Lutronic tender offer M&amp;A by Hahn &amp; Company.</li>
<li>We believe that Hahn &amp; Co is likely to successfully complete this M&amp;A tender offer of Lutronic. </li>
<li>In our view, most of the shareholders of Lutronic are likely to tender their shares, given the sharp share price appreciation and reasonable tender offer premium. </li>
</ul>


In this insight, we provide details of the Lutronic tender offer M&amp;A by Hahn &amp; Company.
We believe that Hahn &amp; Co is likely to successfully complete this M&amp;A tender offer of Lutronic. 
In our view, most of the shareholders of Lutronic are likely to tender their shares, given the sharp share price appreciation and reasonable tender offer premium. 


Details of the Lutronic Tender Offer M&A by Hahn & Company

South Korea

Lutronic Corporation is an innovator in advanced aesthetic, medical laser and related technology. The Company reinvests large portion of its revenue in R&D, developing breakthrough applications to explore future medical laser opportunities that include ophthalmology, neurosurgery, urology, and other surgical laser applications. Lutronic serves customers globally.

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Lutronic Corp (085370 KS)

Classys (214150 KS): Strong 1Q23 Result Lifted by Overseas Performance and Consumables Sales

Since publishing this insight, Classys shares gained 26%. Investors can book partial profit and hold core position, as more upside is seen, due to...

Tina Banerjee

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Lutronic, Hailan, Mason, Tesserent, Kenedix

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

Lutronic (085370 KS): Hahn & Co Tender Offer

Buy the deal at the price where it makes sense. The current gross/annualised is ~1%/10.5%. If you are a LO investor still holding, and you are...

David Blennerhassett

Last Week in Event SPACE: Toshiba, China Resources Power, Chindata, Tian An China

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Details of the Lutronic Tender Offer M&A by Hahn & Company

In this insight, we provide details of the Lutronic tender offer M&A by Hahn & Company. We believe that Hahn & Co is likely to successfully...

Douglas Kim

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