Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>'s Scheme, and Tender Offers for <a href="https://www.smartkarma.com/entities/fuji-corp-miyagi" target="_blank" data-smartkarma-citation="entities:20243:1" rel="noopener">Fuji Corp (7605 JP)</a>, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">TRYT (9164 JP)</a>, and <a href="https://www.smartkarma.com/entities/shinsung-tongsang-co-ltd" target="_blank" data-smartkarma-citation="entities:4107:1" rel="noopener">Shinsung Tongsang (005390 KS)</a>.</li>
<li>Fer.Key updates/news took place on: <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
</ul>


I tally 47 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal were discussed on Smartkarma this week: New World Resources (NWC AU)'s Scheme, and Tender Offers for Fuji Corp (7605 JP), TRYT (9164 JP), and Shinsung Tongsang (005390 KS).
Fer.Key updates/news took place on: Austal Ltd (ASB AU), HKBN Ltd (1310 HK), Shandong Fengxiang (9977 HK), and Mitsubishi Shokuhin (7451 JP).


(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

<ul>
<li>On the 21st May 2025, copper miner <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a> <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener"></a> inked a Scheme with <a href="https://www.smartkarma.com/entities/central-asia-metals-plc" target="_blank" data-smartkarma-citation="entities:23521:1" rel="noopener">Central Asia Metals (CAML LN)</a> at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.</li>
<li>Copper plays are definitely in vogue after <a href="https://www.smartkarma.com/entities/harmony-gold-mining-co-ltd" target="_blank" data-smartkarma-citation="entities:25115:1" rel="noopener">Harmony Gold Mining (HAR SJ)</a>'s recent Offer for <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU)</a>, and Bastion Minerals' tilt for <a href="https://www.smartkarma.com/entities/xanadu-mines-ltd" target="_blank" data-smartkarma-citation="entities:1270:1" rel="noopener">Xanadu Mines (XAM AU)</a>.</li>
<li>NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder? </li>
</ul>


On the 21st May 2025, copper miner New World Resources (NWC AU)  inked a Scheme with Central Asia Metals (CAML LN) at A$0.05/share, a punchy 95.7% premium to NWC’s 30-day VWAP.
Copper plays are definitely in vogue after Harmony Gold Mining (HAR SJ)'s recent Offer for MAC Copper (MAC AU), and Bastion Minerals' tilt for Xanadu Mines (XAM AU).
NWC closed up 4.2% yesterday, and was briefly through terms, again, today (as I type). On decent volume. Opportunistic investor (s) or a third party bidder? 


New World Resources (NWC AU)'s Possible Interloper

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 30th (reported today). The aggregated short interest was USD27.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman, Wisetech Global, Rio Tinto, Treasury Wine Estates, Gpt, National Australia Bank.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 30th (reported today). The aggregated short interest was USD27.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman, Wisetech Global, Rio Tinto, Treasury Wine Estates, Gpt, National Australia Bank.


ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman

<ul>
<li>For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. 
The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

<ul>
<li>MBK has made a legally binding bid for <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>. Stay long if you still hold or buy the dip. Buy at under ¥11,200.</li>
<li>Given the share price decline, <a href="https://www.smartkarma.com/entities/nufarm-ltd-australia" target="_blank" data-smartkarma-citation="entities:1128:1" rel="noopener">Nufarm (NUF AU)</a>'s board is under pressure to do "something". Nufarm would be better off selling its entire operations, as opposed to offloading divisions.</li>
<li>
<a href="https://www.smartkarma.com/entities/dic-corp" target="_blank" data-smartkarma-citation="entities:7343:1" rel="noopener">Dic Corp (4631 JP)</a> is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.</li>
</ul>


MBK has made a legally binding bid for Makino Milling Machine Co (6135 JP). Stay long if you still hold or buy the dip. Buy at under ¥11,200.
Given the share price decline, Nufarm (NUF AU)'s board is under pressure to do "something". Nufarm would be better off selling its entire operations, as opposed to offloading divisions.

Dic Corp (4631 JP) is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.


Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN

Australia

MAC Copper Limited operates as a mining company. The Company focuses on acquiring and operating copper, silver, and minerals assets. MAC Copper serves customers worldwide.

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MAC Copper (MAC AU)

(Mostly) Asia-Pac M&A: New World Res., Fuji Corp, TRYT, Shinsung Tongsang, Austal, Mitsu. Shokuhin

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

New World Resources (NWC AU)'s Possible Interloper

Trading at terms. Given the flurry of activity in this space, a third party bidder cannot be ruled out. Optically, CAML's Offer is solid. If...

David Blennerhassett

ASX Short Interest Weekly (May 30th): Sigma Pharmaceuticals, Evolution Mining, Westpac, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in Sigma Pharmaceuticals (SIG AU), Evolution Mining...

Ke Yan, CFA, FRM

(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

For the month of May, 13 new deals were discussed on Smartkarma with an overall deal size of ~US$27bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN

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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