Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-corp" target="_blank" data-smartkarma-citation="entities:10803:1" rel="noopener">Sun Corp (6736 JP)</a> is a clear value play. But it's not as cheap to <a href="https://www.smartkarma.com/entities/cellebrite-di-ltd" target="_blank" data-smartkarma-citation="entities:37102:1" rel="noopener">Cellebrite (CLBT US)</a> as it was  last month. The trade is a net long position</li>
<li>As <a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (A) (19 HK)</a> plumbs new 12-month lows for its NAV discount and implied stub, Swire's B shares have significantly outperformed the As over the past month.</li>
<li>
<a href="https://www.smartkarma.com/entities/shandong-hi-speed-holdings-gro" target="_blank" data-smartkarma-citation="entities:10356:1" rel="noopener">Shandong Hi-Speed (412 HK)</a> is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.</li>
</ul>



Sun Corp (6736 JP) is a clear value play. But it's not as cheap to Cellebrite (CLBT US) as it was  last month. The trade is a net long position
As Swire Pacific (A) (19 HK) plumbs new 12-month lows for its NAV discount and implied stub, Swire's B shares have significantly outperformed the As over the past month.

Shandong Hi-Speed (412 HK) is a bubble. High shareholder concentration is still likely present, and the stock is getting squeezed. SHP is a short. Once it starts to turn.


Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/hangzhou-kangji-medical-instrument-co-ltd" target="_blank" data-smartkarma-citation="entities:28938:1" rel="noopener">Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK)</a>, <a href="https://www.smartkarma.com/entities/ashimori-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:13918:1" rel="noopener">Ashimori Industry (3526 JP)</a>, <a href="https://www.smartkarma.com/entities/rezil-inc" target="_blank" data-smartkarma-citation="entities:45661:1" rel="noopener">Rezil (176A JP)</a>, and <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a>.</li>
<li>Key updates/news took place on <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/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/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, and <a href="https://www.smartkarma.com/entities/kolon-mobility-group" target="_blank" data-smartkarma-citation="entities:45648:1" rel="noopener">Kolon Mobility Group (450140 KS)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Four new deal was discussed on Smartkarma this week: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), Ashimori Industry (3526 JP), Rezil (176A JP), and Carenet Inc (2150 JP).
Key updates/news took place on HKBN Ltd (1310 HK), Toyo Construction (1890 JP), Shibaura Electronics (6957 JP), and Kolon Mobility Group (450140 KS).


(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>FY09/24 sales were JPY14.9bn (+2.8% YoY), with operating profit at JPY1.3bn (+15.3% YoY), exceeding forecasts.</li><li>The Preventative Healthcare Platform exited, transferring operations to subsidiaries of Advantage Risk Management, effective September 30, 2024.</li><li>FY09/25 forecast predicts sales of JPY12.4bn (-17.0% YoY) and net income of JPY500mn (-66.3% YoY).</li></ul>

FY09/24 sales were JPY14.9bn (+2.8% YoY), with operating profit at JPY1.3bn (+15.3% YoY), exceeding forecasts.The Preventative Healthcare Platform exited, transferring operations to subsidiaries of Advantage Risk Management, effective September 30, 2024.FY09/25 forecast predicts sales of JPY12.4bn (-17.0% YoY) and net income of JPY500mn (-66.3% YoY).

Medpeer Inc (6095 JP): Full-year FY09/24 flash update 

<ul><li>Sales were JPY11.4bn (+7.1% YoY), EBITDA JPY1.5bn (+10.3% YoY), operating profit JPY1.0bn (+24.7% YoY), net income JPY429mn (+5.0% YoY).</li><li>Revised FY09/24 forecast: Sales JPY14.6bn, EBITDA JPY1.8bn, operating profit JPY1.2bn, recurring profit JPY1.1bn, net income JPY1.4bn.</li><li>Segment performance: Collective Intelligence Platform sales JPY9.3bn (+8.5% YoY), Medical Institution Support sales JPY377mn (+2.6% YoY), Preventative Healthcare sales JPY1.7bn (+1.4% YoY).</li></ul>

Sales were JPY11.4bn (+7.1% YoY), EBITDA JPY1.5bn (+10.3% YoY), operating profit JPY1.0bn (+24.7% YoY), net income JPY429mn (+5.0% YoY).Revised FY09/24 forecast: Sales JPY14.6bn, EBITDA JPY1.8bn, operating profit JPY1.2bn, recurring profit JPY1.1bn, net income JPY1.4bn.Segment performance: Collective Intelligence Platform sales JPY9.3bn (+8.5% YoY), Medical Institution Support sales JPY377mn (+2.6% YoY), Preventative Healthcare sales JPY1.7bn (+1.4% YoY).

Medpeer Inc (6095 JP): Q3 FY09/24 Flash Update, Revision of Full-Year FY09/24 Earnings Forecast

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/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC (4483 JP)</a> announced a partial tender offer for <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a>, the largest shareholder. Omron aims to make JMDC a consolidated subsidiary.  </li>
<li>The offer is for a minimum of 12.0m shares (18.52% ownership ratio) and a maximum of 15.0m shares (23.08%) at JPY5,700 per share, a 22.4% premium to the undisturbed price.</li>
<li>Irrevocables (<a href="https://www.smartkarma.com/entities/noritsu-koki-co-ltd" target="_blank" data-smartkarma-citation="entities:3091:1" rel="noopener">Noritsu Koki (7744 JP)</a>) represent a 13.63% ownership ratio. While the offer is light, it will likely succeed as the minimum acceptance condition requires a 7.1% minority acceptance rate. </li>
</ul>



JMDC (4483 JP) announced a partial tender offer for Omron Corp (6645 JP), the largest shareholder. Omron aims to make JMDC a consolidated subsidiary.  
The offer is for a minimum of 12.0m shares (18.52% ownership ratio) and a maximum of 15.0m shares (23.08%) at JPY5,700 per share, a 22.4% premium to the undisturbed price.
Irrevocables (Noritsu Koki (7744 JP)) represent a 13.63% ownership ratio. While the offer is light, it will likely succeed as the minimum acceptance condition requires a 7.1% minority acceptance rate. 


JMDC (4483 JP): Omron’s Partial Tender Offer

Japan

MEDPPEER provide social network services for the medical/pharmaceutical professionals. The service is intended to share knowledge, analysis, and treatment results to improve their medical practice.

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Medpeer Inc (6095 JP)

Last Week In Event SPACE: Sun Corp/Cellebrite, Swire, Shandong Hi-Speed, PRC Rural Bank Delistings

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

(Mostly) Asia-Pac M&A: Kangji Medical, Ashimori, Carenet, Rezil, HKBN, Toyo Cons., Shibaura Elect.

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