Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Hugely cash-rich <a href="https://www.smartkarma.com/entities/cookpad-inc" target="_blank" data-smartkarma-citation="entities:23:1" rel="noopener">Cookpad Inc (2193 JP)</a> wouldn't hit my radar except for two things. 1) it was the target of <a href="https://www.smartkarma.com/entities/melco-holdings-inc" target="_blank" data-smartkarma-citation="entities:6597:1" rel="noopener">Melco Holdings (6676 JP)</a> chairman Maki-san a few years ago...</li>
<li>And 2) they did a huge buyback last year which pumped up the stock very bigly. </li>
<li>Maki-San appears long gone from the shares, but now they are doing another big buyback. Just as bigly. But there are new nuances this year.</li>
</ul>


Hugely cash-rich Cookpad Inc (2193 JP) wouldn't hit my radar except for two things. 1) it was the target of Melco Holdings (6676 JP) chairman Maki-san a few years ago...
And 2) they did a huge buyback last year which pumped up the stock very bigly. 
Maki-San appears long gone from the shares, but now they are doing another big buyback. Just as bigly. But there are new nuances this year.


Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN

David Blennerhassett

<ul>
<li>Buy <a href="https://www.smartkarma.com/entities/hankyu-hanshin-reit-inc" target="_blank" data-smartkarma-citation="entities:12654:1" rel="noopener">Hankyu Hanshin REIT, Inc. (8977 JP)</a> on any weakness. There will be strength ahead.</li>
<li>With <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. </li>
<li>Be long <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu (5019 JP)</a> vs <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS</a> for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.</li>
</ul>


Buy Hankyu Hanshin REIT, Inc. (8977 JP) on any weakness. There will be strength ahead.
With ENN Energy (2688 HK) suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. 
Be long Idemitsu (5019 JP) vs ENEOS for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.


Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

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>Melco Holdings reported revenue of JPY109.6bn (+0.5% YoY), with IT business revenue increasing 12.2% YoY to JPY87.6bn. </li><li>Operating profit was JPY6.7bn (+111.3% YoY), driven by a 5.1pp increase in IT segment OPM to 5.6%. </li><li>Food business revenue declined 29.1% YoY to JPY21.9bn, with operating profit at JPY2.6bn, following Shimadaya's spin-off.</li></ul>

Melco Holdings reported revenue of JPY109.6bn (+0.5% YoY), with IT business revenue increasing 12.2% YoY to JPY87.6bn. Operating profit was JPY6.7bn (+111.3% YoY), driven by a 5.1pp increase in IT segment OPM to 5.6%. Food business revenue declined 29.1% YoY to JPY21.9bn, with operating profit at JPY2.6bn, following Shimadaya's spin-off.

Melco Holdings (6676 JP): Q3 FY03/25 flash update

<ul><li>Revenue increased to JPY73.9bn (+5.5% YoY), with IT business revenue up 7.4% YoY and Food business up 1.4% YoY.</li><li>Operating profit rose to JPY3.0bn (+67.3% YoY), driven by IT business, despite a decline in Food business profit.</li><li>Net income attributable to owners of the parent reached JPY1.9bn (+52.3% YoY), with Melco Holdings maintaining its full-year forecast.</li></ul>

Revenue increased to JPY73.9bn (+5.5% YoY), with IT business revenue up 7.4% YoY and Food business up 1.4% YoY.Operating profit rose to JPY3.0bn (+67.3% YoY), driven by IT business, despite a decline in Food business profit.Net income attributable to owners of the parent reached JPY1.9bn (+52.3% YoY), with Melco Holdings maintaining its full-year forecast.

Melco Holdings (6676 JP): 1H FY03/25 flash update

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Star Entertainment Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> (SGR) plans to raise around US$480m (A$750m) via an entitlement offer cum institutional placement.</li>
<li>SGR undertook a similar sized raising earlier this year in Feb 2023, at a price which was double the current deal price.</li>
<li>In this note, we will talk about the deal dynamics.</li>
</ul>



Star Entertainment Group (SGR AU) (SGR) plans to raise around US$480m (A$750m) via an entitlement offer cum institutional placement.
SGR undertook a similar sized raising earlier this year in Feb 2023, at a price which was double the current deal price.
In this note, we will talk about the deal dynamics.


Star Entertainment Entitlement+Placement - Would You Rescue Me? Again?

Japan

MELCO HOLDINGS INC. is a holding company which manages computer peripheral equipment manufacturing subsidiaries.  The Company's subsidiaries develop and produce memory and storage devices and network equipment.

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Melco Holdings (6676 JP)

Tinycap Cash-Rich Cookpad (2193) With HUGE Buyback. AGAIN

Tinycap Cookpad is doing another large buyback. It's big. Last year's bought 10% in a month. This year, float is that much smaller. And there are...

Travis Lundy

Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

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