Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 48 - 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>Two new deals were discussed on Smartkarma: <a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a>'s low-balled Offer; <a href="https://www.smartkarma.com/entities/carbon-revolution-ltd" target="_blank" data-smartkarma-citation="entities:29071:1" rel="noopener">Carbon Revolution Ltd (CBR AU)</a>'s desperate SPAC takeover.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</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>, and <a href="https://www.smartkarma.com/entities/hitachi-transport-system-ltd" target="_blank" data-smartkarma-citation="entities:2395:1" rel="noopener">Hitachi Transport System (9086 JP)</a>.</li>
</ul>


There are 48 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals were discussed on Smartkarma: Bigtincan Holdings Ltd (BTH AU)'s low-balled Offer; Carbon Revolution Ltd (CBR AU)'s desperate SPAC takeover.
Key updates took place for: Warrego Energy (WGO AU), Toyo Construction (1890 JP), and Hitachi Transport System (9086 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Bigtincan, Carbon Revolution, Warrego, Toyo, Hitachi T'sport

<ul>
<li>For the month of November, 11 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.</li>
<li>The average premium for the new deals announced (or first discussed) in November was ~52%, and a year-to-date average of 41%.</li>
<li>This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.</li>
</ul>


For the month of November, 11 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.
The average premium for the new deals announced (or first discussed) in November was ~52%, and a year-to-date average of 41%.
This compares to the average premium for all deals in 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 33%, 31%, and 31.5% respectively.


(Mostly) Asia M&A Nov 2022 Roundup: Origin, Perpetual, Mori Trust, Uzabase, Chip Eng, Golden Energy

<ul>
<li>There is potentially a premium of about 20-25% being assessed for the possibility of a deal for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, but there is also fundamental risk beyond this.</li>
<li>
<a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> rejects EQT/BPEA/Regal's Offer, a proposal that is contingent on PPT ceasing its Scheme with <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a> </li>
<li>
<a href="https://www.smartkarma.com/entities/news-corp" target="_blank" data-smartkarma-citation="entities:26926:1" rel="noopener">News Corp (NWS AU)</a> is trading rich. The net EV/EBITDA for the stub ops trades closely matches to <a href="https://www.smartkarma.com/entities/fox-corporation" target="_blank" data-smartkarma-citation="entities:36135:1" rel="noopener">Fox (FOXA US)</a>. And Fox is preferable over NWS' print media business. </li>
</ul>


There is potentially a premium of about 20-25% being assessed for the possibility of a deal for Toshiba Corp (6502 JP), but there is also fundamental risk beyond this.

Perpetual Ltd (PPT AU) rejects EQT/BPEA/Regal's Offer, a proposal that is contingent on PPT ceasing its Scheme with Pendal Group (PDL AU) 

News Corp (NWS AU) is trading rich. The net EV/EBITDA for the stub ops trades closely matches to Fox (FOXA US). And Fox is preferable over NWS' print media business. 


Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp

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>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</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>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/singapore-medical-group-ltd" target="_blank" data-smartkarma-citation="entities:7441:1" rel="noopener">Singapore Medical (SMG SP)</a>, <a href="https://www.smartkarma.com/entities/ptb-group-ltd" target="_blank" data-smartkarma-citation="entities:19198:1" rel="noopener">PTB Group Ltd (PTB AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - 21Vianet Group (VNET US), Alliance Aviation Services (AQZ AU), 111 Inc (YI US), Genex Power Ltd (GNX AU), O2Micro International (OIIM US), Shandong Fengxiang (9977 HK).
Lowest spreads - Tyro Payments (TYR AU), Tassal (TGR AU), China Vast Industrial Urban Development (6166 HK), Singapore Medical (SMG SP), PTB Group Ltd (PTB AU), Nearmap Ltd (NEA AU).


Merger Arb Mondays (31 Oct) - Jinke, Fengxiang, Lifestyle, Kingston, Pushpay, Nitro, Elmo, DTAC/True

<ul>
<li>
<a href="https://www.smartkarma.com/entities/moya-holdings-asia-ltd" target="_blank" data-smartkarma-citation="entities:2293:1" rel="noopener">Moya Holdings Asia (MHAL SP)</a> released its delisting circular. The EGM to approve the delisting proposal from Tamaris Infrastructure (Anthoni Salim) at S$0.092 per share is on 21 November.</li>
<li>The IFA says the offer is fair and reasonable. Gateway Partners, which holds a blocking stake, will likely use the offer as an opportunity to exit an underperforming investment.</li>
<li>The offer price is attractive and will likely succeed. At the last close price, the gross and annualised spread for a 30 November payment is 3.4% and 45.8%, respectively.</li>
</ul>



Moya Holdings Asia (MHAL SP) released its delisting circular. The EGM to approve the delisting proposal from Tamaris Infrastructure (Anthoni Salim) at S$0.092 per share is on 21 November.
The IFA says the offer is fair and reasonable. Gateway Partners, which holds a blocking stake, will likely use the offer as an opportunity to exit an underperforming investment.
The offer price is attractive and will likely succeed. At the last close price, the gross and annualised spread for a 30 November payment is 3.4% and 45.8%, respectively.


Moya Holding’s EGM for S$0.092 Offer on 21 November

Singapore

Moya Holdings Asia Limited is an investment holding company that develops, operates, and maintains water treatment facilities and distribution networks. The company provides total water solutions, including clean water supply and technical advisory services, primarily to municipalities and governments in Indonesia. Headquartered in Singapore, the company was founded in 1986.

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Moya Asia (MHAL SP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Bigtincan, Carbon Revolution, Warrego, Toyo, Hitachi T'sport

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

(Mostly) Asia M&A Nov 2022 Roundup: Origin, Perpetual, Mori Trust, Uzabase, Chip Eng, Golden Energy

For the month of November, 11 new deals were discussed on Smartkarma with an overall deal size of ~US$20bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: Toshiba, Perpetual/Pendal, News Corp/Fox Corp

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

Merger Arb Mondays (31 Oct) - Jinke, Fengxiang, Lifestyle, Kingston, Pushpay, Nitro, Elmo, DTAC/True

This week, the highest gross spreads are VNET (84.7%), Alliance Aviation (48.4%), 111 (40.2%), Genex (25.0%), O2Micro (19.3%), Fengxiang (14.6%),...

Arun George

Moya Holding’s EGM for S$0.092 Offer on 21 November

The IFA says the offer is fair and reasonable. The offer price is attractive and will likely succeed. At the last close price, the annualised...

Arun George

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