Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 43 - 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>One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>.</li>
<li>Key updates took place for <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-trading-corporation" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel Trading Corporation (9810 JP)</a>, and <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a>.</li>
</ul>


There are 43 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma this past week: TPG's non-binding Offer for Invocare Ltd (IVC AU).
Key updates took place for Yashili International Holdings (1230 HK), Pushpay Holdings (PPH NZ), Nippon Steel Trading Corporation (9810 JP), and S.M.Entertainment Co (041510 KS).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

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.

<ul>
<li>On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.</li>
<li>At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn.</li>
<li>In this note, we talk about the implications of the deal and what one can glean from looking at the previous dividend payout for JD.com.</li>
</ul>


On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.
At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn.
In this note, we talk about the implications of the deal and what one can glean from looking at the previous dividend payout for JD.com.


Tencent Meituan Dividend - The US$17bn Overhang Is Almost Here - Lesson from JD.com

Equity Capital Markets

Doosan Bobcat Inc / Equity Capital Markets

<ul>
<li>A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat.</li>
<li>The same shareholders had earlier sold in Nov 22, see <a href="https://www.smartkarma.com/insights/doosan-bobcat-placement-momentum-is-strong-but-past-deals-have-been-a-mixed-bag" target="_blank" data-smartkarma-citation="insights:85256" rel="noopener">Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag</a>. That deal didn’t do well.</li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>


A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat.
The same shareholders had earlier sold in Nov 22, see Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag. That deal didn’t do well.
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Doosan Bobcat Placement - Past Deal Didn’t Do Well, This Time Could Be Different

<ul>
<li>Fresh after the courts rejected new share issuance, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao (035720 KS)</a> has launched an Offer for <a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment (041510 KS)</a>, less than a week after <a href="https://www.smartkarma.com/entities/hybe-co-ltd" target="_blank" data-smartkarma-citation="entities:28959:1" rel="noopener">HYBE (352820 KS)</a>'s deal closed.</li>
<li>Kakao, holding 4.9%, is seeking to lift its stake to ~40% via a tender offer at ₩150,000/share, a 25% premium to HYBE's offer price. </li>
<li>The key question is - will HYBE counter? I would not be so sure. </li>
</ul>


Fresh after the courts rejected new share issuance, Kakao (035720 KS) has launched an Offer for S.M.Entertainment (041510 KS), less than a week after HYBE (352820 KS)'s deal closed.
Kakao, holding 4.9%, is seeking to lift its stake to ~40% via a tender offer at ₩150,000/share, a 25% premium to HYBE's offer price. 
The key question is - will HYBE counter? I would not be so sure. 


K-Pop Battle, Round 2: Kakao’s Tender Offer For S.M. Entertainment

Japan Post Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, there were two deals launched this week.</li>
<li>For placements, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s planned selldown by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> came earlier than expected.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, there were two deals launched this week.
For placements, Japan Post Bank (7182 JP)'s planned selldown by Japan Post Holdings (6178 JP) came earlier than expected.


ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Invocare, Yashili, Pushpay Holdings, S.M.Entertainment

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

Tencent Meituan Dividend - The US$17bn Overhang Is Almost Here - Lesson from JD.com

On 16th Nov 22, Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan. The US$17bn overhang...

Sumeet Singh

Doosan Bobcat Placement - Past Deal Didn’t Do Well, This Time Could Be Different

A group of shareholders aim to raise around US$138m by selling all of their remaining stake in Doosan Bobcat. This is a clean-up trade.

Sumeet Singh

K-Pop Battle, Round 2: Kakao’s Tender Offer For S.M. Entertainment

Trading tight at a <1% gross spread to terms. HYBE may bid higher. And Kakao can counter. I think Kakao wants this more than HYBE. I would not...

David Blennerhassett

ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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