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/hochtief-ag" target="_blank" data-smartkarma-citation="entities:21652:1" rel="noopener">Hochtief AG (HOT GR)</a> has finally launched an unconditional offer for the rest of <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a> (where it already owns 78.58%).</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-square-co-ltd" target="_blank" data-smartkarma-citation="entities:35264:1" rel="noopener">SK Square (402340 KS)</a> was inexpensive after its November listing. Now it's even cheaper. </li>
<li>Canada-Based asset manager <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a> and Australian billionaire Mike Cannon-Brookes have combined to purchase all of <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> at A$7.50/share</li>
</ul>



Hochtief AG (HOT GR) has finally launched an unconditional offer for the rest of CIMIC Group Ltd (CIM AU) (where it already owns 78.58%).

SK Square (402340 KS) was inexpensive after its November listing. Now it's even cheaper. 
Canada-Based asset manager Brookfield Asset Management (BAM US) and Australian billionaire Mike Cannon-Brookes have combined to purchase all of AGL Energy Ltd (AGL AU) at A$7.50/share


Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche

Travis Lundy

<ul>
<li>
<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> just sold two-thirds of its stake in subsidiary <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC Inc (4483 JP)</a> to <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a> for ¥112bn - pretty good for a ¥61bn marketcap.</li>
<li>This is the payday for those who have been long NK as a proxy for JMDC and possibly short JMDC against it. Now the shape of the company is different.</li>
<li>A closer look at the pro-forma financial profile is warranted. It's a lot of money. BUT... if you look today and buy today you do NOT get the special div!
</li>
</ul>



Noritsu Koki (7744 JP) just sold two-thirds of its stake in subsidiary JMDC Inc (4483 JP) to Omron Corp (6645 JP) for ¥112bn - pretty good for a ¥61bn marketcap.
This is the payday for those who have been long NK as a proxy for JMDC and possibly short JMDC against it. Now the shape of the company is different.
A closer look at the pro-forma financial profile is warranted. It's a lot of money. BUT... if you look today and buy today you do NOT get the special div!



<ul>
<li>
<a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC Inc (4483 JP)</a> is an interesting company with a high-flying stock price and valuation. </li>
<li>As one of the larger companies in the TSE Mothers universe, it still had not announced its intentions regarding TSE, and today we have <a href="https://ssl4.eir-parts.net/doc/4483/tdnet/2052268/00.pdf" target="_blank" rel="noopener">the reason why</a>. </li>
<li>JMDC will move from Mothers to TSE1 on 29 November, and this will be a biggie. </li>
</ul>



JMDC Inc (4483 JP) is an interesting company with a high-flying stock price and valuation. 
As one of the larger companies in the TSE Mothers universe, it still had not announced its intentions regarding TSE, and today we have the reason why. 
JMDC will move from Mothers to TSE1 on 29 November, and this will be a biggie. 


On Friday after the close, the TSE belatedly released its annual TSE Free Float Weight adjustments for stocks with fiscal year ends in March. Normally this comes out in October, and is executed at the end of October, but for the 2020 Free Float Weight Rebalance, as per an announcement made by the TSE on 22 June 2020, special measures were taken in light of the covid-19 pandemic, and the rebalance was delayed by 3 months. 
There are no major surprises that I see. Some buybacks from the market have led to slightly lower FFW coefficients. Some secondary offerings have led to increases in FFW coefficients. As discussed in <a href="https://www.smartkarma.com/insights/japan-post-insurance-update-three-reasons-to-buy-any-overhang-slightly-higher" target="_blank" data-smartkarma-citation="insights:46862" rel="noopener">Japan Post Insurance Update - Three Reasons To Buy. Any Overhang Slightly Higher</a> on Friday, one of the big names to the buy side is indeed <a href="https://www.smartkarma.com/entities/japan-post-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:840:1" rel="noopener">Japan Post Insurance (7181 JP)</a>.
For more on the rebalance, read on.
[A spreadsheet of all names and impacts is attached at the bottom of the insight]

On Friday after the close, the TSE belatedly released its annual TSE Free Float Weight adjustments for stocks with fiscal year ends in March. Normally this comes out in October, and is executed at the end of October, but for the 2020 Free Float Weight Rebalance, as per an announcement made by the TSE on 22 June 2020, special measures were taken in light of the covid-19 pandemic, and the rebalance was delayed by 3 months. 
There are no major surprises that I see. Some buybacks from the market have led to slightly lower FFW coefficients. Some secondary offerings have led to increases in FFW coefficients. As discussed in Japan Post Insurance Update - Three Reasons To Buy. Any Overhang Slightly Higher on Friday, one of the big names to the buy side is indeed Japan Post Insurance (7181 JP).
For more on the rebalance, read on.
[A spreadsheet of all names and impacts is attached at the bottom of the insight]

The Delayed TOPIX FFW Rebalance: $32bn To Trade

Equity Bottom-Up

After the close Tuesday 31 May, <a href="https://www.smartkarma.com/entities/3091" target="_blank" data-smartkarma-citation="entities:3091">Noritsu Koki (7744 JP)</a> announced the results of its Tender Offer for <a href="https://www.smartkarma.com/entities/5940" target="_blank" data-smartkarma-citation="entities:5940">Gene Techno Science (4584 JP)</a>. After spending most of the tender offer period at or just above the Tender Offer Price of 3000 yen/share, falling sharply after trading went ex-tender last week and rebounding yesterday to just above the tender offer price, today the stock was limit up at 3705 yen (+23.3%) on small volume. <h2>Tender Offer Results</h2>After purchasing 816,327 shares at 2,450 yen per share in…

After the close Tuesday 31 May, Noritsu Koki (7744 JP) announced the results of its Tender Offer for Gene Techno Science (4584 JP). After spending most of the tender offer period at or just above the Tender Offer Price of 3000 yen/share, falling sharply after trading went ex-tender last week and rebounding yesterday to just above the tender offer price, today the stock was limit up at 3705 yen (+23.3%) on small volume. Tender Offer ResultsAfter purchasing 816,327 shares at 2,450 yen per share in…

Gene Techno Science: Noritsu Owns 58%, It's a Post-Tender World

Japan

Noritsu Koki Co., Ltd. manufactures various photo processors.  The Company specializes in high-speed mini-photo processing lab systems.  Noritsu Koki also produces OEM (original equipment manufacturer) supply for Kodak and Konica.

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Noritsu Koki (7744 JP)

Last Week in Event SPACE: CIMIC, SK Square, AGL Energy, Mapletree, Z Energy, VW/Porsche

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

Noritsu Koki (7744) - PAAAAYDAAAAY!

Noritsu Koki (7744) just got paid. They got ¥112bn for 2/3 of their stake in JMDC (4483), hold 15.7% still, now have net cash, and ongoing...

Travis Lundy

A Really BIG Event for JMDC (4483)

JMDC is one of Mothers' larger caps and the move to TSE1 creates an index event. The nature of the shareholder structure creates interesting...

Travis Lundy

The Delayed TOPIX FFW Rebalance: $32bn To Trade

The Big Annual TOPIX FFW Rebalance of October 2020 was delayed until January. The results were not terribly surprising. Nevertheless, it is a big...

Travis Lundy

Gene Techno Science: Noritsu Owns 58%, It's a Post-Tender World

After the close Tuesday 31 May, Noritsu Koki (7744 JP) announced the results of its Tender Offer for Gene Techno Science (4584 JP). After spending...

Travis Lundy

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