Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Five new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU)</a>, <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>, <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr (ZK US)</a>, <a href="https://www.smartkarma.com/entities/torii-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:3253:1" rel="noopener">Torii Pharmaceutical (4551 JP)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</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>, <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Five new deals discussed on Smartkarma this week: SmartPay Holdings (SMP AU), NTT Data Corp (9613 JP), Zeekr (ZK US), Torii Pharmaceutical (4551 JP), and Mitsubishi Shokuhin (7451 JP).
Key updates/news took place on: Domain Holdings Australia (DHG AU), Gold Road Resources (GOR AU), Canvest Environmental Protection Group (1381 HK), Shibaura Electronics (6957 JP), Tsuruha Holdings (3391 JP).


(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>, <a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan International Airport (357 HK)</a>, and of course, <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts Intl (113 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, and <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>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Four new deals discussed on Smartkarma this week: Ainsworth Game (AGI AU), Bright Smart Securities (1428 HK), Hainan Meilan International Airport (357 HK), and of course, Toyota Industries (6201 JP).
Key updates/news took place on: PointsBet Holdings (PBH AU), Gold Road Resources (GOR AU), Dickson Concepts Intl (113 HK), Canvest Environmental Protection Group (1381 HK), and Shibaura Electronics (6957 JP).


(Mostly) Asia-Pac M&A: Ainsworth Game, Bright Smart, PointsBet, Dickson Concepts, Canvest, Shibaura

<ul>
<li>For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>'s potential Offer.</li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For April 2025, 9 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$6bn. Not including Toyota Industries (6201 JP)'s potential Offer.
The average premium for the new transactions announced (or first discussed) in April was ~46%, with a year-to-date average of 53%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>No new deals discussed on Smartkarma this week. Although <a href="https://www.smartkarma.com/entities/dickson-concepts-intl-ltd" target="_blank" data-smartkarma-citation="entities:5052:1" rel="noopener">Dickson Concepts (113 HK)</a>, <a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart (1428 HK)</a>, and <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Bank (6122 HK)</a> are suspended pursuant to the Takeovers Code. </li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont (PLL AU)</a>/<a href="https://www.smartkarma.com/entities/sayona-mining-ltd" target="_blank" data-smartkarma-citation="entities:1589:1" rel="noopener">Sayona (SYA AU)</a>, <a href="https://www.smartkarma.com/entities/jamco-corp" target="_blank" data-smartkarma-citation="entities:14741:1" rel="noopener">Jamco (7408 JP)</a>, <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling (6135 JP)</a>, <a href="https://www.smartkarma.com/entities/sinarmas-land-ltd" target="_blank" data-smartkarma-citation="entities:1144:1" rel="noopener">Sinarmas Land (SML SP)</a>, and <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>. </li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
No new deals discussed on Smartkarma this week. Although Dickson Concepts (113 HK), Bright Smart (1428 HK), and Jilin Jiutai Bank (6122 HK) are suspended pursuant to the Takeovers Code. 
Key updates/news took place on Mayne Pharma (MYX AU), Piedmont (PLL AU)/Sayona (SYA AU), Jamco (7408 JP), Makino Milling (6135 JP), Sinarmas Land (SML SP), and Dada Nexus (DADA US). 


(Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus

<ul>
<li>Value Act, as activist, believes the KKR's <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> is not being done at the right price. But Value Act will now tender shares and invest in Bidco. </li>
<li>
<a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a>and <a href="https://www.smartkarma.com/entities/iluka-resources-ltd" target="_blank" data-smartkarma-citation="entities:10105:1" rel="noopener">Iluka Resources (ILU AU)</a> are the only Australian companies with confirmed (or near-term) refining specific heavy rare earth elements as China restricts exports.</li>
<li>StraCap has been tilting at the <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita (8125 JP)</a> for years. It hasn't made headway. The only way StraCap will get its measures over the line is by soliciting retail.</li>
</ul>


Value Act, as activist, believes the KKR's Topcon Corp (7732 JP) is not being done at the right price. But Value Act will now tender shares and invest in Bidco. 

Lynas Corp Ltd (LYC AU)and Iluka Resources (ILU AU) are the only Australian companies with confirmed (or near-term) refining specific heavy rare earth elements as China restricts exports.
StraCap has been tilting at the Wakita (8125 JP) for years. It hasn't made headway. The only way StraCap will get its measures over the line is by soliciting retail.


Last Week in Event SPACE: Topcon, Heavy Rare Earth Elements, Wakita, Swire/Cathay, Horizon Robotics

Singapore

PEC is a specialist engineering group providing project works and maintenance services to the oil and gas, petrochemical, oil and chemical terminal, and pharmaceutical industries. Its services encompass engineering, procurement, construction, project management, and plant maintenance. The company is headquartered in Singapore and was founded in 1982.

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PEC (QPE GR)

(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

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-Pac M&A: Ainsworth Game, Bright Smart, PointsBet, Dickson Concepts, Canvest, Shibaura

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, Apr 2025 Wrap: Toyota, Abacus Storage, Bright Smart, Fujitsu General, Topcon

For the month of April, 9 new deals were discussed on Smartkarma with an overall deal size of just ~US$6bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia-Pac M&A: Mayne Pharma, Piedmont/Sayona, Jamco, Makino Milling, Sinarmas, Dada Nexus

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

Last Week in Event SPACE: Topcon, Heavy Rare Earth Elements, Wakita, Swire/Cathay, Horizon Robotics

It’s Sunday (and Easter)! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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