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/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> has been in the cross hairs since KKR's all-in 2010 tilt; while bids have landed for various units, all of which came to nought.</li>
<li>In March of this year, Perpetual announced it was offloading its wealth management arm to Bain for A$550mn. Then last week, Perpetual rejected EQT's A$21.64/share all cash NBIO.</li>
<li>Perpetual is trading ~12% adrift of those indicative terms - and down 9% in the past year.  There are signs the Street is turning (mildly) positive.</li>
</ul>



Perpetual Ltd (PPT AU) has been in the cross hairs since KKR's all-in 2010 tilt; while bids have landed for various units, all of which came to nought.
In March of this year, Perpetual announced it was offloading its wealth management arm to Bain for A$550mn. Then last week, Perpetual rejected EQT's A$21.64/share all cash NBIO.
Perpetual is trading ~12% adrift of those indicative terms - and down 9% in the past year.  There are signs the Street is turning (mildly) positive.


Revisiting Perpetual (PPT AUJ) After EQT's Revived - And Rejected - Bid

<ul>
<li>Back in December last year, Aussie-listed equities manager <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU) </a><a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02750947-2A1492987?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">rejected</a> <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Washington H. Soul Pattinson (SOL AU)</a>'s $3bn all-scrip non-binding indicative proposal. </li>
<li>Yet Soul Patt's proposal was in sync with Perpetual's previously flagged intentions to explore a potential separation of its corporate trust and wealth management businesses, from its asset management business.</li>
<li>Perpetual has now <a href="https://announcements.asx.com.au/asxpdf/20240508/pdf/063ccykhk7w69h.pdf" target="_blank" rel="noopener">entered a Scheme</a>, to carve out the corporate trust and wealth management businesses to KKR for A$2.175bn. A lack of clarity on net proceeds saw shares rollover.</li>
</ul>


Back in December last year, Aussie-listed equities manager Perpetual Ltd (PPT AU) rejected Washington H. Soul Pattinson (SOL AU)'s $3bn all-scrip non-binding indicative proposal. 
Yet Soul Patt's proposal was in sync with Perpetual's previously flagged intentions to explore a potential separation of its corporate trust and wealth management businesses, from its asset management business.
Perpetual has now entered a Scheme, to carve out the corporate trust and wealth management businesses to KKR for A$2.175bn. A lack of clarity on net proceeds saw shares rollover.


Perpetual (PPT AU): Shareholders Divided Over Carve Out

Cleanaway Waste Management / Event-Driven

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals weres discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/haitong-unitrust-international-financial-leasing-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:28044:1" rel="noopener">Haitong Unitrust International Financial Leasing (1905 HK)</a> and <a href="https://www.smartkarma.com/entities/xin-yuan-enterprises-group-ltd" target="_blank" data-smartkarma-citation="entities:40062:1" rel="noopener">Xin Yuan Enterprises (1748 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/vault-minerals-ltd" target="_blank" data-smartkarma-citation="entities:46317:1" rel="noopener">Vault Minerals Ltd (VAU AU)</a>, <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, and <a href="https://www.smartkarma.com/entities/baudroie-inc" target="_blank" data-smartkarma-citation="entities:44459:1" rel="noopener">Baudroie (4413 JP)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals weres discussed on Smartkarma this week: Haitong Unitrust International Financial Leasing (1905 HK) and Xin Yuan Enterprises (1748 HK).
Key updates/news also took place on: Ingenia Communities (INA AU), Vault Minerals Ltd (VAU AU), Cleanaway Waste Management (CWY AU), Changhong Jiahua (3991 HK), and Baudroie (4413 JP).


Asia-Pac Weekly Wrap: Haitong Unitrust, Xin Yuan Enterprise, Ingenia, Vault, Cleanaway, Baudroie

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Four new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/northern-star-resources-ltd" target="_blank" data-smartkarma-citation="entities:4243:1" rel="noopener">Northern Star Resources (NST AU)</a>, <a href="https://www.smartkarma.com/entities/meteoric-resources-nl" target="_blank" data-smartkarma-citation="entities:1747:1" rel="noopener">Meteoric Resources Nl (MEI AU)</a>, <a href="https://www.smartkarma.com/entities/zheneng-jinjiang-environment-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:22847:1" rel="noopener">Zheneng Jinjiang Environment (ZJE SP)</a>, and <a href="https://www.smartkarma.com/entities/goodbaby-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:9467:1" rel="noopener">Goodbaby International (1086 HK)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>, <a href="https://www.smartkarma.com/entities/get-nice-holdings-limited" target="_blank" data-smartkarma-citation="entities:16415:1" rel="noopener">Get Nice (64 HK)</a>, and <a href="https://www.smartkarma.com/entities/yinson-holdings-bhd" target="_blank" data-smartkarma-citation="entities:3252:1" rel="noopener">Yinson Holdings (YNS MK)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Four new deal was discussed on Smartkarma this week: Northern Star Resources (NST AU), Meteoric Resources Nl (MEI AU), Zheneng Jinjiang Environment (ZJE SP), and Goodbaby International (1086 HK).
Key updates/news also took place on: Ingenia Communities (INA AU), oOh!Media Ltd (OML AU), Get Nice (64 HK), and Yinson Holdings (YNS MK).


Asia-Pac Weekly Wrap: Northern Star, Meteoric, Goodbaby, Ingenia, OOh!Media, Zheneng Jinjiang

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 25th (reported today). The aggregated short interest was USD49.0bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.


ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

Australia

Perpetual Limited is a financial services company that has two primary activities, wealth management services and corporate trust services. The Company provides funds management, responsible entity services, trustee services, executor services, financial planning, investment administration, superannuation, custody and registry services.

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Perpetual Ltd (PPT AU)

Revisiting Perpetual (PPT AUJ) After EQT's Revived - And Rejected - Bid

Perpetual is not expensive here. I might get some exposure here; but preferably on any material pullback as the EQT buzz subsides.

David Blennerhassett

Perpetual (PPT AU): Shareholders Divided Over Carve Out

Perpetual has rejected a A$21.64/share Offer - less any divs - from EQT. EQT dipped out on Perpetual’s 2024 break-up process. As did Soul Patts,...

David Blennerhassett

Asia-Pac Weekly Wrap: Haitong Unitrust, Xin Yuan Enterprise, Ingenia, Vault, Cleanaway, Baudroie

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

Asia-Pac Weekly Wrap: Northern Star, Meteoric, Goodbaby, Ingenia, OOh!Media, Zheneng Jinjiang

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

ASX Short Interest Weekly (Sep 25th): Steadfast, Wesfarmers, Macquarie, Ampol, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Steadfast, Wesfarmers, Macquarie, Ampol, BHP.

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)