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/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera (6971 JP)</a> is not blowing out the lights versus peers, but it's relatively inexpensive to its history and peers. If Kazuo Inamori's shares are sold, Kyocera can buy them.</li>
<li>
<a href="https://www.smartkarma.com/entities/hang-lung-group-ltd" target="_blank" data-smartkarma-citation="entities:50:1" rel="noopener">Hang Lung (10 HK)</a> currently trades at a 62% discount to NAV, a level last seen around the Covid lows in May 2020.</li>
<li>Washington and Beijing reach an agreement allowing US regulators access to audits of Chinese companies listed on American exchanges.  However, US regulators remain cautious about the success of the deal.</li>
</ul>



Kyocera (6971 JP) is not blowing out the lights versus peers, but it's relatively inexpensive to its history and peers. If Kazuo Inamori's shares are sold, Kyocera can buy them.

Hang Lung (10 HK) currently trades at a 62% discount to NAV, a level last seen around the Covid lows in May 2020.
Washington and Beijing reach an agreement allowing US regulators access to audits of Chinese companies listed on American exchanges.  However, US regulators remain cautious about the success of the deal.


Last Week in Event SPACE: Kyocera, Hang Lung Group, CSRC/PCAOB Audit Terms, MACA, Nitro Software

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>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> are pre-marketing a US$1.5 billion and US$2.0 billion HKEx IPO, respectively.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/giordano-international-ltd" target="_blank" data-smartkarma-citation="entities:13899:1" rel="noopener">Giordano International (709 HK)</a>, <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Leapmotor (2007699D HK) and Onewo Space-Tech (ONEWO HK) are pre-marketing a US$1.5 billion and US$2.0 billion HKEx IPO, respectively.
Event-Driven developments - BYD (1211 HK), Giordano International (709 HK), MACA Ltd (MLD AU), Nitro Software Ltd (NTO AU), Link Net (LINK IJ).


Weekly Deals Digest (04 Sep) - Giordano, BYD, Link Net, MACA, Nitro, Nearmap, Leapmotor, Onewo

<ul>
<li>After <a href="https://www.smartkarma.com/entities/axiata-group-berhad" target="_blank" data-smartkarma-citation="entities:944:1" rel="noopener">Axiata  (AXIATA MK)</a> completed the acquisition of 66.03% in <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> on the 22 June, Axiata was obligated to undertake a mandatory offer for the remaining 33.97%. </li>
<li>The MTO commences today and concludes on the 28 September. Payment will be the 6 October.</li>
<li>There are no conditions attached to the MTO. Play the spread, where available.</li>
</ul>


After Axiata  (AXIATA MK) completed the acquisition of 66.03% in Link Net (LINK IJ) on the 22 June, Axiata was obligated to undertake a mandatory offer for the remaining 33.97%. 
The MTO commences today and concludes on the 28 September. Payment will be the 6 October.
There are no conditions attached to the MTO. Play the spread, where available.


<ul>
<li>On 22 June, <a href="https://www.smartkarma.com/entities/axiata-group-berhad" target="_blank" data-smartkarma-citation="entities:944:1" rel="noopener">Axiata Group (AXIATA MK)</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> completed the acquisition of a combined 63.45% interest in <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> for approximately RM2.63 billion (IDR8.72 trillion).</li>
<li>Today, Axiata announced that the mandatory tender offer (MTO) runs from 30 August to 28 September. The MTO price is IDR4,800 with no minimum acceptance condition.</li>
<li>At the current price of IDR4,740 per share, the gross and annualised spread for a mid-October payment is 1.3% and 9.1%, respectively.</li>
</ul>


On 22 June, Axiata Group (AXIATA MK) and XL Axiata (EXCL IJ) completed the acquisition of a combined 63.45% interest in Link Net (LINK IJ) for approximately RM2.63 billion (IDR8.72 trillion).
Today, Axiata announced that the mandatory tender offer (MTO) runs from 30 August to 28 September. The MTO price is IDR4,800 with no minimum acceptance condition.
At the current price of IDR4,740 per share, the gross and annualised spread for a mid-October payment is 1.3% and 9.1%, respectively.


Link Net’s MTO of IDR4,800 from Axiata Open from 30 August

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

XLSMART Telecom Sejahtera / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a> 2Q2022 results reflected a better pricing environment and the success of its focus on high-quality service, with the highest data speeds, leading to higher subs and ARPUs. </li>
<li>The company continues to migrate its subscribers to 4G, and build out its 4G BTS whilst shutting down its 3G towers, which should be positive for the quality of service.</li>
<li>
<a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> should be seen as the leader in providing converged services in Indonesia, with the acquisition of <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net</a> accelerating its lead, which will boost long-term profitability.</li>
</ul>



XL Axiata 2Q2022 results reflected a better pricing environment and the success of its focus on high-quality service, with the highest data speeds, leading to higher subs and ARPUs. 
The company continues to migrate its subscribers to 4G, and build out its 4G BTS whilst shutting down its 3G towers, which should be positive for the quality of service.

XL Axiata (EXCL IJ) should be seen as the leader in providing converged services in Indonesia, with the acquisition of Link Net accelerating its lead, which will boost long-term profitability.


XL Axiata (EXCL IJ) - Following the Road to Convergence Fuelled by Data

Indonesia

PT Link Net Tbk is an Indonesian telecommunications company specializing in high-speed broadband internet and digital television services for residential and commercial clients. It operates advanced Hybrid Fiber Coaxial (HFC) and Fiber To The Home (FTTH) cable systems. The company was founded in 1996 and is headquartered in Jakarta, Indonesia.

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Link Net (LINK IJ)

Last Week in Event SPACE: Kyocera, Hang Lung Group, CSRC/PCAOB Audit Terms, MACA, Nitro Software

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

Weekly Deals Digest (04 Sep) - Giordano, BYD, Link Net, MACA, Nitro, Nearmap, Leapmotor, Onewo

Last week, notable developments occurred in Event-Driven (BYD, Giordano, MACA, Nitro, Link Net) and ECM (Leapmotor, Onewo).

Arun George

Link Net: Axiata's MTO Kicks Off Today

Currently, trading at a gross/annualised spread of 1.0%/10.9%, assuming 6 October payment. There is zero blow-up risk on this. But this is a tight...

David Blennerhassett

Link Net’s MTO of IDR4,800 from Axiata Open from 30 August

The MTO of IDR4,800 per share runs from 30 August to 28 September. At the current price of IDR4,740 per share, the annualised spread for a mid...

Arun George

XL Axiata (EXCL IJ) - Following the Road to Convergence Fuelled by Data

XL Axiata (EXCL IJ) should be seen as the leader in providing converged services in Indonesia, with the acquisition of Link Net accelerating its...

Angus Mackintosh

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