Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are currently 44  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Four new deals this week: <a href="https://www.smartkarma.com/entities/koufu-group-ltd" target="_blank" data-smartkarma-citation="entities:27271:1" rel="noopener">Koufu Group Ltd (KOUFU SP)</a>, <a href="https://www.smartkarma.com/entities/mesco-inc" target="_blank" data-smartkarma-citation="entities:16253:1" rel="noopener">Mesco Inc (1737 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-asset-marketing-co-ltd" target="_blank" data-smartkarma-citation="entities:20575:1" rel="noopener">Japan Asset Marketing (8922 JP)</a>, and <a href="https://www.smartkarma.com/entities/isolite-insulating-products" target="_blank" data-smartkarma-citation="entities:20404:1" rel="noopener">Isolite Insulating Products (5358 JP)</a>.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> and <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>.</li>
</ul>


There are currently 44  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Four new deals this week: Koufu Group Ltd (KOUFU SP), Mesco Inc (1737 JP), Japan Asset Marketing (8922 JP), and Isolite Insulating Products (5358 JP).
Keys updates took place for: Shinsei Bank (8303 JP) and Razer Inc (1337 HK).


Asia-Pac Weekly Risk Arb Summary: Koufu Group, Mesco, Japan Asset, Isolite, Shinsei Bank, Razer

<ul>
<li>Dominus Capital, a vehicle controlled by Koufu's chief executive Pang Lim and his wife, executive director Ng Hoon Tien, is offering S$0.77/share, a 15.8% premium to the undisturbed price.</li>
<li>Jun Yuan Holdings, a Pang and Ng entity, holds 77.41% of shares out, and has provided an irrevocable undertaking. The Offer is conditional on a minimum acceptance condition of 90%. </li>
<li>The Offer document is expected to be dispatched within 14-21 days from yesterday's announcement, with an Offer period of at least 28 days.</li>
</ul>


Dominus Capital, a vehicle controlled by Koufu's chief executive Pang Lim and his wife, executive director Ng Hoon Tien, is offering S$0.77/share, a 15.8% premium to the undisturbed price.
Jun Yuan Holdings, a Pang and Ng entity, holds 77.41% of shares out, and has provided an irrevocable undertaking. The Offer is conditional on a minimum acceptance condition of 90%. 
The Offer document is expected to be dispatched within 14-21 days from yesterday's announcement, with an Offer period of at least 28 days.


Koufu (KOUFU SP): Founder-Led Conditional Offer

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

Cross Asset Strategy

<ul>
<li>The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a>, what is next after <a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a>'s listing, and the founder-led offer for <a href="https://www.smartkarma.com/entities/roxy-pacific-holdings-ltd" target="_blank" data-smartkarma-citation="entities:1096:1" rel="noopener">Roxy Pacific Holdings (ROXY SP)</a>. </li>
<li>We also look at the upcoming IPO of GoTo, <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>'s recent car sales rebound, and <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>'s recent acquisition in digital finance plus much more.</li>
</ul>


The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on United Tractors (UNTR IJ), what is next after Grab (GRAB US)'s listing, and the founder-led offer for Roxy Pacific Holdings (ROXY SP). 
We also look at the upcoming IPO of GoTo, Astra International (ASII IJ)'s recent car sales rebound, and Bukalapak (BUKA IJ)'s recent acquisition in digital finance plus much more.


The Week That Was in ASEAN@Smartkarma - United Tractors, Grab's Listing, and GoTo IPO

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s extreme bifurcation with <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, widens even more. The holding in Oriental Land is now worth 275% of Keisei's market cap. </li>
<li>The fact that we don't KNOW what Murakami-san did and <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> shares fell in large volume Friday AND pro-ration was 100% will lead to higher-than-expectd volatility.</li>
<li>The placement, the pledge, the connected party transaction, and a large parcel of shares moving into CCASS (ostensibly the founder/chairman's), suggest all is not well with <a href="https://www.smartkarma.com/entities/shimao-property-holdings-limited" target="_blank" data-smartkarma-citation="entities:8375:1" rel="noopener">Shimao Property (813 HK)</a>. </li>
</ul>



Keisei Electric Railway Co (9009 JP)'s extreme bifurcation with Oriental Land (4661 JP), widens even more. The holding in Oriental Land is now worth 275% of Keisei's market cap. 
The fact that we don't KNOW what Murakami-san did and Shinsei Bank (8303 JP) shares fell in large volume Friday AND pro-ration was 100% will lead to higher-than-expectd volatility.
The placement, the pledge, the connected party transaction, and a large parcel of shares moving into CCASS (ostensibly the founder/chairman's), suggest all is not well with Shimao Property (813 HK). 


Last Week in Event SPACE: Keisei Electric, Shinsei Bank, Shimao, Sawada, Virtus, Senex Energy

<ul>
<li>There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals this week: <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus (VRT AU)</a>'s Offer from BGH; <a href="https://www.smartkarma.com/entities/apollo-tourism-leisure-ltd" target="_blank" data-smartkarma-citation="entities:24305:1" rel="noopener">Apollo Tourism (ATL AU)</a> / <a href="https://www.smartkarma.com/entities/tourism-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2787:1" rel="noopener">Tourism (THL NZ)</a>'s merger; <a href="https://www.smartkarma.com/entities/shriram-transport-finance" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Transport (SHTF IN)</a> / <a href="https://www.smartkarma.com/entities/shriram-city-union-finance" target="_blank" data-smartkarma-citation="entities:2718:1" rel="noopener">Shriram City (SCUF IN)</a> merger.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/first-service-holding-ltd" target="_blank" data-smartkarma-citation="entities:34884:1" rel="noopener">First Service Holding (2107 HK)</a>, and <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super Market (9919 JP)</a>. <a href="https://www.smartkarma.com/entities/senex-energy-ltd" target="_blank" data-smartkarma-citation="entities:18390:1" rel="noopener">Senex Energy (SXY AU)</a> also firmed its Offer with Posco.</li>
</ul>


There are currently 47  - mostly firm - transactions currently being discussed and analysed on Smartkarma.
Three new deals this week: Virtus (VRT AU)'s Offer from BGH; Apollo Tourism (ATL AU) / Tourism (THL NZ)'s merger; Shriram Transport (SHTF IN) / Shriram City (SCUF IN) merger.
Keys updates took place for: Shinsei Bank (8303 JP), First Service Holding (2107 HK), and Kansai Super Market (9919 JP). Senex Energy (SXY AU) also firmed its Offer with Posco.


Asia-Pac Weekly Risk Arb Summary: Virtus Health, Senex Energy, Shinsei Bank, Shiriam, Kansai Super

Singapore

Roxy-Pacific Holdings Limited, through its subsidiaries, develops and sells residential properties. The Company also owns and invests in hotels.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Roxy Pacific Holdings (ROXY SP)

Asia-Pac Weekly Risk Arb Summary: Koufu Group, Mesco, Japan Asset, Isolite, Shinsei Bank, Razer

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

Koufu (KOUFU SP): Founder-Led Conditional Offer

This Offer is all locked up. Although the Offer Price has not been declared final, providing the possibility of a bump, this is not a particularly...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - United Tractors, Grab's Listing, and GoTo IPO

The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Last Week in Event SPACE: Keisei Electric, Shinsei Bank, Shimao, Sawada, Virtus, Senex Energy

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

Asia-Pac Weekly Risk Arb Summary: Virtus Health, Senex Energy, Shinsei Bank, Shiriam, Kansai Super

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)