Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Offeror consortium, led by Teo Hong Lim, chairman, and CEO of Roxy-Pacific, is offering S$0.485/share, a 19.8% premium to the undisturbed price. The offer price will NOT be increased. </li>
<li>The Offer is conditional on the Offeror holding not less than 90% of shares outstanding. Irrevocables total 77% of shares out.</li>
<li>With the Offer Document expected to be dispatched within 21 days, payment may be possible in early February. </li>
</ul>


The Offeror consortium, led by Teo Hong Lim, chairman, and CEO of Roxy-Pacific, is offering S$0.485/share, a 19.8% premium to the undisturbed price. The offer price will NOT be increased. 
The Offer is conditional on the Offeror holding not less than 90% of shares outstanding. Irrevocables total 77% of shares out.
With the Offer Document expected to be dispatched within 21 days, payment may be possible in early February. 


Roxy-Pacific (ROXY SP): Founder-Led Offer Is Now Firm

<ul>
<li>There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>Two new deals this week: the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger; and the pre-conditional Offer for <a href="https://www.smartkarma.com/entities/shanghai-jin-jiang-capital-company-limited" target="_blank" data-smartkarma-citation="entities:15781:1" rel="noopener">Shanghai Jin Jiang Capital Company (2006 HK)</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>, <a href="https://www.smartkarma.com/entities/chinese-estates-holdings-limited" target="_blank" data-smartkarma-citation="entities:20954:1" rel="noopener">Chinese Estates Holdings (127 HK)</a>, and <a href="https://www.smartkarma.com/entities/cp-pokphand-co-ltd" target="_blank" data-smartkarma-citation="entities:10135:1" rel="noopener">Cp Pokphand (43 HK)</a>.</li>
</ul>


There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
Two new deals this week: the Total Access Communication (DTAC TB) / True Corp Pcl (TRUE TB) merger; and the pre-conditional Offer for Shanghai Jin Jiang Capital Company (2006 HK).
Keys updates took place for: Shinsei Bank (8303 JP), Chinese Estates Holdings (127 HK), and Cp Pokphand (43 HK).


Asia-Pac Weekly Risk Arb Summary: Shanghai Jin Jiang, Shinsei Bank, Chinese Estates, CP Pokphand

<ul>
<li>There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>One new deal this week: Blackstone and affiliates are offering shareholders of <a href="https://www.smartkarma.com/entities/crown-resorts-ltd" target="_blank" data-smartkarma-citation="entities:808:1" rel="noopener">Crown Resorts (CWN AU)</a> A$12.50/share in cash, a 26.2% premium to last close.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a> 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>.</li>
</ul>


There are currently 46  - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
One new deal this week: Blackstone and affiliates are offering shareholders of Crown Resorts (CWN AU) A$12.50/share in cash, a 26.2% premium to last close.
Keys updates took place for: Singapore Press Holdings (SPH SP) and Shinsei Bank (8303 JP).


Asia-Pac Weekly Risk Arb Summary:  Crown Resorts, Singapore Press, Shinsei Bank

<ul>
<li>There are currently 49  - mostly firm - transactions currently being discussed and analysed on Smartkarma. </li>
<li>New deals this week include: <a href="https://www.smartkarma.com/entities/quantum-health-group-limited" target="_blank" data-smartkarma-citation="entities:9494:1" rel="noopener">Quantum Health Group (QTM AU)</a>, <a href="https://www.smartkarma.com/entities/toppan-forms-co-ltd" target="_blank" data-smartkarma-citation="entities:5061:1" rel="noopener">Toppan Forms (7862 JP)</a>, <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" data-smartkarma-citation="entities:2007:1" rel="noopener">Katakura Industries (3001 JP)</a>, and <a href="https://www.smartkarma.com/entities/nissei-corp" target="_blank" data-smartkarma-citation="entities:10064:1" rel="noopener">Nissei Corp (6271 JP)</a>.</li>
<li>Keys updates took place for: <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>,<a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a>, <a href="https://www.smartkarma.com/entities/kansai-super-market-ltd" target="_blank" data-smartkarma-citation="entities:15519:1" rel="noopener">Kansai Super (9919 JP)</a>, <a href="https://www.smartkarma.com/entities/nippo-corp" target="_blank" data-smartkarma-citation="entities:2583:1" rel="noopener">Nippo Corp (1881 JP)</a>, and <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP). </a>
</li>
</ul>


There are currently 49  - mostly firm - transactions currently being discussed and analysed on Smartkarma. 
New deals this week include: Quantum Health Group (QTM AU), Toppan Forms (7862 JP), Katakura Industries (3001 JP), and Nissei Corp (6271 JP).
Keys updates took place for: Sydney Airport (SYD AU),Oil Search Ltd (OSH AU), Kansai Super (9919 JP), Nippo Corp (1881 JP), and Singapore Press Holdings (SPH SP). 



Asia-Pac Weekly Risk Arb Summary: Sydney Airport, Oil Search, Nippo, Singapore Press, Toppan Forms

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

Jefferies strategist Chris Wood made an interesting comment in his 4Q21 Asia Maxima report. He expressed a bullish view on Singaporean residential property developers, quoting a 40% discount to book and rapidly improving fundamentals. Here is a short report on the sector to figure out whether his bullishness is warranted or not.
<ul>
<li>
Supply &amp; demand for residential property is not necessarily out of sync. The 2009-2013 period was a bubble and should not be seen as a baseline.
</li>
<li>
The retail, office and hospitality segments have suffered over the past two years due to cross-border travel restrictions, working from home during the pandemic and the threat from e-commerce. But several of these factors are one-off in nature.
</li>
<li>
I see value in City Developments, given high-quality assets, excellent execution and an upside of almost +60% using reasonable assumptions.
</li>
<li>
I’m also bullish on small-cap Bukit Sembawang, which sit on a valuable land bank and has won awards as one of the best property developers in Singapore.
</li>
</ul>

Jefferies strategist Chris Wood made an interesting comment in his 4Q21 Asia Maxima report. He expressed a bullish view on Singaporean residential property developers, quoting a 40% discount to book and rapidly improving fundamentals. Here is a short report on the sector to figure out whether his bullishness is warranted or not.


Supply &amp; demand for residential property is not necessarily out of sync. The 2009-2013 period was a bubble and should not be seen as a baseline.


The retail, office and hospitality segments have suffered over the past two years due to cross-border travel restrictions, working from home during the pandemic and the threat from e-commerce. But several of these factors are one-off in nature.


I see value in City Developments, given high-quality assets, excellent execution and an upside of almost +60% using reasonable assumptions.


I’m also bullish on small-cap Bukit Sembawang, which sit on a valuable land bank and has won awards as one of the best property developers in Singapore.



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)

Roxy-Pacific (ROXY SP): Founder-Led Offer Is Now Firm

This Offer is done. Trading at a gross/annualised return of 2.1%/14.3%, assuming payment early February payment. Not bad, however, this is not a...

David Blennerhassett

Asia-Pac Weekly Risk Arb Summary: Shanghai Jin Jiang, Shinsei Bank, Chinese Estates, CP Pokphand

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 Risk Arb Summary: Crown Resorts, Singapore Press, Shinsei Bank

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 Risk Arb Summary: Sydney Airport, Oil Search, Nippo, Singapore Press, Toppan Forms

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

Singapore Residential Property

Jefferies strategist Chris Wood made an interesting comment in his 4Q21 Asia Maxima report. He expressed a bullish view on Singaporean residential...

Asian Century Stocks

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)