Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Three new deals discussed this week: <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl (4921 JP)</a>'s Tender offer, <a href="https://www.smartkarma.com/entities/a8-new-media-group-ltd" target="_blank" data-smartkarma-citation="entities:3444:1" rel="noopener">A8 New Media (800 HK)</a>'s Scheme, and <a href="https://www.smartkarma.com/entities/jeisys-medical-inc" target="_blank" data-smartkarma-citation="entities:36766:1" rel="noopener">Jeisys Medical (287410 KS)</a>'s delisting offer. Bain also approached <a href="https://www.smartkarma.com/entities/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor (BAP AU)</a>.</li>
<li>Key updates took place on: <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>, <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina (AWC AU)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno (6927 JP)</a>, and <a href="https://www.smartkarma.com/entities/tatsuta-electric-wire-cable-co-ltd" target="_blank" data-smartkarma-citation="entities:12509:1" rel="noopener">Tatsuta Electric Wire &amp; Cable (5809 JP)</a>.</li>
</ul>


I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: Fancl (4921 JP)'s Tender offer, A8 New Media (800 HK)'s Scheme, and Jeisys Medical (287410 KS)'s delisting offer. Bain also approached Bapcor (BAP AU).
Key updates took place on: Sigma Healthcare (SIG AU), Alumina (AWC AU), Greatview Aseptic Packaging (468 HK), Helios Techno (6927 JP), and Tatsuta Electric Wire &amp; Cable (5809 JP).


(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> announced a TOB on <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno Holding (6927 JP)</a> 12 days ago. At a 74% premium, but that was too cheap. I discussed it <a href="https://www.smartkarma.com/insights/helios-techno-holding-6927-small-tob-fat-premium-74-still-too-cheap" target="_blank" rel="noopener">here</a>.</li>
<li>Shares went limit up for two days then traded huge volume the first full day last Wednesday. The lowest trade so far in open trading is 3% through terms.</li>
<li>57% of Shares Out Ex-Treasury have traded in five days. Anyone who bought 5% on Day 1 has to file a Large Shareholder Report today.</li>
</ul>



Rs Technologies (3445 JP) announced a TOB on Helios Techno Holding (6927 JP) 12 days ago. At a 74% premium, but that was too cheap. I discussed it here.
Shares went limit up for two days then traded huge volume the first full day last Wednesday. The lowest trade so far in open trading is 3% through terms.
57% of Shares Out Ex-Treasury have traded in five days. Anyone who bought 5% on Day 1 has to file a Large Shareholder Report today.


Helios Techno Holding (6927) TOB - Today Could Be The Day

<ul>
<li>On Friday, acquisitive wafer technology firm <a href="https://www.smartkarma.com/entities/rs-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:26789:1" rel="noopener">Rs Technologies (3445 JP)</a> announced it would buy lamp and printing equipment maker <a href="https://www.smartkarma.com/entities/helios-techno-holding-co-ltd" target="_blank" data-smartkarma-citation="entities:13934:1" rel="noopener">Helios Techno Holding (6927 JP)</a> at a 74% premium.  </li>
<li>The premium is big, but Helios is a steal at the price. Granted, it is a small potatoes steal. </li>
<li>The register is not controlled by any one party or group of investors other than retail. That makes this interesting.</li>
</ul>


On Friday, acquisitive wafer technology firm Rs Technologies (3445 JP) announced it would buy lamp and printing equipment maker Helios Techno Holding (6927 JP) at a 74% premium.  
The premium is big, but Helios is a steal at the price. Granted, it is a small potatoes steal. 
The register is not controlled by any one party or group of investors other than retail. That makes this interesting.


Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

Since the launch of China's ‘Made in China 2025’ strategic plan in 2015, billions of dollars have been invested to bolster the country's self-sufficiency in ten key technology sectors. Five years on, we review the accomplishments, challenges and, in some cases, downright failures from the perspective of the semiconductor industry. We examine in particular China's efforts to develop their own supply of DRAM and NAND chips and opine on both their progress and the risks they pose to the leading incumbents.
While China's memory ambitions attract the lion's share of the limelight, we think it's important to look at the broader semiconductor ecosystem. To that end, we examine China's progress terms of silicon wafer manufacturing, foundry and semiconductor equipment manufacturing. 
Our conclusion is that the the best investment opportunities relating to China's semiconductor push may be found in lower-profile, less glamorous segments of the broader ecosystem. Here's where we think they might be. 
Note: This Smartkarma Original is a collaboration between <a href="https://www.smartkarma.com/profiles/jim-handy" target="_blank" data-smartkarma-citation="accounts:2578" rel="noopener">Jim Handy</a> and <a href="https://www.smartkarma.com/profiles/william-keating" target="_blank" data-smartkarma-citation="accounts:1806" rel="noopener">William Keating.</a> Jim contributed the initial sections on the background to China's semiconductor investment plans, DRAM, NAND and their impact on the incumbents while the remaining sections were contributed by William.

Since the launch of China's ‘Made in China 2025’ strategic plan in 2015, billions of dollars have been invested to bolster the country's self-sufficiency in ten key technology sectors. Five years on, we review the accomplishments, challenges and, in some cases, downright failures from the perspective of the semiconductor industry. We examine in particular China's efforts to develop their own supply of DRAM and NAND chips and opine on both their progress and the risks they pose to the leading incumbents.
While China's memory ambitions attract the lion's share of the limelight, we think it's important to look at the broader semiconductor ecosystem. To that end, we examine China's progress terms of silicon wafer manufacturing, foundry and semiconductor equipment manufacturing. 
Our conclusion is that the the best investment opportunities relating to China's semiconductor push may be found in lower-profile, less glamorous segments of the broader ecosystem. Here's where we think they might be. 
Note: This Smartkarma Original is a collaboration between Jim Handy and William Keating. Jim contributed the initial sections on the background to China's semiconductor investment plans, DRAM, NAND and their impact on the incumbents while the remaining sections were contributed by William.

China Semiconductor Progress & Opportunities Review 2020

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

We screened for small-cap names that have had good growth and a high ROE, but a very small Institutional Investor presence. We also limited the screen to names with greater than 2 million USD daily average value traded, so most can invest in them. <a href="https://www.smartkarma.com/entities/7989" target="_blank" data-smartkarma-citation="entities:7989:1">Jac Recruitment Co Ltd (2124 JP)</a> had a 34% ROE, it has a 2.7% dividend yield and grew Sales by 16% last year. <a href="https://www.smartkarma.com/entities/17685" target="_blank" data-smartkarma-citation="entities:17685:1">Trust Tech Inc (2154 JP)</a> is another one with a high dividend yield at 2%, a 32% ROE and 23% 5-year compound Sales growth.<h2>Screen Criteria</h2><ol><li>…</li></ol>

We screened for small-cap names that have had good growth and a high ROE, but a very small Institutional Investor presence. We also limited the screen to names with greater than 2 million USD daily average value traded, so most can invest in them. Jac Recruitment Co Ltd (2124 JP) had a 34% ROE, it has a 2.7% dividend yield and grew Sales by 16% last year. Trust Tech Inc (2154 JP) is another one with a high dividend yield at 2%, a 32% ROE and 23% 5-year compound Sales growth.Screen Criteria…

Small-Cap Quality and Growth Names with Little Institutional Investor Presence....

Japan

Rs Technologies Co.,Ltd. provides wafer services needed on semiconductor manufacturing process. The company's line of business also includes the wholesale distribution of electrical equipments and also provides technical assistance and education services.

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Rs Technologies (3445 JP)

(Mostly) Asia-Pac M&A: Fancl, Jeisys Medical, A8 New Media, Bapcor, Helios Techno,Tatsuta Electric

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

Helios Techno Holding (6927) TOB - Today Could Be The Day

RS Tech bid a 74% premium for Helios Techno Holdings. That was way cheap. A 20% premium gets to 7x guided PER ex-cash/securities. HUGE volume means...

Travis Lundy

Helios Techno Holding (6927) - Small TOB, Fat Premium (74%), Still Too Cheap

RS Tech has announced a TOB on Helios Tech Holdings. It is too cheap. It was deep in negative EV territory on Friday and a 74% premium brings it...

Travis Lundy

China Semiconductor Progress & Opportunities Review 2020

Since the launch of China's ‘Made in China 2025’ strategic plan in 2015, billions of dollars have been invested to bolster the country's...

William Keating

Small-Cap Quality and Growth Names with Little Institutional Investor Presence....

We screened for small-cap names that have had good growth and a high ROE, but a very small Institutional Investor presence. We also limited the...

Custom Products Group

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