Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 23 - 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>One new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/washington-h-soul-pattinson-and-co-ltd" target="_blank" data-smartkarma-citation="entities:6054:1" rel="noopener">Soul Patts (SOL AU)</a> &amp; Genesis Capital's NBIO for <a href="https://www.smartkarma.com/entities/monash-ivf-group-ltd" target="_blank" data-smartkarma-citation="entities:18130:1" rel="noopener">Monash IVF (MVF AU)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, <a href="https://www.smartkarma.com/entities/magnetic-resources-nl" target="_blank" data-smartkarma-citation="entities:17051:1" rel="noopener">Magnetic Resources Nl (MAU AU)</a>, <a href="https://www.smartkarma.com/entities/evergrande-property-services" target="_blank" data-smartkarma-citation="entities:30921:1" rel="noopener">Evergrande Property Services (6666 HK)</a>, and <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a><a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener"></a>.</li>
</ul>


I tally 23 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
One new deal was discussed on Smartkarma this week: Soul Patts (SOL AU) &amp; Genesis Capital's NBIO for Monash IVF (MVF AU).
Key updates/news also took place on: National Storage REIT (NSR AU), Magnetic Resources Nl (MAU AU), Evergrande Property Services (6666 HK), and Sankei Real Estate (2972 JP).


Asia-Pac M&A Weekly Wrap: Monash IVF, National Storage, Evergrande Property, Sankei Real Estate

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>More than two months since their last filing, Murakami entities have <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100XWAX.pdf?sv=2020-08-04&amp;st=2026-04-03T06%3A04%3A22Z&amp;se=2031-04-03T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=0CzNjYfoKrUwn4ocZH6j9jtJ%2Bb%2Be58fE63Laa7zsB%2Fs%3D" target="_blank" rel="noopener">increased</a> their ownership in <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> from 15.90% to 17.19%. </li>
<li>While the parties remain far from an agreement, Murakami’s renewed buying activity is a negotiating tactic to pressure Tosei/GIC into reaching one. </li>
<li>The most likely endgame is that Tosei/GIC gains Murakami’s support by marginally raising the offer (around 5%) and allowing it to partially reinvest in BidCo.</li>
</ul>


More than two months since their last filing, Murakami entities have increased their ownership in Sankei Real Estate (2972 JP) from 15.90% to 17.19%. 
While the parties remain far from an agreement, Murakami’s renewed buying activity is a negotiating tactic to pressure Tosei/GIC into reaching one. 
The most likely endgame is that Tosei/GIC gains Murakami’s support by marginally raising the offer (around 5%) and allowing it to partially reinvest in BidCo.


Sankei Real Estate (2972 JP): Murakami's Renewed Buying Increases the Odds of a Bump

Travis Lundy

<ul>
<li>Through a series of sob stories, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> wrote down the value of their biggest building (as of Feb 2025) last August because a tenant left. </li>
<li>Then they recently said they would have to pay more and wait longer to renovate or sell. Now 11 days later they are taking another writedown. And cancelling the dividend.</li>
<li>That marks the building down 96% from Feb-25 value. And the dividend is out. And Murakami-san owns 19% of a squeeze-able register. There may be no good outcome here.</li>
</ul>


Through a series of sob stories, Sankei Real Estate (2972 JP) wrote down the value of their biggest building (as of Feb 2025) last August because a tenant left. 
Then they recently said they would have to pay more and wait longer to renovate or sell. Now 11 days later they are taking another writedown. And cancelling the dividend.
That marks the building down 96% from Feb-25 value. And the dividend is out. And Murakami-san owns 19% of a squeeze-able register. There may be no good outcome here.


[Japan M&A/Activism] Sankei REIT (2972) Cancels Previously Announced End-Feb Div - Outcome Murkier

<ul>
<li>Last Wednesday, the consortium bidding to buy out <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> provided an update regarding the Fukuoka Green Building. A sob story of rising costs and no revenue. </li>
<li>All known. But the basic idea is to find a reason to lower guidance for the next period started March 1 and provide fodder for a tender update. Announced 2-Feb.</li>
<li>The extension to 16 April covers the results announcement the day before. On 3 April, Murakami-san announced a 1.29% increase in holding to 17.19%. This doesn't change much except sentiment.</li>
</ul>


Last Wednesday, the consortium bidding to buy out Sankei Real Estate (2972 JP) provided an update regarding the Fukuoka Green Building. A sob story of rising costs and no revenue. 
All known. But the basic idea is to find a reason to lower guidance for the next period started March 1 and provide fodder for a tender update. Announced 2-Feb.
The extension to 16 April covers the results announcement the day before. On 3 April, Murakami-san announced a 1.29% increase in holding to 17.19%. This doesn't change much except sentiment.


[Japan M&A/Activism] Sankei REIT (2972)  Extended, and Murakami-San Buys More But...

<ul>
<li>Due to the close extension, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> holders will receive the FY2026 distribution of JPY2,773. The total offer is JPY127,773, a 2.2% premium to the previous JPY125,000 offer.</li>
<li>The inclusion of the distribution is unlikely to sway Murakami (15.90% ownership stake). Today’s announcement makes no mention of Murakami, suggesting that the parties are far from reaching an agreement.</li>
<li>The most likely endgame is that Tosei/GIC gain Murakami’s support by raising the offer (likely around 5% to 10%) and allowing it to partially reinvest in BidCo.</li>
</ul>


Due to the close extension, Sankei Real Estate (2972 JP) holders will receive the FY2026 distribution of JPY2,773. The total offer is JPY127,773, a 2.2% premium to the previous JPY125,000 offer.
The inclusion of the distribution is unlikely to sway Murakami (15.90% ownership stake). Today’s announcement makes no mention of Murakami, suggesting that the parties are far from reaching an agreement.
The most likely endgame is that Tosei/GIC gain Murakami’s support by raising the offer (likely around 5% to 10%) and allowing it to partially reinvest in BidCo.


Sankei Real Estate (2972 JP): A Dividend-Led Bump Just Buys Time, but Works No Miracles

Japan

SANKEI REAL ESTATE Inc. operates as an investment company. The Company mainly invests in real estate development industries. SANKEI REAL ESTATE offers services in Japan.

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Sankei Real Estate (2972 JP)

Asia-Pac M&A Weekly Wrap: Monash IVF, National Storage, Evergrande Property, Sankei Real Estate

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