Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker <a href="https://www.smartkarma.com/entities/ferretti-spa" target="_blank" data-smartkarma-citation="entities:28335:1" rel="noopener">Ferretti SpA (9638 HK)</a>, seeking to lift its stake to 29.9% from 14.5%.</li>
<li>KKCG Maritime is offering HK$31.71/share for Ferretti, is a dual-primary listing (Hong Kong and Milan exchanges. Currently comfortably trading through the cash terms</li>
<li>
The Offer Doc is now out. There is no IFA  opinion present - that will be dispatched just prior to the Offer opening to acceptances. This may need a bump.</li>
</ul>


Back on the 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker Ferretti SpA (9638 HK), seeking to lift its stake to 29.9% from 14.5%.
KKCG Maritime is offering HK$31.71/share for Ferretti, is a dual-primary listing (Hong Kong and Milan exchanges. Currently comfortably trading through the cash terms

The Offer Doc is now out. There is no IFA  opinion present - that will be dispatched just prior to the Offer opening to acceptances. This may need a bump.


Ferretti (9638 HK): KKCG's Partial Offer Update

<ul>
<li>There's (still) a LOT of upside here. IF <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a> sells the Operating Business at 1x book, there's at least another ¥5,800 in this, and maybe more.</li>
<li>FY25 results reaffirm <a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a>'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And <a href="https://www.smartkarma.com/entities/hkt-ltd" target="_blank" data-smartkarma-citation="entities:874:1" rel="noopener">HKT (6823 HK)</a>'s dividend pass-through % is trending south. </li>
<li>
<a href="https://www.smartkarma.com/entities/yutaka-giken-co-ltd" target="_blank" data-smartkarma-citation="entities:4033:1" rel="noopener">Yutaka Giken (7229 JP)</a> will end up being a case study of how NOT to execute a takeover for a parent company, which is "responsible" for treating minorities fairly.</li>
</ul>


There's (still) a LOT of upside here. IF Toyota Industries (6201 JP) sells the Operating Business at 1x book, there's at least another ¥5,800 in this, and maybe more.
FY25 results reaffirm PCCW Ltd (8 HK)'s stub ops continue to burn cash. Deconsolidated net debt touches an all-time high. And HKT (6823 HK)'s dividend pass-through % is trending south. 

Yutaka Giken (7229 JP) will end up being a case study of how NOT to execute a takeover for a parent company, which is "responsible" for treating minorities fairly.


Last Week In Event SPACE: Toyota Industries, PCCW, Yutaka Giken, Ferretti, Daishin Securities

<ul>
<li>On 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker <a href="https://www.smartkarma.com/entities/ferretti-spa" target="_blank" data-smartkarma-citation="entities:28335:1" rel="noopener">Ferretti SpA (9638 HK)</a>, seeking to lift its stake to 29.9% from 14.5%. </li>
<li>Ferretti is a dual-primary listing, the first company to be listed on both the Hong Kong and Milan exchanges.</li>
<li>Ferretti's major shareholder is Shandong SASAC (37.54%). The Italian regulator is running a ruler over the transaction. Comfortably trading through the HK$31.71/share cash terms. </li>
</ul>


On 19th January, privately-held KKCG Maritime announced a partial offer for luxury yacht maker Ferretti SpA (9638 HK), seeking to lift its stake to 29.9% from 14.5%. 
Ferretti is a dual-primary listing, the first company to be listed on both the Hong Kong and Milan exchanges.
Ferretti's major shareholder is Shandong SASAC (37.54%). The Italian regulator is running a ruler over the transaction. Comfortably trading through the HK$31.71/share cash terms. 


Ferretti (9638 HK): On KKCG's Partial Offer

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> seeks to raise up to US$197m in its Hong Kong IPO.</li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO.
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Ferretti raised HKD 1,771million (USD 226m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, Mar 31st.</li>
<li>In our previous note, we looked at the company's key product segments, operating metrics, financials, and industry. We also compared the company with a close peer.</li>
<li>In this note, we provide an update before trading debut.</li>
</ul>


Ferretti raised HKD 1,771million (USD 226m) from its global offering and will list on the Hong Kong Stock Exchange on Thursday, Mar 31st.
In our previous note, we looked at the company's key product segments, operating metrics, financials, and industry. We also compared the company with a close peer.
In this note, we provide an update before trading debut.


Ferretti IPO Trading: Weak Demand and High Share Concentration

Italy

Sanlorenzo S.P.A, is a luxury yacht builder. Founded in 1958, the Company manufactures "made to measure" yachts and superyachts fully customized for each client. Sanlorenzo serves customers worldwide.

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Sanlorenzo (SL IM)

Ferretti (9638 HK): KKCG's Partial Offer Update

Trading full vs historical metrics and to closest peer Sanlorenzo. Look to enter closer to terms. Where possible. This may still get bumped. It's...

David Blennerhassett

Last Week In Event SPACE: Toyota Industries, PCCW, Yutaka Giken, Ferretti, Daishin Securities

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Ferretti (9638 HK): On KKCG's Partial Offer

Trading full vs historical metrics and to closest peer (SL IM). Look to enter closer to terms. This may well get bumped.

David Blennerhassett

Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

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52-week Range

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Ferretti (9638 HK): KKCG's Partial Offer Update

Trading full vs historical metrics and to closest peer Sanlorenzo. Look to enter closer to terms. Where possible. This may still get bumped. It's...

David Blennerhassett

Last Week In Event SPACE: Toyota Industries, PCCW, Yutaka Giken, Ferretti, Daishin Securities

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Ferretti (9638 HK): On KKCG's Partial Offer

Trading full vs historical metrics and to closest peer (SL IM). Look to enter closer to terms. This may well get bumped.

David Blennerhassett

Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

Ferretti IPO Trading: Weak Demand and High Share Concentration

We provide an update before trading debut of Ferretti IPO. We highlight weak demand and high share concentration on the hands on China SOEs.

Ke Yan, CFA, FRM