Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This insight comes as one-half of a pair. The problem: I cannot label one insight as a pair trade, and there are different dynamics at play.</li>
<li>This insight discusses the dynamics of <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> as the SMM takeover of Keppel O&amp;M nears. The deal goes effective 28 February but KEP trades ex- on 23 February.</li>
<li>While not as egregiously mis-priced as SCI vs SMM in autumn 2021, NEW KEPPEL appears under-priced here. </li>
</ul>


This insight comes as one-half of a pair. The problem: I cannot label one insight as a pair trade, and there are different dynamics at play.
This insight discusses the dynamics of Keppel Corp (KEP SP) as the SMM takeover of Keppel O&amp;M nears. The deal goes effective 28 February but KEP trades ex- on 23 February.
While not as egregiously mis-priced as SCI vs SMM in autumn 2021, NEW KEPPEL appears under-priced here. 


Keppel Goes Ex- SMM Spinoff This Week - NEWKEP Is Still A Buy

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/s-m-entertainment-co" target="_blank" data-smartkarma-citation="entities:3500:1" rel="noopener">S.M.Entertainment Co (041510 KS)</a> is trading through the partial offer terms as <a href="https://www.smartkarma.com/entities/hybe-co-ltd" target="_blank" data-smartkarma-citation="entities:28959:1" rel="noopener">HYBE (352820 KS)</a> and <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> jostle for control.</li>
<li>The political noise around the Adani Group situation will continue to be significant. Part of India believes this is a hatchet job against PM Modi and the BJP.</li>
<li>
<a href="https://www.smartkarma.com/entities/star-entertainment-group-ltd" target="_blank" data-smartkarma-citation="entities:926:1" rel="noopener">Star Entertainment Group (SGR AU)</a> is an extraordinarily toxic company. But just how much negative news is already baked into the share price?</li>
</ul>



S.M.Entertainment Co (041510 KS) is trading through the partial offer terms as HYBE (352820 KS) and Kakao Corp (035720 KS) jostle for control.
The political noise around the Adani Group situation will continue to be significant. Part of India believes this is a hatchet job against PM Modi and the BJP.

Star Entertainment Group (SGR AU) is an extraordinarily toxic company. But just how much negative news is already baked into the share price?


Last Week in Event SPACE: S.M.Entertainment, Adani Group, Star Entertainment, Dai Nippon, Citizen

<ul>
<li>There are 41 - 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>Onr new deals was discussed on Smartkarma this past week - <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">AAG Energy (2686 HK)</a>'s Scheme.  <a href="https://www.smartkarma.com/entities/jiangnan-group-ltd" target="_blank" data-smartkarma-citation="entities:9828:1" rel="noopener">Jiangnan (1366 HK)</a> also suspended pursuant to Hong Kong's Code on Takeovers and Mergers.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a>, and <a href="https://www.smartkarma.com/entities/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a>.</li>
</ul>


There are 41 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal
Onr new deals was discussed on Smartkarma this past week - AAG Energy (2686 HK)'s Scheme.  Jiangnan (1366 HK) also suspended pursuant to Hong Kong's Code on Takeovers and Mergers.
Key updates took place for: Toshiba Corp (6502 JP), Newcrest Mining (NCM AU), Yashili International Holdings (1230 HK), Sembcorp Marine (SMM SP), and O2Micro International (OIIM US).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Toshiba, Jingnan, Newcrest, Yashili, Sembcorp, O2Micro, AAG

<ul>
<li>This insight comes as one-half of a pair. The problem: I cannot label one insight as a pair trade, and there are different dynamics at play.</li>
<li>This insight discusses the dynamics of <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> as the takeover of Keppel O&amp;M nears. The deal goes effective 28 February after last week's SMM shareholder approval.</li>
<li>That will mean overhang. Lots of active overhang. There WILL be some index upweights, but index treatment remains nebulous, and one has to expect a lot more net index outflow.</li>
</ul>


This insight comes as one-half of a pair. The problem: I cannot label one insight as a pair trade, and there are different dynamics at play.
This insight discusses the dynamics of Sembcorp Marine (SMM SP) as the takeover of Keppel O&amp;M nears. The deal goes effective 28 February after last week's SMM shareholder approval.
That will mean overhang. Lots of active overhang. There WILL be some index upweights, but index treatment remains nebulous, and one has to expect a lot more net index outflow.


Sembcorp Marine (SMM SP):  Keppel O&M Takeover Completion Next Week = OOF!

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>
<a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> shareholders voted overwhelmingly for the merger between Keppel O&amp;M and Sembcorp Marine. The transaction is expected to close by 28 February.  </li>
<li>The divestment of Keppel O&amp;M will further move <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit its 15% ROE target.</li>
<li>Pre-Dividend in specie distribution, our Keppel SoTP valuation based on Sembcorp Marine’s reference issue price (S$0.122) and last close (S$0.136) is S$8.49 and S$8.72 per share, respectively. </li>
</ul>



Sembcorp Marine (SMM SP) shareholders voted overwhelmingly for the merger between Keppel O&amp;M and Sembcorp Marine. The transaction is expected to close by 28 February.  
The divestment of Keppel O&amp;M will further move Keppel Corp (KEP SP) towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit its 15% ROE target.
Pre-Dividend in specie distribution, our Keppel SoTP valuation based on Sembcorp Marine’s reference issue price (S$0.122) and last close (S$0.136) is S$8.49 and S$8.72 per share, respectively. 


Keppel (KEP SP): Keppel O&M/Sembcorp Marine Transaction Moves Towards Completion

Singapore

Seatrium is a Singapore-headquartered engineering firm providing innovative solutions to the global offshore, marine, and energy industries. It specializes in oil & gas newbuilds and conversions, offshore renewables, specialized shipbuilding, and repairs & upgrades. The company was formed in 2023 through the merger of Sembcorp Marine and Keppel Offshore & Marine.

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Seatrium (STM SP)

Keppel Goes Ex- SMM Spinoff This Week - NEWKEP Is Still A Buy

Keppel Corp today = NEW KEP and 19.1 shares of SMM. NEWKEP is probably underpriced. SMM is a sell because of significant overhang (there may be a...

Travis Lundy

Last Week in Event SPACE: S.M.Entertainment, Adani Group, Star Entertainment, Dai Nippon, Citizen

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Toshiba, Jingnan, Newcrest, Yashili, Sembcorp, O2Micro, AAG

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

Sembcorp Marine (SMM SP): Keppel O&M Takeover Completion Next Week = OOF!

Sembcorp Marine shareholders have agreed to acquire Keppel O&M. The transaction closes next week (28 Feb). KEP shareholders get SMM shares in their...

Travis Lundy

Keppel (KEP SP): Keppel O&M/Sembcorp Marine Transaction Moves Towards Completion

The divestment of Keppel O&M will further move Keppel towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit...

Arun George

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