Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a>'s, <a href="https://www.smartkarma.com/entities/mitsubishi-logisnext-co-ltd" target="_blank" data-smartkarma-citation="entities:11662:1" rel="noopener">Mitsubishi Logisnext Co., Ltd. (7105 JP)</a>, and <a href="https://www.smartkarma.com/entities/spindex-industries-ltd" target="_blank" data-smartkarma-citation="entities:17868:1" rel="noopener">Spindex Industries (SPE SP)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/renew-energy-global-plc" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>, <a href="https://www.smartkarma.com/entities/soft99-corp" target="_blank" data-smartkarma-citation="entities:18486:1" rel="noopener">Soft99 Corp (4464 JP)</a>, and <a href="https://www.smartkarma.com/entities/carenet-inc" target="_blank" data-smartkarma-citation="entities:4001:1" rel="noopener">Carenet Inc (2150 JP)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deals were discussed on Smartkarma this week: Seven West Media (SWM AU)'s, Mitsubishi Logisnext Co., Ltd. (7105 JP), and Spindex Industries (SPE SP).
Key updates/news took place on ReNew Energy Global (RNW US), Soft99 Corp (4464 JP), and Carenet Inc (2150 JP).


(Mostly) Asia-Pac M&A: Soft99, Seven West Media, ReNew Energy Global, Spindex Industries

<ul>
<li>Television broadcaster and publisher <a href="https://www.smartkarma.com/entities/seven-west-media-ltd" target="_blank" data-smartkarma-citation="entities:804:1" rel="noopener">Seven West Media (SWM AU)</a> has entered into a Scheme with radio network play <a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a>.</li>
<li>SXL will issue 0.1552 new shares for every SWM. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.</li>
<li>Kerry Stokes backed <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> will hold ~20% in the merged entity. But not all shareholders are on board with the Offer. Trading through terms.</li>
</ul>


Television broadcaster and publisher Seven West Media (SWM AU) has entered into a Scheme with radio network play Southern Cross Media (SXL AU).
SXL will issue 0.1552 new shares for every SWM. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.
Kerry Stokes backed SGH Limited (SGH AU) will hold ~20% in the merged entity. But not all shareholders are on board with the Offer. Trading through terms.


Seven West Media (SWM AU) Enters Scheme With Southern Cross (SXL AU). But Not Everyone Is Happy

Asia Pac ECM and Index Rebal, Shenton 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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 22nd (reported today) which has an aggregated short interest worth USD24.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Amcor, Evolution Mining, ANZ, Seven.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 22nd (reported today) which has an aggregated short interest worth USD24.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Amcor, Evolution Mining, ANZ, Seven.


ASX Short Interest Weekly (Nov 22nd): Amcor, Evolution Mining, ANZ, Seven

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>With the Boral (BLD) acquisition nearing completion, we revisit our SVW model forecasts, updating our attributable SVW financials, BLD valuation and SVW’s capital structure post-acquisition.</li><li>Key points: Dividend payouts: We incorporate the 26cps fully franked special dividend paid by BLD in late April 2024 and a 30cps fully franked special dividend to be paid by SVW to all new and existing shareholders in FY25.</li><li>Leverage &amp; subsequent de-leveraging: We estimate pro forma net leverage to be 2.7x FY24 EBITDA (including leases).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

With the Boral (BLD) acquisition nearing completion, we revisit our SVW model forecasts, updating our attributable SVW financials, BLD valuation and SVW’s capital structure post-acquisition.Key points: Dividend payouts: We incorporate the 26cps fully franked special dividend paid by BLD in late April 2024 and a 30cps fully franked special dividend to be paid by SVW to all new and existing shareholders in FY25.Leverage &amp; subsequent de-leveraging: We estimate pro forma net leverage to be 2.7x FY24 EBITDA (including leases).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Seven Group Holdings (SVW): Rounding out the portfolio

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 7th (reported today) which has an aggregated short interest worth USD19.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Xero, Fortescue, Wisetech Global, BHP, Woodside Energy.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 7th (reported today) which has an aggregated short interest worth USD19.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Xero, Fortescue, Wisetech Global, BHP, Woodside Energy.


ASX Short Interest Weekly (Jun 7th): Xero, Fortescue, Wisetech Global, BHP, Woodside Energy

Australia

SGH Limited operates as a diversified operating and investment company. The Company focuses on businesses across construction and mining equipment distribution, industrial services, energy, and media. SGH serves customers worldwide.

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SGH Limited (SGH AU)

(Mostly) Asia-Pac M&A: Soft99, Seven West Media, ReNew Energy Global, Spindex Industries

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

Seven West Media (SWM AU) Enters Scheme With Southern Cross (SXL AU). But Not Everyone Is Happy

Two illiquid companies merging, possibly with shareholder pushback - not something I'd be actively chasing. Terms have not been declared final...

David Blennerhassett

ASX Short Interest Weekly (Nov 22nd): Amcor, Evolution Mining, ANZ, Seven

We analyzed ASX short interest report for the past week and highlight short interest changes in Amcor, Evolution Mining, ANZ, Seven.

Ke Yan, CFA, FRM

Seven Group Holdings (SVW): Rounding out the portfolio

With the Boral (BLD) acquisition nearing completion, we revisit our SVW model forecasts, updating our attributable SVW financials, BLD valuation...

Bell Potter

ASX Short Interest Weekly (Jun 7th): Xero, Fortescue, Wisetech Global, BHP, Woodside Energy

We analyzed ASX short interest report for the past week and highlight short interest changes in Xero, Fortescue, Wisetech Global, BHP, Woodside...

Ke Yan, CFA, FRM

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52-week Range

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