Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 44 - 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/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia (3738 JP)</a>'s and <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae E&amp;C (034300 KS)</a> Tender Offers, and <a href="https://www.smartkarma.com/entities/mphb-capital-bhd" target="_blank" data-smartkarma-citation="entities:8540:1" rel="noopener">MPHB (MPHB MK)</a>'s SCR. Plus <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASMPT (522 HK)</a> in the crosshairs. Again.</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/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a>, <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a>, <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>, and <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>.
</li>
</ul>


I tally 44 - 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: T Gaia (3738 JP)'s and Shinsegae E&amp;C (034300 KS) Tender Offers, and MPHB (MPHB MK)'s SCR. Plus ASMPT (522 HK) in the crosshairs. Again.
Key updates took place on: Sigma Healthcare (SIG AU), Descente Ltd (8114 JP), Shin Kong Financial Holding (2888 TT), Pacific Smiles (PSQ AU), and Greatview Aseptic Packaging (468 HK).



(Mostly) Asia-Pac M&A: Descente, Shin Kong Financial, T Gaia, Shinsegae E&C, MPHB, Pacific Smiles

Shinsegae Eng & Construction / Event-Driven

<ul>
<li>Construction services play <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae E&amp;C (034300 KS)</a> has announced a Tender Offer from <a href="https://www.smartkarma.com/entities/e-mart-inc" target="_blank" data-smartkarma-citation="entities:6993:1" rel="noopener">E Mart  (139480 KS)</a> for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.</li>
<li>E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. </li>
<li>Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.</li>
</ul>


Construction services play Shinsegae E&amp;C (034300 KS) has announced a Tender Offer from E Mart  (139480 KS) for 27.33% of shares out, at ₩18,300/share, a 14% premium to undisturbed.
E Mart holds 70.46% - and the company holds 2.21% in treasuries - therefore, E Mart  requires ~22% of the remaining ~27% held by minorities to tender and force delisting. 
Super clean deal.  E Mart will acquire all shares tendered. The Offer  kicks off today, and closes on the 29th October. There is no minimum tendering % condition.


Shinsegae E&C (034300 KS)'s Delisting Offer

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.</li>
<li>The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).</li>
<li>Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. </li>
</ul>


E Mart Inc (139480 KS) is conducting a tender offer of 27.33% of Shinsegae Eng &amp; Construction (034300 KS) (2,126,611 shares) and trying to take the company private afterwards.
The tender offer price is 18,300 won, which is 14% higher than the closing price on Friday (27 September).
Tender offer is likely to result in higher price of Shinsegae E&amp;C in the near term but it could be difficult for E Mart to take it private this year. 


Tender Offer and Taking Private of Shinsegae E&C by E Mart

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.</li>
<li>This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.</li>
<li>Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.</li>
</ul>


E Mart Inc is launching a tender offer for 27.33% of Shinsegae Eng &amp; Construction, offering ₩18,300 per share, a 14% premium, from September 30 to October 29.
This tender’s got zero cancellation or proration risk since they’re all in to buy every share tendered. That makes it a prime event for close spread tracking and trading opportunities.
Emart needs 95% of Shinsegae Construction's shares to delist, requiring 22% of the remaining 27%. If they can't get it, a stock swap with Emart shares is likely.


Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

Equity Bottom-Up

Shinsegae Eng & Construction / Equity Bottom-Up

We have a positive view of Shinsegae E&amp;C. We believe that <a href="https://www.smartkarma.com/entities/shinsegae-eng-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:11972:1" rel="noopener">Shinsegae Eng &amp; Construction Co., Ltd. (034300 KS)</a> will be one of the biggest beneficiaries of the construction of the <a href="http://www.koreaherald.com/view.php?ud=20190301000052" target="_blank" rel="noopener">$4 billion theme park</a> in Hwaseong, Korea. We are including this stock in our model portfolio. In 2019 and 2020, Shinsegae E&amp;C will finalize the design and the initial groundwork for this construction project. The actual construction will likely start in 2021. It is reasonable that from 2021 to 2025, Shinsegae E&amp;C could derive at least 300 billion won to 500 billion won in annual sales from this Hwaseong project, which would imply nearly 30-50% of the company's total sales in 2018. Once this huge theme park is built, it will be one of the largest theme parks in Korea. This mammoth project has been in discussion for more than 12 years since 2007, with the project struggling to get started. A key turning point was at the end of February 2019, when the Shinsegae Property Consortium (consisting of Shinsegae Property and Shinsegae E&amp;C) was picked as a preferred bidder to operate this theme park.

We have a positive view of Shinsegae E&amp;C. We believe that Shinsegae Eng &amp; Construction Co., Ltd. (034300 KS) will be one of the biggest beneficiaries of the construction of the $4 billion theme park in Hwaseong, Korea. We are including this stock in our model portfolio. In 2019 and 2020, Shinsegae E&amp;C will finalize the design and the initial groundwork for this construction project. The actual construction will likely start in 2021. It is reasonable that from 2021 to 2025, Shinsegae E&amp;C could derive at least 300 billion won to 500 billion won in annual sales from this Hwaseong project, which would imply nearly 30-50% of the company's total sales in 2018. Once this huge theme park is built, it will be one of the largest theme parks in Korea. This mammoth project has been in discussion for more than 12 years since 2007, with the project struggling to get started. A key turning point was at the end of February 2019, when the Shinsegae Property Consortium (consisting of Shinsegae Property and Shinsegae E&amp;C) was picked as a preferred bidder to operate this theme park.

Shinsegae E&C: The Biggest Beneficiary of the $4 Billion Theme Park Construction In Hwaseong, Korea

South Korea

Shinsegae Engineering & Construction Co., Ltd. specializes in designing and building discount stores, distribution centers, and department stores.  The Company also operates leisure businesses, such as golf courses and country clubs.

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Shinsegae Eng & Construction (034300 KS)

(Mostly) Asia-Pac M&A: Descente, Shin Kong Financial, T Gaia, Shinsegae E&C, MPHB, Pacific Smiles

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

Shinsegae E&C (034300 KS)'s Delisting Offer

Trading tight at a gross spread of 0.8% - before securities tax. Not much juice for arbers. Unless there was a material pullback. For LOs - if not...

David Blennerhassett

Tender Offer and Taking Private of Shinsegae E&C by E Mart

The tender offer is likely to result in higher share price of Shinsegae E&C in the near term but it could be difficult for E Mart to take the...

Douglas Kim

Emart's Tender Offer for Shinsegae Construction: Arb Trading Angles

Emart is about to drop a regulatory filing for a tender offer targeting Shinsegae Construction shareholders before the market opens today. This...

Sanghyun Park

Shinsegae E&C: The Biggest Beneficiary of the $4 Billion Theme Park Construction In Hwaseong, Korea

We have a positive view of Shinsegae E&C. We believe that Shinsegae Eng & Construction Co., Ltd. (034300 KS) will be one of the biggest...

Douglas Kim

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