Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Ten new deals discussed this week! Australia's <a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite</a>, <a href="https://www.smartkarma.com/entities/red-hawk-mining-ltd" target="_blank" data-smartkarma-citation="entities:15387:1" rel="noopener">Red Hawk</a>,; Singapore's <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa</a>, <a href="https://www.smartkarma.com/entities/slb-development-ltd" target="_blank" data-smartkarma-citation="entities:26989:1" rel="noopener">SLB</a>; Japan's <a href="https://www.smartkarma.com/entities/global-food-creators-co-ltd" target="_blank" data-smartkarma-citation="entities:20883:1" rel="noopener">Global Food</a>, <a href="https://www.smartkarma.com/entities/ascot-corp" target="_blank" data-smartkarma-citation="entities:9576:1" rel="noopener">Ascot Corp</a>, <a href="https://www.smartkarma.com/entities/chuoh-pack-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1360:1" rel="noopener">Chuoh Pack Industry</a>, <a href="https://www.smartkarma.com/entities/giga-prize-co-ltd" target="_blank" data-smartkarma-citation="entities:6115:1" rel="noopener">Giga Prize</a>, <a href="https://www.smartkarma.com/entities/sanyo-special-steel-co-ltd" target="_blank" data-smartkarma-citation="entities:15900:1" rel="noopener">Sanyo Special Steel</a>; and <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus</a>.</li>
<li>Key updates/news 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/shandong-hi-speed-new-energy-g" target="_blank" data-smartkarma-citation="entities:6927:1" rel="noopener">Shandong Hi-Speed New Energy (1250 HK)</a>, <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>, <a href="https://www.smartkarma.com/entities/malaysia-airports-holdings-bhd" target="_blank" data-smartkarma-citation="entities:117:1" rel="noopener">Malaysia Airports (MAHB MK)</a>, and <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art (6808 HK)</a>.</li>
</ul>


I tally 58 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Ten new deals discussed this week! Australia's Dropsuite, Red Hawk,; Singapore's Japfa, SLB; Japan's Global Food, Ascot Corp, Chuoh Pack Industry, Giga Prize, Sanyo Special Steel; and Dada Nexus.
Key updates/news took place on: Sigma Healthcare (SIG AU), Shandong Hi-Speed New Energy (1250 HK), China National Building Material (3323 HK), Malaysia Airports (MAHB MK), and Sun Art (6808 HK).


(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.</li>
<li>We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.</li>
<li>The Sigma Healthcare - Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.
The Sigma Healthcare - Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.


Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

<ul>
<li>
<a href="https://www.smartkarma.com/entities/excalibur-mining-corp-ltd" target="_blank" data-smartkarma-citation="entities:3088:1" rel="noopener">Dropsuite (DSE AU)</a>, a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.</li>
<li>NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. </li>
<li>The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. </li>
</ul>



Dropsuite (DSE AU), a backup, recovery and protection software company, has entered into a Scheme Implementation Deed with Texas-based IT automation outfit NinjaOne.
NinjaOne is offering A$5.90/share, a 34.1% premium to last close. Apart from Dropsuite's shareholder approval, the Offer requires FIRB signing off. The Offer has the unanimous backing of both boards. 
The Offer also has the backing of Dropsuite's largest shareholder, Topline Capital (31%). Board &amp; management hold a further 9%.  Implementation is expected late May 2025. This is done. 


Dropsuite (DSE AU): NinjaOne's A$5.90/Share Scheme

<ul>
<li>The ACCC has approved a merger deal between pharmacy wholesaler <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> and pharmacy franchiser Chemist Warehouse, saying the transaction won't substantially lessen competition in Australia's pharmaceutical industry.</li>
<li>The merger still requires the approval of Chemist Warehouse and Sigma's shareholders, both of which should be a formality.  Plus New Zealand's OIO. This could potentially wrap up late-Dec/early-Jan.</li>
<li>Sigma is up bigly as I type as investors get exposure to Chemist Warehouse's hybrid IPO. However, implied MergeCo pricing appears elevated.</li>
</ul>


The ACCC has approved a merger deal between pharmacy wholesaler Sigma Healthcare (SIG AU) and pharmacy franchiser Chemist Warehouse, saying the transaction won't substantially lessen competition in Australia's pharmaceutical industry.
The merger still requires the approval of Chemist Warehouse and Sigma's shareholders, both of which should be a formality.  Plus New Zealand's OIO. This could potentially wrap up late-Dec/early-Jan.
Sigma is up bigly as I type as investors get exposure to Chemist Warehouse's hybrid IPO. However, implied MergeCo pricing appears elevated.


ACCC Greenlights Sigma/Chemist Warehouse Merger

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<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> and Chemist Warehouse (CWG) shareholders have approved the merger with 99.86% and 100% of the votes cast in favour.</li>
<li>The Second Court Hearing is on 3 February and the merger will be implemented on 12 February, which is when the passive buying could commence.</li>
<li>
<a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare</a> has continued to trade higher on a record margin and sales expansion for CWG and expected passive buying that could top A$3bn over the next few months.</li>
</ul>



Sigma Healthcare (SIG AU) and Chemist Warehouse (CWG) shareholders have approved the merger with 99.86% and 100% of the votes cast in favour.
The Second Court Hearing is on 3 February and the merger will be implemented on 12 February, which is when the passive buying could commence.

Sigma Healthcare has continued to trade higher on a record margin and sales expansion for CWG and expected passive buying that could top A$3bn over the next few months.


Sigma Healthcare (SIG AU): Shareholders Approve Merger; Passives Could Start Buying in Two Weeks

Australia

Sigma Healthcare Limited wholesales and distributes pharmaceutical products. The Company offers prescription, over-the-counter, and generic drugs. Sigma Healthcare serves customers in Australia.

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Sigma Healthcare (SIG AU)

(Mostly) Asia-Pac M&A: Sigma Healthcare Dropsuite, Japfa, Dada Nexus, Malaysia Airports, Sanyo Steel

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

Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

There are multiple names with significant impact (10x ADV or more) expected during the March 2025 rebalance. Expected ADDs could continue to...

Janaghan Jeyakumar, CFA

ACCC Greenlights Sigma/Chemist Warehouse Merger

After more than a year, the reverse takeover of Sigma cleared the final hurdle with shareholders overwhelmingly - and unsurprisingly - giving the...

David Blennerhassett