Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Expect some upset on <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>'s Offer, the possibility of some activism, but it all plays out in the back end. Not the front end.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> is doing a large equity offering to get the monkey off its back with regard to over-leverage, near-term debt refinancing, and WC for Rakuten Mobile.</li>
<li>Fund manager <a href="https://www.smartkarma.com/entities/china-everbright-ltd" target="_blank" data-smartkarma-citation="entities:167:1" rel="noopener">China Everbright (165 HK)</a>'s implied stub and simple ratio (CEL / <a href="https://www.smartkarma.com/entities/everbright-securitie-co-a" target="_blank" data-smartkarma-citation="entities:15343:1" rel="noopener">Everbright Securities Co (A) (601788 CH)</a>) are at multi-year lows.</li>
</ul>


Expect some upset on SBI Shinsei Bank (8303 JP)'s Offer, the possibility of some activism, but it all plays out in the back end. Not the front end.

Rakuten (4755 JP) is doing a large equity offering to get the monkey off its back with regard to over-leverage, near-term debt refinancing, and WC for Rakuten Mobile.
Fund manager China Everbright (165 HK)'s implied stub and simple ratio (CEL / Everbright Securities Co (A) (601788 CH)) are at multi-year lows.


Last Week in Event SPACE: Shinsei Bank, China Everbright, Rakuten, Sony Corp

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.

Golden Energy and Resources / Event-Driven

<ul>
<li>The IFA has concluded that the Widjaja family’s offer for <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a> is fair and reasonable. The EGM will be held on 9 June. </li>
<li>The IFA has justified its conclusion based on a convoluted methodology that has serious flaws. A fairer SOTP valuation is 37% higher than the IFA’s SOTP valuation range.</li>
<li>Notably, <a href="https://www.smartkarma.com/entities/dian-swastatika-sentosa-tbk" target="_blank" data-smartkarma-citation="entities:15281:1" rel="noopener">Dian Swastatika Sentosa (DSSA IJ)</a> will abstain from voting on both resolutions. While the prospect of a bump is diminishing, the offeror is yet to declare the offer final. </li>
</ul>


The IFA has concluded that the Widjaja family’s offer for Golden Energy &amp; Resources (GER SP) is fair and reasonable. The EGM will be held on 9 June. 
The IFA has justified its conclusion based on a convoluted methodology that has serious flaws. A fairer SOTP valuation is 37% higher than the IFA’s SOTP valuation range.
Notably, Dian Swastatika Sentosa (DSSA IJ) will abstain from voting on both resolutions. While the prospect of a bump is diminishing, the offeror is yet to declare the offer final. 


Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a>, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a>, <a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>, <a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/arteria-networks-corp" target="_blank" data-smartkarma-citation="entities:27807:1" rel="noopener">ARTERIA Networks Corp (4423 JP)</a>, <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, <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/hailan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:39776:1" rel="noopener">Hailan Holdings (2278 HK)</a>, <a href="https://www.smartkarma.com/entities/inner-mongolia-yitai-coal-company-ltd" target="_blank" data-smartkarma-citation="entities:14904:1" rel="noopener">Inner Mongolia Yitai Coal Company Ltd (3948 HK)</a>, Allkem. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Nexus Select Trust (NST IN), Tata Technologies (TATATECH IN), ADICON Holdings Limited (ADI HK), Horizon Construction Development (1887128D HK) IPOs.
Event-Driven developments - ARTERIA Networks Corp (4423 JP), SBI Shinsei Bank (8303 JP), Toshiba Corp (6502 JP), Hailan Holdings (2278 HK), Inner Mongolia Yitai Coal Company Ltd (3948 HK), Allkem. 


Weekly Deals Digest (14 May) - Toshiba, Arteria, Shinsei, Yitai Coal, Allkem, Horizon Construction

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a>'s ¥300bn buyback means 8+% of ADV every day from here to end-Dec 2023. Buy MitCorp vs trading houses with less of a buyback impact. </li>
<li>Rumours abound of an MSCI up weight for <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a>. It wasn't a clear-cut situation. And nothing came of it. </li>
<li>There are concerns about the stability of funding for JIP’s offer 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> in the event that <a href="https://www.smartkarma.com/entities/kioxia" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia (6600 JP)</a>’s results collapse further.</li>
</ul>



Mitsubishi Corp (8058 JP)'s ¥300bn buyback means 8+% of ADV every day from here to end-Dec 2023. Buy MitCorp vs trading houses with less of a buyback impact. 
Rumours abound of an MSCI up weight for Jardine Matheson Holdings (JM SP). It wasn't a clear-cut situation. And nothing came of it. 
There are concerns about the stability of funding for JIP’s offer for Toshiba Corp (6502 JP) in the event that Kioxia (6600 JP)’s results collapse further.


Last Week in Event SPACE: MitCorp, Jardine Matheson, Toshiba, Japanese Foreign Inflows

<ul>
<li>After abandoning its reverse merger, <a href="https://www.smartkarma.com/entities/st-barbara-ltd" target="_blank" data-smartkarma-citation="entities:3764:1" rel="noopener">St Barbara (SBM AU)</a> confirmed it will sell its flagship Leonora gold project to <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a> for $600mn (cash and GMD scrip).</li>
<li>That transaction appeared all stitched up, until <a href="https://www.smartkarma.com/entities/silver-lake-resources-ltd" target="_blank" data-smartkarma-citation="entities:6529:1" rel="noopener">Silver Lake Resources (SLR AU)</a> gatecrashed the party with a non-binding proposal for the Leonara asset. SBM's board rejected the competing proposal. </li>
<li>SLR has now tweaked terms to address SBM concerns. Back in SBM's court. GMD has matching rights if SBM sides with SLR.</li>
</ul>


After abandoning its reverse merger, St Barbara (SBM AU) confirmed it will sell its flagship Leonora gold project to Genesis Minerals (GMD AU) for $600mn (cash and GMD scrip).
That transaction appeared all stitched up, until Silver Lake Resources (SLR AU) gatecrashed the party with a non-binding proposal for the Leonara asset. SBM's board rejected the competing proposal. 
SLR has now tweaked terms to address SBM concerns. Back in SBM's court. GMD has matching rights if SBM sides with SLR.


Silver Lake And Genesis Duke It Out For St Barbara's Flagship

Australia

St. Barbara Limited is a gold exploration and production company.  The Company's exploration projects include its Southern Cross and Leonora Operations which are located in Western Australia.

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St Barbara Ltd (SBM AU)

Last Week in Event SPACE: Shinsei Bank, China Everbright, Rakuten, Sony Corp

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

Golden Energy (GER SP): Minorities Should Hold Firm at the EGM on June 9

Minorities are in a strong position as DSS is required to abstain from voting on both resolutions. While the prospect of a bump is diminishing, the...

Arun George

Weekly Deals Digest (14 May) - Toshiba, Arteria, Shinsei, Yitai Coal, Allkem, Horizon Construction

Last week, notable developments occurred in Event-Driven (Arteria, Shinsei Bank, Toshiba, Allkem, St Barbara, Hailan, Yitai, Lian Beng) and ECM...

Arun George

Last Week in Event SPACE: MitCorp, Jardine Matheson, Toshiba, Japanese Foreign Inflows

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

Silver Lake And Genesis Duke It Out For St Barbara's Flagship

The question is whether GMD can stump up more cash? Or it tweaks its scrip portion in terms of timing. And/or potentially upsizing its scrip...

David Blennerhassett

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