Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>and <a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a>.</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/ane-cayman-inc" target="_blank" data-smartkarma-citation="entities:35025:1" rel="noopener">ANE Cayman Inc (9956 HK)</a>, <a href="https://www.smartkarma.com/entities/jinke-smart-services-group-co" target="_blank" data-smartkarma-citation="entities:29214:1" rel="noopener">Jinke Smart Services (9666 HK)</a>, <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>, and <a href="https://www.smartkarma.com/entities/hang-seng-bank-ltd" target="_blank" data-smartkarma-citation="entities:24:1" rel="noopener">Hang Seng Bank (11 HK)</a>.</li>
</ul>


I tally 37 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deals were discussed on Smartkarma this week: Sankei Real Estate (2972 JP)and Hisamitsu Pharmaceutical Co (4530 JP).
Key updates/news also took place on: ANE Cayman Inc (9956 HK), Jinke Smart Services (9666 HK), Tsuruha Holdings (3391 JP), and Hang Seng Bank (11 HK).


Asia-Pac M&A Weekly Wrap:ANE Cayman, Tsuruha/Aeon, Jinke Smart, Sankei Real Estate, Hisamitsu Pharma

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/bluescope-steel-ltd" target="_blank" data-smartkarma-citation="entities:207:1" rel="noopener">Bluescope Steel (BSL AU)</a> confirmed that on 12 December, it received a non-binding proposal from <a href="https://www.smartkarma.com/entities/sgh-limited" target="_blank" data-smartkarma-citation="entities:803:1" rel="noopener">SGH Limited (SGH AU)</a> and Steel Dynamics at US$30.00, a 22.7% premium to last close.</li>
<li>The offer is the latest of three previous offers from <a href="https://www.smartkarma.com/entities/steel-dynamics-inc" target="_blank" data-smartkarma-citation="entities:11061:1" rel="noopener">Steel Dynamics (STLD US)</a> that the Board rejected as significantly undervaluing BlueScope and having regulatory approval issues.</li>
<li>The statement strongly suggests that this offer will share a similar fate. While representing a ten-year high, the offer is light compared to peer multiples. </li>
</ul>



Bluescope Steel (BSL AU) confirmed that on 12 December, it received a non-binding proposal from SGH Limited (SGH AU) and Steel Dynamics at US$30.00, a 22.7% premium to last close.
The offer is the latest of three previous offers from Steel Dynamics (STLD US) that the Board rejected as significantly undervaluing BlueScope and having regulatory approval issues.
The statement strongly suggests that this offer will share a similar fate. While representing a ten-year high, the offer is light compared to peer multiples. 


BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Non-Binding Offer Likely to Be Knocked Back

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market environment.</li><li>Despite facing challenges, SDI demonstrated notable progress and resilience in several key areas, indicating a mixed performance with both positive achievements and persistent challenges.</li><li>The company reported net income of $299 million or $2.01 per diluted share, with adjusted EBITDA standing at $533 million.</li></ul>

Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market environment.Despite facing challenges, SDI demonstrated notable progress and resilience in several key areas, indicating a mixed performance with both positive achievements and persistent challenges.The company reported net income of $299 million or $2.01 per diluted share, with adjusted EBITDA standing at $533 million.

Steel Dynamics: Sinton Plant Development As a Pivotal Driver For Growth!

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.</li>
<li>Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.</li>
<li>Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.</li>
</ul>


Novelis posted $1.8B EBITDA on 3.76Mt volume, with weakness in North America offset by aerospace and packaging recovery in Europe and Asia.
Management withheld guidance citing demand uncertainty; Bay Minette capex rose to $4.1B with commissioning now in 2H FY26.
Scrap supply tightness and tariff pressures may hit margins; company expects prolonged impact despite mitigation efforts underway.


Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

<ul><li>Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company's operational and financial stability amidst a challenging market environment.</li><li>The company reported a net income of $217 million or $1.44 per diluted share, supported by adjusted EBITDA of $448 million.</li><li>Total revenue rose to $4.4 billion, showing a 13% increase from the previous quarter, largely due to record steel shipments.</li></ul>

Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company's operational and financial stability amidst a challenging market environment.The company reported a net income of $217 million or $1.44 per diluted share, supported by adjusted EBITDA of $448 million.Total revenue rose to $4.4 billion, showing a 13% increase from the previous quarter, largely due to record steel shipments.

Steel Dynamics: An Insight Into Its Shareholder Value & Strategic Capital Allocation!

United States

Steel Dynamics, Inc. is a diversified carbon-steel steel producer and metals recycler in the U.S, located in Fort Wayne, IN. The Company's operating segments include Steel Operations, Metals Recycling & Ferrous Resources Operations, and Steel Fabrication Operations. Steel Dynamics products include flat rolled steel sheet, engineered bar special-bar-quality, structural beams.

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Steel Dynamics (STLD US)

Asia-Pac M&A Weekly Wrap:ANE Cayman, Tsuruha/Aeon, Jinke Smart, Sankei Real Estate, Hisamitsu Pharma

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

BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Non-Binding Offer Likely to Be Knocked Back

The statement strongly suggests that this offer, like the previous three, will be rejected. While representing a ten-year high, the offer is light...

Arun George

Steel Dynamics: Sinton Plant Development As a Pivotal Driver For Growth!

Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market...

Baptista Research

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

Steel Dynamics: An Insight Into Its Shareholder Value & Strategic Capital Allocation!

Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company's operational and financial stability...

Baptista Research

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Asia-Pac M&A Weekly Wrap:ANE Cayman, Tsuruha/Aeon, Jinke Smart, Sankei Real Estate, Hisamitsu Pharma

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

BlueScope Steel (BSL AU): SGH and Steel Dynamics’ Non-Binding Offer Likely to Be Knocked Back

The statement strongly suggests that this offer, like the previous three, will be rejected. While representing a ten-year high, the offer is light...

Arun George

Steel Dynamics: Sinton Plant Development As a Pivotal Driver For Growth!

Steel Dynamics, Inc. (SDI) reported its financial results for the second quarter of 2025, reflecting a complex operational and market...

Baptista Research

Novelis: Cautious Outlook Amid Heavy U.S. Capex and Scrap Volatility

​Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.

Rahul Jain

Steel Dynamics: An Insight Into Its Shareholder Value & Strategic Capital Allocation!

Steel Dynamics, Inc. delivered a solid performance in the first quarter of 2025, demonstrating the company's operational and financial stability...

Baptista Research

Novelis reports strong EBITDA but faces uncertainty and challenges ahead due to demand fluctuations, capex increase, and potential margin pressures.