Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Remain BULLISH <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP) </a> with low conviction. This is buying on narrative rather than fundamentals but there is no need to not get involved.</li>
<li>
<a href="https://www.smartkarma.com/entities/vitasoy-intl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2807:1" rel="noopener">Vitasoy Intl Holdings (345 HK)</a>'s share price run up is excessive as Philip Ng and<a href="https://www.smartkarma.com/entities/yeo-hiap-seng-ltd" target="_blank" data-smartkarma-citation="entities:9051:1" rel="noopener">Yeo Hiap Seng (YHS SP)</a> over-extend their hand.</li>
<li>
<a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks (1973 JP)</a> has yet to trade below terms. The premium is small, perhaps reflecting the risk NEC will lower the minimum threshold. But there is still a fight here.</li>
</ul>


Remain BULLISH Keisei Electric Railway Co (9009 JP)  with low conviction. This is buying on narrative rather than fundamentals but there is no need to not get involved.

Vitasoy Intl Holdings (345 HK)'s share price run up is excessive as Philip Ng andYeo Hiap Seng (YHS SP) over-extend their hand.

Nec Networks (1973 JP) has yet to trade below terms. The premium is small, perhaps reflecting the risk NEC will lower the minimum threshold. But there is still a fight here.


Last Week in Event SPACE: Keisei Electric Railway, Vitasoy, NEC Network, ESR Group

<ul>
<li>I tally 48 - 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 this week: NBIOs for <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a> and <a href="https://www.smartkarma.com/entities/avjennings-ltd" target="_blank" data-smartkarma-citation="entities:12578:1" rel="noopener">AVJennings Ltd (AVJ AU)</a>; and <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>'s MGO. <a href="https://www.smartkarma.com/entities/fosun-tourism-group" target="_blank" data-smartkarma-citation="entities:27439:1" rel="noopener">Fosun Tourism (1992 HK)</a> also suspended.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/hotel-property-investments" target="_blank" data-smartkarma-citation="entities:9850:1" rel="noopener">Hotel Property Investments (HPI AU)</a>, <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> and <a href="https://www.smartkarma.com/entities/samty-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:43711:1" rel="noopener">SAMTY HOLDINGS (187A JP)</a>.
</li>
</ul>


I tally 48 - 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 this week: NBIOs for SG Fleet (SGF AU) and AVJennings Ltd (AVJ AU); and Shandong Hi-Speed New Energy  (1250 HK)'s MGO. Fosun Tourism (1992 HK) also suspended.
Key updates/news took place on: Hotel Property Investments (HPI AU), Capitol Health (CAJ AU), Shanghai Henlius Biotech (2696 HK), Seven &amp; I Holdings (3382 JP) and SAMTY HOLDINGS (187A JP).



Mostly) Asia-Pac M&A: SG Fleet, Shandong Hi-Speed New Energy, HPI, Capitol Health, Henlius, 7 & I

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

Willas-Array Electronics / Equity Bottom-Up

<ul><li>In August, multiple signs of an improving outlook for manufacturing and trade, have included a four-month high in ASEAN Manufacturing PMI expectations, a projected recovery in Singapore's manufacturing sector driven by strong electronics demand, and a significant month-to-month rebound in Singapore's Industrial Production in July.</li><li>Since 6 August, the iEdge SG Adv Manufacturing Index has rebounded 5%, recovering most of the declines in the first week of the month.</li><li>For the month through to 28 August, the top-performing actively traded stocks in the iEdge SG Adv Manufacturing Index included SATS, UG Healthcare Corporation, Medtecs International Corporation, Thai Beverage, and Willas-Array Electronics (Holdings).</li></ul>

In August, multiple signs of an improving outlook for manufacturing and trade, have included a four-month high in ASEAN Manufacturing PMI expectations, a projected recovery in Singapore's manufacturing sector driven by strong electronics demand, and a significant month-to-month rebound in Singapore's Industrial Production in July.Since 6 August, the iEdge SG Adv Manufacturing Index has rebounded 5%, recovering most of the declines in the first week of the month.For the month through to 28 August, the top-performing actively traded stocks in the iEdge SG Adv Manufacturing Index included SATS, UG Healthcare Corporation, Medtecs International Corporation, Thai Beverage, and Willas-Array Electronics (Holdings).

Manufacturing and Trade Show Signs of Improvement in August

<ul>
<li>Back on the 18th, the Sirivadhanabhakdi family-backed <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> announced it would <a href="https://links.sgx.com/FileOpen/1.%20SGX_Announcement_Share_Swap.ashx?App=Announcement&amp;FileID=810120" target="_blank" rel="noopener">swap</a> its 28.78% stake in <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property Ltd (FPL SP)</a> with THBEV-affiliate TCC Assets.</li>
<li>Under the agreement, TCC will transfer a 41.3% stake in food and beverage play <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave (FNN SP)</a> to THBEV, lifting THBEV's holding to 69.61% from 28.31% currently.</li>
<li>The share swap triggers no Offers for either F&amp;N or FPL. THBEV says it has no plans to privatise F&amp;N  ... at the moment.</li>
</ul>


Back on the 18th, the Sirivadhanabhakdi family-backed Thai Beverage (THBEV SP) announced it would swap its 28.78% stake in Frasers Property Ltd (FPL SP) with THBEV-affiliate TCC Assets.
Under the agreement, TCC will transfer a 41.3% stake in food and beverage play Fraser And Neave (FNN SP) to THBEV, lifting THBEV's holding to 69.61% from 28.31% currently.
The share swap triggers no Offers for either F&amp;N or FPL. THBEV says it has no plans to privatise F&amp;N  ... at the moment.


Charoen Rearranges ThaiBev and TCC's Deckchairs

Mapletree Industrial Trust / Equity Bottom-Up

<ul><li>Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration of S$4.5 million.</li><li>With this transaction, the total proportion of shares bought back under the current mandate now stands at 1.47 per cent of the issued shares (not counting treasury shares) as of the date when the share buyback resolution was passed.</li></ul>

Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration of S$4.5 million.With this transaction, the total proportion of shares bought back under the current mandate now stands at 1.47 per cent of the issued shares (not counting treasury shares) as of the date when the share buyback resolution was passed.

Buyback and director filings taper off during pre-earnings period

Thailand

Thai Beverage is a leading beverage company in Southeast Asia, manufacturing, marketing, and distributing alcoholic and non-alcoholic beverages, as well as food products. Its diverse portfolio includes spirits, beer (such as Chang Beer), non-alcoholic beverages like Oishi green tea, and various food offerings. The company is headquartered in Bangkok, Thailand, and was founded on October 29, 2003.

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Thai Beverage (THBEV SP)

Last Week in Event SPACE: Keisei Electric Railway, Vitasoy, NEC Network, ESR Group

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Mostly) Asia-Pac M&A: SG Fleet, Shandong Hi-Speed New Energy, HPI, Capitol Health, Henlius, 7 & I

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

Manufacturing and Trade Show Signs of Improvement in August

In August, multiple signs of an improving outlook for manufacturing and trade, have included a four-month high in ASEAN Manufacturing PMI...

Singapore Exchange Ltd (SGX)

Charoen Rearranges ThaiBev and TCC's Deckchairs

I can see the Sirivadhanabhakdi family taking out F&N down the road. Buy on any significant dips from here if illiquid value names are your bent.

David Blennerhassett

Buyback and director filings taper off during pre-earnings period

Share buybacks by primary-listed companies The five sessions also saw nine primary-listed companies conducted buybacks with a total consideration...

Singapore Exchange Ltd (SGX)

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