Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a></strong>, currently holding 6.19% in <strong><a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a></strong>, a global seafood leader, is seeking to lift its stake to 20% via a Partial Offer. </li>
<li>Mitsubishi is offering THB12.50/share for 532.27mn shares in Thai Union, or 13.81% of shares out (excluding treasuries), an outlay of ~US$200mn. If &lt;13.81% tender, the Offer lapses.</li>
<li>Last month Mitsubishi expanded its salmon farming by acquiring additional businesses in Norway and Canada for ~US$1bn.</li>
</ul>



Mitsubishi Corp (8058 JP), currently holding 6.19% in Thai Union Group (TU TB), a global seafood leader, is seeking to lift its stake to 20% via a Partial Offer. 
Mitsubishi is offering THB12.50/share for 532.27mn shares in Thai Union, or 13.81% of shares out (excluding treasuries), an outlay of ~US$200mn. If &lt;13.81% tender, the Offer lapses.
Last month Mitsubishi expanded its salmon farming by acquiring additional businesses in Norway and Canada for ~US$1bn.


Thai Union (TU TB): Mitsubishi Corp (8058 JP)'s Partial Tender

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the not-so-positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. We estimate that they had an aggregated short interest worth USD2.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Sep 26th. We estimate that they had an aggregated short interest worth USD2.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy Development, True, Gulf Energy Development, Thai Union.


Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Index Rebalance

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we take a look at our capping flow expectations for the September 2025 index rebal event.</li>
<li>Separately, we expect at least two index changes during the next index review in December 2025.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we take a look at our capping flow expectations for the September 2025 index rebal event.
Separately, we expect at least two index changes during the next index review in December 2025.


Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25

<ul>
<li>The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).</li>
<li>In this insight, we have presented our latest capping flow expectations for the September 2025 index rebal event.</li>
<li>Separately, we expect at least one index change during the next index review in December 2025.</li>
</ul>


The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
In this insight, we have presented our latest capping flow expectations for the September 2025 index rebal event.
Separately, we expect at least one index change during the next index review in December 2025.


Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

Thailand

Thai Union Group Public Company Limited provides frozen and canned seafood products. The Company offers seafood products including tuna, sardines, mackerel, herring, and salmon. Thai Union Group serves customers worldwide.

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Thai Union Group (TU-R TB)

Thai Union (TU TB): Mitsubishi Corp (8058 JP)'s Partial Tender

Mitsubishi's partial arrives shortly after Thai Union touched a multi-year low. I'm not completely sold on this space and might look to take down...

David Blennerhassett

I-Tail Corporation Pre-IPO - The Negatives - Non-Uniform Growth

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Thailand Short Interest Weekly (Sep 26th): Intouch, VGI, Thai Union, True, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, VGI, Thai Union, True, Gulf Energy...

Ke Yan, CFA, FRM

Quiddity Leaderboard SET50 Dec25: Delta Capping in Sep25; At Least Two Index Changes Likely in Dec25

There are currently two expected ADDs and DELs for Dec 2025. However, there are couple of potential ADDs just below line which could trigger more...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SET50 Dec25: Capping for Delta in September; Index Changes Likely in December

We expect one ADD and one DEL during the December 2025 index review based on the latest data. However, there could be more changes depending on...

Janaghan Jeyakumar, CFA

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