Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <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>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

<ul>
<li>I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Six new deals! Australia's <a href="https://www.smartkarma.com/entities/selfwealth-ltd" target="_blank" data-smartkarma-citation="entities:30690:1" rel="noopener">SelfWealth (SWF AU)</a>, and Japan's <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/tohto-suisan-co-ltd" target="_blank" data-smartkarma-citation="entities:7524:1" rel="noopener">Tohto Suisan (8038 JP)</a>, <a href="https://www.smartkarma.com/entities/tecnos-japan-inc" target="_blank" data-smartkarma-citation="entities:5167:1" rel="noopener">Tecnos Japan (3666 JP)</a>, <a href="https://www.smartkarma.com/entities/proto-corp" target="_blank" data-smartkarma-citation="entities:2511:1" rel="noopener">Proto (4298 JP)</a>, &amp; <a href="https://www.smartkarma.com/entities/toyo-sugar-refining-co-ltd" target="_blank" data-smartkarma-citation="entities:2182:1" rel="noopener">Toyo Sugar Refining (2107 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> , <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> , <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/suntec-reit" target="_blank" data-smartkarma-citation="entities:151:1" rel="noopener">Suntec REIT (SUN SP)</a>, and <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong (2888 TT)</a>/<a href="https://www.smartkarma.com/entities/taishin-financial-holding" target="_blank" data-smartkarma-citation="entities:715:1" rel="noopener">Taishin  (2887 TT)</a>.</li>
</ul>


I tally 61 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Six new deals! Australia's SelfWealth (SWF AU), and Japan's Shibaura Electronics (6957 JP), Tohto Suisan (8038 JP), Tecnos Japan (3666 JP), Proto (4298 JP), &amp; Toyo Sugar Refining (2107 JP).
Key updates/news took place on: Insignia Financial (IFL AU) , Fosun Tourism (1992 HK) , Fuji Soft (9749 JP), Suntec REIT (SUN SP), and Shin Kong (2888 TT)/Taishin  (2887 TT).


(Mostly) Asia-Pac M&A: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2217 HK)</a>, an operator of Asia noodle specialty restaurants, is currently <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0204/2025020400099.pdf" target="_blank" rel="noopener">suspended</a> pursuant to the Takeovers Code.</li>
<li>On the 13th November 2024, Tam Jai announced <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/1113/2024111301386.pdf" target="_blank" rel="noopener">1H25 net profit</a> - to 30th September 2024 - declined 55.8% yoy to HK$36.1mn, its lowest six-month tally since listing. </li>
<li>
<a href="https://www.smartkarma.com/entities/toridoll-holdings-corporation" target="_blank" data-smartkarma-citation="entities:8193:1" rel="noopener">Toridoll Holdings Corporation (3397 JP)</a> controls 74.61% of Tam Jai. Expect a Scheme to unfold. An Offer price around HK$1.50/share would be welcome. That's probably a stretch.</li>
</ul>



Tam Jai International (2217 HK), an operator of Asia noodle specialty restaurants, is currently suspended pursuant to the Takeovers Code.
On the 13th November 2024, Tam Jai announced 1H25 net profit - to 30th September 2024 - declined 55.8% yoy to HK$36.1mn, its lowest six-month tally since listing. 

Toridoll Holdings Corporation (3397 JP) controls 74.61% of Tam Jai. Expect a Scheme to unfold. An Offer price around HK$1.50/share would be welcome. That's probably a stretch.


Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer

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/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/carlyle-group-inc-the" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group / (CG US)</a> at JPY6,500 per share, a 20.4% premium to the last close. </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 31.54% ownership ratio.</li>
<li>Due to the <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> irrevocable, the minimum acceptance condition requires a 48.6% minority acceptance rate. The acceptance condition is achievable as the offer is a knockout bid. </li>
</ul>



Kfc Holdings Japan (9873 JP) has recommended a tender offer from Carlyle Group / (CG US) at JPY6,500 per share, a 20.4% premium to the last close. 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 31.54% ownership ratio.
Due to the Mitsubishi Corp (8058 JP) irrevocable, the minimum acceptance condition requires a 48.6% minority acceptance rate. The acceptance condition is achievable as the offer is a knockout bid. 


KFC Holdings Japan (9873 JP): Carlyle Finger Lickin' Tender Offer at JPY6,500

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Cafe De Coral Holdings / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cafe-de-coral-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2568:1" rel="noopener">Cafe De Coral Holdings (341 HK)</a> share price never really rebounded post COVID despite its operating numbers gradually improving. </li>
<li>
<a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> share price has rallied along with the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> and <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> but not Cafe de Coral.</li>
<li>Recent profit alert that, excluding pandemic subsidies, the group's net profit will rise 470% YoY. </li>
</ul>



Cafe De Coral Holdings (341 HK) share price never really rebounded post COVID despite its operating numbers gradually improving. 

Haidilao International Holding (6862 HK) share price has rallied along with the Hang Seng Index (HSI INDEX) and Hang Seng China Enterprises Index (HSCEI INDEX) but not Cafe de Coral.
Recent profit alert that, excluding pandemic subsidies, the group's net profit will rise 470% YoY. 


Japan

TORIDOLL Holdings Corporation operates a variety of restaurants such as skewered grill chicken, Japanese noodle, ramen noodle, Japanese-style pancake, and pasta restaurants.  The Company operates its business at food courts in shopping centers, stations, highway rest areas, and suburbs.

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TORIDOLL Holdings Corporation (3397 JP)

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

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: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

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

Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer

Tam Jai, an operator of Asia noodle restaurants, is suspended pursuant to the Code. Toridoll (3397 JP) controls 74.61%. Expect a Scheme. An Offer...

David Blennerhassett

KFC Holdings Japan (9873 JP): Carlyle Finger Lickin' Tender Offer at JPY6,500

Due to the MitCorp irrevocable, the minimum acceptance condition requires a 48.6% minority acceptance rate. The acceptance condition is achievable...

Arun George

Cafe De Coral (341 HK): Immediate Upside

Cafe De Coral struggles to rebound post-COVID, while Haidilao International Holding sees share price rally alongside market indices. Profit alert...

Henry Soediarko

Price Gauge

52-week Range

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Dividend (Yield)

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

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: Shibaura, Tecnos, Insignia Fin., Fosun Tourism, Fuji Soft, Shin Kong/Taishin

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

Tam Jai (2217 HK) Suspended: Expect Toridoll (3397 JP) To Make An Offer

Tam Jai, an operator of Asia noodle restaurants, is suspended pursuant to the Code. Toridoll (3397 JP) controls 74.61%. Expect a Scheme. An Offer...

David Blennerhassett

KFC Holdings Japan (9873 JP): Carlyle Finger Lickin' Tender Offer at JPY6,500

Due to the MitCorp irrevocable, the minimum acceptance condition requires a 48.6% minority acceptance rate. The acceptance condition is achievable...

Arun George

Cafe De Coral (341 HK): Immediate Upside

​Cafe De Coral struggles to rebound post-COVID, while Haidilao International Holding sees share price rally alongside market indices. Profit alert...

Henry Soediarko

Cafe De Coral struggles to rebound post-COVID, while Haidilao International Holding sees share price rally alongside market indices. Profit alert...