Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There are 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>Four new deals were discussed on Smartkarma: the <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>/ <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> merger; <a href="https://www.smartkarma.com/entities/acotec-scientific-holdings-limited" target="_blank" data-smartkarma-citation="entities:32176:1" rel="noopener">Acotec (6669 HK)</a>'s Offer, <a href="https://www.smartkarma.com/entities/okk-corp" target="_blank" data-smartkarma-citation="entities:15496:1" rel="noopener">Okk (6205 JP)</a>'s Offer, <a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">MinRes (MIN AU)</a>/<a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest (NWE AU)</a> merger.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, and <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>.</li>
</ul>


There are 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.
Four new deals were discussed on Smartkarma: the St Barbara (SBM AU)/ Genesis Minerals (GMD AU) merger; Acotec (6669 HK)'s Offer, Okk (6205 JP)'s Offer, MinRes (MIN AU)/Norwest (NWE AU) merger.
Key updates took place for: Tyro Payments (TYR AU), Origin Energy (ORG AU), Yashili International Holdings (1230 HK), and Toyo Construction (1890 JP).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec

China Traditional Chinese Medicine / Event-Driven

China Traditional Chinese Medicine (570 HK)

<ul>
<li>There are 45 - 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>One new deal was discussed on Smartkarma: <a href="https://www.smartkarma.com/entities/xingda-international-holdings" target="_blank" data-smartkarma-citation="entities:17836:1" rel="noopener">Xingda International (1899 HK)</a>'s partial MBO.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a> , <a href="https://www.smartkarma.com/entities/chip-eng-seng-corp-ltd" target="_blank" data-smartkarma-citation="entities:6441:1" rel="noopener">Chip Eng Seng Corp (CHIP SP)</a> and <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>.</li>
</ul>


There are 45 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
One new deal was discussed on Smartkarma: Xingda International (1899 HK)'s partial MBO.
Key updates took place for: Nitro Software Ltd (NTO AU) , Chip Eng Seng Corp (CHIP SP) and China Traditional Chinese Medicine (570 HK).


(Mostly) Asia-Pac Weekly Risk Arb Wrap: Xingda, Nitro, Chip Eng Seng, Traditional Chinese Medicine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> will eliminate its ADS program. This is another potentially juicy trade. </li>
<li>Canada's Brookfield, along with EIG look to take over <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, one of Australia's largest energy companies.</li>
<li>This <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> trade is fundamentally a bit short gamma on copper. If copper takes another dive, then it may no longer be interesting to be long. </li>
</ul>



Tata Motors Ltd (TTMT IN) will eliminate its ADS program. This is another potentially juicy trade. 
Canada's Brookfield, along with EIG look to take over Origin Energy (ORG AU), one of Australia's largest energy companies.
This OZ Minerals Ltd (OZL AU) trade is fundamentally a bit short gamma on copper. If copper takes another dive, then it may no longer be interesting to be long. 


Last Week in Event SPACE: Tata Motors, Origin Energy, OZ Minerals, Toshiba

Travis Lundy

<ul>
<li>Yesterday, Carlyle announced a buyout of <a href="https://www.smartkarma.com/entities/totoku-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:2895:1" rel="noopener">Totoku Electric (5807 JP)</a> at ¥5,660/share, which was a cool 155% premium to Tuesday's close of ¥2,215. The stock was limit up today. </li>
<li>It will be limit up tomorrow, and the next day. And probably the next day. </li>
<li>This is a very interesting outcome. But it is actually not as expensive as it "looks."</li>
</ul>


Yesterday, Carlyle announced a buyout of Totoku Electric (5807 JP) at ¥5,660/share, which was a cool 155% premium to Tuesday's close of ¥2,215. The stock was limit up today. 
It will be limit up tomorrow, and the next day. And probably the next day. 
This is a very interesting outcome. But it is actually not as expensive as it "looks."


Super High Premium Buyout for Totoku Electric (5807) By Carlyle

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Hostile takeovers can occur in the Japanese stock market, but these tend to be between small companies; and usually there’s either some family rivalry, or a boardroom dispute, at the heart of it. However, while in the case of the <a href="https://www.smartkarma.com/entities/1493" target="_blank" data-smartkarma-citation="entities:1493:1">Solekia (9867 JP)</a> takeover battle, <a href="https://www.smartkarma.com/entities/1493" target="_blank" data-smartkarma-citation="entities:1493:1">Solekia</a> itself is tiny (current market cap of $47.8mil) and the bidder is not even a company (it is an individual, Beji Sasaki, who is the Chairman of <a href="https://www.smartkarma.com/entities/16610" target="_blank" data-smartkarma-citation="entities:16610:1">Giken Kogyo (9764 JP)</a>), the third party is <a href="https://www.smartkarma.com/entities/16968" target="_blank" data-smartkarma-citation="entities:16968:1">Fujitsu (6702 JP)</a> (with a current market…

Hostile takeovers can occur in the Japanese stock market, but these tend to be between small companies; and usually there’s either some family rivalry, or a boardroom dispute, at the heart of it. However, while in the case of the Solekia (9867 JP) takeover battle, Solekia itself is tiny (current market cap of $47.8mil) and the bidder is not even a company (it is an individual, Beji Sasaki, who is the Chairman of Giken Kogyo (9764 JP)), the third party is Fujitsu (6702 JP) (with a current market…

Fujitsu (6702)– Caught in a Bidding War

Japan

TOTOKU ELECTRIC CO., LTD. manufactures and markets electric wires, wire related products, electric components, and electric equipment.  The Company's products include magnet wires, electric wires, optical products, heater applied products, display monitors, multi-media information systems, and high precision coils,

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Totoku Electric (5807 JP)

(Mostly) Asia-Pac Weekly Risk Arb Wrap: St Barbara/Genesis, Tyro, Yashili, Acotec, Okk Corp/Nidec

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

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Xingda, Nitro, Chip Eng Seng, Traditional Chinese Medicine

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

Last Week in Event SPACE: Tata Motors, Origin Energy, OZ Minerals, Toshiba

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

Super High Premium Buyout for Totoku Electric (5807) By Carlyle

Carlyle launches 155% premium offer to take out wire maker Totoku Electric, buying it from Furukawa. Sounds juicy but it isn't even that expensive....

Travis Lundy

Fujitsu (6702)– Caught in a Bidding War

Hostile takeovers can occur in the Japanese stock market, but these tend to be between small companies; and usually there’s either some family...

Pelham Smithers Associates

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