Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deals were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/dd-group-co-ltd" target="_blank" data-smartkarma-citation="entities:1439:1" rel="noopener">DD Group (3073 JP)</a>'s MBO and the <a href="https://www.smartkarma.com/entities/hanil-cement-co-ltd-new" target="_blank" data-smartkarma-citation="entities:27447:1" rel="noopener">Hanil Cement Co Ltd/New (300720 KS)</a>/<a href="https://www.smartkarma.com/entities/hanil-hyundai-cement-co-ltd" target="_blank" data-smartkarma-citation="entities:14406:1" rel="noopener">Hanil Hyundai Cement (006390 KS)</a> merger.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/adriatic-metals-plc" target="_blank" data-smartkarma-citation="entities:30797:1" rel="noopener">Adriatic Metals PLC (ADT AU)</a>, <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a>, <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, and <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>.</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deals were discussed on Smartkarma this week: DD Group (3073 JP)'s MBO and the Hanil Cement Co Ltd/New (300720 KS)/Hanil Hyundai Cement (006390 KS) merger.
Key updates/news took place on PointsBet Holdings (PBH AU), Adriatic Metals PLC (ADT AU), Abacus Storage King (ASK AU), New World Resources (NWC AU), and ZEEKR (ZK US).


(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Tourism Holdings (THL) has endured a tough 18 months amid challenging conditions but remains profitable.</li><li>FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting peak-season US rentals.</li><li>The Canadian government has removed its retaliatory tariff on RV imports from the US, which is positive for THL's North American operations.</li></ul>

Tourism Holdings (THL) has endured a tough 18 months amid challenging conditions but remains profitable.FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting peak-season US rentals.The Canadian government has removed its retaliatory tariff on RV imports from the US, which is positive for THL's North American operations.

Tourism Holdings - Crawling in Slow Lane but Plenty of Gas in Tank

<ul>
<li>I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>One new deal were discussed on Smartkarma this week: PEP's Scheme Offer for <a href="https://www.smartkarma.com/entities/johns-lyng-group-ltd" target="_blank" data-smartkarma-citation="entities:26649:1" rel="noopener">Johns Lyng (JLG AU)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/oneconnect-financial-technology-co-ltd-2e580cf8-6a65-4148-ac1e-f9a8a167856a" target="_blank" data-smartkarma-citation="entities:36656:1" rel="noopener">Oneconnect Financial Technology (6638 HK)</a>, <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a>, and <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>.</li>
</ul>


I tally 41 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
One new deal were discussed on Smartkarma this week: PEP's Scheme Offer for Johns Lyng (JLG AU).
Key updates/news took place on New World Resources (NWC AU), Oneconnect Financial Technology (6638 HK), Great Eastern Holdings (GE SP), and VIOL (335890 KS).


(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

<ul>
<li>Given the METI extension on FEFTA review on <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura (6957 JP)</a>, risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.</li>
<li>As expected (at least by me) - I Squared has withdrawn its Offer for <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>.</li>
<li>Re: <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a>, this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.</li>
</ul>


Given the METI extension on FEFTA review on Shibaura (6957 JP), risks are slightly higher. &lt;¥5,900 was a good buy on an incremental basis. ¥5,970 is OK but not spectacular.
As expected (at least by me) - I Squared has withdrawn its Offer for HKBN Ltd (1310 HK).
Re: New World Development (17 HK), this "rescue package" announcement - ~HK$88.2bn - should come as no surprise, as the alternative situation (liquidation/bankruptcy) and the ensuing optics were not great.


Last Week In Event SPACE: Shibaura, HKBN, NWD, Yichang HEC

<ul>
<li>I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Two new deal were discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/talkmed-group-ltd" target="_blank" data-smartkarma-citation="entities:16079:1" rel="noopener">Talkmed (TKMED SP)</a>'s Scheme and <a href="https://www.smartkarma.com/entities/jilin-jiutai-rural-comm-bank" target="_blank" data-smartkarma-citation="entities:23735:1" rel="noopener">Jilin Jiutai Rural Comm Bank (6122 HK)</a>'s Hobson's Choice</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/new-world-resources-ltd" target="_blank" data-smartkarma-citation="entities:9712:1" rel="noopener">New World Resources (NWC AU)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia (IFL AU)</a>, <a href="https://www.smartkarma.com/entities/silk-logistics-holdings-limited" target="_blank" data-smartkarma-citation="entities:35733:1" rel="noopener">Silk Logistics (SLH AU)</a>, <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Fengxiang (9977 HK)</a>,<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/nissin-corp" target="_blank" data-smartkarma-citation="entities:12749:1" rel="noopener">Nissin (9066 JP)</a> and <a href="https://www.smartkarma.com/entities/viol-co-ltd" target="_blank" data-smartkarma-citation="entities:41010:1" rel="noopener">VIOL (335890 KS)</a>.</li>
</ul>


I tally 43 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Two new deal were discussed on Smartkarma this week: Talkmed (TKMED SP)'s Scheme and Jilin Jiutai Rural Comm Bank (6122 HK)'s Hobson's Choice
Key updates/news took place on New World Resources (NWC AU), Insignia (IFL AU), Silk Logistics (SLH AU), Fengxiang (9977 HK),Domain (DHG AU), Nissin (9066 JP) and VIOL (335890 KS).


(Mostly) Asia-Pac M&A: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

New Zealand

Tourism Holdings Limited provides tourist services in New Zealand and Australia. The Company's services include campervan and motor homes, car rentals and coach services.  The Company also offers sightseeing tours, Antarctic tourist centers, boating tours and cave expeditions.

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Tourism Holdings (THL NZ)

(Mostly) Asia-Pac M&A: ZEEKR, DD Group, Hanil Cement, Adriatic Metals, Abacus Storage, PointsBet

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

Tourism Holdings - Crawling in Slow Lane but Plenty of Gas in Tank

FY25 will represent the trough of THL's earnings cycle, though a challenging 1H26 is anticipated due to factors like the Trump hangover impacting...

Forsyth Barr

(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL

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: Shibaura, HKBN, NWD, Yichang HEC

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: Talkmed, Jilin Jiutai Bank, Insignia, Silk Logistics, Fengxiang, Nissin, VIOL

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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