Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> is currently trading at a ~9% discount to NAV, around the narrowest since the post-Covid nadir in April 2020.</li>
<li>JCNC's recent results highlighted a marked improvement in its unlisted Vietnamese automotive ops. </li>
<li>Weakness in the Indonesian rupiah has taken some of the shine off <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>'s strong sales growth. </li>
</ul>



Jardine Cycle &amp; Carriage (JCNC SP) is currently trading at a ~9% discount to NAV, around the narrowest since the post-Covid nadir in April 2020.
JCNC's recent results highlighted a marked improvement in its unlisted Vietnamese automotive ops. 
Weakness in the Indonesian rupiah has taken some of the shine off Astra International (ASII IJ)'s strong sales growth. 


<ul>
<li>There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals this week: <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality Trust (FHT SP)</a>'s Scheme, and  <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>'s Offer for <a href="https://www.smartkarma.com/entities/narhex-life-sciences-ltd" target="_blank" data-smartkarma-citation="entities:9728:1" rel="noopener">Resapp Health (RAP AU)</a>.</li>
<li>Key updates took place for: <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a>, <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>, <a href="https://www.smartkarma.com/entities/kito-corporation" target="_blank" data-smartkarma-citation="entities:19512:1" rel="noopener">Kito Corporation (6409 JP)</a>, and <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>.</li>
</ul>


There are 49 - mostly firm - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Two new deals this week: Frasers Hospitality Trust (FHT SP)'s Scheme, and  Pfizer Inc (PFE US)'s Offer for Resapp Health (RAP AU).
Key updates took place for: Link Administration (LNK AU), Virtus Health (VRT AU), Toyo Construction (1890 JP), Kito Corporation (6409 JP), and Hwa Hong Corp (HWAH SP).


Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

<ul>
<li>It's not clear why it would be better for <a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913:1" rel="noopener">Frasers Hospitality (FHT SP)</a>'s assets to be unlisted rather than listed, so this is purely financial not strategic given the ownership. </li>
<li>
<a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> boasts low risk, stable yielding, toll road assets.  That's an attractive proposition for cash-up IFM, which now has a 15% economic interest. </li>
<li>If <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">DTAC TB</a> / <a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">TRUE TB</a>'s merger goes through, the top two players control ~96% of the market. Even the generally complicit Thai regulator might be reluctant to grant approval. </li>
</ul>


It's not clear why it would be better for Frasers Hospitality (FHT SP)'s assets to be unlisted rather than listed, so this is purely financial not strategic given the ownership. 

Atlas Arteria (ALX AU) boasts low risk, stable yielding, toll road assets.  That's an attractive proposition for cash-up IFM, which now has a 15% economic interest. 
If DTAC TB / TRUE TB's merger goes through, the top two players control ~96% of the market. Even the generally complicit Thai regulator might be reluctant to grant approval. 


Last Week in Event SPACE: Atlas Arteria, Frasers Hospitality, DTAC/True, Crown Resorts, Saratoga

<ul>
<li>Fresh from successfully taking out <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> earlier this year, IFM is reportedly on the cusp of submitting a non-binding indicative proposal for <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> </li>
<li>A proposal is contingent on being granted limited due diligence. Meanwhile, IFM has accumulated an economic interest in ALX of 15%. </li>
<li>ALX said they have not received any information on a proposal. Expect that to occur shortly. </li>
</ul>


Fresh from successfully taking out Sydney Airport (SYD AU) earlier this year, IFM is reportedly on the cusp of submitting a non-binding indicative proposal for Atlas Arteria (ALX AU) 
A proposal is contingent on being granted limited due diligence. Meanwhile, IFM has accumulated an economic interest in ALX of 15%. 
ALX said they have not received any information on a proposal. Expect that to occur shortly. 


Atlas Arteria (ALX AU): IFM Investors Comes Knocking

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tunas-ridean-tbk-pt" target="_blank" data-smartkarma-citation="entities:3780:1" rel="noopener">Tunas Ridean (TURI IJ)</a> announced a plan to change its status from an open company to a closed company. </li>
<li>In effect, TURI will undertake a buyback of its shares at Rp1,700/share, a lifetime high. Those who do not tender will be left holding unlisted scrip. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-cycle-carriage-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Cycle &amp; Carriage (JCNC SP)</a> and Tunas Andalan both hold 46.24%, leaving 7.52% in public hands. The proposal requires a shareholder vote. It appears no shareholder needs to abstain. </li>
</ul>



Tunas Ridean (TURI IJ) announced a plan to change its status from an open company to a closed company. 
In effect, TURI will undertake a buyback of its shares at Rp1,700/share, a lifetime high. Those who do not tender will be left holding unlisted scrip. 

Jardine Cycle &amp; Carriage (JCNC SP) and Tunas Andalan both hold 46.24%, leaving 7.52% in public hands. The proposal requires a shareholder vote. It appears no shareholder needs to abstain. 


Tunas Ridean (TURI IJ): JCNC & Tunas Andolan's Quasi Delisting Proposal

Indonesia

PT Tunas Ridean Tbk and its subsidiaries operate automobile dealerships that sell new and used motor vehicles, spare parts and accessories as well as provide after-sales services.  Through its subsidiary, PT Tunas Financindo Corporation, the Company also provides operating lease and consumer financing services.

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Tunas Ridean (TURI IJ)

JCNC Is Overstretched Vs. Astra

If you had set up the stub, I would be unwinding here. I'd look to reverse the stub as and when the current momentum reverses.

David Blennerhassett

Asia-Pac Weekly Risk Arb Wrap: ResApp Health, Kto Corp, Link Admin, Toyo, Fraser Hospitality

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: Atlas Arteria, Frasers Hospitality, DTAC/True, Crown Resorts, Saratoga

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

Atlas Arteria (ALX AU): IFM Investors Comes Knocking

Atlas Arteria Limited (ASX:ALX) is trading 2% through terms. I'd be buying here and on any pull back. I see A$8.10 is just the opening salvo for IFM.

David Blennerhassett

Tunas Ridean (TURI IJ): JCNC & Tunas Andolan's Quasi Delisting Proposal

This is done for Tunas Ridean - provided JCNC and Tunas Andalan can vote. With payment 23 August, I would be buying around here at Rp 1,560....

David Blennerhassett

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