Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> places out 1% of <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.</li>
<li>
<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> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for  both <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU) </a> and <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> are trading wide; both potentially FIRB-related.</li>
</ul>



Keisei Electric Railway Co (9009 JP) places out 1% of Oriental Land (4661 JP), but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.

New World Development (17 HK) popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.
The spreads for  both Alumina Ltd (AWC AU)  and Azure Minerals (AZS AU) are trading wide; both potentially FIRB-related.


Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/viavi-solutions-inc" target="_blank" data-smartkarma-citation="entities:15310:1" rel="noopener">Viavi Solutions (VIAV US)</a> and <a href="https://www.smartkarma.com/entities/spirent-communications-plc" target="_blank" data-smartkarma-citation="entities:22160:1" rel="noopener">Spirent Communications (SPT LN)</a> have agreed a cash acquisition via Scheme at 175p (61% premium, 2.5x EV/Fwd Revenue) with just 0.23% irrevocable undertakings. </li>
<li>The opportunity seems good enough so that Viavi (BB) will stretch even more its balance sheet, although Silver Lake is providing 1/3rd of the funds needed.</li>
<li>Gross spread is +0.11%. I believe that shareholders are holding for a sweetening; quite possibly this is a target for activists too. Risk/return seems attractive. Long.</li>
</ul>



Viavi Solutions (VIAV US) and Spirent Communications (SPT LN) have agreed a cash acquisition via Scheme at 175p (61% premium, 2.5x EV/Fwd Revenue) with just 0.23% irrevocable undertakings. 
The opportunity seems good enough so that Viavi (BB) will stretch even more its balance sheet, although Silver Lake is providing 1/3rd of the funds needed.
Gross spread is +0.11%. I believe that shareholders are holding for a sweetening; quite possibly this is a target for activists too. Risk/return seems attractive. Long.


Viavi/Spirent: Management Throw in the Towel but Shareholders Likely to Hold

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Viavi's Q1 results were disappointing as it failed to meet Wall Street's revenue and earnings expectations.</li><li>In the quarter, revenue totaled $247.9 million, below the midpoint of the guidance range of $240 million to $260 million.</li><li>NSE revenue was $170.4 million, exceeding the lower end of the guidance range.</li></ul>

Viavi's Q1 results were disappointing as it failed to meet Wall Street's revenue and earnings expectations.In the quarter, revenue totaled $247.9 million, below the midpoint of the guidance range of $240 million to $260 million.NSE revenue was $170.4 million, exceeding the lower end of the guidance range.

Viavi Solutions Inc.: Introducing XhaulAdvisor - A Game Changer in Wireless? - Major Drivers

<ul><li>Viavi Solutions Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Although NSE revenue decreased sequentially but increased year over year, it was primarily driven by the company's NE business sector.</li><li>Nevertheless, a stronger demand for anti-counterfeiting products helped the fourth quarter's revenue increase somewhat than anticipated.</li></ul>

Viavi Solutions Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.Although NSE revenue decreased sequentially but increased year over year, it was primarily driven by the company's NE business sector.Nevertheless, a stronger demand for anti-counterfeiting products helped the fourth quarter's revenue increase somewhat than anticipated.

Viavi Solutions Inc.: New Testing Capabilities for Non-Terrestrial Networks & Other Major Developments

<ul><li>Viavi encountered challenges in the last quarter, including declining revenue and weaker spending in certain segments.</li><li>NSE revenues experienced a significant year-over-year decline, while OSP revenue also decreased.</li><li>The company anticipates a stable performance in the next quarter, with revenue expectations and operating profit margin in line with projections.</li></ul>

Viavi encountered challenges in the last quarter, including declining revenue and weaker spending in certain segments.NSE revenues experienced a significant year-over-year decline, while OSP revenue also decreased.The company anticipates a stable performance in the next quarter, with revenue expectations and operating profit margin in line with projections.

Viavi Solutions Inc.: Launch of CX100 ComXpert & Other Drivers

United States

Viavi Solutions Inc. provides network and service enabling solutions and optical products. The Company offers installation, commissioning, scripting, custom analytics, integration, business intelligence consulting, operational assistance, field and lab testing, technical training, maintenance, and support services. Viavi Solutions serves customers worldwide.

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Viavi Solutions (VIAV US)

Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

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

Viavi/Spirent: Management Throw in the Towel but Shareholders Likely to Hold

Viavi Solutions and Spirent Communications agree to cash acquisition at 175p with just 0.23% irrevocable undertakings, with Silver Lake's help....

Jesus Rodriguez Aguilar

Viavi Solutions Inc.: Introducing XhaulAdvisor - A Game Changer in Wireless? - Major Drivers

Viavi's Q1 results were disappointing as it failed to meet Wall Street's revenue and earnings expectations. In the quarter, revenue totaled $247.9...

Baptista Research

Viavi Solutions Inc.: New Testing Capabilities for Non-Terrestrial Networks & Other Major Developments

Viavi Solutions Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Although NSE revenue...

Baptista Research

Viavi Solutions Inc.: Launch of CX100 ComXpert & Other Drivers

Viavi encountered challenges in the last quarter, including declining revenue and weaker spending in certain segments. NSE revenues experienced a...

Baptista Research

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52-week Range

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Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

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

Viavi/Spirent: Management Throw in the Towel but Shareholders Likely to Hold

​Viavi Solutions and Spirent Communications agree to cash acquisition at 175p with just 0.23% irrevocable undertakings, with Silver Lake's help....

Jesus Rodriguez Aguilar

Viavi Solutions Inc.: Introducing XhaulAdvisor - A Game Changer in Wireless? - Major Drivers

Viavi's Q1 results were disappointing as it failed to meet Wall Street's revenue and earnings expectations. In the quarter, revenue totaled $247.9...

Baptista Research

Viavi Solutions Inc.: New Testing Capabilities for Non-Terrestrial Networks & Other Major Developments

Viavi Solutions Inc. managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. Although NSE revenue...

Baptista Research

Viavi Solutions Inc.: Launch of CX100 ComXpert & Other Drivers

Viavi encountered challenges in the last quarter, including declining revenue and weaker spending in certain segments. NSE revenues experienced a...

Baptista Research

Viavi Solutions and Spirent Communications agree to cash acquisition at 175p with just 0.23% irrevocable undertakings, with Silver Lake's help....