Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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

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 weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (124744Z TB)</a> is premarketing a US$1bn SET listing and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> has won approval for a US$100-150m HKEx IPO.</li>
<li>On the Event-Driven front, there were developments at <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, <a href="https://www.smartkarma.com/entities/suchuang-gas-corp-ltd" target="_blank" data-smartkarma-citation="entities:304:1" rel="noopener">Suchuang Gas Corp (1430 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <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>, Ramsay, Crown.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, Thai Life Insurance (124744Z TB) is premarketing a US$1bn SET listing and GoGoX Holdings (GOGO HK) has won approval for a US$100-150m HKEx IPO.
On the Event-Driven front, there were developments at China Vast Industrial Urban Development (6166 HK), Suchuang Gas Corp (1430 HK), Link Net (LINK IJ), Atlas Arteria (ALX AU), Ramsay, Crown.


Weekly Deals Digest (12 Jun): Thai Life, Link Admin, Ramsay, Link Net, China VAST, Suchuang Gas

<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>
<a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>’s independent board committee unanimously concluded that <a href="https://www.smartkarma.com/entities/yankuang-energy-group" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yankuang Energy Group (1171 HK)</a>’s H-Share CBs offer is not in the best interests of Yancoal’s minority shareholders. </li>
<li>Yankuang is open to continuing its discussions with <a href="https://www.smartkarma.com/entities/yancoal-australia" target="_blank" data-smartkarma-citation="entities:8427:1" rel="noopener">Yancoal Australia (3668 HK)</a> but maintains that the offer was based on long-term factors including expectations of future coal prices.</li>
<li>Overall, the wording of Yankuang’s response suggests that it is more inclined to bide its time rather than return with a better offer. Required FIRB approval remains an overhang.</li>
</ul>



Yancoal Australia (YAL AU)’s independent board committee unanimously concluded that Yankuang Energy Group (1171 HK)’s H-Share CBs offer is not in the best interests of Yancoal’s minority shareholders. 
Yankuang is open to continuing its discussions with Yancoal Australia (3668 HK) but maintains that the offer was based on long-term factors including expectations of future coal prices.
Overall, the wording of Yankuang’s response suggests that it is more inclined to bide its time rather than return with a better offer. Required FIRB approval remains an overhang.


Yankuang’s Response Suggests that It Rather Wait than Improve Its Offer for Yancoal

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/wm-motor-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29225:1" rel="noopener">WM Motor Technology Co Ltd (WMT CH)</a> filed for a US$1bn IPO and <a href="https://www.smartkarma.com/entities/gogox-holdings" target="_blank" data-smartkarma-citation="entities:35556:1" rel="noopener">GoGoX Holdings (GOGO HK)</a> aims to shortly launch a US$100-150m IPO.</li>
<li>On the Event-Driven front, key developments at <a href="https://www.smartkarma.com/entities/xiamen-international-port-h" target="_blank" data-smartkarma-citation="entities:5390:1" rel="noopener">Xiamen International Port H (3378 HK)</a>, <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration Holdings (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a>, <a href="https://www.smartkarma.com/entities/cocoaland-holdings-bhd" target="_blank" data-smartkarma-citation="entities:493:1" rel="noopener">Cocoaland Holdings (COLA MK)</a>.  </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand and Chinese ADRs.
On the ECM front, WM Motor Technology Co Ltd (WMT CH) filed for a US$1bn IPO and GoGoX Holdings (GOGO HK) aims to shortly launch a US$100-150m IPO.
On the Event-Driven front, key developments at Xiamen International Port H (3378 HK), Link Net (LINK IJ), Link Administration Holdings (LNK AU), Yancoal Australia (YAL AU), Cocoaland Holdings (COLA MK).  


Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Australia

Yancoal Australia Ltd. provides mining services. The Company mines, sells, exports, and markets clean and coking coal. Yancoal operates internationally.

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Yancoal Australia (YAL AU)

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

Weekly Deals Digest (12 Jun): Thai Life, Link Admin, Ramsay, Link Net, China VAST, Suchuang Gas

Last week, notable developments occurred in Event-Driven (China VAST, Link Net, Suchuang Gas, Yancoal, Link, Atlas Arteria, Ramsay, Crown, True...

Arun George

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

Yankuang’s Response Suggests that It Rather Wait than Improve Its Offer for Yancoal

Yancoal unsurprisingly batted away Yankuang's low-ball offer. The wording in Yankuang's response suggests that it is unlikely to offer improved...

Arun George

Weekly Deals Digest (5 Jun): Link Admin, Cocoaland, Xiamen Port, Link Net, WM Motor, GOGOX, Yancoal

Last week, notable developments occurred in Event-Driven (Xiamen Port, Link Net, Yancoal, Link, AOF, Cocoaland, AKM, Irongate, Virtus Health) and...

Arun George

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