In today’s briefing:
- Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance
- Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share
- Smart Share Global (EM US): Hillhouse Emerges with a Competing Offer
- Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline
- Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu
- Weekly Update (Qnity, MEDXF, STRZ, UNTC)
Curator’s Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan’s Top ETF’s Rebalance
- Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
- In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
- Want to dig deeper? Comment or message with the themes you’d like to see highlighted next
Merger Arb Mondays (18 Aug) – Santos, Shibaura, ENN Energy, Kangji, OneConnect, Smart Share
- I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Smart Share Global (EM US), Mayne Pharma (MYX AU), ENN Energy (2688 HK), Santos Ltd (STO AU), Joy City Property (207 HK), Oneconnect Financial Technology (6638 HK).
- Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Shibaura Electronics (6957 JP), Ci Medical (3540 JP), Soft99 Corp (4464 JP), Ainsworth Game Technology (AGI AU).
Smart Share Global (EM US): Hillhouse Emerges with a Competing Offer
- Smart Share Global (EM US) has disclosed a competing non-binding offer from Hillhouse at US$1.77 per ADS, a 41.6% premium to the Trustar offer.
- The Hillhouse proposal meets the criteria for a superior proposal. The support agreement enables management rollover shareholders to switch allegiance from Trustar to Hillhouse.
- Unlike the Trustar offer, the Hillhouse offer is above the last reported net cash (US$1.62 per ADS). The high premium suggests a low probability that Trustar bumps.
Krungthai Card (KTC TB): Still A Buy As Pledged Shares Further Decline
- Back in May this year, shares in Krungthai Card (KTC TB), XSpring (XPG TB), BEC World Public (BEC TB), and The Practical Solution (TPS TB) all went limit down. Twice.
- This situation was discussed in Krungthai Card (KTC TB): Buying Opportunity After Margin Call. Reportedly Mongkol Prakitchaiwattana had pledged his shares in all four companies, leading to margin calls.
- On the 16th August, the SET released an updated list of securities pledged, with pledged shares in KTC now at 2.3% of shares outstanding, down from 16.3% in May.
Weekly Deals Digest (17 Aug) – Kangji Medical, HKBN, Shengjing, Carenet, Shibaura, Rezil, Yomeishu
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Tata Capital Limited (TATACAP IN) is seeking to raise US$2.0 billion.
- Event-Driven developments: Hangzhou Kangji Medical Instrument Co., Ltd. (9997 HK), HKBN Ltd (1310 HK), Carenet Inc (2150 JP), Shibaura Electronics (6957 JP), Rezil (176A JP), Yomeishu Seizo (2540 JP).
Weekly Update (Qnity, MEDXF, STRZ, UNTC)
- Dupont (DD) management gave guidance on its last earnings call that it remains on track to separate its electronics business on November 1, 2025.
- Given that it is a Saturday, I expect regular way trading to begin on November 3.
The spin-off of the electronics business will be step one of Dupont’s 3-part breakup which was announced in May 2024.
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