In today’s briefing:
- How Do We Play the Short-Term Buy Flows Sparked by NPS Reacting Fast to the President’s Subtle Push?
- (Mostly) Asia-Pac M&A: Evergrande Property Services, Mandom, Digital Hold., Topcon, Furukawa Battery
- Last Week In Event SPACE: Brickworks/Soul Patts, Shibaura Electronics, News Corp/Fox/REA, Dongfeng
- Shengjing Bank (2066 HK): Revised and Final Offer Remains Light
How Do We Play the Short-Term Buy Flows Sparked by NPS Reacting Fast to the President’s Subtle Push?
- Lee slammed NPS’s logic, questioning its local equity cuts; Friday, the fund responded with ₩186.3bn net KOSPI buys — biggest since his inauguration.
- NPS sat out September’s rally, so Friday’s ₩186bn KOSPI buy looks like a reactive pivot to Lee’s comments, sparking local desks’ chatter and weekend buzz.
- KOSPI mid-caps with big NPS stakes (~5%+) could see short-term buying, as reactive flows follow Presidential Office chatter, with mid-caps below KRW 5tn offering the biggest price impact.
(Mostly) Asia-Pac M&A: Evergrande Property Services, Mandom, Digital Hold., Topcon, Furukawa Battery
- I tally 43 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Two new deals were discussed on Smartkarma this week: Mandom Corp (4917 JP) and Digital Holdings (2389 JP). Also, Evergrande Property Services (6666 HK) suspended pursuant to the Takeovers Code.
- Key updates/news took place on PointsBet Holdings (PBH AU), Jilin Jiutai Rural Comm Bank (6122 HK), Topcon Corp (7732 JP), and Furukawa Battery (6937 JP).
Last Week In Event SPACE: Brickworks/Soul Patts, Shibaura Electronics, News Corp/Fox/REA, Dongfeng
- Following shareholder approval, there’ll be an index DELetion for Brickworks (BKW AU), and an index UPweight for Soul Patts (SOL AU). BKW’s last day of trading is the 15th September.
- Minebea Mitsumi (6479 JP)‘s Offer for Shibaura Electronics (6957 JP). That leaves this to be done by Yageo Corporation (2327 TT), unopposed.
- After a protracted succession stoush, Rupert Murdoch’s son Lachlan asserts control of News Corp Class B (NWS US) and Fox (FOXA US).
Shengjing Bank (2066 HK): Revised and Final Offer Remains Light
- Shenyang SASAC increased its Shengjing Bank Co Ltd H (2066 HK) offer by 21.2% from HK$1.32 to HK$1.60 per H Share, a 40.4% premium to the undisturbed price.
- The revised offer has been declared final. The revised terms signal that at least one of the substantial H shareholders would not accept the previous offer.
- While the revised terms should ensure the support of key shareholders, the terms remain light. Therefore, there remains a risk around the 90% minimum acceptance condition.
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