In today’s briefing:
- Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.
- (Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL
Last Week In Event SPACE: Meituan/Prosus, China Medical System, Japanese Banks, New World Dev.
- The benefits of China Medical System (867 HK) China Medical System (867 HK)’s secondary listing on the SGX are more apparent than real.
- Should Meituan (3690 HK) continue its Brazil market launch, Prosus NV (PRX NA) will have little reason to continue to hold on to its Meituan stake.
- Look for value to be realised for Japanese banks with low PBRs and PERs, AND high cross-holdings as a percentage of market cap or book value through better capital allocation.
(Mostly) Asia-Pac M&A: Johns Lyng, New World Resources, Oneconnect, Great Eastern, VIOL
- I tally 41 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- One new deal were discussed on Smartkarma this week: PEP’s Scheme Offer for Johns Lyng (JLG AU).
- Key updates/news took place on New World Resources (NWC AU), Oneconnect Financial Technology (6638 HK), Great Eastern Holdings (GE SP), and VIOL (335890 KS).
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