In today’s briefing:
- National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86
- M&A Battle for APlus Asset Advisor Heats Up Amid Tender Offer
- Naver Financial and Dunamu Finalizes the Merger Ratio
- Ingdan (400 HK) Reloads Comtech’s Spin-Off and Listing
- Alphawave: Fully Valued, Waiting for the Wire
- Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive
National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86
- National Storage REIT (NSR AU) has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
- The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval.
- The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.
M&A Battle for APlus Asset Advisor Heats Up Amid Tender Offer
- There appears to be a M&A battle heating up for APlus Asset Advisor. This is because it was reported that Aplus Asset Advisor Chairman Kwak Geun-ho has increased his stake.
- Chairman Kwak Geun-ho purchased additional 30,904 shares of Aplus Asset’s common stock over three trading days and his stake increased by 0.14 percentage points from 20.06% to 20.20%.
- In the next 3-6 months, we expect additional upside to the stock price (to 10,000 won to 12,000 won) as more investors perceive this could be an attractive M&A target.
Naver Financial and Dunamu Finalizes the Merger Ratio
- On 26 November, Naver Financial and Dunamu finalized the merger ratio. Under the proposed share swap, one share of Dunamu will be exchanged for 2.54 shares of Naver Financial.
- Dunamu’s equity value is 15.1 trillion won, and Naver Financial’s is 4.9 trillion won.
- Overall, we have a positive view of this merger and it is likely to positively impact Naver’s share price as well.
Ingdan (400 HK) Reloads Comtech’s Spin-Off and Listing
- Technology platform play Ingdan (400 HK) is moving ahead, again, with the spin-off and listing of 72.42%-held Shenzhen Comtech in the PRC.
- The listing – should it go ahead, as the previous attempt was abandoned – is expected to involve the issuance of new shares. Ingdan will maintain a stake in Comtech.
- Comtech accounted for 95% of Ingdan’s revs in the 1H25. Expect the market to heavily discount Ingdan’s stub ops, and Ingdan’s NAV post spin-off.
Alphawave: Fully Valued, Waiting for the Wire
- Qualcomm’s $2.48/share offer for Alphawave is fully recommended and cleared by regulators, with completion expected mid-December. FX-linked cash value limits remaining upside; no sweetener or bump indicated.
- Alphawave shares now trade above implied value, reflecting full deal certainty. Arbitrage returns attractive only for early entrants; current negative spread makes new positions unattractive.
- Founders aligned via exchangeable securities; structure supports completion. Qualcomm gains SerDes IP and custom silicon capabilities for AI data center growth, diversifying away from mobile reliance.
Thyssenkrupp Marine Systems (TKMS) Spin-off Deep Dive
On October 30, 2025, Thyssenkrupp AG (TKA) spun off 49% of its stake in its naval/-marine defense-systems business, TKMS AG & Co. (TKMS).
TKMS stands out as Germany’s only full-systems provider for non-nuclear submarines, surface vessels and maritime electronics.
The spin-off is part of a broader move by Thyssenkrupp to unlock shareholder value by simplifying its conglomerate structure.
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