In today’s briefing:
- SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC
- Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
- Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus
- (Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus
SSI Weekly Newsletter: Updates on Liquidia, SpringWorks, Allakos, Acelyrin, SAGA, NZME, Nathan’s, HilleVax, TTEC
- Liquidia’s NDA for Yutrepia accepted by FDA with a PDUFA date set for May 24, commercialization expected soon.
- SpringWorks Therapeutics’ stock dropped 17% amid silence on Merck takeover talks, market perceives low deal probability.
- Allakos announced a buyout at $0.33/share, stock jumped 40%, deal expected to close in May 2025.
Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN
- At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.
- ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
- New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.
Weekly Deals Digest (06 Apr) – Skyworth, HKBN, Makino, Avjennings, Domain, Dropsuite, Dada Nexus
- 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: DN Solutions (298440 KS) seeks to raise US$1.1 billion in a KRX IPO and Chagee Holdings (CHA US) seeks to raise US$400-500 million through a Nasdaq IPO.
- Event-Driven developments: Skyworth Group Limited (751 HK), HKBN Ltd (1310 HK), Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Domain Holdings Australia (DHG AU), Dropsuite Ltd (DSE AU).
(Mostly) Asia-Pac M&A: Topcon, Jinke Smart Services, Dropsuite, Domain, Jamco, Shin Kong, Dada Nexus
- I tally 54 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma.
- Two news new deals discussed this week: Reject Shop (TRS AU) and Topcon Corp (7732 JP). Jinke Smart Services (9666 HK) also suspended pursuant to the Takeovers Code.
- Key updates/news took place on Dropsuite (DSE AU), AVJennings Ltd (AVJ AU), Domain Holdings (DHG AU), Jamco (7408 JP), Shin Kong Financial Holding (2888 TT), and Dada Nexus (DADA US).
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