Daily BriefsEvent-Driven

Daily Brief Event-Driven: Tencent Meituan Dividend – The US$17bn Overhang Is Here – Not All Shares in CCASS and more

In today’s briefing:

  • Tencent Meituan Dividend – The US$17bn Overhang Is Here – Not All Shares in CCASS, Here We Go Again!
  • Nikkei 225 Index Rebalance: Passives Trade on Friday
  • Toyo Construction (1890) Plays Offence – A New Mid-Term Mgmt Plan with High Shareholder Payout
  • Weekly Deals Digest (26 Mar) – Toshiba, Toyo, Healius, Mincor, Rakuten Bank, SBI Sumishin, Harita
  • Merger Arb Mondays (27 Mar) – AAG Energy, Jiangnan, Toshiba, Toyo, Estia, Mincor, Golden Energy

Tencent Meituan Dividend – The US$17bn Overhang Is Here – Not All Shares in CCASS, Here We Go Again!

By Sumeet Singh

  • On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.
  • At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn
  • We have covered the background of the event in our previous notes. In this note, we talk about the recent updates.

Nikkei 225 Index Rebalance: Passives Trade on Friday

By Brian Freitas


Toyo Construction (1890) Plays Offence – A New Mid-Term Mgmt Plan with High Shareholder Payout

By Travis Lundy

  • YFO continues its fight on Board governance. Toyo Construction has shifted so the Board and a Special Committee will now examine the input Toyo says YFO has not provided. 
  • Toyo also objected because it said YFO’s bid could not be sustained based on Toyo’s economics. Toyo’s fight should have been offence. With a new Medium-Term Management Plan, it is.
  • Toyo now promises strong revenue and double digit OP growth, and a ¥50/share (5.3%) dividend. Toyo is trying to pay off shareholders to support it against YFO. That’s fair/good.

Weekly Deals Digest (26 Mar) – Toshiba, Toyo, Healius, Mincor, Rakuten Bank, SBI Sumishin, Harita

By Arun George


Merger Arb Mondays (27 Mar) – AAG Energy, Jiangnan, Toshiba, Toyo, Estia, Mincor, Golden Energy

By Arun George


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