In today’s briefing:
- Weekly Deals Digest (12 Oct) – Hang Seng Bank, Soft99, Toyota Industries, Infomedia, Tekscend
- Last Week In Event SPACE: Hang Seng Bank, Soft99, Sihuan Pharma, Dongfeng Motor
- (Mostly) Asia-Pac M&A: Mandom, Pacific Smiles, Robex Res., Infomedia, Pacific Ind., ReNew Energy
Weekly Deals Digest (12 Oct) – Hang Seng Bank, Soft99, Toyota Industries, Infomedia, Tekscend
- 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: FineToday Holdings (420A JP), Tekscend Photomask (429A JP), Tata Capital Limited (TATACAP IN), LG Electronics India (123D IN), JST Group (1703609D CH) IPOs.
- Event-Driven developments: Hang Seng Bank (11 HK), Shengjing Bank Co Ltd H (2066 HK), Soft99 Corp (4464 JP), Toyota Industries (6201 JP), Infomedia Ltd (IFM AU).
Last Week In Event SPACE: Hang Seng Bank, Soft99, Sihuan Pharma, Dongfeng Motor
- As with large, clean liquid deals in Asia-Pac, expect Hang Seng (11 HK)‘s annualised spreads to widen (i.e. gross spread remains static) as investors hit their full quota early on.
- The question is whether Soft99 (4464 JP)‘s MBO Bidco raises the price to ¥3,200 saying “let’s split the difference”, and that would make some people happy. It’s doubtful they will.
- Sihuan Pharmaceutical (460 HK) has benefited a little from the HK$500mn buyback programme announced last October. But a HK$11bn run up in market cap YTD? This looks stretched to me.
(Mostly) Asia-Pac M&A: Mandom, Pacific Smiles, Robex Res., Infomedia, Pacific Ind., ReNew Energy
- I tally 43- mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Three new deal was discussed on Smartkarma this week: Pacific Smiles (PSQ AU), Predictive Discovery (PDI AU)/Robex Resources (RXR AU), and Hang Seng Bank (11 HK).
- Key updates/news took place on: Infomedia Ltd (IFM AU), Pacific Industrial (7250 JP), ReNew Energy Global (RNW US), and Mandom Corp (4917 JP).
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