In today’s briefing:
- Merger Arb Mondays (12 May) – ESR, NTT Data, Shibaura, Torii, Imagica, Zeekr, Sinarmas, Gold Road
- Sinarmas Land (SML SP): The Family Bumps Terms After All
- Anicom Holdings (8715 JP): Full-year FY03/25 flash update
- AVJennings (AVJ AU) : 11th July Vote On AVID’s Offer
- Monex Group Inc (8698 JP): Full-year FY03/25 flash update
Merger Arb Mondays (12 May) – ESR, NTT Data, Shibaura, Torii, Imagica, Zeekr, Sinarmas, Gold Road
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Imagica Robot Holdings (6879 JP), ENN Energy (2688 HK), Oneconnect Financial Technology (6638 HK), Insignia Financial (IFL AU), Smartpay Holdings (SPY NZ), Seven & I Holdings (3382 JP).
- Lowest spreads: Bright Smart Securities And (1428 HK), Abacus Storage King (ASK AU), AEON Mall (8905 JP), Dada Nexus (DADA US), SLB Development (SLB SP).
Sinarmas Land (SML SP): The Family Bumps Terms After All
- I was wrong. In Sinarmas Land: Bumping Fades Despite IFA Opining Not Fair, I said the Offer needed a bump, but that outcome was looking less likely.
- The Widjaja family has now bumped terms to S$0.375/share, up from S$0.31/share, or a 21% increase. Terms have not been declared final.
- The IFA’s estimated fair value range for Sinarmas Land (SML SP) was S$0.350 to S$0.361/share. Expect a follow-up opinion revising their conclusion to “Fair and Reasonable” from “Not Fair but Reasonable“.
Anicom Holdings (8715 JP): Full-year FY03/25 flash update
- Recurring revenue increased by 12.0% YoY to JPY67.7bn, driven by underwriting, investment, and other revenue growth.
- Recurring profit rose 18.8% YoY to JPY4.9bn, aided by cost control, operational efficiency, and decreased expenses.
- FY03/26 forecast anticipates record-high revenue but declining profit due to one-time AXA Direct policy transfer fees.
AVJennings (AVJ AU) : 11th July Vote On AVID’s Offer
- On the 1st April, Avjennings Ltd (AVJ AU), a widely recognised home builder in Australia/New Zealand, entered into a Scheme Implementation Deed with AVID at A$0.655/share.
- A special dividend – included in the Scheme consideration – could add A$0.072/share in franking credits (to those shareholders who can take advantage), or ~11% of the consideration. That’s chunky.
- The Scheme Booklet is now out, with a Scheme Meeting on the 11th July, and expected payment on or before the 14th August. The IE (Kroll) says “fair & reasonable“.
Monex Group Inc (8698 JP): Full-year FY03/25 flash update
- Consolidated net operating revenue was JPY17.0bn, down 2.4% YoY and 6.3% QoQ, with commissions received at JPY8.2bn.
- US segment net operating revenue increased 3.3% YoY and 4.8% QoQ to USD76.0mn, with brokerage commissions at USD26.4mn.
- Crypto Asset segment net trading income was JPY3.2bn, down 22.7% YoY and 27.3% QoQ, with SG&A expenses at JPY3.7bn.
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