Daily Brief Industrials: HMM Co., Ltd., Keppel Corp, Hitachi Transport System and more

In today’s briefing:

Rule Changes in Disclosing the Identities of Foreign Short Sellers in Korea
Last Week in Event SPACE: Shinsei Bank, Jardine Cycle, Keppel Corp, Eagle Cement, Hitachi Transport
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Eagle Cement,Toa Oil, O2Micro, Hitachi Transport, Shidax

Rule Changes in Disclosing the Identities of Foreign Short Sellers in Korea

Chairman Kim of the FSC mentioned potential rule changes in disclosing the names of short sellers at the state audit last Thursday.
The first is to reveal the identity of short sellers who traded through a swap contract with a broker, which is currently exempt from the short-selling disclosure obligation.
The second is to disclose the identity of investors caught in illegal short-selling activities, mostly naked short-selling and wall-crossing.

SBI Holdings (8473 JP)‘s subsidiary has reportedly filed its application to become a Bank Holding Company, the definition being a company holding a 50% or greater stake in a bank.
Jardine Cycle & Carriage (JCNC SP) is expensive here – relative to historical values – and from an implied stub perspective, has only briefly been exceeded twice in the last decade.
Expect Keppel (KEP SP) to re-rate after the spinoff. The Sembcorp Marine (SMM SP) distribution supported by both better profitability and much larger order books can be managed reasonably cleanly.

There are 48 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Three new deals discussed this week: San Miguel (SMC PM)‘s MTO for Eagle Cement (EAGLE PM), Idemitsu (5019 JP)‘s Offer for Toa Oil (5008 JP), and O2Micro (OIIM US)‘s MBO.
Key updates took place for Tassal (TGR AU), Hitachi Transport System (9086 JP), Shidax Corp (4837 JP), Toyo Construction (1890 JP), and Singapore Medical (SMG SP).

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