In today’s briefing:
- Toshiba (6502) – Funding Unsecured! (This Is Getting To Be a Habit)
- Last Week in Event SPACE: Japan Post, Origin Energy, SATS, China Renaissance, Sembcorp Marine
- Fujitec (6406 JP): Oasis Scores a Victory in a Tight EGM Vote
- ECM Weekly (26th Feb 2023) – Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: New Century Resource; AAG Energy; Jiangnan, Nitro, Pushpay
- TransDigm Group: Major Drivers
- Enphase Energy Inc: Acquisition of 365 Pronto & Other Drivers
Toshiba (6502) – Funding Unsecured! (This Is Getting To Be a Habit)
- A Bloomberg article out Friday evening suggests the JIP Consortium funding plan submitted as the final package to Toshiba Corp (6502 JP) is no longer secure.
- Apparently Orix Corp (8591 JP), which with ROHM Co Ltd (6963 JP) was planning to invest equity and pref for total ¥300bn, wants to lower its investment to ¥200bn.
- Other equity tranche participants apparently want to reduce exposure as well.
Last Week in Event SPACE: Japan Post, Origin Energy, SATS, China Renaissance, Sembcorp Marine
- There is no good reason to buy Japan Post Bank (7182 JP)‘s dip until the offering. It’s unlikely to earn the ROE to deserve the PBR it has versus peers.
- Brookfield and EIG/MidOcean’s revised NBIO will garner Origin Energy (ORG AU) board support; however, the terms are weird and unfair to investors holding fewer than 100k shares.
- SATS (SATS SP) rights offer is not actually a surprise. Not at all. Passive funds will exercise.
Fujitec (6406 JP): Oasis Scores a Victory in a Tight EGM Vote
- At the Fujitec Co Ltd (6406 JP) EGM, Oasis successfully secured approval for four out of six candidates for outside directors. The tight vote shows that shareholders desire change.
- Oasis fell short of its nominations constituting up to two-thirds of the Board. However, Oasis-aligned directors will represent 67% of outside directors which still can drive meaningful change.
- The EGM results will spur optimism that Fujitec can close the performance gap with peers, resulting in a rerating. Fujitec remains attractive on a cash-adjusted P/E basis.
ECM Weekly (26th Feb 2023) – Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, Pertamina Geothermal Energy‘s listing kicked of what is shaping up to be a busy 2023 for ASEAN IPOs
- There were a few placements across the region but the biggest news was of Japan Post Bank (7182 JP)‘s planned selldown by Japan Post Holdings (6178 JP)
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
(Mostly) Asia-Pac Weekly Risk Arb Wrap: New Century Resource; AAG Energy; Jiangnan, Nitro, Pushpay
- There are 42 – 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 was discussed on Smartkarma this past week: New Century Resources (NCZ AU)off-market Offer;AAG Energy Holdings’ (2686 HK) ‘s Scheme; and Jiangnan (1366 HK)‘s MBO.
- Key updates took place for: Nitro Software Ltd (NTO AU), Origin Energy (ORG AU), Pushpay Holdings (PPH NZ), Sembcorp Marine (SMM SP), and Boustead Projects (BOCJ SP).
TransDigm Group: Major Drivers
- TransDigm managed to have another strong quarter and delivered an all-around beat.
- It was another strong quarter with healthy growth in commercial revenues and bookings.
- We also have a dedicated analysis of the company’s Environmental, Social, and Governance (ESG) risk scores in order to evaluate the sustainability risk.
Enphase Energy Inc: Acquisition of 365 Pronto & Other Drivers
- Enphase delivered a strong quarter driven by amazing revenues through its microinverters.
- The company witnessed amazing growth in the gross margin as well as in the operating income.
- The overall supply environment of the microinverters remains stable throughout the quarter.
💡 Before it’s here, it’s on Smartkarma
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