In today’s briefing:
- [Japan CorpGov] TSE “Mgmt Conscious” Reports (Jun25), Minor Updates
- (Mostly) Asia-Pac M&A: MAC Copper, SBI Sumishin Net Bank, Taiyo, HKBN, Welcia/Tsuruha, Amara
- Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN
- Weekly Deals Digest (01 Jun) – Makino, SBI Sumishin, Taiyo, ENN Energy, HKBN, Meilan, Foshan Haitian
- Nikkei Index Options Weekly (May 26 – 30): Back to Pre-Tariff Levels, But Uncertainty Still Looms
[Japan CorpGov] TSE “Mgmt Conscious” Reports (Jun25), Minor Updates
- TSE-Listed companies are asked to file “Management Conscious of Capital Cost/Stock Price” awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
- 286 new CGRs filed since 1-May-25. Our tools show every report, links to every document, and a diff file tool. Input a name, see the changes in the reports.
- The JPX Council of Experts met on 22 April. Mgmt Conscious updates came this month. Parent-sub follow-ups in Fall/Winter 2025. Slow. ‘Going Private’ policy is under public comment now.
(Mostly) Asia-Pac M&A: MAC Copper, SBI Sumishin Net Bank, Taiyo, HKBN, Welcia/Tsuruha, Amara
- I tally 44 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma.
- Two new deal were discussed on Smartkarma this week: Offers for MAC Copper (MAC AU)and SBI Sumishin Net Bank (7163 JP). Taiyo Holdings (4626 JP) possibly in the crosshairs.
- Key updates/news took place on: HKBN Ltd (1310 HK), Makino Milling Machine Co (6135 JP), Welcia Holdings (3141 JP)/Tsuruha Holdings (3391 JP), and Amara Holdings (AMA SP).
Last Week in Event SPACE: Makino Milling Machine, Nufarm, Dic Corp, HKBN
- MBK has made a legally binding bid for Makino Milling Machine Co (6135 JP). Stay long if you still hold or buy the dip. Buy at under ¥11,200.
- Given the share price decline, Nufarm (NUF AU)‘s board is under pressure to do “something”. Nufarm would be better off selling its entire operations, as opposed to offloading divisions.
- Dic Corp (4631 JP) is (also) under pressure from activist Oasis Management. Buy large dips rather than chase another day of a big gain.
Weekly Deals Digest (01 Jun) – Makino, SBI Sumishin, Taiyo, ENN Energy, HKBN, Meilan, Foshan Haitian
- 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: Foshan Haitian Flavouring & Food (603288 CH) has filed its PHIP for an H Share listing to raise US$1 billion.
- Event-Driven developments: Makino Milling Machine Co (6135 JP), SBI Sumishin Net Bank (7163 JP), Taiyo Holdings (4626 JP), ENN Energy (2688 HK), HKBN Ltd (1310 HK).
Nikkei Index Options Weekly (May 26 – 30): Back to Pre-Tariff Levels, But Uncertainty Still Looms
- Historic volatility has collapsed on the Nikkei, normalizing at a far quicker pace than the volatility episode last August.
- Global uncertainty remains unresolved, casting a shadow over recent equity strength.
- This week’s rally came without FX tailwinds, underscoring a potentially fragile move.
💡 Before it’s here, it’s on Smartkarma
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