In today’s briefing:
- ECM Weekly (28th May 2023) – HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT
- Last Week In Event SPACE: Rakuten Bank/Group, Cathay/Swire Pacific, Japan Post
- Revision of the Corporate Governance Code Requires Substantive Discussion, Not Individual Issues
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Toyo Construction, Silk Laser, Sing Tao, GK Goh Holdings
ECM Weekly (28th May 2023) – HK Trip Notes, Rakuten, JD Ind, Horizon Const, Nippon Prologis, MINT
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, HK market sentiment is likely to be put to test again with the upcoming listing for Growatt Technology.
- The REIT were once again at the front lines this week for placements, while Rakuten (4755 JP) has so far been holding up.
Last Week In Event SPACE: Rakuten Bank/Group, Cathay/Swire Pacific, Japan Post
- Rakuten Bank (5838 JP)‘s TOPIX inclusion is this week. And the Real World Float has gotten smaller since the offering. And some of those people aren’t going to sell near-term.
- Swire Pacific (A) (19 HK)‘s P/B is back down to 0.31x as Cathay Pacific Airways (293 HK) tackles alleged language bias by flight attendants.
- Understanding real money demand on the Rakuten (4755 JP) story is key. If there is any, that makes deal overhang smaller than it looks.
Revision of the Corporate Governance Code Requires Substantive Discussion, Not Individual Issues
- Companies were occupied with meeting the raised standards, and there was little substantive discussion of how corporate governance should be implemented to achieve the corporation’s goal of maximizing shareholder interests.
- A few companies have made steady progress, but we cannot expect corporate governance initiatives to go further than they are now if left to the efforts of well-intentioned companies.
- Unless the benchmark is changed from TOPIX to another index with a smaller number of components, it will be nearly impossible to find a satisfactory engagement for a passive fund.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Toyo Construction, Silk Laser, Sing Tao, GK Goh Holdings
- There are 38 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- There were no new deals were discussed on Smartkarma this week.
- Key updates took place for Toyo Construction (1890 JP), Silk Laser Australia (SLA AU), Sing Tao News Corp (1105 HK), and GK Goh Holdings (GKG SP).
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