In today’s briefing:
- Tokyo Electron. Betting Big On MAGIC Despite The Downturn
- Last Week in Event SPACE: Shinsei Bank, China Everbright, Rakuten, Sony Corp
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: InvoCare, Newcrest/Newmont, Penguin Int’l, Golden Energy
Tokyo Electron. Betting Big On MAGIC Despite The Downturn
- Q1’23 revenues of ¥558.2 billion, up 19% sequentially and up 1% YoY
- FY24 outlook down 23% YoY with H2 showing a modest improvement compared to H1
- R&D & CapEx investment increasing significantly while YoY revenue set to decline by 23%
Last Week in Event SPACE: Shinsei Bank, China Everbright, Rakuten, Sony Corp
- Expect some upset on SBI Shinsei Bank (8303 JP)‘s Offer, the possibility of some activism, but it all plays out in the back end. Not the front end.
- Rakuten (4755 JP) is doing a large equity offering to get the monkey off its back with regard to over-leverage, near-term debt refinancing, and WC for Rakuten Mobile.
- Fund manager China Everbright (165 HK)‘s implied stub and simple ratio (CEL / Everbright Securities Co (A) (601788 CH)) are at multi-year lows.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: InvoCare, Newcrest/Newmont, Penguin Int’l, Golden Energy
- There are 40 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals were discussed on Smartkarma this past week: SBI Shinsei Bank (8303 JP) Tender Offer and TPG’s revised Offer for Invocare Ltd (IVC AU).
- Key updates took place for Newcrest Mining (NCM AU)/Newmont Mining (NEM US), Penguin International (PBS SP), Golden Energy & Resources (GER SP), and Sing Tao News Corp (1105 HK).
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