In today’s briefing:
- Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill
- Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet
- Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors
Weekly Deals Digest (04 May) – Toyota Industries, Shibaura, Dickson, HKBN, Meilan Airport, Soundwill
- 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: Contemporary Amperex Technology (CATL) (300750 CH) is set to launch an H Share listing to raise US$5 billion.
- Event-Driven developments: Toyota Industries (6201 JP), Shibaura Electronics (6957 JP), Dickson Concepts Intl (113 HK), HKBN Ltd (1310 HK), Hainan Meilan International Airport (357 HK), Soundwill Holdings (878 HK).
Merger Arb Mondays (05 May) – Makino, Shibaura, 7&I, Dickson, Meilan, Soundwill, Smartpay, Pointsbet
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Smartpay Holdings (SPY NZ), Insignia Financial (IFL AU), ENN Energy (2688 HK), Oneconnect Financial Technology (6638 HK), Seven & I Holdings (3382 JP), Smart Share Global (EM US).
- Lowest spreads: Bright Smart Securities And (1428 HK), Shibaura Electronics (6957 JP), Abacus Storage King (ASK AU), Makino Milling Machine Co (6135 JP), Sinarmas Land (SML SP).
Pre AGM Annual Securities Report Disclosure as a Clue to a True Dialogue with Investors
- Based on experience with “TSE’s request,” it’s impossible to request the same level of disclosure from every company. Companies that overseas investors can target should be requested to disclose proactively.
- This “FSA’s request” is expected to potentially cause companies to lose the effectiveness of the tactics they have used to control AGMs. Future steps are expected.
- The slowdown in profit margin growth may also increase calls for improved corporate governance practices, with more companies reducing cross-shareholdings and launching stronger shareholder returns.
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