Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Qube Holdings Ltd. is a logistics company. The Group operates in divisions covering Automotive, Bulk and General Stevedoring, Landside Logistics and Strategic Development Assets.

<ul>
<li>This deal for <a href="https://www.smartkarma.com/entities/qube-holdings-ltd" target="_blank" data-smartkarma-citation="entities:958:1" rel="noopener">Qube Holdings (QUB AU)</a> from Macquarie should really get competitive. Scarce and strategic assets  - and nothing else like it that's listed. </li>
<li>As <a href="https://www.smartkarma.com/entities/digital-holdings-inc" target="_blank" data-smartkarma-citation="entities:1697:1" rel="noopener">Digital Holdings (2389 JP)</a> goes higher, "This is Japan" risk increases; but those who didn't sign up say "wait a minute, that's real money" also goes up.</li>
<li>
<a href="https://www.smartkarma.com/entities/wynn-resorts-ltd" target="_blank" data-smartkarma-citation="entities:606:1" rel="noopener">Wynn Resorts (WYNN US)</a> is at extreme levels vs. <a href="https://www.smartkarma.com/entities/wynn-macau-ltd" target="_blank" data-smartkarma-citation="entities:473:1" rel="noopener">Wynn Macau Ltd (1128 HK)</a>; yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.</li>
</ul>


This deal for Qube Holdings (QUB AU) from Macquarie should really get competitive. Scarce and strategic assets  - and nothing else like it that's listed. 
As Digital Holdings (2389 JP) goes higher, "This is Japan" risk increases; but those who didn't sign up say "wait a minute, that's real money" also goes up.

Wynn Resorts (WYNN US) is at extreme levels vs. Wynn Macau Ltd (1128 HK); yet consensus indicates considerably higher forward EBITDA growth for Resorts stub ops vs. Macau.


Last Week In Event SPACE: Qube Holdings, Digital Holdings, Wynn Resorts/Macau, SNT/SMEC

Wynn Resorts, Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada, Macau, and China. The Company offers amenities such as guest rooms and suites, restaurants, golf course, and an on-site luxury automotive dealership.

<ul>
<li>I see <a href="https://www.smartkarma.com/entities/wynn-resorts-ltd" target="_blank" data-smartkarma-citation="entities:606:1" rel="noopener">Wynn Resorts (WYNN US)</a> trading around all-time highs - both the implied stub (net of <a href="https://www.smartkarma.com/entities/wynn-macau-ltd" target="_blank" data-smartkarma-citation="entities:473:1" rel="noopener">Wynn Macau Ltd (1128 HK)</a>) and on a simple ratio (WYNN/1280). </li>
<li>Preceding my comments on Wynn are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


I see Wynn Resorts (WYNN US) trading around all-time highs - both the implied stub (net of Wynn Macau Ltd (1128 HK)) and on a simple ratio (WYNN/1280). 
Preceding my comments on Wynn are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Wynn Resorts (WYNN US) Ekes Out New Highs

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

MGM China Holdings Ltd. owns a luxury resort, hotel, and casino located in Macau. The Company is also exploring other casino gaming development opportunities in Macau.

<ul>
<li>Front-end UST yields declined on Friday, unwinding part of the jump in yields following the FOMC rate decision on Wednesday.</li>
<li>The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over corporate earnings.</li>
<li>The S&amp;P 500 gained 0.3% to 6,840, while the Nasdaq rose 0.6% to 23,725. </li>
</ul>


Front-end UST yields declined on Friday, unwinding part of the jump in yields following the FOMC rate decision on Wednesday.
The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over corporate earnings.
The S&amp;P 500 gained 0.3% to 6,840, while the Nasdaq rose 0.6% to 23,725. 


Sands China Ltd. develops, owns, and operates integrated resorts, retail malls, and casinos. The Company also manages convention and exhibition halls in Macau.

<ul>
<li>UST yields rose 5-6 bps across the curve yesterday, amid a rise in oil prices following US sanctions on Russian oil.</li>
<li>The yield on the 2Y and 10Y UST advanced 5 bps each to 3.49% and 4.00%, respectively.</li>
<li>Equities were also up, led by tech stocks. </li>
</ul>


UST yields rose 5-6 bps across the curve yesterday, amid a rise in oil prices following US sanctions on Russian oil.
The yield on the 2Y and 10Y UST advanced 5 bps each to 3.49% and 4.00%, respectively.
Equities were also up, led by tech stocks. 


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Equity Bottom-Up

Hutchison Telecommunications Hong Kong Holdings / Equity Bottom-Up

Hutchison Telecommunications Hong Kong Holdings Limited is an integrated mobile and fixed-line services telecom operator. The Company operates GSM dual-band and 3G mobile telecom services in Hong Kong and Macau. It also provides fixed-line telecom services for corporate, carrier, and international customers under the licensed "HGC" brand.

Hutchison Telecommunications Hong Kong Holdings (215 HK)

Hutchison Telecommunications Hong Kong Holdings

<ul>
 <li>
<a href="https://smartkarma.com/entities/hutchison-telecommunications-hong-kong-holdings-limited">Hutchison Telecommunications Hong Kong Holdings</a> (HTHKH) is a major mobile telecommunications operator in the competitive Hong Kong and Macau markets, operating under the '3' brand.</li>
 <li>The company is focused on leveraging its 5G network to drive growth in mobile data services and explore new revenue streams in areas like FinTech, telemedicine, and gaming.</li>
 <li>HTHKH exhibits a strong financial position with a significant net cash balance and a high dividend yield, positioning it as a defensive investment. However, it faces challenges from intense competition and declining revenues in a mature market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Hutchison Telecommunications Hong Kong Holdings (HTHKH) is a major mobile telecommunications operator in the competitive Hong Kong and Macau markets, operating under the '3' brand.
  The company is focused on leveraging its 5G network to drive growth in mobile data services and explore new revenue streams in areas like FinTech, telemedicine, and gaming.
  HTHKH exhibits a strong financial position with a significant net cash balance and a high dividend yield, positioning it as a defensive investment. However, it faces challenges from intense competition and declining revenues in a mature market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Hutchison Telecommunications Hong Kong Holdings (215 HK) - Oct 2025

Macau
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The yield on the 2Y UST fell 4 bps to 3.57%, while the yield on the 10Y UST was down 2 bps at 4.08%. Equities climbed, supported by optimism over...

Lucror Analytics

Lucror Analytics - Morning Views Asia

UST yields rose 5-6 bps across the curve yesterday, amid a rise in oil prices following US sanctions on Russian oil. The yield on the 2Y and 10Y...

Lucror Analytics

Primer: Hutchison Telecommunications Hong Kong Holdings (215 HK) - Oct 2025

Hutchison Telecommunications Hong Kong Holdings (HTHKH) is a major mobile telecommunications operator in the competitive Hong Kong and Macau...

αSK